Document:

EX-10.15

 Exhibit 10.15 

Office Lease 
 METRO CENTER

 METRO CENTER TOWER 

950 TOWER LANE 
 FOSTER
CITY, CALIFORNIA 
 Between 

HUDSON METRO CENTER, LLC, a Delaware limited liability company 

as Landlord, 
 and 

MIRUM PHARMACEUTICALS, INC., a Delaware corporation 

as Tenant 

 OFFICE LEASE 

This Office Lease (this “Lease”), dated as of the date set forth in Section 1.1, is made by
and between HUDSON METRO CENTER, LLC, a Delaware limited liability company (“Landlord”), and MIRUM PHARMACEUTICALS, INC., a Delaware corporation (“Tenant”). The following exhibits are
incorporated herein and made a part hereof: Exhibit A (Outline of Premises); Exhibit B (Work Letter); Exhibit B-1 (Approved Space Plan); Exhibit C
(Form of Confirmation Letter); Exhibit D (Rules and Regulations); Exhibit E (Judicial Reference); Exhibit F (Additional Provisions); and Exhibit
F-1 (Temporary Space). 
 1 BASIC LEASE INFORMATION 

 

									
		 	 1.1
	  	Date:	  	January 22, 2019
				
		 	 1.2
	  	Premises.	  	
					
		 		  	1.2.1	 	“Building”:	  	950 Tower Lane, Foster City, California commonly known as Metro Center Tower.
					
		 		  	1.2.1	 	“Premises”:	  	5,599 rentable square feet of space located on the 10th floor of the Building and commonly known as Suite 1000, the outline and location of which is set forth in Exhibit A. If the Premises include any floor in its
entirety, all corridors and restroom facilities located on such floor shall be considered part of the Premises.
					
		 		  	1.2.3	 	“Property”:	  	The Building, the parcel(s) of land upon which it is located, and, at Landlord’s discretion, any parking facilities and other improvements serving the Building and the parcel(s) of land upon which such parking facilities and
other improvements are located.
					
		 		  	1.2.4	 	“Project”:	  	The Property or, at Landlord’s discretion, any project containing the Property and any other land, buildings or other improvements.
					
		 	 1.3
	  	Term:	 		  	
					
		 		  	1.3.1	 	Term:	  	The term of this Lease (the “Term”) shall begin on the Commencement Date and expire on the Expiration Date (or any earlier date on which this Lease is terminated as provided herein).
					
		 		  	1.3.2	 	“Commencement Date”:	  	The earlier of (i) the first date on which Tenant conducts business in the Premises, or (ii) the later of (a) date that is 10 business days (such 10 business days being the “Early Entry Period”)
after the Tenant Improvement Work (defined in Exhibit B) is Substantially Complete (defined in Exhibit B), which Substantial Completion date is anticipated to be May 1, 2019 and (b) May 1, 2019. During the
Early Entry Period, Tenant may enter the Premises solely for the purpose of installing telecommunications and data cabling, equipment, furnishings and other personal prope1ty in the Premises. Other than the obligation to pay Monthly Rent (defined
below), all of Tenant’s obligations hereunder shall apply during such Early Entry Pe1iod.
					
		 		  	1.3.3	 	“Expiration Date”:	  	The last day of the 48th full calendar month beginning on the Commencement Date; provided, however, that if the Commencement Date is not the first day of a month, then the Expiration Date shall be the last day of the 48th full
calendar month beginning immediately after the Commencement Date.

  
 1 

							
		  	 1.4
	  	“Base Rent”:

  

									
	 	  	 Period During

      Term
	  	 Annual Base Rent

Per Rentable
 Square
Foot
 (rounded to the

nearest 100th of a

dollar)
	  	 Monthly Base Rent

Per Rentable
 Square
Foot
 (rounded to the

nearest 100th of a

dollar)
	  	 Monthly

Installment of Base

Rent

		  	Commencement Date through last day of 12th full calendar month of Term	  	$70.20	  	$5.85	  	$32,754.15
		  	13th through 24th full calendar months of Term	  	$72.31	  	$6.03	  	$33,736.77
		  	25th through 36th full calendar months of Term	  	$74.48	  	$6.21	  	$34,748.88
		  	37th full calendar month of term through Expiration Date	  	$76.71	  	$6.39	  	$35,791.34

 Notwithstanding the foregoing, Base Rent shall be abated, in the amount of $32,754.15 per month, for the first two
(2) full calendar months of the Term; provided, however, that if a Default (defined in Section 19.1) exists when any such abatement would otherwise apply, such abatement shall be deferred until the date, if any, on
which such Default is cured. 
  

							
		  	1.5	  	“Base Year” for Expenses:	  	Calendar year 2019.
				
		  		  	“Base Year” for Taxes:	  	Calendar year 2019.
				
		  	1.6	  	“Tenant’s Share”:	  	1.3663% (based upon a total of 409,802 rentable square feet in the Building).
				
		  	1.7	  	“Permitted Use”:	  	General office use consistent with a first-class office building.
				
		  	1.8	  	“Security Deposit”:	  	$71,582.68 as more particularly described in Section 21.
				
		  		  	Prepaid Base Rent	  	$32,754.15 as more particularly described in Section 3.
				
		  	1.9	  	Parking:	  	18 unreserved parking spaces, at the rate of $0.00 per space per month.
				
		  	1.10	  	Address of Tenant:	  	 Before the Commencement Date:
  

Mirum Pharmaceuticals, Inc.
 12230 El Camino Real, Suite 230

San Diego, CA 92310
  

From and after the Commencement Date: the Premises.

				
		  	1.11	  	Address of Landlord:	  	 Hudson Metro Center, LLC
 c/o Judson Pacific
Properties
 950 Tower Lane, Suite 1800
 Foster City, California
94404
 Attn: Building manager
  

with copies to:
  

Hudson Metro Center, LLC
 c/o Hudson Pacific Properties

950 Tower Lane, Suite 1800
 Foster City, California 94404

Attn: Managing Counsel

  
 2 

							
		  		  		  	 and
  

Hudson Metro Center, LLC
 c/o Hudson Pacific Properties

11601 Wilshire Boulevard, Suite 900
 Los Angeles, California
90025
 Attn: Lease Administration
  

				
		  	 1.12
	  	Broker(s);	  	Jones Lang LaSalle (“Tenant’s Broker”), representing Tenant, and Cushman & Wakefield (“Landlord’s Broker”), representing Landlord.
				
		  	 1.13
	  	Building HVAC Hours and Holidays:	  	“Building HVAC Hours” means 8:00 a.m. to 6:00 p.m., Monday through Friday, excluding the day of observation of New Year’s Day, Presidents Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day,
Christmas Day, and, at Landlord’s discretion, any other locally or nationally recognized holiday that is observed by other Comparable Buildings (defined in Section 25.10) (collectively, “Holidays”).
				
		  	 1.14
	  	“Tenant Improvements”:	  	Defined in Exhibit B, if any.
				
		  	 1.15
	  	“Guarantor”:	  	None.

 2 PREMISES AND COMMON AREAS. 

2.1 The Premises. 

2.1.1 Subject to the terms hereof, Landlord hereby leases the Premises to Tenant and Tenant hereby leases the Premises from Landlord. Landlord
and Tenant acknowledge that the rentable square footage of the Premises is as set forth in Section 1.2.2 and the rentable square footage of the Building is as set forth in Section 1.6. At any time Landlord may deliver to
Tenant a notice substantially in the form of Exhibit C, as a confirmation of the information set fo1th therein. Tenant shall execute and return (or, by notice to Landlord, reasonably object to) such notice within five (5) business
days after receiving it, and if Tenant fails to do so, Tenant shall be deemed to have executed and returned it without exception. 
 2.1.2
Except as expressly provided herein (including, without limitation, as set forth in Exhibit B hereto), the Premises are accepted by Tenant in their configuration and condition existing on the date hereof, without any obligation of
Landlord to perform or pay for any alterations to the Premises, and without any representation or warranty regarding the configuration or condition of the Premises, the Building or the Project or their suitability for Tenant’s business. Nothing
in this Section 2.1.2 shall limit Landlord’s obligations under Section 7.1. 
 2.2 Common Areas.
Tenant may use, in common with Landlord and other parties and subject to the Rules and Regulations (defined in Exhibit D), any portions of the Property that are designated from time to time by Landlord for such use (the
“Common Areas”). 
 3 RENT. Tenant shall pay all Base Rent and Additional Rent (defined below) (collectively,
“Rent”) to Landlord or Landlord’s agent, without prior notice or demand or any setoff or deduction (except as expressly set fo1th herein), at the place Landlord may designate from time to time, in money of the United
States of America that, at the time of payment, is legal tender for the payment of all obligations. As used herein, “Additional Rent” means all amounts, other than Base Rent, that Tenant is required to pay Landlord hereunder.
Monthly payments of Base Rent and monthly payments of Additional Rent for Expenses (defined in Section 4.2.2), Taxes (defined in Section 4.2.3) and parking (collectively, “Monthly Rent”) shall be paid
in advance on or before the first day of each calendar month during the Term; provided, however, that the installment of Base Rent for the first full calendar month for which Base Rent is payable hereunder shall be paid upon Tenant’s execution
and delivery hereof. Except as otherwise provided herein, all other items of Additional Rent shall be paid within 30 days after Landlord’s request for payment. Rent for any partial calendar month shall be prorated based on the actual number of
days in such month. Without limiting Landlord’s other rights or remedies, (a) if any installment of Rent is not received by Landlord or its designee within five (5) business days after its due date, Tenant shall pay Landlord a late
charge equal to 5% of the overdue amount; and (b) any Rent that is not paid within IO days after its due date shall bear interest, from its due date until paid, at the lesser of 18% per annum or the highest rate permitted by Law (defined in
Section 5). Tenant’s covenant to pay Rent is independent of every other covenant herein. 

  
 3 

 4 EXPENSES AND TAXES. 

4.1 General Terms. In addition to Base Rent, Tenant shall pay, in accordance with Section 4.4, for each Expense Year
(defined in Section 4.2.1), an amount equal to the sum of (a) Tenant’s Share of any amount (the “Expense Excess”) by which Expenses for such Expense Year exceed Expenses for the Base Year, plus
(b) Tenant’s Share of any amount (the “Tax Excess”) by which Taxes for such Expense Year exceed Taxes for the Base Year. No decrease in Expenses or Taxes for any Expense Year below the corresponding amount for the
Base Year shall entitle Tenant to any decrease in Base Rent or any credit against amounts due hereunder. Tenant’s Share of the Expense Excess and Tenant’s Share of the Tax Excess for any partial Expense Year shall be prorated based on the
number of days in such Expense Year. 
 4.2 Definitions. As used herein, the following terms have the following
meanings: 
 4.2.1 “Expense Year” means each calendar year (other than the Base Year and any preceding calendar year)
in which any portion of the Term occurs. 
 4.2.2 “Expenses” means all expenses, costs and amounts that Landlord
pays or accrues during the Base Year or any Expense Year because of or in connection with the ownership, management, maintenance, security, repair replacement, restoration or operation of the Property. Landlord shall act in a reasonable manner in
incurring Expenses. Without limiting the preceding sentence, Landlord shall not “double-count” any amount as an Expense or add a “mark-up” to any Expense; provided, however, that this
sentence shall not limit (a) Landlord’s right to include a management fee in Expenses pursuant to clause (vi) of the next succeeding sentence, or (b) the penultimate paragraph of this Section 4.2.2. Expenses shall
include (i) the cost of supplying all utilities, the cost of operating, repairing, maintaining and renovating the utility, telephone, mechanical, sanitary, storm-drainage, and elevator systems, and the cost of maintenance and service contracts
in connection therewith; (ii) the cost of licenses, certificates, permits and inspections, the cost of contesting any Laws that may affect Expenses, and the costs of complying with any governmentally-mandated transportation-management or
similar program; (iii) the cost of all insurance premiums and deductibles (provided, however, that earthquake insurance deductibles shall not exceed 5.0% of the total insurable value of the Project per occurrence and any other insurance
deductibles shall not exceed $100,000.00 per occurrence); (iv) the cost of landscaping and relamping; (v) the cost of parking-area operation, repair, restoration, and maintenance; (vi) a management fee in the amount (which fee may be
imputed if Landlord has internalized management or otherwise acts as its own property manager and which fee is hereby acknowledged to be reasonable) of 3% of gross annual receipts from the Property (excluding the management fee), together with other
fees and costs, including consulting fees, legal fees and accounting fees, of all contractors and consultants in connection with the management, operation, maintenance and repair of the Property; (vii) the fair rental value of any management
office space; (viii) wages, salaries and other compensation, expenses and benefits, including taxes levied thereon, of all persons engaged in the operation, maintenance and security of the Property, and costs of training, uniforms, and employee
enrichment for such persons; (ix) the costs of operation, repair, maintenance and replacement of all systems and equipment (and components thereof) of the Property; (x) the cost of janitorial, alarm, security and other services,
replacement of wall and floor coverings, ceiling tiles and fixtures in Common Areas, maintenance and replacement of curbs and walkways, repair to roofs and re-roofing; (xi) rental or acquisition costs of
supplies, tools, equipment, materials and personal property used in the maintenance, operation and repair of the Property; (xii) the cost of capital improvements or any other items that are (A) intended to reduce current or future
Expenses, enhance the safety or security of the Property or its occupants, or enhance the environmental sustainability of the Property’s operations, (B) replacements or modifications of the nonstructural portions of the Base Building
(defined in Section 5) or Common Areas that are required to keep the Base Building or Common Areas in good condition, or (C) required under any Law; (xiii) the cost of tenant-relation programs reasonably established by
Landlord; and (xiv) payments under any existing or future reciprocal easement agreement, transportation management agreement, cost-sharing agreement or other covenant, condition, restriction or similar instrument affecting the Property. 

Notwithstanding the foregoing, Expenses shall not include: (a) capital expenditures not described in clauses (xi) or (xii) above (in
addition, any capital expenditure shall be included in Expenses only if paid or accrued after the Base Year and shall be amortized (including actual or imputed interest on the amortized cost) over the lesser of (i) the useful life of the item
purchased through such capital expenditure, as reasonably determined by Landlord, or (ii) the period of time that Landlord reasonably estimates will be required for any Expense savings resulting from such capital expenditure to equal such
capital expenditure; provided, however, that any capital expenditure that is included in Expenses solely on the grounds that it is intended to reduce current or future Expenses shall be so amortized over the period of time described in the preceding
clause (ii)); (b) depreciation; (c) interest and principal payments of mortgage or other non-operating debts of Landlord; (d) costs of repairs to the extent Landlord is reimbursed by insurance or
condemnation proceeds; (e) except as provided in 

  
 4 

 
clause (xiii) above, costs of leasing space in the Building, including brokerage commissions, lease concessions, rental abatements and construction allowances granted to specific tenants;
(f) costs of selling, financing or refinancing the Building; (g) fines, penalties or interest resulting from late payment of Taxes or Expenses; (h) organizational expenses of creating or operating the entity that constitutes Landlord;
(i) damages paid to Tenant hereunder or to other tenants of the Building under their respective leases; (j) amounts (other than management fees) (on an arm’s length competitive basis) paid to Landlord’s affiliates for services,
but only to the extent such amounts exceed the prices charged for such services by parties having similar skill and experience; (k) fines or penalties resulting from any violations of Law, negligence or willful misconduct of Landlord or its
employees, agents or contractors; (I) advertising and promotional expenses; (m) Landlord’s charitable and political contributions; (n) ground lease rental; (o) attorney’s fees and other expenses incurred in connection
with negotiations or disputes with tenants or other occupants of the Building; (p) costs of services or benefits made available to other tenants of the Building but not to Tenant; (q) costs of purchasing or leasing major sculptures,
paintings or other artwork (as opposed to decorations purchased or leased by Landlord for display in the Common Areas of the Building); (r) any expense for which Landlord has received actual reimbursement from a third party (other than from a tenant
of the Building pursuant to its lease); (s) costs of curing defects in design or original construction of the Property; (t) costs that Landlord is entitled to recover under a warranty, except to the extent it would not be fiscally prudent to
pursue legal action to recover such costs; (u) expenses (other than Parking Expenses (defined below)) of operating any commercial concession at the Project; (v) Parking Expenses (defined below), except to the extent Parking Expenses exceed
parking revenues on an annual basis (as used herein, “Parking Expenses” means costs of operating, maintaining and repairing the Parking Facility, including costs of parking equipment, tickets, supplies, signs, cleaning,
resurfacing, restriping, parking-garage management fees, and the wages, salaries, employee benefits and taxes for individuals working exclusively in the Parking Facility; provided, however, that Parking Expenses shall exclude (i) capital
expenses, and (ii) costs of electricity, janitorial service, elevator maintenance and insurance); (w) reserves; (x) bad debt expenses; (y) costs of cleaning up Hazardous Materials, except for routine cleanup performed as part of the
ordinary operation and maintenance of the Property (as used herein, “Hazardous Materials” means any material now or hereafter defined or regulated by any Law or governmental authority as radioactive, toxic, hazardous, or
waste, or a chemical known to the state of California to cause cancer or reproductive toxicity, including (1) petroleum and any of its constituents or byproducts, (2) radioactive materials, (3) asbestos in any form or condition, and
(4) materials regulated by any of the following, as amended from time to time, and any rules promulgated thereunder: the Comprehensive Environmental Response, Compensation and Liability Act of 1980, 42 U.S.C. §§9601 et seq.; the
Resource Conservation and Recovery Act, 42 U.S.C. §§6901, et seq.; the Toxic Substances Control Act, 15 U.S.C. §§2601, et seq.; the Clean Water Act, 33 U.S.C. §§1251 et seq; the Clean Air Act, 42 U.S.C. §§7401
et seq.; The California Health and Safety Code; The California Water Code; The California Labor Code; The California Public Resources Code; and The California Fish and Game Code.); or (z) wages, salaries, fees or fringe benefits (“Labor
Costs”) paid to executive personnel or officers or partners of Landlord (provided, however, that if such individuals provide services directly related to the operation, maintenance or ownership of the Property that, if provided
directly by a general manager or property manager or his or her general support staff, would normally be chargeable as an operating expense of a comparable office building, then the Labor Costs of such individuals may be included in Expenses to the
extent of the percentage of their time that is spent providing such services to the Property). 
 If, during any portion of the Base Year or
any Expense Year, the Building is not 100% occupied (or a service provided by Landlord to Tenant is not provided by Landlord to a tenant that provides such service itself, or any tenant of the Building is entitled to free rent, rent abatement or the
like), Expenses for such year shall be determined as if the Building had been 100% occupied (and all services provided by Landlord to Tenant had been provided by Landlord to all tenants, and no tenant of the Building had been entitled to free rent,
rent abatement or the like) during such portion of such year. Notwithstanding any contrary provision hereof, Expenses for the Base Year shall exclude (a) any market-wide cost increases resulting from extraordinary circumstances, including Force
Majeure (defined in Section 25.2), boycotts, strikes, conservation surcharges, embargoes or shortages, and (b) at Landlord’s option, the cost of any repair or replacement that Landlord reasonably expects will not recur on an annual
or more frequent basis. 
 If Landlord does not carry earthquake, terrorism or another type of insurance for the Building during the Base
Year but carries such type of insurance for the Building during any Expense Year, then, for purposes of determining the Expense Excess for such Expense Year, Expenses for the Base Year shall be deemed to be increased by the amount of the premium
Landlord would have incurred for such type of insurance during the Base Year if Landlord had maintained such type of insurance for the same period of time during the Base Year as such insurance is maintained by Landlord during such Expense Year
(which shall be the amount incurred for such expense for the first year such expense is incurred if the Base Year amount cannot be reasonably determined). If, in any Expense Year, Landlord provides a new type of service (as opposed to an expansion
in scope of a service or a change in a type of service) that (i) is not required by Law, (ii) is not then generally provided by the landlords of Comparable Buildings (defined in Section 25.10), (iii) is not then
being provided in order to enhance the health, safety 

  
 5 

 
or security of the tenants, occupants and users of the Building as a result of circumstances that Landlord reasonably believes are specific to the Building and do not exist at Comparable
Buildings, and (iv) was not provided by Landlord during the Base Year, then, for purposes of determining the Expense Excess for such Expense Year, Expenses for the Base Year shall be deemed to be increased by the amount that Landlord would have
incurred for such service during the Base Year if Landlord had provided such service for the same period of time during the Base Year as such service is provided by Landlord during such Expense Year (which shall be the amount incurred for such
expense for the first year such expense is incurred if the Base Year amount cannot be reasonably determined). 
 4.2.3
“Taxes” means all federal, state, county or local governmental or municipal taxes, fees, charges, assessments, levies, licenses or other impositions, whether general, special, ordinary or extraordinary, that are paid or
accrued during the Base Year or any Expense Year (without regard to any different fiscal year used by such governmental or municipal authority) because of or in connection with the ownership, leasing or operation of the Property. Taxes shall include
(a) real estate taxes; (b) general and special assessments; (c) transit taxes; (d) leasehold taxes; (e) personal property taxes imposed upon the fixtures, machinery, equipment, apparatus, systems, appurtenances, furniture
and other personal property used in connection with the Property; (f) any tax on the rent, right to rent or other receipts from any portion of the Property or as against the business of leasing any portion of the Property; (g) any
assessment, tax, fee, levy or charge imposed by any governmental agency, or by any non-governmental entity pursuant to any private cost-sharing agreement, in order to fund the provision or enhancement of any
fire-protection, street-, sidewalk- or road-maintenance, refuse-removal or other service that is (or, before the enactment of Proposition 13, was) normally provided by governmental agencies to property owners or occupants without charge (other than
through real property taxes); and (h) payments in lieu of taxes under any tax increment financing agreement, abatement agreement, agreement to construct improvements, or other agreement with any governmental body or agency or taxing authority.
Any costs and expenses (including reasonable attorneys’ and consultants’ fees) incurred in attempting to protest, reduce or minimize Taxes shall be included in Taxes for the year in which they are incurred. Notwithstanding any contrary
provision here of, Taxes shall exclude (i) all excess profits taxes, franchise taxes, gift taxes, capital stock taxes, inheritance and succession taxes, transfer taxes, estate taxes, federal and state income taxes, and other taxes to the extent
(x) applicable to Landlord’s general or net income (as opposed to rents or receipts attributable to operations at the Prope1ty), or (y) measured solely by the square footage, rent, fees, services, tenant allowances or similar amounts,
rights or obligations described or provided in or under any particular lease, license or similar agreement or transaction at the Building; (ii) any Expenses, and (iii) any items required to be paid or reimbursed by Tenant under
Section 4.5. 
 4.3 Allocation. Landlord, in its reasonable discretion, may equitably allocate Expenses among
office, retail or other portions or occupants of the Property. If Landlord incurs Expenses or Taxes for the Property together with another property, Landlord, in its reasonable discretion, shall equitably allocate such shared amounts between the
Prope1ty and such other property. 
 4.4 Calculation and Payment of Expense Excess and Tax Excess. 

4.4.1 Statement of Actual Expenses and Taxes; Payment by Tenant. Landlord shall give to Tenant, after the end of each Expense Year, a
statement (the “Statement”) setting forth the actual Expenses, Taxes, Expense Excess and Tax Excess for such Expense Year. If the amount paid by Tenant for such Expense Year pursuant to Section 4.4.2 is less or
more than the sum of Tenant’s Share of the actual Expense Excess plus Tenant’s Share of the actual Tax Excess (as such amounts are set forth in such Statement), Tenant shall pay Landlord the amount of such underpayment, or receive a credit
in the amount of such overpayment, with or against the Rent then or next due hereunder; provided, however, that if this Lease has expired or terminated and Tenant has vacated the Premises, Tenant shall pay Landlord the amount of such underpayment,
or Landlord shall pay Tenant the amount of such overpayment (less any Rent due), within 30 days after delivery of such Statement. Any failure of Landlord to timely deliver the Statement for any Expense Year shall not diminish either party’s
rights under this Section 4. Notwithstanding the foregoing, if Landlord fails to furnish a Statement by April 30 of the second (2nd) calendar year following the Expense Year to which such Statement applies, Tenant shall not be
required to pay Landlord any underpayment for such Expense Year, except as provided in Section 4.4.3. 
 4.4.2 Statement of
Estimated Expenses and Taxes. Landlord shall give to Tenant, for each Expense Year, a statement (the “Estimate Statement”) setting forth Landlord’s reasonable estimates of the Expenses, Taxes, Expense Excess (the
“Estimated Expense Excess”) and Tax Excess (the “Estimated Tax Excess”) for such Expense Year. Upon receiving an Estimate Statement, Tenant shall pay, with its next installment of Base Rent corning due
at least 30 days after such receipt, an amount equal to the excess of (a) the amount obtained by multiplying (i) the sum of Tenant’s Share of the Estimated Expense Excess plus Tenant’s Share of the Estimated Tax Excess (as such
amounts are set forth in such Estimate Statement), by (ii) a fraction, the numerator of which is the number of months that have elapsed in the applicable Expense Year (including the month of such payment) and the

  
 6 

 
denominator of which is 12, over (b) any amount previously paid by Tenant for such Expense Year pursuant to this Section 4.4.2. Until Landlord delivers a new Estimate Statement
(which Landlord may do at any time), Tenant shall pay monthly, with the monthly Base Rent installments, an amount equal to one-twelfth (1/12) of the sum of Tenant’s Share of the Estimated Expense Excess
plus Tenant’s Share of the Estimated Tax Excess, as such amounts are set fo1th in the previous Estimate Statement. Any failure of Landlord to timely deliver any Estimate Statement shall not diminish Landlord’s rights to receive payments
and revise any previous Estimate Statement under this Section 4. 
 4.4.3 Retroactive Adjustment of Taxes.
Notwithstanding any contrary provision hereof, if, after Landlord’s delivery of any Statement, an increase or decrease in Taxes occurs for the applicable Expense Year or for the Base Year (whether by reason of reassessment, error, or
otherwise), Taxes for such Expense Year or the Base Year, as the case may be, and the Tax Excess for such Expense Year shall be retroactively adjusted. If, as a result of such adjustment, it is determined that Tenant has under- or overpaid
Tenant’s Share of such Tax Excess, Tenant shall pay Landlord the amount of such underpayment, or receive a credit in the amount of such overpayment, with or against the Rent then or next due hereunder; provided, however, that if this Lease has
expired or terminated and Tenant has vacated the Premises, Tenant shall pay Landlord the amount of such underpayment, or Landlord shall pay Tenant the amount of such overpayment (less any Rent due), within 30 days after such adjustment is made. 

4.5 Charges for Which Tenant Is Directly Responsible. Notwithstanding any contrary provision hereof, Tenant, promptly upon
demand, shall pay (or if paid by Landlord, reimburse Landlord for) each of the following to the extent levied against Landlord or Landlord’s property: (a) any tax based upon or measured by the cost or value of Tenant’s trade fixtures,
equipment, furniture or other personal property; (b) any rent tax, sales tax, service tax, transfer tax, value added tax, use tax, business tax, gross income tax, gross receipts tax, or other tax, assessment, fee, levy or charge measured solely
by the square footage, Rent, services, tenant allowances or similar amounts, rights or obligations described or provided in or under this Lease; (c) any tax assessed upon the possession, leasing, operation, management, maintenance, alteration,
repair, use or occupancy by Tenant of any portion of the Property; and (d) any tax assessed on this transaction or on any document to which Tenant is a party that creates an interest or estate in the Premises. 

4.6 Books and Records. Within 60 days after receiving any Statement (the “Review Notice Period”), Tenant
may give Landlord notice (“Review Notice”) stating that Tenant elects to review Landlord’s calculation of the Expense Excess and/or Tax Excess for the Expense Year to which such Statement applies and identifying with
reasonable specificity the records of Landlord reasonably relating to such matters that Tenant desires to review. Within a reasonable time after receiving a timely Review Notice (and, at Landlord’s option, an executed confidentiality agreement
as described below), Landlord shall deliver to Tenant, or make available for inspection at a location reasonably designated by Landlord, copies of such records. Within 60 days after such records are made available to Tenant (the “Objection
Period”), Tenant may deliver to Landlord notice (an “Objection Notice”) stating with reasonable specificity any objections to the Statement, in which event Landlord and Tenant shall work together in good faith
to resolve Tenant’s objections. Tenant may not deliver more than one Review Notice or more than one Objection Notice with respect to any Statement. If Tenant fails to give Landlord a Review Notice before the expiration of the Review Notice
Period or fails to give Landlord an Objection Notice before the expiration of the Objection Period, Tenant shall be deemed to have approved the Statement. Notwithstanding any contrary provision here of, Landlord shall not be required to deliver or
make available to Tenant records relating to the Base Year, and Tenant may not object to Expenses or Taxes for the Base Year, other than in connection with the first review for an Expense Year performed by Tenant pursuant to this
Section 4.6. If Tenant retains an agent to review Landlord’s records, the agent must be with a CPA firm licensed to do business in the State of California with experience reviewing books and records kept for Comparable Buildings and
its fees shall not be contingent, in whole or in pa1t, upon the outcome of the review. Tenant shall be responsible for all costs of such review; provided, however, that if Landlord and Tenant determine that the sum of Expenses and Taxes for the
Expense Year in question was overstated by more than 5%, Landlord, within 30 days after receiving paid invoices therefor from Tenant, shall reimburse Tenant for the reasonable amounts paid by Tenant to third parties in connection with such review
(not to exceed $5,000.00). The records and any related information obtained from Landlord shall be treated as confidential, and as applicable only to the Premises, by Tenant, its auditors, consultants, and any other parties reviewing the same on
behalf of Tenant (collectively, “Tenant’s Auditors”). Before making any records available for review, Landlord may require Tenant and Tenant’s Auditors to execute a reasonable confidentiality agreement, in which event
Tenant shall cause the same to be executed and delivered to Landlord within 30 days after receiving it from Landlord, and if Tenant fails to do so, the Objection Period shall be reduced by one day for each day by which such execution and delivery
follows the expiration of such 30-day period. Notwithstanding any contrary provision hereof, Tenant may not examine Landlord’s records or dispute any Statement if any Rent remains unpaid past its due
date. If, for any Expense Year, Landlord and Tenant determine that the sum of Tenant’s Share of the actual Expense Excess plus Tenant’s Share of the actual Tax Excess is less or more than the amount reported, Tenant shall receive a credit
in the amount of its overpayment, or pay 

  
 7 

 
Landlord the amount of its underpayment, against or with the Rent next due hereunder; provided, however, that if this Lease has expired or terminated and Tenant has vacated the Premises, Landlord
shall pay Tenant the amount of its overpayment (less any Rent due), or Tenant shall pay Landlord the amount of its underpayment, within 30 days after such determination. 

5 USE; COMPLIANCE WITH LAWS. 
 5.1 Tenant
shall not (a) use the Premises for any purpose other than the Permitted Use, or (b) do anything in or about the Premises that violates any of the Rules and Regulations, damages the reputation of the Project, interferes with, injures or
annoys other occupants of the Project, or constitutes a nuisance. Tenant, at its expense, shall comply with all Laws relating to (i) the operation of its business at the Project, (ii) the use, occupancy and, other than with respect to
elements of the Base Building, the condition and configuration of the Premises, or (iii) any Supplemental Systems (defined below) serving the Premises, whether located inside or outside of the Premises. If, in order to comply with any such Law,
Tenant must obtain or deliver any permit, certificate or other document evidencing such compliance, Tenant shall provide a copy of such document to Landlord promptly after obtaining or delivering it. If a change to any Common Area or the Base
Building becomes required under Law (or if any such requirement is enforced) as a result of any Tenant-Requested Improvement (defined below) that is not of a type customarily required for general office use, any trade fixture that is not of a type
customarily required for general office use or because any use of the Premises that is not general office use, then Tenant, upon demand, shall (x) at Landlord’s option, either make such change at Tenant’s cost or pay Landlord the cost
of making such change, and (y) pay Landlord a coordination fee equal to 5% of the cost of such change. As used here in “Law” means any existing or future law, ordinance, regulation or requirement of any governmental
authority having jurisdiction over the Project or the parties. As used herein, “Supplemental System” means any Unit (defined in Section 25.5), supplemental fire-suppression system, kitchen (including any hot water
heater, dishwasher, garbage disposal, insta-hot dispenser, or plumbing), shower or similar facility, or any other system that would not customarily be considered part of the base building of a first-class
multi-tenant office building. As used herein, “Base Building System” means any mechanical (including HVAC), electrical, plumbing or fire/life-safety system serving the Building, other than a Supplemental System. As used
herein, “Base Building” means the structural portions of the Building, together with the Base Building Systems. As used herein, “Tenant-Requested Improvement” means any Leasehold Improvements (defined
in Section 7.1 below) installed by or for the benefit of Tenant, whether pursuant to this Lease or pursuant to any prior lease or other agreement to which Tenant was a party. 

5.2 Landlord, at its expense (subject to Section 4), shall cause the Base Building and the Common Areas to comply with all Laws
(including the Americans with Disabilities Act (“ADA”)) to the extent that (a) such compliance is necessary for Tenant to use the Premises for general office use in a normal and customary manner and for Tenant’s
employees and visitors to have reasonably safe access to and from the Premises, or (b) Landlord’s failure to cause such compliance would impose liability upon Tenant under Law; provided, however, that Landlord shall not be required to
cause or pay for such compliance to the extent that (x) Tenant is required to cause or pay for such compliance under Section 5.1 or 7.3 or any other provision hereof, or
(y) non-compliance arises under any provision of the ADA other than Title ill thereof. Notwithstanding the foregoing, Landlord may contest any alleged violation in good faith, including by applying for
and obtaining a waiver or deferment of compliance, asserting any defense allowed by Law, and appealing any order or judgment to the extent permitted by Law; provided, however, that (i) no cost or liability shall be imposed upon Tenant as a
result of such contest, and (ii) after exhausting any rights to contest or appeal, Landlord shall perform any work necessary to comply with any final order or judgment. 

5.3 To the extent that there is any inconsistency between the terms of this Section 5 and Exhibit B hereto,
Exhibit B shall control. 
 6 SERVICES. 

6.1 Standard Services. Landlord shall provide the following services on all days (unless otherwise stated below): (a) subject to
limitations imposed by Law, customary heating, ventilation and air conditioning (“HVAC”) in season during Building HVAC Hours, stubbed to the Premises; (b) electricity supplied by the applicable public utility, stubbed
to the Premises; (c) water supplied by the applicable public utility (i) for use in lavatories and any drinking facilities located in Common Areas within the Building, and (ii) stubbed to the Building core for use in any plumbing
fixtures located in the Premises; (d) janitorial services to the Premises, except on weekends and Holidays; (e) elevator service (subject to scheduling by Landlord for any freight service); and (f) access to the Building for Tenant
and its employees, 24 hours per day/7 days per week, subject to the terms hereof and such security or monitoring systems as Landlord may reasonably impose, including sign-in procedures and/or presentation of
identification cards. 

  
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 6.2 Above-Standard Use. Landlord shall provide HVAC service outside Building
HVAC Hours if Tenant gives Landlord such prior notice and pays Landlord such hourly cost per zone as Landlord may require. The parties acknowledge that, as of the date hereof, Landlord’s charge for HVAC service outside Building HVAC Hours is
$85.00 per hour, subject to change from time to time to Landlord’s then Building-standard rate. Tenant shall not, without Landlord’s prior consent, use equipment that may affect the temperature maintained by the air conditioning system or
consume above- Building-standard amounts of any water furnished for the Premises by Landlord pursuant to Section 6.1. If Tenant’s consumption of electricity or water exceeds the rate Landlord reasonably deems to be standard for the
Building, Tenant shall pay Landlord, upon billing, the cost of such excess consumption, including any costs of installing, operating and maintaining any equipment that is installed in order to supply or measure such excess electricity or water. The
connected electrical load of Tenant’s incidental-use equipment shall not exceed the Building-standard electrical design load, and Tenant’s electrical usage shall not exceed the capacity of the
feeders to the Project or the risers or wiring installation. 
 6.3 Interruption. Subject to Section 11, any
failure to furnish, delay in furnishing, or diminution in the quality or quantity of any service resulting from any application of Law, failure of equipment, performance of maintenance, repairs, improvements or alterations, utility interruption, or
event of Force Majeure (each, a “Service Interruption”) shall not render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder. Notwithstanding the foregoing, if all or
a material portion of the Premises is made untenantable or inaccessible for more than three (3) consecutive business days after notice from Tenant to Landlord by a Service Interruption that (a) does not result from a Casualty (defined in
Section 11), a Taking (defined in Section 13) or an Act of Tenant (defined in Section 10.1), and (b) can be corrected through Landlord’s reasonable efforts, then, as Tenant’s sole remedy, Monthly
Rent shall abate for the period beginning on the day immediately following such 3-business-day period and ending on the day such Service Interruption ends, but only in
proportion to the percentage of the rentable square footage of the Premises made untenantable or inaccessible and not occupied by Tenant. 
 7 REPAIRS
AND ALTERATIONS. 
 7.1 Repairs. Subject to Section 11, Tenant, at its expense, shall perform all maintenance
and repairs (including replacements) to the Premises, and keep the Premises in as good condition and repair as existed when Tenant took possession and as thereafter improved, except for reasonable wear and tear and repairs that are Landlord’s
express responsibility hereunder. Tenant’s maintenance and repair obligations shall include (a) all leasehold improvements in the Premises, including any Tenant Improvements, any Alterations (defined in Section 7.2), and any
leasehold improvements installed pursuant to any prior lease (the “Leasehold Improvements”), but excluding the Base Building; (b) any Supplemental Systems serving the Premises, whether located inside or outside of the
Premises; and (c) all Lines (defined in Section 23) and trade fixtures. Notwithstanding the foregoing, if a Default (defined in Section 19.1) or an emergency exists, Landlord may, at its option, perform such maintenance
and repairs on Tenant’s behalf, in which case Tenant shall ·pay Landlord, upon demand, the cost of such work plus a coordination fee equal to 5% of such cost. Landlord shall perform all maintenance and repairs (including replacements)
to, and keep in good condition and repair, (i) the roof and exterior walls and windows of the Building (so that the components of the Building remain water-tight), (ii) the Base Building, and (iii) the Common Areas. 

7.2 Alterations. Tenant may not make any improvement, alteration, addition or change to the Premises or to any mechanical,
plumbing or HVAC facility or other system serving the Premises (an “Alteration”) without Landlord’s prior consent, which consent shall be requested by Tenant not less than 30 days before commencement of work and shall
not be unreasonably withheld, conditioned or delayed by Landlord. Notwithstanding the foregoing, Landlord’s prior consent shall not be required for any Alteration that is decorative only (e.g., carpet installation or painting) and not visible
from outside the Premises, provided that Landlord receives 10 business days’ prior notice. For any Alteration, (a) Tenant, before beginning work, shall deliver to Landlord, and obtain Landlord’s approval of, plans and specifications;
(b) Landlord, in its discretion, may require Tenant to obtain security for performance satisfactory to Landlord; (c) Tenant shall deliver to Landlord “as built” drawings (in CAD format, if requested by Landlord), completion
affidavits, full and final lien waivers, and all governmental approvals; and (d) Tenant shall pay Landlord upon demand (i) Landlord’s reasonable out-of-pocket
expenses incurred in reviewing the work, and (ii) a coordination fee equal to 10% of the cost of the work; provided, however, that this clause (d) shall not apply to any Tenant Improvements. 

7.3 Tenant Work. Before beginning any repair or Alteration or any work affecting Lines (collectively, “Tenant
Work”), Tenant shall deliver to Landlord, and obtain Landlord’s approval of, (a) names of contractors, subcontractors, mechanics, laborers and materialmen; (b) evidence of contractors’ and subcontractors’
insurance in amounts and coverages as Landlord may reasonably require; and (c) any required governmental permits. Tenant shall perform all Tenant Work (i) in a good and workmanlike manner using materials of a quality reasonably approved by
Landlord; (ii) in compliance with any approved plans and specifications, all Laws, the National Electric Code, and Landlord’s construction rules and regulations; and (iii) in a manner that does not impair the Base Building. If, as a
result of any Tenant Work, Landlord becomes required under Law to perform any 

  
 9 

 
inspection, give any notice, or cause such Tenant Work to be performed in any particular manner, Tenant shall comply with such requirement and promptly provide Landlord with reasonable
documentation of such compliance. Landlord’s approval of Tenant’s plans and specifications shall not relieve Tenant from any obligation under this Section 7.3. In performing any Tenant Work, Tenant shall not use contractors,
services, labor, materials or equipment that, in Landlord’s reasonable judgment, would disturb labor harmony with any workforce or trades engaged in performing other work or services at the Project. 

8 LANDLORD’S PROPERTY. All Leasehold Improvements shall become Landlord’s property upon installation and without compensation to
Tenant. Notwithstanding the foregoing, if any Tenant- Requested Improvements (other than any Unit, which shall be governed by Section 25.5) are not, in Landlord’s reasonable judgment, Building-standard, then before the expiration or
earlier termination hereof, Tenant shall, at Landlord’s election and at Tenant’s expense, and except as otherwise notified by Landlord, remove such Tenant-Requested Improvements (other than the Excluded Items, defined below), repair any
resulting damage to the Premises or Building, and restore the affected portion of the Premises to its configuration and condition existing before the installation of such Tenant-Requested Improvements. If Tenant fails to timely perform any work
required under the preceding sentence, Landlord may perform such work at Tenant’s expense. As used herein, the term “Excluded Items” means the Tenant Improvement Work shown with reasonable specificity on the Approved
Space Plan (as initially described in Section 2.3 of Exhibit B hereto). When Landlord approves any Tenant-Requested Improvements or Alterations (or, in the case of any Tenant-Requested Improvements or Alterations not
requiring Landlord’s approval hereunder, within 10 business days after Tenant’s request), Landlord shall identify any such Tenant-Requested Improvements or Alterations that, in Landlord’s judgment, are not Building-standard. 

9 LIENS. Tenant shall keep the Project free from any lien arising out of any work performed, material furnished or obligation incurred by or on
behalf of Tenant. Tenant shall remove any such lien within 10 business days after notice from Landlord, and if Tenant fails to do so, Landlord, without limiting its remedies, may pay the amount necessary to cause such removal, whether or not such
lien is valid. The amount so paid, together with reasonable attorneys’ fees and expenses, shall be reimbursed by Tenant upon demand. 
 10
INDEMNIFICATION; INSURANCE. 
 10.1 Waiver and Indemnification. Tenant waives all claims against Landlord, its Security
Holders (defined in Section 17), Landlord’s managing agent(s), their (direct or indirect) owners, and the beneficiaries, trustees, officers, directors, employees and agents of each of the foregoing (including Landlord, the
“Landlord Parties”) for (i) any damage to person or property (or resulting from the loss of use thereof), except to the extent such damage is caused by any negligence, willful misconduct or breach of this Lease of or by
any Landlord Party, or (ii) any failure to prevent or control any criminal or otherwise wrongful conduct by any third party (not acting as Landlord’s agent) or to apprehend any such third party who has engaged in such conduct. Tenant shall
indemnify, defend, protect, and hold the Landlord Parties harmless from any obligation, loss, claim, action, liability, penalty, damage, cost or expense (including reasonable attorneys’ and consultants’ fees and expenses) (each, a
“Claim”) that is imposed or asserted by any third party and arises from (a) any cause in, on or about the Premises, or (a) any negligence, willful misconduct or breach of this Lease of or by Tenant, any party
claiming by, through or under Tenant, their (direct or indirect) owners, or any of their respective beneficiaries, trustees, officers, directors, employees, agents, contractors, licensees or invitees (each, an “Act of Tenant”),
except to the extent such Claim arises from any negligence, willful misconduct or breach of this Lease of or by any Landlord Party. Landlord shall indemnify, defend, protect, and hold Tenant, its (direct or indirect) owners, and their respective
beneficiaries, trustees, officers, directors, employees and agents (including Tenant, the “Tenant Parties”) harmless from any Claim that is imposed or asserted by any third party and arises from any negligence, willful
misconduct or breach of this Lease of or by any Landlord Party, except to the extent such Claim arises from any negligence, willful misconduct or breach of this Lease of or by any Tenant Party. 

10.2 Tenant’s Insurance. Tenant shall maintain the following coverages in the following amounts: 

10.2.1 Commercial General Liability Insurance, written on an occurrence basis, with a combined single limit for bodily injury and prope1ty
damages of not less than Three Million Dollars ($3,000,000) per occurrence and Five Million Dollars ($5,000,000), in the annual aggregate, which shall apply separately to each location of Tenant, including products liability coverage if applicable,
blanket contractual coverage including written contracts, and personal and bodily injury coverage, covering the insuring provisions of this Lease and the performance of Tenant of the indemnity and exemption of Landlord from liability agreements set
forth in this Lease. 

  
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 10.2.2 Commercial General Liability Insurance, written on an occurrence basis, with a
combined single limit for bodily injury and prope1ty damages of not less than Three Million Dollars ($3,000,000) per occurrence and Five Million Dollars ($5,000,000), in the annual aggregate, which shall apply separately to each location of Tenant,
including products liability coverage if applicable, blanket contractual coverage including written contracts, and personal and bodily injury coverage, covering the insuring provisions of this Lease and the performance of Tenant of the indemnity and
exemption of Landlord from liability agreements set forth in this Lease. 
 10.2.3 Workers’ Compensation statutory limits and
Employers’ Liability limits of $1,000,000. 
 10.3 Form of Policies. The minimum limits of insurance required to be
carried by Tenant shall not limit Tenant’s liability. Such insurance shall be issued by an insurance company that has an A.M. Best rating of not less than A-VIII. Tenant’s Commercial General
Liability Insurance shall (a) name the Landlord Parties and any other party designated by Landlord (“Additional Insured Parties”) as additional insureds; and (b) be primary insurance as to all claims thereunder and
provide that any insurance carried by Landlord is excess and non-contributing with Tenant’s insurance. Landlord shall be designated as a loss payee with respect to Tenant’s Prope1ty Insurance on any
Tenant-Insured Improvements. Tenant shall deliver to Landlord, on or before the Commencement Date and at least 15 days before the expiration dates thereof, certificates from Tenant’s insurance company on the forms currently designated
“ACORD 25” (Certificate of Liability Insurance) and “ACORD 28” (Evidence of Commercial Property Insurance) or the equivalent. Attached to the ACORD 25 (or equivalent) there shall be an endorsement (or an excerpt from the policy)
naming the Additional Insured Parties as additional insureds, and attached to the ACORD 28 (or equivalent) there shall be an endorsement (or an excerpt from the policy) designating Landlord as a Joss payee with respect to Tenant’s Property
Insurance on any Tenant-Insured Improvements, and each such endorsement (or policy excerpt) shall be binding on Tenant’s insurance company. Tenant agrees that if Tenant does not take out and maintain such insurance or furnish Landlord with
certificates of coverage in a timely manner, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and charge Tenant the cost thereof, which amount shall be payable by Tenant upon demand with interest (at the
rate that is at the lesser of 18% per annum or the highest rate permitted by Law) from the date such sums are expended. Tenant shall have the right to provide such insurance coverage pursuant to blanket policies obtained by Tenant, provided such
blanket policies expressly afford coverage to the Premises and to Tenant as required by this Lease. 
 10.4 Subrogation.
Notwithstanding any provision in this Lease to the contrary (but subject to the provisions set forth in Section 11 below as well as the provisions set forth in Sections 4 and of Exhibit D hereto) each party
waives, and shall cause its insurance carrier to waive, any right of recovery against the other party, any of its (direct or indirect) owners, or any of their respective beneficiaries, trustees, officers, directors, employees or agents for any loss
of or damage to prope1ty which loss or damage is (or, if the insurance required hereunder had been carried, would have been) covered by the waiving party’s property insurance. For purposes of this Section 10.4 only, (a) any
deductible with respect to a party’s insurance shall be deemed covered by, and recoverable by such party under, valid and collectable policies of insurance, and (b) any contractor retained by Landlord to install, maintain or monitor a fire
or security alarm for the Building shall be deemed an agent of Landlord. 
 10.5 Additional Insurance Obligations. Tenant
shall maintain such increased amounts of the insurance required to be carried by Tenant under this Section 10, and such other types and amounts of insurance covering the Premises and Tenant’s operations therein, as may be reasonably
requested by Landlord, but not in excess of the amounts and types of insurance then being requited by landlords of Comparable Buildings. Tenant agrees that it will not, at any time, during the Term, carry any stock of goods or do anything in or
about the Premises that will in any way tend to increase Landlord’s insurance rates upon the Project. Tenant agrees to pay Landlord forthwith upon demand the amount of any increase in Landlord’s premiums for insurance that may be carried
during the Term of this Lease, or the amount of insurance to be carried by Landlord on the Project resulting from the foregoing, or from Tenant doing any act in or about the Premises that does so increase the insurance rates, whether or not Landlord
shall have consented to such act on the part of Tenant. Tenant shall, at its own expense, comply with the requirements of Landlord’s insurance providers applicable to the Premises including, without limitation, the installation of fire
extinguishers or an automatic dry chemical extinguishing system. 
 10.6 Landlord’s Insurance. Landlord may, as a cost to
be included in Expenses (subject to the terms of Section 4 hereof), procure and maintain at all times during the Term of this Lease, a policy or policies of insurance covering loss or damage to the Project in the amount of the full
replacement cost without deduction for depreciation thereof, providing protection against all perils included within the classification of fire and extended coverage, vandalism coverage and malicious mischief, sprinkler leakage, water damage, and
special extended coverage on the building. Additionally, Landlord may carry: (i) commercial general liability and umbrella/excess liability insurance and (ii) earthquake and/or flood damage insurance; and (iii) rental income
insurance; and (iv) any other forms of insurance Landlord may deem appropriate or any lender may require. The costs of all insurance carried by Landlord shall be included in Expenses (subject to the terms of Section 4 hereof). 

  
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 11 CASUALTY DAMAGE. With reasonable promptness after discovering any damage to the Premises
(other than trade fixtures), or to any Common Area or p01tion of the Base Building necessary for access to or tenantability of the Premises, resulting from any fire or other casualty (a “Casualty”), Landlord shall notify
Tenant of Landlord’s reasonable estimate of the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially
completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any
damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises are affected, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds
be used to pay any mortgage debt; (ii) any damage to Landlord’ s prope1ty is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be
substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. If
this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs
shall restore the Premises (other than trade fixtures) and any Common Area or portion of the Base Building necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except
for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to
or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect
to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord
within 15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided,
however, that if the Premises (other than trade fixtures) or any Common Area or portion of the Base Building necessary for access to or tenantability of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage,
any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premises. If Landlord does not substantially complete the
Landlord Repairs by the Outside Restoration Date (defined below), Tenant may terminate this Lease by notifying Landlord within 15 days after the Outside Restoration Date and before the substantial completion of the Landlord Repairs. As used herein,
“Outside Restoration Date” means the date occurring two (2) months after the later of (a) the expiration of the time set forth in Landlord’s estimate described in the first sentence of this
Section 11, or (b) the date occurring 180 days after the commencement of the Landlord Repairs; provided, however, that the Outside Restoration Date shall be extended to the extent of (i) any delay caused by the insurance
adjustment process, (ii) any delay caused by Tenant or any party claiming by, through or under Tenant, and (iii) any other delay (up to 90 days) caused by events of Force Majeure. Notwithstanding the foregoing, if Landlord determines in
good faith that it will be unable to substantially complete the Landlord Repairs by the Outside Restoration Date, Landlord may cease its performance of the Landlord Repairs and provide Tenant with notice (the “Restoration Date Extension
Notice”) stating such inability and identifying the date on which Landlord reasonably believes such substantial completion will occur, in which event Tenant may terminate this Lease by notifying Landlord within five (5) business
days after receiving the Restoration Date Extension Notice. If Tenant does not terminate this Lease within such 5-business day period, the Outside Restoration Date shall be automatically amended to be the date
identified in the Restoration Date Extension Notice. 
 12 NONWAIVER. No provision hereof shall be deemed waived by either patty unless it is
waived by such party expressly and in writing, and no waiver of any breach of any provision hereof shall be deemed a waiver of any subsequent breach of such provision or any other provision hereof. Landlord’s acceptance of Rent shall not be
deemed a waiver of any preceding breach of any provision hereof, other than Tenant’s failure to pay the particular Rent so accepted, regardless of Landlord’s knowledge of such preceding breach at the time of such acceptance. No acceptance
of payment of an amount less than the Rent due hereunder shall be deemed a waiver of Landlord’s right to receive the full amount of Rent due, whether or not any endorsement or statement accompanying such payment purports to effect an accord and
satisfaction. No receipt of monies by Landlord from Tenant after the giving of any notice, the commencement of any suit, the issuance of any final judgment, or the termination hereof shall affect such notice, suit or judgment, or reinstate or extend
the Term or Tenant’s right of possession hereunder. 
 13 CONDEMNATION. If any part of the Premises, Building or Project is taken for any
public or quasi-public use by power of eminent domain or by private purchase in lieu thereof (a “Taking”) for more than 180 consecutive days, Landlord may terminate this Lease. If more than 25% of the rentable square footage
of the Premises, or any Common Area or portion of the Base Building necessary for access to or tenantability of the Premises, is Taken for more than 180 consecutive days, Tenant may terminate this Lease. Any such termination shall be effective as of
the date possession must be surrendered to the 

  
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authority, and the terminating party shall provide termination notice to the other party within 45 days after receiving written notice of such surrender date. Except as provided above in this
Section 13, neither party may terminate this Lease as a result of a Taking. Tenant shall not assert, and hereby assigns to Landlord, any claim it may have for compensation because of any Taking; provided, however, that Tenant may file a
separate claim for any Taking of Tenant’s personal property or any trade fixtures that Tenant is entitled to remove upon the expiration hereof, and for moving expenses, so long as such claim does not diminish the award available to Landlord or
any Security Holder and is payable separately to Tenant. If this Lease is terminated pursuant to this Section 13, all Rent shall be apportioned as of the date of such termination. If a Taking occurs and this Lease is not so terminated,
Monthly Rent shall be abated for the period of such Taking in proportion to the percentage of the rentable square footage of the Premises, if any, that is subject to, or rendered inaccessible or untenantable by, such Taking and not occupied by
Tenant. 
 14 ASSIGNMENT AND SUBLETTING. 

14.1 Transfers. Tenant shall not, without Landlord’s prior consent, assign, mortgage, pledge, hypothecate, encumber, permit
any lien to attach to, or otherwise transfer this Lease or any interest hereunder, permit any assignment or other transfer hereof or any interest hereunder by operation of law, enter into any sublease or license agreement, otherwise permit the
occupancy or use of any part of the Premises by any persons other than Tenant and its employees and contractors, or permit a Change of Control (defined in Section 14.6) to occur (each, a “Transfer”). If Tenant
desires Landlord’s consent to any Transfer, Tenant shall provide Landlord with (i) notice of the terms of the proposed Transfer, including its proposed effective date (the “Contemplated Effective Date”), a
description of the portion of the Premises to be transferred (the “Contemplated Transfer Space”), a calculation of the Transfer Premium (defined in Section 14.3), and a copy of all existing executed and/or
proposed documentation pertaining to the proposed Transfer, and (ii) current financial statements of the proposed transferee (or, in the case of a Change of Control, of the proposed new controlling party(ies)) certified by an officer or owner
thereof and any other information reasonably required by Landlord in order to evaluate the proposed Transfer (collectively, the “Transfer Notice”). Within 20 days after receiving the Transfer Notice, Landlord shall notify
Tenant of (a) its consent to the proposed Transfer, (b) its refusal to consent to the proposed Transfer, or (c) its exercise of its rights under Section 14.4. Any Transfer made without Landlord’s prior consent shall,
at Landlord’s option, be void and shall, at Landlord’s option, constitute a Default. Concurrently with Tenant’s delivery of the Transfer Notice, Tenant shall pay Landlord a fee of $1,500.00 for Landlord’s review of any proposed
Transfer, whether or not Landlord consents to it. 
 14.2 Landlord’s Consent. Subject to Section 14.4,
Landlord shall not unreasonably withhold or condition its consent to any proposed Transfer. Without limiting other reasonable grounds for withholding consent, it shall be deemed reasonable for Landlord to withhold its consent to a proposed Transfer
if: 
 14.2.1 The proposed transferee is not a party of reasonable financial strength in light of the responsibilities to be undertaken in
connection with the Transfer on the date the Transfer Notice is received; or 
 14.2.2 The proposed transferee has a character or reputation
or is engaged in a business that is not consistent with the quality of the Building or the Project; or 
 14.2.3 The proposed transferee is
a governmental entity or a nonprofit organization; or 
 14.2.4 Intentionally omitted; or 

14.2.5 The proposed transferee or any of its Affiliates, on the date the Transfer Notice is received, leases or occupies (or, at any time
during the 4-month period ending on the date the Transfer Notice is received, has provided Landlord with a written proposal or request for proposal to lease) space in the Project and Landlord has (or believes
in good faith, based on the scheduled expiration dates of existing leases and/or its rights to relocate existing tenants, that it will have) space available that, in its good faith judgment, will meet the proposed transferee’s leasing needs; or

 14.2.6 The use to be made of the Contemplated Transfer Space is a use which would be prohibited by any other portion of this Lease or a
use which conflicts with any applicable so-called “exclusive” then in favor of another tenant of the Building or Project. 

Notwithstanding any contrary provision hereof, (a) if Landlord consents to any Transfer pursuant to this Section 14.2 but Tenant
does not enter into such Transfer within six (6) months thereafter, such consent shall no longer apply and such Transfer shall not be permitted unless Tenant again obtains Landlord’s consent thereto pursuant and subject to the terms of
this Section 14; and (b) if Landlord withholds its consent in breach of this Section 14.2, Tenant’s sole remedies shall be contract damages (subject to
Section 20) or specific performance, and Tenant waives all other remedies, including any right to terminate this Lease. 

  
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 14.3 Transfer Premium. If Landlord consents to a Transfer (other than a Change
of Control or a Permitted Transfer in which case this Section 14.3 shall not be applicable), Tenant shall pay Landlord an amount equal to 50% of any Transfer Premium (defined below). As used herein, “Transfer Premium”
means (a) in the case of an assignment, any consideration (including payment for Leasehold Improvements) paid by the assignee for such assignment, less any reasonable and customary expenses directly incurred by Tenant on account of such
assignment, including brokerage fees, legal fees, and Landlord’s review fee, and (b) in the case of a sublease, license or other occupancy agreement, for each month of the term of such agreement, the amount by which all rent and other
consideration paid by the transferee to Tenant pursuant to such agreement (less all reasonable and customary expenses directly incurred by Tenant on account of such agreement, including brokerage fees, legal fees, construction costs and
Landlord’s review fee) exceeds the Monthly Rent payable by Tenant hereunder with respect to the Contemplated Transfer Space. Payment of Landlord’s share of the Transfer Premium shall be made (x) in the case of an assignment, within 30
days after Tenant receives the consideration described above, and (y) in the case of a sublease, license or other occupancy agreement, for each month of the term of such agreement, within 30 days after Tenant receives the rent and other
consideration described above. 
 14.4 Landlord’s Right to Recapture. Notwithstanding any contrary provision hereof,
except in the case of a Permitted Transfer (defined in Section 14.8), a Change of Control, or a sublease (including any expansion rights) of less than 50% of the rentable square footage of the then existing Premises for a term (including
any extension options) of less than 50% of the balance of the Term remaining on the Contemplated Effective Date (excluding any unexercised extension options), Landlord, by notifying Tenant within 20 days after receiving the Transfer Notice, may
terminate this Lease with respect to the Contemplated Transfer Space as of the Contemplated Effective Date; provided, however, that such termination shall not be effective if Tenant, by notifying Landlord within five (5) days after receiving
Landlord’s notice of termination, withdraws the Transfer Notice. If Tenant does not timely withdraw the Transfer Notice, and if the Contemplated Transfer Space is less than the entire Premises, then Base Rent, Tenant’s Share, and the
number of parking spaces to which Tenant is entitled under Section 1.9 shall be deemed adjusted on the basis of the percentage of the rentable square footage of the portion of the Premises retained by Tenant. Upon request of either party, the
parties shall execute a written agreement prepared by Landlord memorializing such termination. 
 14.5 Effect of Consent. If
Landlord consents to a Transfer, (i) such consent shall not be deemed a consent to any further Transfer, (ii) Tenant shall deliver to Landlord, promptly after execution, an executed copy of all documentation pertaining to the Transfer in
form reasonably acceptable to Landlord, and (iii) Tenant shall deliver to Landlord, upon Landlord’s request, a complete statement, certified by an independent CPA or Tenant’s chief financial officer, setting forth in detail the
computation of any Transfer Premium. In the case of an assignment, the assignee shall assume in writing, for Landlord’s benefit, all of Tenant’s obligations hereunder. No Transfer, with or without Landlord’s consent, shall relieve
Tenant or any guarantor hereof from any liability hereunder. Notwithstanding any contrary provision hereof, Tenant, with or without Landlord’s consent, shall not enter in to, or permit any party claiming by, through or under Tenant to enter
into, any sublease, license or other occupancy agreement that provides for payment based in whole or in part on the net income or profit of the subtenant, licensee or other occupant thereunder. 

14.6 Change of Control. As used herein, “Change of Control” means (a) if Tenant is a closely held
professional service firm, the withdrawal or change (whether voluntary, involuntary or by operation of law) of more than 50% of its equity owners within a 12-month period; and (b) in all other cases, any
transaction(s) resulting in the acquisition of a Controlling Interest (defined below) in Tenant by one or more patties that neither owned, nor are Affiliates (defined below) of one or more parties that owned, a Controlling Interest in Tenant
immediately before such transaction(s). As used herein, “Controlling Interest” means control over an entity, other than control arising from the ownership of voting securities listed on a recognized securities exchange. As
used herein, “control” means the direct or indirect power to direct the ordinary management and policies of an entity, whether through the ownership of voting securities, by contract or otherwise. As used herein,
“Affiliate” means, with respect to any patty, a person or entity that controls, is under common control with, or is controlled by such party. 

14.7 Effect of Default. If Tenant is in Default, Landlord is irrevocably authorized, as Tenant’s agent and attorney-in-fact, to direct any transferee under any sublease, license or other occupancy agreement to make all payments under such agreement directly to Landlord (which
Landlord shall apply towards Tenant’s obligations hereunder) until such Default is cured. Such transferee shall rely upon any representation by Landlord that Tenant is in Default, whether or not confirmed by Tenant. 

14.8 Permitted Transfers. Notwithstanding any contrary provision here of, if Tenant is not in Default, Tenant may, without
Landlord’s consent pursuant to Section 14.1, permit a Change of Control to occur, sublease any portion of the Premises to an Affiliate of Tenant or assign this Lease to (a) an Affiliate of Tenant (other than pursuant to a
merger or consolidation), (b) a successor to Tenant by merger or consolidation, or (c) a successor to Tenant by purchase of all or substantially all of Tenant’s assets (a “Permitted Transfer”), provided that
(i) at least 10 business days before the Transfer (provided 

  
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that if such pre-Transfer notice and delivery are prohibited by a confidentiality agreement or by Law, then within 10 business days after the Transfer),
Tenant notifies Landlord of the Transfer and delivers to Landlord any documents or information reasonably requested by Landlord relating thereto, including reasonable documentation that the Transfer satisfies the requirements of this
Section 14.8; (ii) in the case of a sublease, the subtenant executes and delivers to Landlord, at least 10 business days before taking occupancy, an agreement reasonably acceptable to Landlord which (A) requires the subtenant to
assume all of Tenant’s release, waiver, indemnity and insurance obligations hereunder with respect to the Contemplated Transfer Space and to be bound by each provision hereof that limits the liability of any Landlord Party, and
(B) provides that if either a Landlord Party or the subtenant institutes a suit against the other for violation of or to enforce such agreement, or in connection with any matter relating to the sublease or the subtenant’s occupancy of the
Contemplated Transfer Space, the prevailing party shall be entitled to all of its costs and expenses, including reasonable attorneys’ fees; (iii) in the case of an assignment pursuant to clause (a) or (c) above, the assignee executes
and delivers to Landlord, at least 10 business days before the assignment (provided that if such pre-assignment execution and delivery are prohibited by a confidentiality agreement or by Law, then within 10
business days after the assignment), a commercially reasonable instrument pursuant to which the assignee assumes, for Landlord’s benefit, all of Tenant’s obligations hereunder; (iv) in the case of an assignment pursuant to clause
(b) above, (A) the successor entity has a net worth (as determined in accordance with GAAP, but excluding intellectual property and any other intangible assets (“Net Worth”)) immediately after the Transfer that is not
less than Tenant’s Net Worth immediately before the Transfer, and (B) if Tenant is a closely held professional service firm, at least 50% of its equity owners existing 12 months before the Transfer are also equity owners of the successor
entity; (v) except in the case of a Change of Control, the transferee is qualified to conduct business in the State of California; (vi) in the case of a Change of Control, (A) Tenant is not a closely held professional service firm and
(B) Tenant’s Net Worth immediately after the Change of Control is not less than its Net Worth immediately before the Change of Control; and (vii) the Transfer is made for a good faith operating business purpose and not in order to
evade the requirements of this Section 14. 
 15 SURRENDER. Upon the expiration or earlier termination hereof, and subject to
Sections 8 and 11 and this Section 15, Tenant shall surrender possession of the Premises to Landlord in as good condition and repair as existed when Tenant took possession and as thereafter imp roved, except for reasonable
wear and tear and repairs that are Landlord’s express responsibility hereunder. Before such expiration or termination, Tenant, without expense to Landlord, shall (a) remove from the Premises all debris and rubbish and all furniture,
equipment, trade fixtures, Lines, free-standing cabinet work, movable partitions and other articles of personal property that are owned or placed in the Premises by Tenant or any party claiming by, through or tinder Tenant (except for any Lines not
required to be removed under Section 23), and (b) repair all damage to the Premises and Building resulting from such removal. If Tenant fails to timely perform such removal and repair, Landlord may do so at Tenant’s expense
(including storage costs). If Tenant fails to remove such property from the Premises, or from storage, within 30 days after notice from Landlord, any part of such property shall be deemed, at Landlord’s option, either (x) conveyed to
Landlord without compensation, or (y) abandoned. 
 16 HOLDOVER. If Tenant fails to surrender the Premises upon the expiration or earlier
termination hereof, Tenant’s tenancy shall be subject to the terms and conditions hereof; provided, however, that such tenancy shall be a tenancy at sufferance only, for the entire Premises, and Tenant shall pay Monthly Rent (on a per-month basis without reduction for any partial month) at a rate equal to 150% of the Monthly Rent applicable during the last calendar month of the Term. Nothing in this Section 16 shall limit
Landlord’s rights or remedies or be deemed a consent to any holdover. If Landlord is unable to deliver possession of the Premises to, or perform improvements for, a new tenant as a result of Tenant’s holdover, Tenant shall be liable for
all resulting damages, including lost profits, incurred by Landlord but only to the extent that such damages result from the occurrence or continuation of such holdover more than 30 days after notice from Landlord that Landlord has entered into, or
will enter into, a lease with such new tenant. 
 17 SUBORDINATION; ESTOPPEL CERTIFICATES; FINANCIALS. This Lease shall be subject and
subordinate to all existing and future ground or underlying leases, mortgages, trust deeds and other encumbrances against the Building or Project, all renewals, extensions, modifications, consolidations and replacements thereof (each, a
“Security Agreement”), and all advances made upon the security of such mortgages or trust deeds, unless in each case the holder of such Security Agreement (each, a “Security Holder”) requires in
writing that this Lease be superior thereto. Upon any termination or foreclosure (or any delivery of a deed in lieu of foreclosure) of any Security Agreement, Tenant, upon request, shall attorn, without deduction or
set-off, to the Security Holder or purchaser or any successor thereto and shall recognize such party as the lessor hereunder provided that such party agrees not to disturb Tenant’s occupancy so Jong as
Tenant timely pays the Rent and otherwise performs its obligations hereunder. Within 10 business days after Landlord’s request, Tenant shall execute such further commercially reasonable instruments as Landlord may reasonably deem necessary to
evidence the subordination or superiority of this Lease to any Security Agreement. Tenant waives any right it may have under Law to terminate or otherwise adversely affect this Lease or Tenant’s obligations hereunder

  
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upon a foreclosure. Within 10 business days after Landlord’s request, Tenant shall execute and deliver to Landlord a commercially reasonable estoppel certificate in favor of such parties as
Landlord may reasonably designate, including current and prospective Security Holders and prospective purchasers. Within 10 days after Tenant’s receipt of Landlord’s written request (but no more than once each calendar year), Tenant shall
provide Landlord with its current financial statement and its financial statements for the prior three (3) calendar or fiscal years (if Tenant’s fiscal year is other than a calendar year). Any such statements shall be prepared in
accordance with generally accepted accounting principles and, if the normal practice of Tenant, shall be audited by an independent certified public accountant. 

18 ENTRY BY LANDLORD. At all reasonable times and upon no less than 24 hours prior notice to Tenant, or in an emergency, Landlord may enter the
Premises to (i) inspect the Premises; (ii) show the Premises to prospective purchasers, current or prospective Security Holders or insurers, or, during the last 12 months of the Term (or while an uncured Default exists), prospective
tenants; (iii) post notices of non-responsibility; or (iv) perform maintenance, repairs or alterations. At any time and without notice to Tenant, Landlord may enter the Premises to perform required services; provided, however, that except
in an emergency, Landlord shall provide Tenant with reasonable prior notice (which notice, notwithstanding Section 25.1, may be delivered by e-mail, fax, telephone or orally and in person) of any
entry to perform a service that is not performed on a monthly or more frequent basis. If reasonably necessary, Landlord may temporarily close any portion of the Premises to perform maintenance, repairs or alterations. In an emergency, Landlord may
use any means it deems proper to open doors to and in the Premises. Except in an emergency, Landlord shall use reasonable efforts to minimize interference with Tenant’s use of the Premises. Without limiting the foregoing, except in an
emergency, any unreasonably noisy or otherwise disruptive work performed by Landlord in the Premises pursuant to this Section 18 shall be performed outside of normal business hours. Except in an emergency, Tenant may have one of its
employees accompany Landlord if Tenant makes such employee available when Landlord enters the Premises. No entry into or closure of any portion of the Premises pursuant to this Section 18 shall render Landlord liable to Tenant,
constitute a constructive eviction, or excuse Tenant from any obligation hereunder. 
 19 DEFAULTS; REMEDIES. 

19.1 Events of Default. The occurrence of any of the following shall constitute a “Default”: 

19.1.1 Any failure by Tenant to pay any Rent (or deliver any Security Deposit, Letter of Credit, or similar credit enhancement required
hereunder) when due unless such failure is cured within five (5) business days after Landlord’s written notice to Tenant; or 

19.1.2 Except where a specific time period is otherwise set forth for Tenant’s cure herein (in which event Tenant’s failure to cure
within such time period shall be a Default), and except as otherwise provided in this Section 19.1, any breach by Tenant of any other provision hereof where such breach continues for 30 days after notice from Landlord; provided that if
such breach cannot reasonably be cured within such 30-day period, Tenant shall not be in Default as a result of such breach if Tenant diligently commences such cure within such period, thereafter diligently
pursues such cure, and completes such cure within 60 days after Landlord’s notice; or 
 19.1.3 Intentionally Omitted; or 

19.1.4 Any breach by Tenant of Section 17 or 18. where such breach continues for more than two (2) business days after
notice from Landlord; or 
 19.1.5 Tenant becomes in breach of Section 25.3(c) or (d). 

If Tenant breaches a particular provision hereof (other than a provision requiring payment of Rent) on three (3) separate occasions
during any 12-month period, Tenant’s subsequent breach of such provision shall be, at Landlord’s option, an incurable Default. The notice periods provided herein are ih lieu of, and not in addition
to, any notice periods provided by Law, and Landlord shall not be required to give any additional notice in order to be entitled to commence an unlawful detainer proceeding. 

19.2 Remedies Upon Default. Upon any Default, Landlord shall have, in addition to any other remedies available to Landlord at
law or in equity (which shall be cumulative and nonexclusive), the option to pursue any one or more of the following remedies (which shall be cumulative and nonexclusive) without any additional notice or demand: 

19.2.1 Landlord may terminate this Lease, m which event Landlord may recover from Tenant the following: 

(a) The worth at the time of award of the unpaid Rent which had been earned at the time of such termination; plus 

(b) The worth at the time of award of the amount by which the unpaid Rent which would have been earned after termination until the time of
award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; plus 

  
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 (c) The worth at the time of award of the amount by which the unpaid Rent for the balance
of the Term after the time of award exceeds the amount of such Rent loss that Tenant proves could be reasonably avoided; plus 
 (d) Any
other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant’s failure to perform its obligations hereunder or which in the ordinary course of things would be likely to result therefrom, including brokerage
commissions, advertising expenses, expenses of remodeling any portion of the Premises for a new tenant (whether for the same or a different use), and any special concessions made to obtain a new tenant; plus 

(e) At Landlord’s option, such other amounts in addition to or in lieu of the foregoing as may be permitted from time to time by Law.

 As used in Sections 19.2.1(a) and (b), the “worth at the time of award” shall be computed by allowing
interest at the rate specified in Section 3(b) above. As used in Section 19.2.1(c) the “worth at the time of award” shall be computed by discounting such amount at the
discount rate of the Federal Reserve Bank of San Francisco at the time of award plus 1%. 
 19.2.2 Landlord shall have the remedy described
in California Civil Code § 1951.4 (lessor may continue lease in effect after lessee’s breach and abandonment and recover Rent as it becomes due, if lessee has the right to sublet or assign, subject only to reasonable limitations).
Accordingly, if Landlord does not elect to terminate this Lease on account of any default by Tenant, Landlord may, from time to time, without terminating this Lease, enforce all of its rights and remedies hereunder, including the right to recover
all Rent as it becomes due. 
 19.2.3 Landlord shall at all times have the rights and remedies (which shall be cumulative with each other
and cumulative and in addition to those rights and remedies available under Sections 19.2.1 and 19.2.2, or any Law or other provision hereof), without prior demand or notice except as required by Law, to seek any declaratory,
injunctive or other equitable relief, and specifically enforce this Lease, or restrain or enjoin a violation or breach of any provision hereof. 

19.3 Efforts to Relet. Unless Landlord provides Tenant with express notice to the contrary, no
re-entry, repair, maintenance, change, alteration, addition, reletting, appointment of a receiver or other action or omission by Landlord shall (a) be construed as an election by Landlord to terminate
this Lease or Tenant’s right to possession, or to accept a surrender of the Premises, or (b) operate to release Tenant from any of its obligations hereunder. Tenant waives, for Tenant and for all those claiming by, through or under Tenant,
California Civil Code§ 3275, California Code of Civil Procedure§§ 1174(c) and 1179, and any existing or future rights to redeem or reinstate, by order or judgment of any court or by any legal process or writ, this Lease or
Tenant’s right of occupancy of the Premises after any termination hereof. 
 19.4 Landlord Default. Landlord shall not be
in default hereunder unless it breaches a provision hereof and such breach continues for 30 days after notice from Tenant; provided that if such breach cannot reasonably be cured within such 30-day period,
Landlord shall not be in default as a result of such breach if Landlord diligently commences such cure within such period, thereafter diligently pursues such cure, and completes such cure within 60 days after Tenant’s notice. Upon any such
default by Landlord, Tenant shall have all remedies available to it at law or in equity, except as otherwise provided herein. Before exercising any remedies for a default by Landlord, Tenant shall give notice and a reasonable time to cure to any
Security Holder of which Tenant has been notified. 
 20 LANDLORD EXCULPATION. Notwithstanding any contrary provision hereof, (a) the
liability of the Landlord Parties to Tenant shall be limited to an amount equal to the lesser of (i) Landlord’s interest in the Building, or (ii) the equity interest Landlord would have in the Building if the Building were encumbered
by third-party debt in an amount equal to 80% of the value of the Building (as such value is determined by Landlord); (b) Tenant shall look solely to Landlord’s interest in the Building for the recovery of any judgment or award against any
Landlord Party; (c) no Landlord Party shall have any liability for any judgment or deficiency, and Tenant waives and releases such liability on behalf of itself and all parties claiming by, through or under Tenant; and (d) no Landlord
Party shall be liable for any injury or damage to, or interference with, Tenant’s business, including loss of profits, loss of rents or other revenues, loss of business opportunity, loss of goodwill or Joss of use, or for any form of special or
consequential damage. For purposes of this Section 20, “Landlord’s interest in the Building” shall include rents paid by tenants, insurance proceeds, condemnation proceeds, and proceeds from the sale of the
Building (collectively, “Owner Proceeds”); provided, however, that Tenant shall not be entitled to recover Owner Proceeds from any Landlord Party (other than Landlord) or any other third party after they have been distributed
or paid to such party; provided further, however, that nothing in this sentence shall diminish any right Tenant may have under Law, as a creditor of Landlord, to initiate or participate in an action to recover Owner Proceeds from a third pa1ty on
the grounds that such third party obtained such Owner Proceeds when Landlord was, or could reasonably be expected to become, insolvent or in a transfer that was preferential or fraudulent as to Landlord’s creditors. 

  
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 21 SECURITY DEPOSIT. Concurrently with its execution and delivery hereof, Tenant shall deposit
with Landlord the Security Deposit, if any, as security for Tenant’s performance of its obligations hereunder. If Tenant breaches any provision hereof and either (i) such breach continues beyond any applicable notice and cure period, or
(ii) this Lease expires or terminates, Landlord may, at its option, without limiting its remedies and without notice to Tenant, apply all or part of the Security Deposit to cure such breach and compensate Landlord for any Joss or damage caused
by such breach, including any damage for which recovery may be made under California Civil Code § 1951.2. If Landlord so applies any portion of the Security Deposit, Tenant, within five (5) business days after demand therefor, shall
restore the Security Deposit to its original amount. The Security Deposit is not an advance payment of Rent or measure of damages. Any unapplied portion of the Security Deposit shall be returned to Tenant within 60 days after the latest to occur of
(a) the expiration of the Term, (b) Tenant’s surrender of the Premises as required hereunder, or (c) Landlord’s cure of any breach by Tenant of any provision hereof; provided, however, that if Landlord estimates in good
faith that Tenant may be required to make a payment to Landlord under Section 4.4.1, Landlord may retain such unapplied portion of the Security Deposit, to the extent of the estimated amount of such payment, until the date occurring 60
days after determination of the final Rent due from Tenant. Landlord shall not be required to keep the Security Deposit separate from its other accounts. 

22 RELOCATION. Landlord, after giving no less than 90 days prior written notice, may move Tenant to other space (located on the 10th floor or above) in the Project comparable in size (but no smaller than the Premises), configuration and utility to the Premises. In such event, all terms hereof shall apply to the new space, except
that Base Rent and (except to the extent of the percentage, if any, by which the rentable square footage of the building in which the new space is located is less than the rentable square footage of the Building) Tenant’s Share shall not
increase as a result of such relocation. Landlord, at its expense, shall provide Tenant with tenant improvements in the new space at least equal in quality to those in the Premises. Landlord shall reimburse Tenant for Tenant’s reasonable
moving, re-cabling and stationery- replacement costs. The parties shall execute a written agreement prepared by Landlord memorializing the relocation. 

23 COMMUNICATIONS AND COMPUTER LINES. All Lines installed pursuant to this Lease shall be (a) installed in accordance with
Section 7; and (b) clearly marked with adhesive plastic labels (or plastic tags attached to such Lines with wire) to show Tenant’s name, suite number, and the purpose of such Lines (i) every six (6) feet outside the
Premises (including the electrical room risers and any Common Areas), and (ii) at their termination points. Landlord may designate specific contractors for work relating to vertical Lines. Sufficient spare cables and space for additional cables
shall be maintained for other occupants, as reasonably determined by Landlord. Unless otherwise notified by Landlord, Tenant, at its expense and before the expiration or earlier termination hereof, shall remove all Lines and repair any resulting
damage. As used herein, “Lines” means all communications or computer wires and cables serving the Premises installed or paid for by Tenant pursuant to this Lease. 

24 PARKING. Tenant may park in the Building’s parking facilities (the “Parking Facility”), in common with other tenants of
the Building, upon the following terms and conditions. Tenant shall not use more than the number of unreserved and/or reserved parking spaces set forth in Section 1.9. Tenant shall comply with all rules and regulations established by
Landlord from time to time for the orderly operation and use of the Parking Facility, including any sticker or other identification system and the prohibition of vehicle repair and maintenance activities in the Parking Facility. Landlord may, in its
discretion, allocate and assign parking passes among Tenant and the other tenants in the Building. Tenant’s use of the Parking Facility shall be at Tenant’s sole risk, and Landlord shall have no liability for damage to or theft of any
vehicles or other property occurring in the Parking Facility or otherwise in connection with any use of the Parking Facility by Tenant or its employees or invitees. Landlord may alter the size, configuration, design, layout or any other aspect of
the Parking Facility, and, in connection therewith, temporarily deny or restrict access to the Parking Facility, in each case without abatement of Rent or liability to Tenant. Landlord may delegate its responsibilities hereunder to a parking
operator, in which case (i) such parking operator shall have all the rights of control reserved herein by Landlord, (ii) Tenant shall enter into a parking agreement with such parking operator and (iii) Landlord shall have no liability
for claims arising through acts or omissions of such parking operator except to the extent caused by Landlord’s negligence or willful misconduct. Tenant’s parking rights under this Section 24 are solely for the benefit of
Tenant’s employees and invitees and such rights may not be transferred without Landlord’s prior consent, except pursuant to a Transfer permitted under Section 14. 

  
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 25 MISCELLANEOUS. 

25.1 Notices. Except as provided in Section 18, no notice, demand, statement, designation,
request, consent, approval, election or other communication given hereunder (“Notice”) shall be binding upon either party unless (a) it is in writing; (b) it is (i) sent by ce1tified or registered mail, postage
prepaid, return receipt requested, (ii) delivered by a nationally recognized courier service, or (iii) delivered personally; and (c) it is sent or delivered to the address set forth in Section 1.10 or 1.11, as
applicable, or to such other place (other than a P.O. box) as the recipient may from time to time designate in a Notice to the other party. Any Notice shall be deemed received on the earlier of the date of actual delivery or the date on which
delivery is refused, or, if Tenant is the recipient and has vacated its notice address without providing a new notice address, three (3) days after the date the Notice is deposited in the U.S. mail or with a courier service as described above.
No provision of this Lease requiring a particular Notice to be in writing shall limit the generality of clause (a) of the first sentence of this Section 25.1. 

25.2 Force Majeure. If either party is prevented from performing any obligation hereunder by any strike, act of God, fire, war,
terrorist act, shortage of labor or materials, governmental action (including, without limitation, governmentally required evacuations), civil commotion or other cause beyond such party’s reasonable control (“Force
Majeure”), such obligation shall be excused during (and any time period for the performance of such obligation shall be extended by) the period of such prevention; provided, however, that this Section 25.2 shall not
(a) permit Tenant to hold over in the Premises after the expiration or earlier termination hereof, or (b) excuse (or extend any time period for the performance of) (i) any obligation to remit money or deliver credit enhancement,
(ii) any obligation under Section 10 or 25.3, or (iii) any of Tenant’s obligations whose breach would interfere with another occupant’s use, occupancy or enjoyment of its premises or the Project or result in
any liability on the part of any Landlord Party. 
 25.3 Representations and Covenants. Tenant represents, warrants and
covenants that (a) Tenant is, and at all times during the Term will remain, duly organized, validly existing and in good standing under the Laws of the state of its formation and qualified to do business in the state of California;
(a) neither Tenant’s execution of nor its performance under this Lease will cause Tenant to be in violation of any agreement or Law; (c) Tenant (and any guarantor hereof) has not, and at no time during the Term will have,
(i) made a general assignment for the benefit of creditors, (ii) filed a voluntary petition in bankruptcy, (iii) suffered (A) the filing by creditors of an involuntary petition in bankruptcy that is not dismissed within 30 days,
(B) the appointment of a receiver to take possession of all or substantially all of its assets, or (C) the attachment or other judicial seizure of all or substantially all of its assets, (iv) admitted in writing its inability to pay
its debts as they come due, or (v) made an offer of settlement, extension or composition to its creditors generally; and (d) no party that (other than through the passive ownership of interests traded on a recognized securities exchange)
constitutes, owns, controls, or is owned or controlled by Tenant, any guarantor hereof or any subtenant of Tenant is, or at any time during the Term will be, (i) in violation of any Laws relating to terrorism or money laundering, or
(ii) among the parties identified on any list compiled pursuant to Executive Order 13224 for the purpose of identifying suspected terrorists or on the most current list published by the U.S. Treasury Department Office of Foreign Assets Control
at its official website, http://www.treas.gov/ofac/tllsdn.pdf or any replacement website or other replacement official publication of such list. 

25.4 Signs. Landlord shall include Tenant’s name in any tenant directory located in the lobby on the first floor of the
Building. If any part of the Premises is located on a multi-tenant floor, Landlord, at Tenant’s cost, shall provide identifying suite signage for Tenant comparable to that provided by Landlord on similar floors in the Building. Tenant may not
install (a) any signs outside the Premises, or (b) without Landlord’s prior consent in its sole and absolute discretion, any signs, window coverings, blinds or similar items that are visible from outside the Premises. 

25.5 Supplemental HVAC. If the Premises are served by any supplemental HVAC unit (a “Unit”), then
(a) Tenant shall pay the costs of all electricity consumed in the Unit’s operation, together with the cost of installing a meter to measure such consumption; (b) Tenant, at its expense, shall (i) operate and maintain the Unit in
compliance with all applicable Laws and such reasonable rules and procedures as Landlord may impose; (ii) keep the Unit in as good working order and condition as existed upon installation (or, if later, when Tenant took possession of the
Premises), subject to normal wear and tear and damage resulting from Casualty; (iii) maintain in effect, with a contractor reasonably approved by Landlord, a contract for the maintenance and repair of the Unit, which contract shall require the
contractor, at least once every three (3) months, to inspect the Unit and provide to Tenant a report of any defective conditions, together with any recommendations for maintenance, repair or parts-replacement; (iv) follow all
reasonable recommendations of such contractor; and (v) promptly provide to Landlord a copy of such contract and each report issued thereunder; (c) the Unit shall become Landlord’s property upon installation and without
compensation to Tenant; provide d, however, that upon Landlord’s request at the expiration or earlier termination hereof, Tenant, at its expense, shall remove the Unit and repair any resulting damage (and if Tenant fails to timely perform such
work, Landlord may do so at Tenant’s expense); (d) the Unit shall be deemed (i) a Leasehold Improvement (except for purposes of Section 8), and (ii) for purposes of Section 11, part of the Premises; (e) if
the Unit exists on the date of mutual execution and delivery here of, Tenant accepts the Unit in its “as is” condition, without representation or warranty as to quality, condition, fitness for use or any other matter; (f) if the Unit
connects to the Building’s condenser water loop (if any), then Tenant shall pay to Landlord, as Additional Rent, Landlord’s standard one-time fee for such connection and Landlord’s standard
monthly per-ton 

  
 19 

 
usage fee; and (g) if any portion of the Unit is located on the roof, then (i) Tenant’s access to the roof shall be subject to such reasonable rules and procedures as Landlord may
impose; (ii) Tenant shall maintain the affected portion of the roof in a clean and orderly condition and shall not interfere with use of the roof by Landlord or any other tenants or licensees; and (iii) Landlord may relocate the Unit
and/or temporarily interrupt its operation, without liability to Tenant, as reasonably necessary to maintain and repair the roof or otherwise operate the Building. The parties acknowledge and agree that, as of the date of this Lease, no Unit
currently serves the Premises. 
 25.6 Attorneys’ Fees. In any action or proceeding between the parties, including any
appellate or alternative dispute resolution proceeding, the prevailing party may recover from the other party all of its costs and expenses in connection therewith, including reasonable attorneys’ fees and costs. 

25.7 Brokers. Tenant represents to Landlord that it has dealt only with Tenant’s Brokers as its broker in connection with
this Lease. Tenant shall indemnify, defend, and hold Landlord harmless from all claims of any brokers, other than Tenant’s Broker, claiming to have represented Tenant in connection with this Lease. Landlord shall indemnify, defend and hold
Tenant harmless from all claims of any brokers, including Landlord’s Broker, claiming to have represented Landlord in connection with this Lease. 

25.8 Governing Law; WAIVER OF TRIAL BY JURY. This Lease shall be construed and enforced in accordance with the Laws of the State
of California. THE PARTIES WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN ANY LITIGATION ARISING OUT OF OR RELATING TO THIS LEASE, THE RELATIONSHIP OF LANDLORD AND TENANT, TENANT’S USE OR OCCUPANCY OF THE PREMISES,
AND/OR ANY CLAIM FOR INJURY OR DAMAGE OR ANY EMERGENCY OR STATUTORY REMEDY. 
 25.9 Waiver of Statutory Provisions. Each party
waives California Civil Code §§ 1932(2), 1933(4) and 1945. Tenant waives (a) any rights under (i) California Civil Code§§ 1932(1), 1941, 1942, 1950.7 or any similar or replacement section or Law, or (ii) California
Code of Civil Procedure §§ 1263.260 or 1265.130 or any similar or replacement section or Law; and (b) any right to terminate this Lease under California Civil Code § 1995.310 or any similar or replacement section or Law. 

25.10 Interpretation. As used herein, the capitalized term “Section” refers to a section hereof unless otherwise
specifically provided herein. As used in this Lease, the terms “herein,” “hereof,” “hereto” and “hereunder” refer to this Lease and the term “include” and its derivatives are not limiting. Any
reference herein to “any part” or “any portion” of the Premises, the Property or any other property shall be construed to refer to all or any part of such property. As used herein in connection with insurance, the term
“deductible” includes self-insured retention. Wherever this Lease prohibits either party from engaging in any particular conduct, this Lease shall be deemed also to require such party to cause each of its employees and agents (and, in the
case of Tenant, each of its licensees, invitees and subtenants, and any other party claiming by, through or under Tenant) to refrain from engaging in such conduct. Wherever this Lease requires Landlord to provide a customary service or to act in a
reasonable manner (whether in incurring an expense, establishing a rule or regulation, providing an approval or consent, or performing any other act), this Lease shall be deemed also to provide that whether such service is customary or such conduct
is reasonable shall be determined by reference to the practices of owners of buildings (“Comparable Buildings”) that (i) are comparable to the Building in size, age, class, quality and location, and (ii) at
Landlord’s option, have been, or are being prepared to be, certified under the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) rating system or a similar rating system. Tenant waives the benefit of any
rule that a written agreement shall be construed against the drafting party. 
 25.11 Entire Agreement. This Lease sets forth
the entire agreement between the parties relating to the subject matter hereof and supersedes any previous agreements (none of which shall be used to interpret this Lease). Tenant acknowledges that in entering into this Lease it has not relied upon
any representation, warranty or statement, whether oral or written, not expressly set forth herein. This Lease can be modified only by a written agreement signed by both parties. 

25.12 Other. Landlord, at its option, may cure any Default, without waiving any right or remedy or releasing Tenant from any
obligation, in which event Tenant shall pay Landlord, upon demand, the cost of such cure. If any provision hereof is void or unenforceable, no other provision shall be affected. Submission of this instrument for examination or signature by Tenant
does not constitute an option or offer to lease, and this instrument is not binding until it has been executed and delivered by both pa1ties. The voluntary or other surrender of this Lease by Tenant, whether accepted by Landlord or not, or a mutual
termination thereof, shall not work a merger, and at the option of Landlord shall operate as an assignment to Landlord of all subleases or subtenancies affecting the Premises or terminate any or all such sublessees or subtenancies. If Tenant is
comprised of two or more parties, their obligations shall be joint and several. Time is of the essence with respect to the performance of every provision hereof in which time of performance is a factor. So long as Tenant performs its obligations
hereunder, Tenant shall have peaceful and quiet possession of the Premises against any party claiming by, 

  
 20 

 
through or under Landlord, subject to the terms hereof. Landlord may transfer its interest herein, in which event (a) to the extent the transferee assumes in writing Landlord’s
obligations arising hereunder after the date of such transfer (including the return of any Security Deposit), Landlord shall be released from, and Tenant shall look solely to the transferee for the performance of, such obligations; and
(b) Tenant shall attorn to the transferee. If Tenant (or any party claiming by, through or under Tenant) pays directly to the provider for any energy consumed at the Property, Tenant, promptly upon request, shall deliver to Landlord (or, at
Landlord’s option, execute and deliver to Landlord an instrument enabling Landlord to obtain from such provider) any data about such consumption that Landlord, in its reasonable judgment, is required for benchmarking purposes or to disclose to
a prospective buyer, tenant or mortgage lender under any applicable Law. Landlord reserves all rights not expressly granted to Tenant hereunder, including the right to make alterations to the Project. No rights to any view or to light or air over
any property are granted to Tenant hereunder. The expiration or earlier termination hereof shall not relieve either party of any obligation that accrued before, or continues to accrue after, such expiration or termination. This Lease may be executed
in counterparts. 
 25.13 Fitness Center. Subject to the provisions of this Section 25.13, so long as Tenant is
not in Default under this Lease, and provided Tenant’s employees execute Landlord’s standard waiver of liability form then Tenant’s employees (the “Fitness Center Users”) shall be entitled to use (with no
monthly fee) the fitness center (the “Fitness Center”) in the Building. The use of the Fitness Center shall be subject to the reasonable rules and regulations (including rules regarding hours of use) established from time to
time by Landlord for the Fitness Center. Landlord and Tenant acknowledge that the use of the Fitness Center by the Fitness Center Users shall be at their own risk and that the terms and provisions of Section 10.1 of this Lease shall
apply to Tenant and the Fitness Center User’s use of the Fitness Center. The costs of operating, maintaining and repairing the Fitness Center may be included as part of Expenses. Tenant acknowledges that the provisions of this Section shall not
be deemed to be a representation by Landlord that Landlord shall continuously maintain the Fitness Center (or any other fitness facility) throughout the Term of this Lease, and Landlord shall have the right, at Landlord’s sole discretion, to
expand, contract, eliminate or otherwise modify the Fitness Center. No expansion, contraction, elimination or modification of the Fitness Center, and no termination of Tenant’s or the Fitness Center Users’ rights to the Fitness Center
shall entitle Tenant to an abatement or reduction in Rent, or constitute a constructive eviction, or result in an event of default by Landlord under this Lease. 

25.14. Shower Facility. Subject to the provisions of this Section 25.14, so long as Tenant is not in Default under
this Lease and provided Tenant’s employees execute Landlord’s standard waiver of liability form, Tenant employees (the “Shower Users”) shall be entitled to use (with no monthly fee) the shower facility (the
“Shower Facility”) in the Building. The use of the Shower Facility shall be subject to the reasonable rules and regulations (including rules regarding hours of use) established from time to time by Landlord for the Shower
Facility. Landlord and Tenant acknowledge that the use of the Shower Facility by the Shower Users shall be at their own risk and that the terms and provisions of Section 10.1 of this Lease shall apply to Tenant and the Shower User’s
use of the Shower Facility. The costs of operating, maintaining and repairing the Shower Facility shall be included as part of Expenses. Tenant acknowledges that the provisions of this Section shall not be deemed to be a representation by Landlord
that Landlord shall continuously maintain the Shower Facility throughout the Term, and Landlord shall have the right, at Landlord’s sole discretion, to expand, contract, eliminate or otherwise modify the Shower Facility. No expansion,
contraction, elimination or modification of the Shower Facility, and no termination of Tenant’s or the Shower User’s rights to the Shower Facility shall entitle Tenant to an abatement or reduction in Rent, constitute a constructive
eviction, or result in an event of default by Landlord under this Lease. 
 [SIGNATURES ARE ON THE FOLLOWING PAGE] 

  
 21 

 IN WITNESS WHEREOF, Landlord and Tenant have caused this Lease to be executed the day and
date first above written. 
  

							
	LANDLORD:
	
	HUDSON METRO CENTER, LLC, a Delaware limited liability company
		
	By:	 	Hudson Pacific Properties, L.P., a Maryland limited partnership, its sole member
			
		 	By:	 	Hudson Pacific Properties, Inc., a Maryland corporation, its general partner
				
		 		 	By:	 	/s/ Arthur X. Suazo
		 		 	Name:	 	Arthur X. Suazo
		 		 	Title:	 	Executive Vice President

  

							
	TENANT:
	
	MIRUM PHARMACEUTICALS, INC., a Delaware corporation
		
	 By:
	 	 /s/ Michael Grey

	 Name:
	 	 Michael Grey

	 Title:
	 	 Chairman & CEO

		
	 By:
	 	 /s/ Christopher Peetz

	 Name:
	 	 Christopher Peetz

	 Title:
	 	 President

 EXHIBIT A 

METRO CENTER 

METRO CENTER TOWER 
 950
TOWER LANE 
 FOSTER CITY, CALIFORNIA 

OUTLINE OF PREMISES 

See Attached 
 This Exhibit “A” is
provided for informational purposes only and is intended to be only an approximation of the layout of the Premises and shall not be deemed to constitute any representation by Landlord as to the exact layout or configuration of the Premises. 

 
 

 

 EXHIBIT B 

METRO CENTER 

METRO CENTER TOWER 
 950
TOWER LANE 
 FOSTER CITY, CALIFORNIA 

WORK LETTER 
 As
used in this Exhibit B (this “Work Letter”), the following terms shall have the following meanings: 
  

	 	(i)	 “Tenant Improvements” means all improvements to be constructed in the Premises pursuant
to this Work Letter; 

  

	 	(ii)	 “Tenant Improvement Work” means the construction of the Tenant Improvements, together
with any related work (including demolition) that is necessary to construct the Tenant Improvements; and 

  

	 	(iii)	 “Agreement” means the lease of which this Work Letter is a part. 

1 COST OF TENANT IMPROVEMENT WORK. Except as provided in Sections 2.7.4 and 3.2.2.B below, the Tenant Improvement Work shall be
performed at Landlord’s expense. 
 2 ARCHITECTURAL PLANS. 

2.1 Selection of Architect. Landlord shall retain the architect/space planner of Landlord’s choice (the
“Architect”) to prepare the Architectural Drawings (defined in Section 2.5 below). 
 2.2 [Intentionally
Omitted.] 
 2.3 Approved Space Plan. Landlord and Tenant acknowledge that they have approved the space plan for the Premises
dated December 18, 2018 prepared by ID Architects (as more particularly described in the construction pricing proposal dated January 17, 2019, prepared by Rylko Builders Inc., as attached hereto as Exhibit
B-1, collectively the “Approved Space Plan”). All materials and finishes contemplated by the Approved Space Plan shall be deemed to be Building-standard. 

2.4 Additional Programming Information. Tenant shall deliver to Landlord, in writing, all information (including all interior
and special finishes) that, when combined with the Approved Space Plan, will be sufficient to complete the Architectural Drawings, together with all information (including all electrical requirements, telephone requirements, special HVAC
requirements, and plumbing requirements) that, when combined with the Approved Space Plan, will be sufficient to complete the Engineering Drawings (defined in Section 3.2.1 below) (collectively, the “Additional Programming
Information”). The Additional Programming Information shall not increase the cost of the Tenant Improvement Work (as reasonably estimated by Landlord) and shall be (a) consistent with the Approved Space Plan, (b) consistent
with Landlord’s requirements for avoiding aesthetic, engineering or other conflicts with the design and function of the balance of the Building (collectively, the “Landlord Requirements”), and (c) otherwise subject
to Landlord’s reasonable approval. Landlord shall provide Tenant with notice approving or reasonably disapproving the Additional Programming Information within five (5) business days after the later of Landlord’s receipt thereof or
the mutual execution and delivery of this Agreement. If Landlord disapproves the Additional Programming Information, Landlord’s notice of disapproval shall describe with reasonable specificity the basis for such disapproval and Tenant shall
modify the Additional Programming Information and resubmit it for Landlord’s approval. Such procedure shall be repeated as necessary until Landlord has approved the Additional Programming Information. Such approved Additional Programming
Information shall be referred to herein as the “Approved Additional Programming Information.” If requested by Tenant, Landlord, in its sole and absolute discretion, may assist Tenant, or cause the Architect and/or other
contractors or consultants of Landlord to assist Tenant, in preparing all or a portion of the Additional Programming Information; provided, however, that, whether or not the Additional Programming Information is prepared with such assistance, Tenant
shall be solely responsible for the timely preparation and delivery of the Additional Programming Information and for all elements thereof. 

2.5 Architectural Drawings. After approving the Additional Programming Information, Landlord shall cause the Architect to
prepare and deliver to Tenant the final architectural (and, if applicable, structural) working drawings for the Tenant Improvement Work that are in a form that (a) when combined with any Approved Additional Programming Information that is not
expressly incorporated into such working drawings, will be sufficient to enable the Contractor (defined in Section 3.1 below) and its subcontractors to bid on the Tenant Improvement Work, and (b) when combined with any Engineering Drawings
that satisfy the Engineering Requirements (defined in Section 3.2.1 below), will be sufficient to obtain the Permits (defined in Section 3.3 below) (the 

 
“Architectural Drawings”). The Architectural Drawings shall conform to the Approved Space Plan and the Approved Additional Programming Information. The Architect’s
preparation and delivery of the Architectural Drawings shall occur within l 5 business days after the later of Landlord’s approval of the Additional Programming Information or the mutual execution and delivery of this Agreement. Tenant shall
approve or disapprove the Architectural Drawings by notice to Landlord. If Tenant disapproves the Architectural Drawings, Tenant’s notice of disapproval shall specify any revisions Tenant desires in the Architectural Drawings. After receiving
such notice of disapproval, Landlord shall cause the Architect to revise the Architectural Drawings and resubmit them to Tenant, taking into account the reasons for Tenant’s disapproval; provided, however, that Landlord shall not be required to
cause the Architect to make any revision to the Architectural Drawings that (a) would increase the cost of the Tenant Improvement Work (as reasonably estimated by Landlord), (b) conflicts with the Approved Space Plan or the Landlord
Requirements, or (c) is otherwise reasonably disapproved by Landlord. Such revision and resubmission shall occur within five (5) business days after the later of Landlord’s receipt of Tenant’s notice of disapproval or the mutual
execution and delivery of this Agreement if such revision is not material, and within such longer period of time as may be reasonably necessary (but not more than 15 business days after the later of such receipt or such mutual execution and
delivery) if such revision is material. Such procedure shall be repeated as necessary until Tenant has approved the Architectural Drawings. Such approved Architectural Drawings shall be referred to herein as the “Approved Architectural
Drawings.” 
 2.6 [Intentionally Omitted.] 

2.7 Revisions to Approved Architectural Drawings, Approved Additional Programming Information, or Approved Space Plan.

 2.7.1 Approved Architectural Drawings. If Tenant requests any revision to the Approved Architectural Drawings, Landlord shall
provide Tenant with notice approving or reasonably disapproving such revision, and, if Landlord approves such revision, Landlord shall have such revision made and delivered to Tenant, together with notice of any resulting change in the estimated
total cost associated with the Tenant Improvement Work, within 10 business days after the later of Landlord’s receipt of such request or the mutual execution and delivery of this Agreement if such revision is not material, and within such
longer period of time as may be reasonably necessary (but not more than 15 business days after the later of such receipt or such execution and delivery) if such revision is material, whereupon Tenant, within one (1) business day, shall notify
Landlord whether it desires to proceed with such revision. If Landlord has begun pe1forming the Tenant Improvement Work, then, in the absence of such authorization, Landlord shall have the option to continue such performance disregarding such
revision. Landlord shall not revise the Approved Architectural Drawings without Tenant’s consent, which shall not be unreasonably withheld or conditioned. Tenant shall approve, or reasonably disapprove (and state, with reasonable specificity,
its reasons for disapproving), any revision to the Approved Architectural Drawings within two (2) business days after receiving Landlord’s request for approval thereof. For purposes hereof, any change order affecting the Approved
Architectural Drawings shall be deemed a revision to the Approved Architectural Drawings. 
 2.7.2 Approved Additional Programming
Information. If Tenant requests Landlord’s approval of any revision to the Approved Additional Programming Information, Landlord shall provide Tenant with notice approving or reasonably disapproving such revision, together with notice of
any resulting change in the estimated total cost associated with the Tenant Improvement Work, within five (5) business days after the later of Landlord’s receipt of such request or the mutual execution and delivery of this Agreement,
whereupon Tenant, within two (2) business days, shall notify Landlord whether it desires to proceed with such revision. If Landlord has begun performing the Tenant Improvement Work, then, in the absence of such authorization, Landlord shall
have the option to continue such performance disregarding such revision. Landlord shall not revise the Approved Additional Programming Information without Tenant’s consent, which shall not be unreasonably withheld or conditioned. Tenant shall
approve, or reasonably disapprove (and state, with reasonable specificity, its reasons for disapproving), any revision to the Approved Additional Programming Information within two (2) business days after receiving Landlord’s request for
approval thereof. 
 2.7.3 Approved Space Plan. If Tenant requests Landlord’s approval of any revision to the Approved Space
Plan, Landlord shall provide Tenant with notice approving or reasonably disapproving such revision, together with notice of any resulting change in the estimated total cost associated with the Tenant Improvement Work, within five (5) business
days after the later of Landlord’s receipt of such request or the mutual execution and delivery of this Agreement, whereupon Tenant, within one (1) business day, shall notify Landlord whether it desires to proceed with such revision. If
Landlord has begun performing the Tenant Improvement Work, then, in the absence of such authorization, Landlord shall have the option to continue such performance disregarding such revision. Landlord shall not revise the Approved Space Plan without
Tenant’s consent, which shall not be unreasonably withheld or conditioned. Tenant shall approve, or reasonably disapprove (and state, with reasonable specificity, its reasons for disapproving), any revision to the Approved Space Plan within two
(2) business days after receiving Landlord’s request for approval thereof. 

 2.7.4 Costs of Revisions. Tenant shall reimburse Landlord, immediately upon demand,
for any increase in the total cost associated with the Tenant Improvement Work that results from any revision to the Approved Architectural Drawings requested by Tenant, any revision to the Approved Additional Programming Information made by Tenant,
or any revision to the Approved Space Plan requested or made by Tenant, including, in each case, any cost of preparing or reviewing such revision. 

2.8 Tenant’s Approval Deadline. Tenant shall approve the Architectural Drawings pursuant to Section 2.5 above
on or before Tenant’s Approval Deadline (defined below). As used in this Work Letter, “Tenant’s Approval Deadline” means the date occurring 55 business days after the mutual execution and delivery of this Agreement;
provided, however, that Tenant’s Approval Deadline shall be extended by one (1) day for each day, if any, by which Tenant’s approval of the Architectural Drawings pursuant to Section 2.5 above is delayed by any failure of
Landlord to perform its obligations under this Section 2. 
 3 CONSTRUCTION. 

3.1 Contractor. Landlord shall retain a contractor of its choice (the “Contractor”) to perform the Tenant
Improvement Work. In addition, Landlord may select and/or approve of any subcontractors, mechanics and materialmen used in connection with the performance of the Tenant Improvement Work. 

3.2 Engineering Drawings. 

3.2.1 Preparation. Landlord shall cause the engineering working drawings for the mechanical, electrical, plumbing, fire-alarm and fire
sprinkler work in the Premises (the “Engineering Drawings”) to (a) be prepared by one or more of the Architect, the Contractor, and/or engineers or other consultants selected and/or retained by the Architect, the
Contractor or Landlord, and (b) conform to the Approved Space Plan, the Approved Additional Programming Information, the first sentence of Section 4 below, and any then-existing Approved Architectural Drawings (collectively, the
“Engineering Requirements”). 
 3.2.2 Design Build. Except as provided in Section 3.2.3 below: 

A. Delivery and Approval. The Engineering Drawings shall be delivered to Tenant within 15 business days after the later of
Tenant’s approval of the Architectural Drawings pursuant to Section 2.5 above or the mutual execution and delivery of this Agreement. Tenant shall approve, or reasonably disapprove (and state, with reasonable specificity, its
reasons for disapproving), the Engineering Drawings within two (2) business days after the latest of (a) Tenant’s receipt of the Engineering Drawings, (b) Tenant’s approval of the Architectural Drawings, or (c) the
mutual execution and delivery of this Agreement. After receiving any such notice of reasonable disapproval, Landlord shall cause the Contractor to revise the Engineering Drawings and resubmit them to Tenant, taking into account the reasons for
Tenant’s disapproval; provided, however, that Landlord shall not be required to make any revision to the Engineering Drawings that conflicts with the Engineering Requirements or the Landlord Requirements or is otherwise reasonably disapproved
by Landlord. Such procedure shall be repeated as necessary until Tenant has reasonably approved the Engineering Drawings. Such approved Engineering Drawings shall be referred to herein as the “Approved Engineering Drawings”. 

B. Revisions. If Tenant requests any revision to the Approved Engineering Drawings, Landlord shall provide Tenant with notice
approving or reasonably disapproving such revision, and, if Landlord approves such revision, Landlord shall have such revision made and delivered to Tenant, together with notice of any resulting change in the estimated total cost associated with the
Tenant Improvement Work, within five (5) business days after the later of Landlord’s receipt of such request or the mutual execution and delivery of this Agreement if such revision is not material, and within such longer period of time as
may be reasonably necessary (but not more than 10 business days after the later of such receipt or such execution and delivery) if such revision is material, whereupon Tenant, within one (1) business day, shall notify Landlord whether it
desires to proceed with such revision. If Landlord has begun performing the Tenant Improvement Work, then, in the absence of such authorization, Landlord shall have the option to continue such performance disregarding such revision. Landlord shall
not revise the Approved Engineering Drawings without Tenant’s consent, which shall not be unreasonably withheld or conditioned. Tenant shall approve, or reasonably disapprove (and state, with reasonable specificity, its reasons for
disapproving), any revision to the Approved Engineering Drawings within two (2) business days after receiving Landlord’s request for approval thereof. Any change order affecting the Approved Engineering Drawings shall be deemed a revision
to the Approved Engineering Drawings. Tenant shall reimburse Landlord, immediately upon demand, for any increase in the total cost associated with the Tenant Improvement Work that results from any revision to the Approved Engineering Drawings
requested by Tenant, including the cost of preparing such revision. 

  
 26 

 3.2.3 Design Bid Build. If Landlord, at its option, causes the Engineering Drawings
to be delivered to Tenant on or before the date on which the Architectural Drawings are first delivered to Tenant pursuant to Section 2.5 above, then (a) Section 3.2.2 above shall not apply; (b) Tenant’s review
and approval of, and any revisions to, the Engineering Drawings shall be governed by Sections 2.5 and 2.7 above as if the Engineering Drawings were part of the Architectural Drawings; and (c) the Engineering Drawings, as approved
by Ten ant pursuant to Section 2.5 above, shall be reflected to herein as the “Approved Engineering Drawings”. 

3.3 Permits. Landlord shall cause the Contractor to submit the Approved Architectural Drawings and the Approved Engineering
Drawings (collectively, the “Approved Construction Drawings”) to the appropriate municipal authorities and otherwise apply for and obtain from such authorities all permits necessary for the Contractor to complete the Tenant
Improvement Work (the “Permits”). 
 3.4 Construction. 

3.4.1 Performance of Tenant Improvement Work. Landlord shall cause the Contractor to perform the Tenant Improvement Work in accordance
with the Plans. 
 3.4.2 Contractor’s Warranties. Tenant waives all claims against Landlord relating to any defects in the
Tenant Improvements; provided, however, that if, within 30 days after substantial completion of the Tenant Improvement Work, Tenant provides notice to Landlord of any non-latent defect in the Tenant
Improvements, or if, within 11 months after substantial completion of the Tenant Improvement Work, Tenant provides notice to Landlord of any latent defect in the Tenant Improvements, then Landlord shall promptly cause such defect to be corrected.

 4 COMPLIANCE WITH LAW; SUITABILITY FOR TENANT’S USE. Landlord shall (a) cause the Approved Space Plan, the Additional Programming
Information, the Architectural Drawings and the Engineering Drawings (collectively, the “Plans”) to comply with Law; provided, however, that Landlord shall not be responsible for any violation of Law resulting from any
particular use of the Premises (as distinguished from general office use). Tenant shall be responsible for ensuring that the Plans are suitable for Tenant’s use of the Premises, and neither the preparation of the Plans by Landlord’s
consultants nor Landlord’s approval of the Plans shall relieve Tenant from such responsibility. To the extent that Landlord is responsible under this Section 4 for causing the Plans to comply with Law, Landlord may contest any
alleged violation of Law in good faith, including by seeking a waiver or deferment of compliance, asserting any defense allowed by Law, and exercising any right of appeal (provided that Tenant incurs no liability as a result of such contest and
that, after completing such contest, Landlord makes any modification to the Plans or any alteration to the Premises that is necessary to comply with any final order or judgment). 

5 COMPLETION. 
 5.1 Substantial
Completion. For purposes of Section 1.3.2 of this Agreement, and subject to Section 5.2 below, the Tenant Improvement Work shall be deemed to be “Substantially Complete” upon the completion of
the Tenant Improvement Work pursuant to the Approved Construction Drawings (as reasonably determined by Landlord), with the exception of any details of construction, mechanical adjustment or any other similar matter the non-completion of which does not materially interfere with Tenant’s use of the Premises. 
 5.2
Tenant Cooperation; Tenant Delay. Tenant shall use reasonable efforts to cooperate with Landlord, the Architect, the Contractor, and Landlord’s other consultants to complete all phases of the Plans, obtain the Permits and complete
the Tenant Improvement Work as soon as possible, and Tenant shall meet with Landlord, in accordance with a schedule determined by Landlord, to discuss the parties’ progress. Without limiting the foregoing, if (i) the Tenant Improvements
include the installation of electrical connections for furniture stations to be installed by Ten ant, and (ii) any electrical or other portions of such furniture stations must be installed in order for Landlord to obtain any governmental
approval required for occupancy of the Premises, then (x) Tenant, upon five (5) business days’ notice from Landlord, shall promptly install such portions of such furniture stations in accordance with Sections 7.2 and 7.3
of this Lease, and (y) during the period of Tenant’s entry into the Premises for the purpose of performing such installation, all of Tenant’s obligations under this Agreement relating to the Premises shall apply, except for the
obligation to pay Monthly Rent. In addition, without limiting the foregoing, if the Substantial Completion of the Tenant Improvement Work is delayed (a “Tenant Delay”) as a result of (a) any failure of Tenant to approve
the Architectural Drawings pursuant to Section 2.5 above on or before Tenant’s Approval Deadline; (b) any failure of Tenant to timely approve the Engineering Drawings, pursuant to Section 3.2.2.A above, for any
reason other than their failure to satisfy the Engineering Requirements; (c) any failure of Tenant to timely approve any other matter requiring Tenant’s approval; (d) any breach by Tenant of this Work Letter or this Agreement;
(e) any request by Tenant for any revision to, or for Landlord’s approval of any revision to, any portion of the Plans that has previously been approved by both parties (except to the extent that such delay results from a breach by
Landlord of its obligations under Section 2.7 or 3.2.2.B above); (f) [Intentionally Omitted]; 

 
(g) [Intentionally Omitted]; or (h) any other act or omission of Tenant or any of its agents, employees or representatives, then, notwithstanding any contrary provision of this Agreement,
and regardless of when the Tenant Improvement Work is actually Substantially Completed, the Tenant Improvement Work shall be deemed to be Substantially Completed on the date on which the Tenant Improvement Work would have been Substantially
Completed if no such Tenant Delay had occurred. Notwithstanding the foregoing, Landlord shall not be required to tender possession of the Premises to Tenant before the Tenant Improvement Work has been Substantially Completed, as determined without
giving effect to the preceding sentence. Notwithstanding the foregoing, if Landlord fails to notify Tenant of any Tenant Delay within one (1) day after the date Landlord knew of such Tenant Delay, Tenant shall not be responsible for any such
Tenant Delay with respect to the period of time commencing two (2) days after the date when Landlord knew that such Tenant Delay existed and ending on the date that Landlord notified Tenant of such Tenant Delay. Notwithstanding
Section 25.1 of this Lease, Landlord’s notice to Tenant of any Tenant Delay may be given orally, by e-mail, or by any other method. 

6 MISCELLANEOUS. Notwithstanding any contrary provision of this Agreement, if Tenant Defaults under this Agreement before the Tenant Improvement
Work is completed, Landlord’s obligations under this Work Letter shall be excused until such Default is cured and Tenant shall be responsible for any resulting delay in the completion of the Tenant Improvement Work. This Work Letter shall not
apply to any space other than the Premises. 

 EXHIBIT B-1 

METRO CENTER 

METRO CENTER TOWER 
 950
TOWER LANE 
 FOSTER CITY, CALIFORNIA 

APPROVED SPACE PLAN 
  

 

 

 

 

 

 

 

 

 

 EXHIBIT C 

METRO CENTER 

METRO CENTER TOWER 
 950
TOWER LANE 
 FOSTER CITY, CALIFORNIA 

CONFIRMATION LETTER 

 ________________________, 20__ 
  

			
	To:	  	                                      
      
		  	                                      
      
		  	                                      
      
		  	                                      
      

  

	Re:	 Office Lease (the “Lease”) dated _____________, 20__, between HUDSON METRO CENTER,
LLC, a Delaware limited liability company (“Landlord”), and MIRUM PHARMACEUTICALS, INC., a Delaware corporation (“Tenant”), concerning Suite 1000 on the 10th floor of the building located at
950 Tower Lane, Foster City, California. 

 Dear _________________: 

In accordance with the Lease, Tenant accepts possession of the Premises and confirms the following: 

 

	 	1.	 The Commencement Date is ______________ and the Expiration Date is ______________. 

 

	 	2.	 The exact number of rentable square feet within the Premises is 5,599 square feet. 

 

	 	3.	 Tenant’s Share, based upon the exact number of rentable square feet within the Premises, is 1.3663%.

 Please acknowledge the foregoing by signing all three (3) counterpm1s of this letter in the space provided below
and returning two (2) fully executed counterparts to my attention. Please note that, pursuant to Section 2.1.1 of the Lease, if Tenant fails to execute and return (or, by notice to Landlord, reasonably object to) this
letter within five (5) business days after receiving it, Tenant shall be deemed to have executed and returned it without exception. 
  

							
	“Landlord”:
	
	HUDSON METRO CENTER, LLC, a Delaware limited liability company
		
	By:	 	Hudson Pacific Properties, L.P., a Maryland limited partnership, its sole member
			
		 	By:	 	Hudson Pacific Properties, Inc., a Maryland corporation, its general partner

 
							
				
		 		 	By:	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 

 Agreed and Accepted as of
                 , 20__ 
  

			
	“Tenant”:
	
	MIRUM PHARMACEUTICALS, INC., a Delaware corporation

			
		
	By:	 	 
	Name:	 	 
	Title:	 	 

 EXHIBIT D 

METRO CENTER 

METRO CENTER TOWER 
 950
TOWER LANE 
 FOSTER CITY, CALIFORNIA 

RULES AND REGULATIONS 

Tenant shall comply with the following rules and regulations (as modified or supplemented from time to time, the “Rules and
Regulations”). Landlord shall not be responsible to Tenant for the nonperformance of any of the Rules and Regulations by any other tenants or occupants of the Project. In the event of any conflict between the Rules and Regulations
and the other provisions of this Lease, the latter shall control. 
 1. Tenant shall not alter any lock or install any new or additional
locks or bolts on any doors or windows of the Premises without obtaining Landlord’s prior consent. Tenant shall bear the cost of any lock changes or repairs required by Tenant. Two (2) keys will be furnished by Landlord for the Premises,
and any additional keys required by Tenant must be obtained from Landlord at a reasonable cost to be established by Landlord. Upon the termination of this Lease, Tenant shall restore to Landlord all keys of stores, offices and toilet rooms furnished
to or otherwise procured by Tenant, and if any such keys are lost, Tenant shall pay Landlord the cost of replacing them or of changing the applicable locks if Landlord deems such changes necessary. 

2. All doors opening to public corridors shall be kept closed at all times except for normal ingress and egress to the Premises. 

3. Landlord may close and keep locked all entrance and exit doors of the Building during such hours as are customary for Comparable Buildings.
Tenant shall cause its employees, agents, contractors, invitees and licensees who use Building doors during such hours to securely close and lock them after such use. Any person entering or leaving the Building during such hours, or when the
Building doors are otherwise locked, may be required to sign the Building register, and access to the Building may be refused unless such person has proper identification or has a previously arranged access pass. Landlord will furnish passes to
persons for whom Tenant requests them. Tenant shall be responsible for all persons for whom Tenant requests passes and shall be liable to Landlord for all acts of such persons. Landlord and its agents shall not be liable for damages for any error
with regard to the admission or exclusion of any person to or from the Building. In case of invasion, mob, riot, public excitement or other commotion, Landlord may prevent access to the Building or the Project during the continuance thereof by any
means it deems appropriate for the safety and protection of life and property. 
 4. No furniture, freight or equipment shall be brought
into the Building without prior notice to Landlord. All moving activity into or out of the Building shall be scheduled with Landlord and done only at such time and in such manner as Landlord designates. Landlord may prescribe the weight, size and
position of all safes and other heavy property brought into the Building and also the times and manner of moving the same in and out of the Building. Safes and other heavy objects shall, if considered necessary by Landlord, stand on supports of such
thickness as is necessary to properly distribute the weight. Landlord will not be responsible for loss of or damage to any such safe or property. Any damage to the Building, its contents, occupants or invitees resulting from Tenant’s moving or
maintaining any such safe or other heavy property shall be the sole responsibility and expense of Tenant (notwithstanding Sections 7 and 10.4 of this Lease). 

5. No furniture, packages, supplies, equipment or merchandise will be received in the Building or carried up or down in the elevators, except
between such hours, in such specific elevator and by such personnel as shall be designated by Landlord. 
 6. Employees of Landlord shall
not perform any work or do anything outside their regular duties unless under special instructions from Landlord. 
 7. No sign,
advertisement, notice or handbill shall be exhibited, distributed, painted or affixed by Tenant on any part of the Premises or the Building without Landlord’s prior consent. Tenant shall not disturb, solicit, peddle or canvass any occupant of
the Project. 
 8. The toilet rooms, urinals, wash bowls and other apparatus shall not be used for any purpose other than that for which
they were constructed, and no foreign substance shall be thrown therein. Notwithstanding Sections 7 and 10.4 of this Lease, Tenant shall bear the expense of any breakage, stoppage or damage resulting from any violation of this rule by
Tenant or any of its employees, agents, contractors, invitees or licensees. 

 9. Tenant shall not overload the floor of the Premises, or mark, drive nails or screws or
drill into the partitions, woodwork or drywall of the Premises, or otherwise deface the Premises, without Landlord’s prior consent. Tenant shall not purchase bottled water, ice, towel, linen, maintenance or other like services from any person
not approved by Landlord. 
 10. Except for vending machines intended for the sole use of Tenant’s employees and invitees, no vending
machine or machines other than fractional horsepower office machines shall be installed, maintained or operated in the Premises without Landlord’s prior consent. 

11. Tenant shall not, without Landlord’s prior consent, use, store, install, disturb, spill, remove, release or dispose of, within or
about the Premises or any other portion of the Project, any asbestos-containing materials, any solid, liquid or gaseous material now or subsequently considered toxic or hazardous under the provisions of 42 U.S.C. Section 9601 et seq. or any
other applicable environmental Law, or any inflammable, explosive or dangerous fluid or substance; provided, however, that Tenant may use, store and dispose of such substances in such amounts as are typically found in similar premises used for
general office purposes provided that such use, storage and disposal does not damage any part of the Premises, Building or Project and is performed in a safe manner and in accordance with all Laws. Tenant shall comply with all Laws pertaining to and
governing the use of such materials by Tenant and shall remain solely liable for the costs of abatement and removal. No burning candle or other open flame shall be ignited or kept by Tenant in or about the Premises, Building or Project. 

12. Tenant shall not, without Landlord’s prior consent, use any method of heating or air conditioning other than that supplied by
Landlord or any Unit. 
 13. Tenant shall not use or keep any foul or noxious gas or substance in or on the Premises, or occupy or use the
Premises in a manner offensive or objectionable to Landlord or other occupants of the Project by reason of noise, odors or vibrations, or interfere with other occupants or those having business therein, whether by the use of any musical instrument,
radio, CD player or otherwise. Tenant shall not throw anything out of doors, windows or skylights or down passageways. 
 14. Tenant shall
not bring into or keep within the Project, the Building or the Premises any animals (other than service animals), birds, aquariums, or, except in areas designated by Landlord, bicycles or other vehicles. 

15. No cooking shall be done in the Premises, nor shall the Premises be used for lodging, for living quarters or sleeping apartments, or for
any improper, objectionable or immoral purposes. Notwithstanding the foregoing, Underwriters’ laboratory-approved equipment and microwave ovens may be used in the Premises for heating food and brewing coffee, tea, hot chocolate and similar
beverages for employees and invitees, provided that such use complies with all Laws. 
 16. The Premises shall not be used for manufacturing
or for the storage of merchandise except to the extent such storage may be incidental to the Permitted Use. Tenant shall not occupy the Premises as an office for a messenger-type operation or dispatch office, public stenographer or typist, or for
the manufacture or sale of liquor, narcotics or tobacco, or as a medical office, a barber or manicure shop, or an employment bureau, without Landlord’s prior consent. Tenant shall not engage or pay any employees in the Premises except those
actually working for Tenant in the Premises, nor advertise for laborers giving an address at the Premises. 
 17. Landlord may exclude from
the Project any person who, in Landlord’s judgment, is intoxicated or under the influence of liquor or drugs, or who violates any of these Rules and Regulations. 

18. Tenant shall not loiter in or on the entrances, corridors, sidewalks, lobbies, courts, halls, stairways, elevators, vestibules or any
Common Areas for the purpose of smoking tobacco products or for any other purpose, nor in any way obstruct such areas, and shall use them only as a means of ingress and egress for the Premises. 

19. Tenant shall not waste electricity, water or air conditioning, shall cooperate with Landlord to ensure the most effective operation of the
Building’s heating and air conditioning system, and shall not attempt to adjust any controls. Tenant shall install and use in the Premises only ENERGY STAR rated equipment, where available. Tenant shall use recycled paper in the Premises to the
extent consistent with its business requirement’s. 
 20. Tenant shall store all its trash and garbage inside the Premises. No material
shall be placed in the trash or garbage receptacles if, under Law, it may not be disposed of in the ordinary and customary manner of disposing of trash and garbage in the vicinity of the Building. All trash, garbage and refuse disposal shall be made
only through entryways and elevators provided for such purposes at such times as Landlord shall designate. Tenant shall comply with Landlord’s recycling program, if any. 

 21. Tenant shall comply with all safety, fire protection and evacuation procedures and
regulations established by Landlord or any governmental agency. 
 22. Any persons employed by Tenant to do janitorial work (a) shall
be subject to Landlord’s prior consent; (b) shall not, in Landlord’s reasonable judgment, disturb labor harmony with any workforce or trades engaged in performing other work or services at the Project; and (c) while in the
Building and outside of the Premises, shall be subject to the control and direction of the Building manager (but not as an agent or employee of such manager or Landlord), and Tenant shall be responsible for all acts of such persons. 

23. No awning or other projection shall be attached to the outside walls of the Building without Landlord’s prior consent. Other than
Landlord’s Building-standard window coverings, no curtains, blinds, shades or screens shall be attached to or hung in, or used in connection with, any window or door of the Premises. All electrical ceiling fixtures hung in the Premises or
spaces along the perimeter of the Building must be fluorescent and/or of a quality, type, design and a warm white bulb color approved in advance by Landlord. Neither the interior nor exterior of any windows shall be coated or otherwise sunscreened
without Landlord’s prior consent. Tenant shall abide by Landlord’s regulations concerning the opening and closing of window coverings. 

24. Tenant shall not obstruct any sashes, sash doors, skylights, windows or doors that reflect or admit light or air into the halls,
passageways or other public places in the Building, nor shall Tenant place any bottle s, parcels or other articles on the windowsills. 

25. Tenant must comply with requests by Landlord concerning the informing of their employees of items of importance to the Landlord. 

26. Tenant must comply with the State of California “No-Smoking” law set forth in California
Labor Code Section 6404.5 and with any local “No-Smoking” ordinance that is not superseded by such law. 

27. Tenant shall cooperate m any reasonable safety or security program developed by Landlord or required by Law. 

28. All office equipment of an electrical or mechanical nature shall be placed by Tenant in the Premises in settings approved by Landlord, to
absorb or prevent any vibration, noise or annoyance. 
 29. Tenant shall not use any hand trucks except those equipped with rubber tires and
rubber side guards. 
 30. No auction, liquidation, fire sale, going-out-of-business or bankruptcy sale shall be conducted in the Premises without Landlord’s prior consent. 

31. Without Landlord’s prior consent, Tenant shall not use the name of the Project or Building or use pictures or illustrations of the
Project or Building in advertising or other publicity or for any purpose other than as the address of the business to be conducted by Tenant in the Premises. 

32. Fitness Center Rules. Tenant shall cause its employees (whether members or prospective members of the Fitness Center) to comply with the
following Fitness Center rules and regulations (subject to change from time to time as Landlord may solely determine): 
  

	 	A.	 Membership in the Fitness Center is open to the tenants of the Building. No guests will be permitted to use the
Fitness Center without the prior written approval of Landlord or Landlord’s representative. 

  

	 	B.	 Fitness Center users are not allowed to be in the Fitness Center other than the hours designated by Landlord
from time to time. Landlord shall have the right to alter the hours of use of the Fitness Center, at Landlord’s sole discretion. 

  

	 	C.	 All Fitness Center users must execute Landlord’s Waiver of Liability prior to use of the Fitness Center
and agree to all terms and conditions outlined therein. 

  

	 	D.	 Individual membership and guest keycards to the Fitness Center shall not be shared and shall only be used by
the individual to whom such keycard was issued. Failure to abide by this rule may result in immediate termination of such Fitness Center user’s right to use the Fitness Center. 

	 	E.	 All Fitness Center users and approved guests must have a pre-authorized
keycard to enter the Fitness Center. A pre-authorized keycard shall not be issued to a prospective Fitness Center user until receipt by Landlord of Landlord’s initial fee, if any, for use of the Fitness
Center by such Fitness Center user(s). 

  

	 	F.	 Use of the Fitness Center is a privilege and not a right. Failure to follow gym rules or to act inappropriately
while using the facilities shall result in termination of Tenant’s Fitness Center privileges. 

 Landlord may from
time to time (upon no less than 10 business days’ notice) modify or supplement these Rules and Regulations in a manner that, in Landlord’s reasonable judgment, is appropriate for the management, safety, care and cleanliness of the
Premises, the Building, the Common Areas and the Project, for the preservation of good order therein, and for the convenience of other occupants and tenants thereof, provided that no such modification or supplement shall materially reduce
Tenant’s rights or materially increase Tenant’s obligations hereunder. Landlord may waive any of these Rules and Regulations for the benefit of any tenant, but no such waiver shall be construed as a waiver of such Rule and Regulation in
favor of any other tenant nor prevent Landlord from thereafter enforcing such Rule and Regulation against any tenant. Notwithstanding the foregoing, no rule that is added to the initial Rules and Regulations shall be enforced against Tenant in a
manner that unreasonably discriminates in favor of any other similarly situated tenant. 

 EXHIBIT E 

METRO CENTER 

METRO CENTER TOWER 
 950
TOWER LANE 
 FOSTER CITY, CALIFORNIA 

JUDICIAL REFERENCE 

IF THE JURY-WAIVER PROVISIONS OF SECTION 25.8 OF THIS LEASE ARE NOT ENFORCEABLE UNDER CALIFORNIA LAW, THE PROVISIONS SET FORTH BELOW
SHALL APPLY. 
 (a) It is the desire and intention of the parties to agree upon a mechanism and procedure under which controversies and
disputes arising out of this Lease or related to the Premises will be resolved in a prompt and expeditious manner. Accordingly, subject to the exclusions set forth in (b) below, any and every action, proceeding or cross-claim brought by either
patty hereto against the other (and/or against its officers, directors, employees, agents or subsidiaries or affiliated entities) on any matters arising out of or in any way connected with this Lease, Tenant’s use or occupancy of the Premises
and/or any claim of injury or damage, whether sounding in contract, tort, or otherwise, shall be heard and resolved by a referee under the provisions of the California Code of Civil Procedure, Sections 638 - 645.1, inclusive (as same may be amended,
or any successor statute(s) thereto) (the “Referee Sections”). 
 (b) Excluded from the requirement of judicial reference set
forth above are (i) actions to seek emergency injunctive relief, preliminary injunctive relief, unlawful or forcible detainer, or a prejudgment writ of attachment and (ii) any dispute for which an alternative dispute resolution procedure
is otherwise expressly provided in the Lease (including any exhibits thereto). The actions described in (i) above may be brought in the trial court in the county in which the Premises are located; provided, however, that as soon as practicable
after the trial court rules on one or more of the above issues, the patties shall refer the lawsuit, and any remaining issues, controversies, or disputes to a referee, as provided in this section and the Referee Sections. 

(c) Any fee to initiate the judicial reference proceedings and all fees charged and costs incurred by the referee shall be paid by the party
initiating such procedure (except that if a reporter is requested by either party, then a reporter shall be present at all proceedings where requested and the fees of such reporter - except for copies ordered by the other parties - shall be borne by
the party requesting the reporter); provided however, that allocation of the costs and fees, including any initiation fee, of such proceeding shall be ultimately determined in accordance with Section 25.6 of this Lease. 

(d) The exclusive venue of the proceedings shall be in the county in which the Premises are located. 

(e) Within IO days of receipt by any party of a request to resolve any dispute or controversy pursuant to this Exhibit E,
the parties shall agree upon a single referee who shall try all issues, whether of fact or law, and report a finding and judgment on such issues as required by the Referee Sections. If the parties are unable to agree upon a referee within such 10-day period, then any party may thereafter file a lawsuit in the county in which the Premises are located for the purpose of appointment of a referee under the Referee Sections. If the referee is appointed by the
cou1t, the referee shall be a neutral and impa1tial retired judge with substantial experience in the relevant matters to be determined, from the panels offered by JAMS or ADR Services, Inc. The proposed referee may be challenged by any party for any
of the grounds listed in the Referee Sections. The referee shall have the power to decide all issues of fact and law and report his or her decision on such issues, and to issue all recognized remedies available at law or in equity for any cause of
action that is before the referee, including an award of attorneys’ fees and costs in accordance with this Lease. The referee shall not, however, have the power to award punitive damages, nor shall the referee have the power to award any other
damages that are not permitted by the express provisions of this Lease, and the parties waive any right to recover such damages. 
 (f) The
parties may conduct all discovery as provided in the California Code of Civil Procedure, and the referee shall oversee discovery and may enforce all discovery orders in the same manner as any trial court judge, with rights to regulate discovery and
to issue and enforce subpoenas, protective orders and other limitations on discovery available under California Law. 
 (g) The reference
proceeding shall be conducted in accordance with California Law (including the rules of evidence), and in all regards, the referee shall follow California Law applicable at the time of the reference proceeding. The parties shall promptly and
diligently cooperate with one another and the referee, and shall perform such acts as may be necessary to obtain a prompt and expeditious resolution of the dispute or controversy in accordance with the terms of this Exhibit E.
In this regard, the parties agree that the parties and the referee shall use best efforts to ensure that (a) discovery, including all expe1t discovery (but excluding motions regarding discovery) be concluded within six (6) months of
the date of the appointment of the referee, and (b) a trial date be set so that the trial proceeding is held no more than nine (9) months after the date of the appointment of the referee. 

 (h) In accordance with Section 644 of the California Code of Civil Procedure, the
decision of the referee upon the whole issue must stand as the decision of the court, and upon the filing of the statement of decision with the clerk of the court, or with the judge if there is no clerk, judgment may be entered thereon in the same
manner as if the action had been tried by the court. Any decision of the referee and/or judgment or other order entered thereon shall be appealable to the same extent and in the same manner that such decision, judgment, or order would be appealable
if rendered by a judge of the superior court in which venue is proper hereunder. The referee shall in his/her statement of decision set forth his/her findings of fact and conclusions of law. The parties intend this general reference agreement to be
specifically enforceable in accordance with the Code of Civil Procedure. Nothing in this Exhibit E shall prejudice the right of any party to obtain provisional relief or other equitable remedies from a court of competent jurisdiction
as shall otherwise be available under the Code of Civil Procedure and/or applicable court rules. 

 EXHIBIT F 

METRO CENTER 

METRO CENTER TOWER 
 950
TOWER LANE 
 FOSTER CITY, CALIFORNIA 

ADDITIONAL PROVISIONS 
  

	1.	 California Civil Code Section 1938. Pursuant to California Civil Code § 1938, Landlord
hereby states that the Premises have not undergone inspection by a Certified Access Specialist (CASp) (defined in California Civil Code§ 55.52). 

Accordingly, pursuant to California Civil Code § 1938(e), Landlord hereby further hereby states as follows: “A Ce1tified Access
Specialist (CASp) can inspect the subject premises and determine whether the subject premises comply with all of the applicable construction-related accessibility standards under state law. Although state law does not require a CASp inspection of
the subject premises, the commercial property owner or lessor may not prohibit the Lessee or tenant from obtaining a CASp inspection of the subject premises for the occupancy or potential occupancy of the lessee or tenant, if requested by the lessee
or tenant. The parties shall mutually agree on the arrangements for the time and manner of the CASp inspection, the payment of the fee for the CASp inspection, and the cost of making any repairs necessary to correct violations of
construction-related accessibility standards within the premises”. 
 In accordance with the foregoing, Landlord and Tenant agree that
if Tenant requests a CASp inspection of the Premises, then Tenant shall pay (i) the fee for such inspection, and (ii) except as may be otherwise expressly provided in this Lease, the cost of making any repairs necessary to correct
violations of construction-related accessibility standards within the Premises. 
  

	2.	 Temporary Space. Notwithstanding any contrary provision of this Lease, but subject to the terms
of this Section 2, with respect to the period commencing on the date hereof and expiring five (5) days after the Commencement Date (the “Temporary Space Term”) only, the term “Premises,” as defined in the
first sentence of Section 1.2.2 of this Lease, shall be deemed to include, in addition to the space expressly described in such definition, the approximately 5,246 rentable square feet of space known as Suite 300, located on the third
floor of the Building as shown on Exhibit F-1 to this Lease (the “Temporary Space”), and the Temporary Space shall be subject to all of the provisions of this Lease;
provided, however, that: (i) the date described in Section 1.3.3 of this Lease shall not apply to the Temporary Space, and the Expiration Date with respect to the Temporary Space shall be five (5) days after the Commencement
Date; (ii) Tenant shall not be required to pay Base Rent for the Temporary Space, and the schedule of Base Rent set forth in Section 1.4 of this Lease shall not apply to the Temporary Space (provided, however, that solely for
purposes of Section 16 of this Lease, Tenant shall be deemed to be required to pay Base Rent for the Temporary Space at the rate per rentable square foot set forth in Section 1.4 of this Lease); (iii) Tenant shall not
be required to pay Tenant’s Share of Expenses and Taxes for the Temporary Space, and the percentage set forth in Section 1.6 of this Lease shall not apply to the Temporary Space; (iv) Tenant shall not be entitled to receive any
allowance, abatement or other financial concession in connection with the Temporary Space that is being granted with respect to the balance of the Premises; and, for purposes of Exhibit B to this Lease, the Premises shall be deemed to
exclude the Temporary Space; and (v) the Temporary Space shall not be subject to any renewal or expansion right of Tenant under this Lease. Without limiting the foregoing, upon the expiration of the Temporary Space Term, all provisions
(including Sections 8, U and 16) of this Lease that would apply to the Premises upon the expiration of this Lease with respect to the Premises shall apply to the Temporary Space. 

 

	3.	 Extension Option. 

 

	 	3.1.	 Grant of Option; Conditions. Tenant shall have the right (the “Extension Option”)
to extend the Term for one (1) additional period of five (5) years beginning on the day immediately following the expiration date of the Lease and ending on the fifth anniversary of such expiration date (the “Extension
Term”), if: 

  

	 	(a)	 not less than 9 and not more than 12 full calendar months before the expiration date of the Lease, Tenant
delivers written notice to Landlord (the “Extension Notice”) electing to exercise the Extension Option; 

	 	(b)	 no Default exists when Tenant delivers the Extension Notice; 

 

	 	(c)	 no part of the Premises is sublet when Tenant delivers the Extension Notice; and 

 

	 	(d)	 the Lease has not been assigned before Tenant delivers the Extension Notice. 

 

	 	3.2.	 Terms Applicable to Extension Term. 

 

	 	A.	 During the Extension Term, (a) the Base Rent rate per rentable square foot shall be equal to the
Prevailing Market rate per rentable square foot; (b) Base Rent shall increase, if at all, in accordance with the increases assumed in the determination of Prevailing Market rate; and (c) Base Rent shall be payable in monthly installments
in accordance with the terms and conditions of the Lease. 

  

	 	B.	 During the Extension Term Tenant shall pay Tenant’s Share of Expenses and Taxes for the Premises in
accordance with the Lease. 

  

	 	3.3.	 Procedure for Determining Prevailing Market. 

 

	 	A.	 Initial Procedure. Within 30 days after receiving the Extension Notice, Landlord shall give Tenant
written notice of Landlord’s estimate of the Prevailing Market rate for the Extension Term (“Landlord’s Estimate”). Within 30 days of receiving Landlord’s Estimate, Tenant shall give Landlord either (i) written
notice (“Tenant’s Binding Notice”) accepting Landlord’s Estimate, or (ii) written notice (“Tenant’s Rejection Notice”) rejecting such estimate and stating Tenant’s estimate of the Prevailing
Market rate for the Extension Term. If Tenant gives Landlord a Tenant’s Rejection Notice, Landlord, within 15 days thereafter, shall give Tenant either (i) written notice (“Landlord’s Binding Notice”) accepting
Tenant’s estimate of the Prevailing Market rate for the. Extension Term stated in Tenant’s Rejection Notice, or (ii) written notice (“Landlord’s Rejection Notice”) rejecting such estimate. If Landlord gives
Tenant a Landlord’s Rejection Notice, Landlord and Tenant shall work together in good faith to agree in writing upon the Prevailing Market rate for the Extension Term. If, within 30 days after delivery of a Landlord’s Rejection Notice, the
parties fail to agree in writing upon the Prevailing Market rate, the provisions of Section 3.3.B below shall apply. 

  

	 	B.	 Dispute Resolution Procedure. 

 

	 	1.	 If, within 30 days after delivery of a Landlord’s Rejection Notice, the parties fail to agree in writing
upon the Prevailing Market rate, Landlord and Tenant, within five (5) days thereafter, shall each simultaneously submit to the other, in a sealed envelope, its good faith estimate of the Prevailing Market rate for the Extension Term
(collectively, the “Estimates”). If Landlord’s and Tenant’s Estimates are within 5% of each other, then the Prevailing Market rate for the Extension Term shall be the average of such Estimates and shall be final and binding on
both parties (and may be entered in a court of competent jurisdiction). Otherwise, within seven (7) days after the exchange of Estimates, Landlord and Tenant shall each select a broker or agent (an “Agent”) to determine which of the
two Estimates most closely reflects the Prevailing Market rate for the Extension Term. Each Agent so selected shall be licensed as a real estate broker or agent and in good standing with the California Department of Real Estate, and shall have had
at least five (5) years’ experience within the previous 10 years as a commercial real estate broker or agent working in Foster City, California, with working knowledge of current rental rates and leasing practices relating to buildings
similar to the Building. 

  

	 	2.	 If each party selects an Agent in accordance with Section 3.3.B.1 above, the parties
shall cause their respective Agents to work together in good faith to agree upon which of the two Estimates most closely reflects the Prevailing Market rate for the Extension Term. The Estimate, if any, so agreed upon by such Agents shall be final
and binding on both parties as the Prevailing Market rate for the Extension Term and may be entered in a court of competent jurisdiction. If the Agents fail to reach such agreement within 20 days after their selection, then, within 10 days after the
expiration of such 20-day period, the 

	 	
parties shall instruct the Agents to select a third Agent meeting the above criteria (and if the Agents fail to agree upon such third Agent within 10 days after being so instructed, either party
may cause a court of competent jurisdiction to select such third Agent). Promptly upon selection of such third Agent, the parties shall instruct such Agent (or, if only one of the parties has selected an Agent within the 7-day period described above, then promptly after the expiration of such 7-day period the parties shall instruct such Agent) to determine, as soon as practicable but in any
case within 14 days after his selection, which of the two Estimates most closely reflects the Prevailing Market rate. Such determination by such Agent (the “Final Agent”) shall be final and binding on both parties as the Prevailing Market
rate for the Extension Term and may be entered in a court of competent jurisdiction. If the Final Agent believes that expert advice would materially assist him, he may retain one or more qualified persons to provide such expert advice. The parties
shall share equally in the costs of the Final Agent and of any expe1ts retained by the Final Agent. Any fees of any other broker, agent, counsel or expert engaged by Landlord or Tenant shall be borne by the party retaining such broker, agent,
counsel or expert. 

  

	 	C.	 Adjustment. If the Prevailing Market rate has not been determined by the commencement date of the
Extension Term, Tenant shall pay Base Rent for the Extension Term upon the terms and conditions in effect during the last month ending on or before the expiration date of the Lease until such time as the Prevailing Market rate has been determined.
Upon such determination, the Base. Rent for the Extension Term shall be retroactively adjusted. If such adjustment results in an under- or overpayment of Base Rent by Tenant, Tenant shall pay Landlord the amount of such underpayment, or receive a
credit in the amount of such overpayment, with or against the next Base Rent due under the Lease. 

  

	 	3.4.	 Extension Amendment. If Tenant is entitled to and properly exercises its Extension Option, and if the
Prevailing Market rate for the Extension Term is determined in accordance with Section 3.3 above, Landlord, within a reasonable time thereafter, shall prepare and deliver to Tenant an amendment (the “Extension
Amendment”) reflecting changes in the Base Rent, the Term, the expiration date of the Lease, and other appropriate terms in accordance with this Section 3, and Tenant shall execute and return (or provide Landlord with
reasonable objections to) the Extension Amendment within 15 days after receiving it. Notwithstanding the foregoing, upon determination of the Prevailing Market rate for the Extension Term in accordance with Section 3.3 above, an
otherwise valid exercise of the Extension Option shall be fully effective whether or not the Extension Amendment is executed. 

  

	 	3.5.	 Definition of Prevailing Market. For purposes of this Extension Option, “Prevailing
Market” shall mean the arms-length, fair-market, annual rental rate per rentable square foot under extension and renewal leases and amendments entered into on or about the date on which the Prevailing Market is being determined
hereunder for space comparable to the Premises in the Building and office buildings comparable to the Building in the Foster City, California area. The determination of Prevailing Market shall take into account (i) any material economic
differences between the terms of the Lease and any comparison lease or amendment, such as rent abatements, construction costs and other concessions, and the manner, if any, in which the landlord under any such lease is reimbursed for operating
expenses and taxes; (ii) any material differences in configuration or condition between the Premises and any comparison space, including any cost that would have to be incurred in order to make the configuration or condition of the comparison
space similar to that of the Premises; and (iii) any reasonably anticipated changes in the Prevailing Market rate from the time such Prevailing Market rate is being determined and the time such Prevailing Market rate will become effective under
the Lease. 

  

	 	3.6.	 Intentionally Omitted. 

 EXHIBIT F-1 

METRO CENTER 

METRO CENTER TOWER 
 950
TOWER LANE 
 FOSTER CITY, CALIFORNIA 

TEMPORARY SPACE 
  

 

 FIRST AMENDMENT 

THIS FIRST AMENDMENT (this “Amendment”) is made effective as of June 1, 2019, by and between HUDSON METRO
CENTER, LLC, a Delaware limited liability company (“Landlord”), and MIRUM PHARMACEUTICALS, INC., a Delaware corporation (“Tenant”). 

RECITALS 
  

	A.	 Landlord and Tenant are parties to that certain lease dated January 22, 2019 (the
“Lease”). Pursuant to the Lease, Landlord has leased to Tenant space currently containing approximately 5,599 rentable square feet (the “Premises”) described in various provisions of the Lease as Suite 1000
on the 10th floor of the building commonly known as Metro Center Tower located at 950 Tower Lane, Foster City, California (the “Building”). 

 

	B.	 Tenant and Landlord mutually desire that the Lease be amended on and subject to the following terms and
conditions. 

 NOW, THEREFORE, in consideration of the above recitals which by this reference are incorporated
herein, the mutual covenants and conditions contained herein and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant agree as follows: 

 

	1.	 Amendment. Effective as of the date hereof (unless different effective date(s) is/are
specifically referenced in this Section), Landlord and Tenant agree that the Lease shall be amended in accordance with the following terms and conditions: 

  

	 	1.1	 Suite Number Correction. Landlord and Tenant hereby acknowledge and agree that due to a scrivener error,
the Tenant’s suite number in the Lease was incorrectly identified in various provisions of the Lease as “Suite 1000”. Landlord and Tenant retroactively agree that from and after January 22, 2019, all references to “Suite
1000” in the Lease shall be deemed to mean “Suite 1050”; provided, however, that the physical location of the Premises shall not be deemed modified hereby. 

 

	 	1.2	 Commencement Date. Section 1.3.2 of the Lease is hereby amended and restated as the following:

 “1.3.2 “Commencement
Date”:                 June 1, 2019.” 
  

	 	1.3	 Abated Base Rent. The paragraph below the Base Rent schedule located in Section 1.4 of the Lease is
hereby amended and restated as the following: 

 “Notwithstanding the foregoing, Base Rent shall be abated, in the
amount of (i) $32,754.15 per month, for the first full calendar of the Term and (ii) $14,858.48 per month, for the second full calendar of the Term; provided, however, that if a Default (defined in Section 19.1) exists when
any such abatement would otherwise apply, such abatement shall be deferred until the date, if any, on which such Default is cured.” 
  

	 	1.4	 Work Letter. Section 5 of Exhibit B to the Lease is hereby amended and restated as the following:

  
 1 

 “5 COMPLETION. Tenant acknowledges and agrees that the Tenant Improvement Work
may be performed during Building HVAC Hours before or after the Commencement Date. Landlord and Tenant shall cooperate with each other in order to enable the Tenant Improvement Work to be performed in a timely manner and with as little inconvenience
to the operation of Tenant’s business as is reasonably possible. Notwithstanding any contrary provision of this Agreement, any delay in the completion of the Tenant Improvement Work or inconvenience suffered by Tenant during the performance of
the Tenant Improvement Work shall not delay the Commencement Date, nor shall it subject Landlord to any liability for any loss or damage resulting therefrom or entitle Tenant to any credit, abatement or adjustment of rent or other sums payable under
the Lease.” 
  

	 	1.5	 Temporary Space. The reference to “and expiring five (5) days after the Commencement Date (the
“Temporary Space Term”)” in Section 2 of Exhibit F to the Lease is hereby amended and restated as “and expiring on July 15, 2019 (the “Temporary Space Term”).” 

 

	2.	 Miscellaneous. 

 

	 	2.1	 This Amendment sets forth the entire agreement between the parties with respect to the matters set forth
herein. There have been no additional oral or written representations or agreements. Tenant shall not be entitled, in connection with entering into this Amendment, to any free rent, allowance, alteration, improvement or similar economic incentive to
which Tenant may have been entitled in connection with entering into the Lease, except as may be otherwise expressly provided in this Amendment. 

  

	 	2.2	 Except as herein modified or amended, the provisions, conditions and terms of the Lease shall remain unchanged
and in full force and effect. 

  

	 	2.3	 In the case of any inconsistency between the provisions of the Lease and this Amendment, the provisions of this
Amendment shall govern and control. 

  

	 	2.4	 Submission of this Amendment by Landlord is not an offer to enter into this Amendment but rather is a
solicitation for such an offer by Tenant. Landlord shall not be bound by this Amendment until Landlord has executed and delivered it to Tenant. 

  

	 	2.5	 Capitalized terms used but not defined in this Amendment shall have the meanings given in the Lease.

  

	 	2.6	 Tenant shall indemnify and hold Landlord, its trustees, members, principals, beneficiaries, partners, officers,
directors, employees, mortgagee(s) and agents, and the respective principals and members of any such agents harmless from all claims of any brokers claiming to have represented Tenant in connection with this Amendment. Landlord shall indemnify and
hold Tenant, its trustees, members, principals, beneficiaries, partners, officers, directors, employees, and agents, and the respective principals and members of any such agents harmless from all claims of any brokers claiming to have represented
Landlord in connection with this Amendment. Tenant acknowledges that any assistance rendered by any agent or employee of any affiliate of Landlord in connection with this Amendment has been made as an accommodation to Tenant solely in furtherance of
consummating the transaction on behalf of Landlord, and not as agent for Tenant. 

 SIGNATURES ON FOLLOWING PAGE

  
 2 

 IN WITNESS WHEREOF, Landlord and Tenant have duly executed this Amendment as of the
day and year first above written. 
  

							
	LANDLORD:
	
	HUDSON METRO CENTER, LLC, a Delaware limited liability company
		
	By:	 	Hudson Pacific Properties, L.P.,
		 	a Maryland limited partnership,
		 	its sole member
			
		 	By:	 	Hudson Pacific Properties, Inc.
		 		 	a Maryland corporation,
		 		 	its general partner
				
		 		 	By:	 	 /s/ Arthur X. Suazo

		 		 	Name: Arthur X. Suazo
		 		 	Title: Executive Vice President

  

			
	TENANT:
	
	MIRUM PHARMACEUTICALS, INC., a Delaware corporation
		
	By:	 	 /s/ Ian Clements

	Name: Ian Clements
	Title: SVP Finance

  
 3 

 SECOND AMENDMENT 

THIS SECOND AMENDMENT (this “Amendment”) is made and entered into as of November 22, 2019, by and between
HUDSON METRO CENTER, LLC, a Delaware limited liability company (“Landlord”), and MIRUM PHARMACEUTICALS, INC., a Delaware corporation (“Tenant”). 

RECITALS 
  

	A.	 Landlord and Tenant are parties to that certain lease dated January 22, 2019, as previously amended
by that certain First Amendment dated June 1, 2019 and as confirmed by that certain Confirmation Letter dated August 21, 2019 (as amended, the “Lease”). Pursuant to the Lease, Landlord has leased to Tenant space currently
containing approximately 5,599 rentable square feet (the “Existing Premises”) described as Suite 1050 on the 10th floor of the building commonly known as Metro Center Tower located at 950 Tower Lane, Foster City, California (the
“Building”). 

  

	B.	 The Lease will expire by its terms on May 31, 2023 (the “Existing Expiration
Date”), and the parties wish to extend the term of the Lease on the following terms and conditions. 

  

	C.	 The parties wish to expand the Premises (defined in the Lease) to include additional space, containing
approximately 5,555 rentable square feet described as Suite 1025 on the 10th floor of the Building and shown on Exhibit A attached hereto (the “Expansion Space”), on the following terms and conditions.

 NOW, THEREFORE, in consideration of the above recitals which by this reference are incorporated herein, the
mutual covenants and conditions contained herein and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant agree as follows: 

 

	1.	 Extension. The term of the Lease is hereby extended through March 31, 2025 (the
“Extended Expiration Date”). The portion of the term of the Lease beginning on the date immediately following the Existing Expiration Date (the “Extension Date”) and ending on the Extended Expiration Date shall be
referred to herein as the “Extended Term”. 

  

	2.	 Expansion. 

 

	 	2.1	 Effect of Expansion. Effective as of the Expansion Effective Date (defined in
Section 2.2 below), the Premises shall be increased from 5,599 rentable square feet on the 10th floor to 11,154 rentable square feet on the 10th floor by the addition of the Expansion Space, and, from and after the
Expansion Effective Date, the Existing Premises and the Expansion Space shall collectively be deemed the Premises. The term of the Lease for the Expansion Space (the “Expansion Term”) shall commence on the Expansion Effective Date
and, unless sooner terminated in accordance with the Lease, end on the Extended Expiration Date. From and after the Expansion Effective Date, the Expansion Space shall be subject to all the terms and conditions of the Lease except as provided
herein. Except as may be expressly provided herein, (a) Tenant shall not be entitled to receive, with respect to the Expansion Space, any allowance, free rent or other financial concession granted with respect to the Existing Premises, and
(b) no representation or warranty made by Landlord with respect to the Existing Premises shall apply to the Expansion Space. 

  

	 	2.2	 Expansion Effective Date. As used herein, “Expansion Effective Date” means the earlier
of (i) the first date on which Tenant conducts business in the Expansion Space, or (ii) the date on which the Tenant Improvement Work (defined in Exhibit B attached hereto) is Substantially
Complete (defined in Exhibit B attached hereto), which is anticipated to be April 1, 2020 (the “Target Expansion Effective Date”). The adjustment of the Expansion Effective Date and, accordingly, the postponement
of Tenant’s obligation to pay rent for the Expansion Space shall be Tenant’s sole remedy if the Tenant Improvement Work is not Substantially Complete on the Target Expansion Effective Date. If the Expansion Effective Date is delayed, the
Extended Expiration Date shall not be similarly extended. 

  

	 	2.3	 Confirmation Letter. At any time after the Expansion Effective Date, Landlord may deliver to Tenant a
notice substantially in the form of Exhibit C attached hereto, as a confirmation of the information set forth therein. Tenant shall execute and return (or, by written notice to Landlord, reasonably object to) such notice within five
(5) days after receiving it. 

  
 1 

	3.	 Base Rent. 

 

	 	3.1	 Existing Premises During Extended Term. With respect to the Existing Premises during the Extended Term,
the schedule of Base Rent shall be as follows: 

  

									
	 Period of Extended Term
	  	Annual Rate Per Square
Foot (rounded to the
nearest 100th of a dollar)	 	  	Monthly Base Rent	 
	 6/1/23 — 3/31/24
	  	$	80.04	 	  	$	37,345.33	 
	 4/1/24 — 3/31/25
	  	$	82.44	 	  	$	38,465.69	 

 All such Base Rent shall be payable by Tenant in accordance with the terms of the Lease, as amended. 

 

	 	3.2	 Expansion Space During Expansion Term. With respect to the Expansion Space during the Expansion Term,
the schedule of Base Rent shall be as follows: 

  

									
	 Period During Expansion Term
	  	Annual Rate Per Square
Foot (rounded to the
nearest 100th of a dollar)	 	  	Monthly Base Rent	 
	 Expansion Effective Date through last day of
12th full calendar month of Expansion Term
	  	$	73.20	 	  	$	33,885.50	 
	 13th through 24th full calendar months of Expansion Term
	  	$	75.40	 	  	$	34,902.07	 
	 25th through 36th full calendar months of Expansion Term
	  	$	77.66	 	  	$	35,949.13	 
	 37th through 48th full calendar months of Expansion Term
	  	$	79.99	 	  	$	37,027.60	 
	 49th full calendar month of Expansion Term through last day of Expansion Term
	  	$	82.39	 	  	$	38,138.43	 

 All such Base Rent shall be payable by Tenant in accordance with the terms of the Lease, as amended. 

Notwithstanding the foregoing, Base Rent for the Expansion Space shall be abated, in the amount of $33,885.50 per month, for the first two
(2) full calendar months of the Expansion Term; provided, however, that if a Default exists when any such abatement would otherwise apply, such abatement shall be deferred until the date, if any, on which such Default is cured. 

 

	4.	 Additional Security Deposit. Upon Tenant’s execution hereof, Tenant shall pay Landlord the
sum of $ 76,276.86, which shall be added to and become part of the Security Deposit held by Landlord pursuant to Sections 1.8 and 21 of the Lease. Accordingly, simultaneously with the execution hereof, the Security Deposit is hereby increased from
$71,582.68 to $147,859.54. 

  

	5.	 Tenant’s Share. With respect to the Expansion Space during the Expansion Term, Tenant’s
Share shall be 1.3555%. 

  

	6.	 Expenses and Taxes. 

 

	 	6.1	 Existing Premises During Extended Term. With respect to the Existing Premises during the Extended Term,
Tenant shall pay for Tenant’s Share of Expenses and Taxes in accordance with the terms of the Lease; provided, however, that, with respect to the Existing Premises during the Extended Term, the Base Year for Expenses and Taxes shall be as set
forth in Section 8.5 below. 

  

	 	6.2	 Expansion Space During Expansion Term. With respect to the Expansion Space during the Expansion Term,
Tenant shall pay for Tenant’s Share of Expenses and Taxes in accordance with the terms of the Lease; provided, however, that, with respect to the Expansion Space during the Expansion Term, the Base Year for Expenses and Taxes shall be 2020.

  
 2 

	7.	 Improvements to Existing Premises and Expansion Space. 

 

	 	7.1	 Configuration and Condition of Existing Premises and Expansion Space. Tenant acknowledges that it is in
possession of the Existing Premises and that it has inspected the Expansion Space, and agrees to accept each such space in its existing configuration and condition (or, in the case of the Expansion Space, in such other configuration and condition as
any existing tenant of the Expansion Space may cause to exist in accordance with its lease), without any representation by Landlord regarding its configuration or condition and without any obligation on the part of Landlord to perform or pay for any
alteration or improvement, except as may be otherwise expressly provided in this Amendment. 

  

	 	7.2	 Responsibility for Improvements to Existing Premises and Expansion Space. Landlord shall perform
improvements to the Existing Premises and the Expansion Space in accordance with Exhibit B attached hereto. 

  

	8.	 Other Pertinent Provisions. Landlord and Tenant agree that, effective as of the date of this
Amendment (unless different effective date(s) is/are specifically referenced in this Section), the Lease shall be amended in the following additional respects: 

 

	 	8.1	 Parking. Effective as of the Expansion Effective Date, Section 1.9 of the Lease is hereby amended
and restated as the following: 

  

			
	“1.9 Parking:	  	36 unreserved parking spaces, at the rate of $0.00 per space per month.”

  

	 	8.2	 Landlord’s Notice Address. The Landlord’s Notice Address set forth in Section 1.11 of the
Lease is hereby deleted in its entirety and is replaced with the following: 

 Hudson Metro Center, LLC 

c/o Hudson Pacific Properties 

333 Twin Dolphin Drive, Suite 100 

Redwood City, California 94065 

Attn: Building Manager 
 with
copies to: 
 Hudson Metro Center, LLC 

c/o Hudson Pacific Properties 

333 Twin Dolphin Drive, Suite 100 

Redwood City, California 94065 

Attn: Managing Counsel 

and 
 Hudson Metro Center,
LLC 
 c/o Hudson Pacific Properties 

11601 Wilshire Boulevard, Suite 900 

Los Angeles, California 90025 

Attn: Lease Administration 

Notwithstanding anything to the contrary contained in the Lease, as amended hereby, Rent shall be made payable to the entity, and sent to the
address, Landlord designates and shall be made by good and sufficient check or by other means acceptable to Landlord. 
  

	 	8.3	 California Civil Code Section 1938. Pursuant to California Civil Code § 1938,
Landlord hereby states that the Expansion Space have not undergone inspection by a Certified Access Specialist (CASp) (defined in California Civil Code § 55.52). 

Accordingly, pursuant to California Civil Code § 1938(e), Landlord hereby further states as follows: “A Certified Access Specialist
(CASp) can inspect the subject premises and determine whether the subject premises comply with all of the applicable construction-related accessibility standards under state law. Although state law does not require a CASp inspection of the subject
premises, the commercial property owner or lessor may not prohibit the lessee or tenant from obtaining a CASp inspection of the subject premises for the occupancy or potential occupancy of the lessee or tenant, if requested by the lessee or tenant.
The parties shall mutually agree on the arrangements for the time and manner of the CASp inspection, the payment of the fee for the CASp inspection, and the cost of making any repairs necessary to correct violations of construction-related
accessibility standards within the premises”. 

  
 3 

 In accordance with the foregoing, Landlord and Tenant agree that if Tenant requests a CASp
inspection of the Expansion Space, then Tenant shall pay (i) the fee for such inspection, and (ii) except as may be otherwise expressly provided in this Amendment, the cost of making any repairs necessary to correct violations of
construction-related accessibility standards within the Expansion Space. 
  

	 	8.4	 Deletion. Section 3 (entitled “Extension Option”) of Exhibit F to the Lease is of no
further force and effect. 

  

	 	8.5	 Base Year Adjustment. Effective as of the date hereof, the references to “Calendar year 2019”
in Section 1.5 of the Lease are hereby amended and restated as “Calendar year 2020”. 

  

	9.	 Second Extension Option. 

 

	 	9.1	 Grant of Option; Conditions. Tenant shall have the right (the “Second Extension
Option”) to extend the Extended Term for one (1) additional period of five (5) years beginning on the day immediately following the Extended Expiration Date and ending on the fifth anniversary of such date (the “Second
Extension Term”), if: 

  

	 	(a)	 not less than 9 and not more than 12 full calendar months before the Extended Expiration Date, Tenant delivers
written notice to Landlord (for purposes of this Section 9, the “Extension Notice”) electing to exercise the Second Extension Option; 

 

	 	(b)	 no Default exists when Tenant delivers the Extension Notice; 

 

	 	(c)	 no part of the Premises is sublet when Tenant delivers the Extension Notice; and 

 

	 	(d)	 the Lease, as amended, has not been assigned before Tenant delivers the Extension Notice.

  

	 	9.2	 Terms Applicable to Second Extension Term. 

 

	 	A.	 During the Second Extension Term, (a) the Base Rent rate per rentable square foot shall be equal to the
Prevailing Market rate per rentable square foot; (b) Base Rent shall increase, if at all, in accordance with the increases assumed in the determination of Prevailing Market rate; and (c) Base Rent shall be payable in monthly installments
in accordance with the terms and conditions of the Lease, as amended. 

  

	 	B.	 During the Second Extension Term Tenant shall pay Tenant’s Share of Expenses and Taxes for the Premises in
accordance with the Lease, as amended. 

  

	 	9.3	 Procedure for Determining Prevailing Market. 

 

	 	A.	 Initial Procedure. Within 30 days after receiving the Extension Notice, Landlord shall give Tenant
written notice of Landlord’s estimate of the Prevailing Market rate for the Second Extension Term (for purposes of this Section 9, “Landlord’s Estimate”). Within 30 days of receiving
Landlord’s Estimate, Tenant shall give Landlord either (i) written notice (for purposes of this Section 9, “Tenant’s Binding Notice”) accepting Landlord’s Estimate, or (ii) written
notice (for purposes of this Section 9, “Tenant’s Rejection Notice”) rejecting such estimate and stating Tenant’s estimate of the Prevailing Market rate for the Second Extension Term. If Tenant
gives Landlord a Tenant’s Rejection Notice, Landlord, within 15 days thereafter, shall give Tenant either (i) written notice (for purposes of this Section 9 “Landlord’s Binding Notice”)
accepting Tenant’s estimate of the Prevailing Market rate for the Second Extension Term stated in Tenant’s Rejection Notice, or (ii) written notice (for purposes of this Section 9, “Landlord’s
Rejection Notice”) rejecting such estimate. If Landlord gives Tenant a Landlord’s Rejection Notice, Landlord and Tenant shall work together in good faith to agree in writing upon the Prevailing Market rate for the Second Extension
Term. If, within 30 days after delivery of a Landlord’s Rejection Notice, the parties fail to agree in writing upon the Prevailing Market rate, the provisions of Section 9.3.B below shall apply. 

  
 4 

	 	B.	 Dispute Resolution Procedure. 

 

	 	1.	 If, within 30 days after delivery of a Landlord’s Rejection Notice, the parties fail to agree in writing
upon the Prevailing Market rate, Landlord and Tenant, within five (5) days thereafter, shall each simultaneously submit to the other, in a sealed envelope, its good faith estimate of the Prevailing Market rate for the Second Extension Term (for
purposes of this Section 9, collectively, the “Estimates”). Within seven (7) days after the exchange of Estimates, Landlord and Tenant shall each select a broker or agent (for purposes of this
Section 9 an “Agent”) to determine which of the two Estimates most closely reflects the Prevailing Market rate for the Second Extension Term. Each Agent so selected shall be licensed as a real estate broker
or agent and in good standing with the California Department of Real Estate, and shall have had at least five (5) years’ experience within the previous 10 years as a commercial real estate broker or agent working in Foster City,
California, with working knowledge of current rental rates and leasing practices relating to buildings similar to the Building. 

  

	 	2.	 If each party selects an Agent in accordance with Section 9.3.B.1 above, the parties
shall cause their respective Agents to work together in good faith to agree upon which of the two Estimates most closely reflects the Prevailing Market rate for the Second Extension Term. The Estimate, if any, so agreed upon by such Agents shall be
final and binding on both parties as the Prevailing Market rate for the Second Extension Term and may be entered in a court of competent jurisdiction. If the Agents fail to reach such agreement within 20 days after their selection, then, within 10
days after the expiration of such 20-day period, the parties shall instruct the Agents to select a third Agent meeting the above criteria (and if the Agents fail to agree upon such third Agent within 10 days
after being so instructed, either party may cause a court of competent jurisdiction to select such third Agent). Promptly upon selection of such third Agent, the parties shall instruct such Agent (or, if only one of the parties has selected an Agent
within the 7-day period described above, then promptly after the expiration of such 7-day period the parties shall instruct such Agent) to determine, as soon as
practicable but in any case within 14 days after his selection, which of the two Estimates most closely reflects the Prevailing Market rate. Such determination by such Agent (for purposes of this Section 9, the
“Final Agent”) shall be final and binding on both parties as the Prevailing Market rate for the Second Extension Term and may be entered in a court of competent jurisdiction. If the Final Agent believes that expert advice would
materially assist him, he may retain one or more qualified persons to provide such expert advice. The parties shall share equally in the costs of the Final Agent and of any experts retained by the Final Agent. Any fees of any other broker, agent,
counsel or expert engaged by Landlord or Tenant shall be borne by the party retaining such broker, agent, counsel or expert. 

  

	 	C.	 Adjustment. If the Prevailing Market rate has not been determined by the commencement date of the Second
Extension Term, Tenant shall pay Base Rent for the Second Extension Term upon the terms and conditions in effect during the last month ending on or before the expiration date of the Lease until such time as the Prevailing Market rate has been
determined. Upon such determination, the Base Rent for the Second Extension Term shall be retroactively adjusted. If such adjustment results in an under- or overpayment of Base Rent by Tenant, Tenant shall pay Landlord the amount of such
underpayment, or receive a credit in the amount of such overpayment, with or against the next Base Rent due under the Lease, as amended. 

  

	 	9.4	 Extension Amendment. If Tenant is entitled to and properly exercises its Second Extension Option, and if
the Prevailing Market rate for the Second Extension Term is determined in accordance with Section 9.3 above, Landlord, within a reasonable time thereafter, shall prepare and deliver to Tenant an amendment (for purposes of
this Section 9, the “Extension Amendment”) reflecting changes in the Base Rent, the term of the Lease, the expiration date of the Lease, and other appropriate terms in accordance with this
Section 9, and Tenant shall execute and return (or provide Landlord with reasonable objections to) the Extension Amendment within 15 days after receiving it. Notwithstanding the foregoing, upon determination of the
Prevailing Market rate for the Second Extension Term in accordance with Section 9.3 above, an otherwise valid exercise of the Second Extension Option shall be fully effective whether or not the Extension Amendment is
executed. 

  
 5 

	 	9.5	 Definition of Prevailing Market. For purposes of this Second Extension Option, “Prevailing
Market” shall mean the arms-length, fair-market, annual rental rate per rentable square foot under extension and renewal leases and amendments entered into on or about the date on which the Prevailing Market is being determined hereunder
for space comparable to the Premises in the Building and office buildings comparable to the Building in the Foster City, California area. The determination of Prevailing Market shall take into account (i) any material economic differences
between the terms of the Lease, as amended, and any comparison lease or amendment, such as rent abatements, construction costs and other concessions, and the manner, if any, in which the landlord under any such lease is reimbursed for operating
expenses and taxes; (ii) any material differences in configuration or condition between the Premises and any comparison space, including any cost that would have to be incurred in order to make the configuration or condition of the comparison
space similar to that of the Premises; and (iii) any reasonably anticipated changes in the Prevailing Market rate from the time such Prevailing Market rate is being determined and the time such Prevailing Market rate will become effective under
the Lease, as amended. 

  

	 	9.6	 Intentionally Omitted. 

 

	10.	 Miscellaneous. 

 

	 	10.1	 This Amendment and the attached exhibits, which are hereby incorporated into and made a part of this Amendment,
set forth the entire agreement between the parties with respect to the matters set forth herein. There have been no additional oral or written representations or agreements. Tenant shall not be entitled, in connection with entering into this
Amendment, to any free rent, allowance, alteration, improvement or similar economic incentive to which Tenant may have been entitled in connection with entering into the Lease, except as may be otherwise expressly provided in this Amendment.

  

	 	10.2	 Except as herein modified or amended, the provisions, conditions and terms of the Lease shall remain unchanged
and in full force and effect. 

  

	 	10.3	 In the case of any inconsistency between the provisions of the Lease and this Amendment, the provisions of this
Amendment shall govern and control. 

  

	 	10.4	 Submission of this Amendment by Landlord is not an offer to enter into this Amendment but rather is a
solicitation for such an offer by Tenant. Landlord shall not be bound by this Amendment until Landlord has executed and delivered it to Tenant. 

  

	 	10.5	 Capitalized terms used but not defined in this Amendment shall have the meanings given in the Lease.

  

	 	10.6	 Tenant shall indemnify and hold Landlord, its trustees, members, principals, beneficiaries, partners, officers,
directors, employees, mortgagee(s) and agents, and the respective principals and members of any such agents harmless from all claims of any brokers (other than Jones Lang LaSalle) claiming to have represented Tenant in connection with this
Amendment. Landlord shall indemnify and hold Tenant, its trustees, members, principals, beneficiaries, partners, officers, directors, employees, and agents, and the respective principals and members of any such agents harmless from all claims of any
brokers claiming to have represented Landlord in connection with this Amendment. Tenant acknowledges that any assistance rendered by any agent or employee of any affiliate of Landlord in connection with this Amendment has been made as an
accommodation to Tenant solely in furtherance of consummating the transaction on behalf of Landlord, and not as agent for Tenant. 

  
 6 

 IN WITNESS WHEREOF, Landlord and Tenant have duly executed this Amendment as of the
day and year first above written. 
  

							
	LANDLORD:
	
	HUDSON METRO CENTER, LLC, a Delaware limited liability company
		
	By:	 	Hudson Pacific Properties, L.P.,
		 	 a Maryland limited partnership,
 its
sole member

			
		 	By:	 	Hudson Pacific Properties, L.P.,
		 		 	 a Maryland limited partnership,
 its
general partner

				
		 		 	By:	 	 /s/Arthur X. Suazo

		 		 	Name: Arthur X. Suazo
		 		 	Title: Executive Vice President

  

			
	TENANT:
	
	MIRUM PHARMACEUTICALS, INC., a Delaware corporation
		
	By:	 	 /s/ Chris Peetz

	Name: Chris Peetz
	Title: CEO

  
 7 

 EXHIBIT A 

OUTLINE AND LOCATION OF EXPANSION SPACE 
  

 

  
 1 

 EXHIBIT B 

EXPANSION WORK LETTER 

As used in this Exhibit B (this “Expansion Work Letter”), the following terms shall have the following
meanings: 
  

	 	(i)	 “Premises” means the Existing Premises and the Expansion Space; 

 

	 	(ii)	 For purposes of this Exhibit B “Tenant Improvements” means all improvements to
be constructed in the Premises pursuant to this Expansion Work Letter; 

  

	 	(iii)	 For purposes of this Exhibit B “Tenant Improvement Work” means the construction
of the Tenant Improvements, together with any related work (including demolition) that is necessary to construct the Tenant Improvements; and 

  

	 	(iv)	 “Agreement” means the amendment of which this Expansion Work Letter is a part.

 1. COST OF TENANT IMPROVEMENT WORK. Except as provided in Sections 2.7.4 and 3.2.2.B below, the Tenant
Improvement Work shall be performed at Landlord’s expense. 
 2. ARCHITECTURAL PLANS. 

2.1 Selection of Architect. Landlord shall retain the architect/space planner of Landlord’s choice (the
“Architect”) to prepare the Architectural Drawings (defined in Section 2.5 below). 
 2.2
[Intentionally Omitted.] 
 2.3 Approved Space Plan. Landlord and Tenant acknowledge that they have approved the space plan for
the Premises dated November 12, 2019 prepared by ID/Architecture (for purposes of this Exhibit B, the “Approved. Space Plan”). All materials and finishes contemplated by the Approved Space Plan shall be deemed to
be Building-standard unless otherwise expressly provided therein. 
 2.4 Additional Programming Information. Tenant shall
deliver to Landlord, in writing, all information (including all interior and special finishes) that, when combined with the Approved Space Plan, will be sufficient to complete the Architectural Drawings, together with all information (including all
electrical requirements, telephone requirements, special HVAC requirements, and plumbing requirements) that, when combined with the Approved Space Plan, will be sufficient to complete the Engineering Drawings (defined in
Section 3.2.1 below) (for purposes of this Exhibit B, collectively, the “Additional Programming Information”). The Additional Programming Information shall not increase the cost of the Tenant
Improvement Work (as reasonably estimated by Landlord) and shall be (a) consistent with the Approved Space Plan, (b) consistent with Landlord’s requirements for avoiding aesthetic, engineering or other conflicts with the design and
function of the balance of the Building (for purposes of this Exhibit B collectively, the “Landlord Requirements”), and (c) otherwise subject to Landlord’s reasonable approval. Landlord shall provide Tenant
with notice approving or reasonably disapproving the Additional Programming Information within five (5) business days after the later of Landlord’s receipt thereof or the mutual execution and delivery of this Agreement. If Landlord
disapproves the Additional Programming Information, Landlord’s notice of disapproval shall describe with reasonable specificity the basis for such disapproval and Tenant shall modify the Additional Programming Information and resubmit it for
Landlord’s approval. Such procedure shall be repeated as necessary until Landlord has approved the Additional Programming Information. Such approved Additional Programming Information shall be referred to herein as the “Approved
Additional Programming Information.” If requested by Tenant, Landlord, in its sole and absolute discretion, may assist Tenant, or cause the Architect and/or other contractors or consultants of Landlord to assist Tenant, in preparing all or
a portion of the Additional Programming Information; provided, however, that, whether or not the Additional Programming Information is prepared with such assistance, Tenant shall be solely responsible for the timely preparation and delivery of the
Additional Programming Information and for all elements thereof. 
 2.5 Architectural Drawings. After approving the Additional
Programming Information, Landlord shall cause the Architect to prepare and deliver to Tenant the final architectural (and, if applicable, structural) working drawings for the Tenant Improvement Work that are in a form that (a) when combined
with any Approved Additional Programming Information that is not expressly incorporated into such working drawings, will be sufficient to enable the Contractor (defined in Section 3.1 below) and its subcontractors to bid on the Tenant
Improvement Work, and (b) when combined with any Engineering Drawings that satisfy the Engineering Requirements (defined in Section 3.2.1 below), will be sufficient to obtain the Permits (defined in
Section 3.3 below) (for purposes of this Exhibit B, the “Architectural Drawings”). The Architectural Drawings shall conform to the Approved Space Plan and the Approved Additional Programming
Information. The Architect’s preparation and delivery of the Architectural 

  
 1 

 
Drawings shall occur within 15 business days after the later of Landlord’s approval of the Additional Programming Information or the mutual execution and delivery of this Agreement. Tenant
shall approve or disapprove the Architectural Drawings by notice to Landlord. If Tenant disapproves the Architectural Drawings, Tenant’s notice of disapproval shall specify any revisions Tenant desires in the Architectural Drawings. After
receiving such notice of disapproval, Landlord shall cause the Architect to revise the Architectural Drawings and resubmit them to Tenant, taking into account the reasons for Tenant’s disapproval; provided, however, that Landlord shall not be
required to cause the Architect to make any revision to the Architectural Drawings that (a) would increase the cost of the Tenant Improvement Work (as reasonably estimated by Landlord), (b) conflicts with the Approved Space Plan or the Landlord
Requirements, or (c) is otherwise reasonably disapproved by Landlord. Such revision and resubmission shall occur within five (5) business days after the later of Landlord’s receipt of Tenant’s notice of disapproval or the mutual
execution and delivery of this Agreement if such revision is not material, and within such longer period of time as may be reasonably necessary (but not more than 15 business days after the later of such receipt or such mutual execution and
delivery) if such revision is material. Such procedure shall be repeated as necessary until Tenant has approved the Architectural Drawings. Such approved Architectural Drawings shall be referred to herein as the “Approved Architectural
Drawings.” 
 2.6 [Intentionally Omitted.] 

2.7 Revisions to Approved Architectural Drawings, Approved Additional Programming Information, or Approved Space Plan. 

2.7.1 Approved Architectural Drawings. If Tenant requests any revision to the Approved Architectural Drawings, Landlord shall provide
Tenant with notice approving or reasonably disapproving such revision, and, if Landlord approves such revision, Landlord shall have such revision made and delivered to Tenant, together with notice of any resulting change in the estimated total cost
associated with the Tenant Improvement Work, within 10 business days after the later of Landlord’s receipt of such request or the mutual execution and delivery of this Agreement if such revision is not material, and within such longer period of
time as may be reasonably necessary (but not more than 15 business days after the later of such receipt or such execution and delivery) if such revision is material, whereupon Tenant, within one (1) business day, shall notify Landlord whether
it desires to proceed with such revision. If Landlord has begun performing the Tenant Improvement Work, then, in the absence of such authorization, Landlord shall have the option to continue such performance disregarding such revision. Landlord
shall not revise the Approved Architectural Drawings without Tenant’s consent, which shall not be unreasonably withheld or conditioned. Tenant shall approve, or reasonably disapprove (and state, with reasonable specificity, its reasons for
disapproving), any revision to the Approved Architectural Drawings within two (2) business days after receiving Landlord’s request for approval thereof. For purposes hereof, any change order affecting the Approved Architectural Drawings
shall be deemed a revision to the Approved Architectural Drawings. 
 2.7.2 Approved Additional Programming Information. If Tenant
requests Landlord’s approval of any revision to the Approved Additional Programming Information, Landlord shall provide Tenant with notice approving or reasonably disapproving such revision, together with notice of any resulting change in the
estimated total cost associated with the Tenant Improvement Work, within five (5) business days after the later of Landlord’s receipt of such request or the mutual execution and delivery of this Agreement, whereupon Tenant, within one
(1) business day, shall notify Landlord whether it desires to proceed with such revision. If Landlord has begun performing the Tenant Improvement Work, then, in the absence of such authorization, Landlord shall have the option to continue such
performance disregarding such revision. Landlord shall not revise the Approved Additional Programming Information without Tenant’s consent, which shall not be unreasonably withheld or conditioned. Tenant shall approve, or reasonably disapprove
(and state, with reasonable specificity, its reasons for disapproving), any revision to the Approved Additional Programming Information within two (2) business days after receiving Landlord’s request for approval thereof. 

2.7.3 Approved Space Plan. If Tenant requests Landlord’s approval of any revision to the Approved Space Plan, Landlord shall
provide Tenant with notice approving or reasonably disapproving such revision, together with notice of any resulting change in the estimated total cost associated with the Tenant Improvement Work, within five (5) business days after the later
of Landlord’s receipt of such request or the mutual execution and delivery of this Agreement, whereupon Tenant, within one (1) business day, shall notify Landlord whether it desires to proceed with such revision. If Landlord has begun
performing the Tenant Improvement Work, then, in the absence of such authorization, Landlord shall have the option to continue such performance disregarding such revision. Landlord shall not revise the Approved Space Plan without Tenant’s
consent, which shall not be unreasonably withheld or conditioned. Tenant shall approve, or reasonably disapprove (and state, with reasonable specificity, its reasons for disapproving), any revision to the Approved Space Plan within two
(2) business days after receiving Landlord’s request for approval thereof. 

  
 2 

 2.7.4 Costs of Revisions. Tenant shall reimburse Landlord, immediately upon demand,
for any increase in the total cost associated with the Tenant Improvement Work that results from any revision to the Approved Architectural Drawings requested by Tenant, any revision to the Approved Additional Programming Information made by Tenant,
or any revision to the Approved Space Plan requested or made by Tenant, including, in each case, any cost of preparing or reviewing such revision. 

2.8 Tenant’s Approval Deadline. Tenant shall approve the Architectural Drawings pursuant to
Section 2.5 above on or before Tenant’s Approval Deadline (defined below). As used in this Expansion Work Letter, “Tenant’s Approval Deadline” means the date occurring 35 business days after the
mutual execution and delivery of this Agreement; provided, however, that Tenant’s Approval Deadline shall be extended by one (1) day for each day, if any, by which Tenant’s approval of the Architectural Drawings pursuant to
Section 2.5 above is delayed by any failure of Landlord to perform its obligations under this Section 2. 

3. CONSTRUCTION. 
 3.1
Contractor. Landlord shall retain a contractor of its choice (for purposes of this Exhibit B the “Contractor”) to perform the Tenant Improvement Work. In addition, Landlord may select and/or approve of
any subcontractors, mechanics and materialmen used in connection with the performance of the Tenant Improvement Work. 
 3.2
Engineering Drawings. 
 3.2.1 Preparation. Landlord shall cause the engineering working drawings for the mechanical,
electrical, plumbing, fire-alarm and fire sprinkler work in the Premises (for purposes of this Exhibit B the “Engineering Drawings”) to (a) be prepared by one or more of the Architect, the Contractor, and/or
engineers or other consultants selected and/or retained by the Architect, the Contractor or Landlord, and (b) conform to the Approved Space Plan, the Approved Additional Programming Information, the first sentence of
Section 4 below, and any then-existing Approved Architectural Drawings (for purposes of this Exhibit B collectively, the “Engineering Requirements”). 

3.2.2 Design Build. Except as provided in Section 3.2.3 below: 

A. Delivery and Approval. The Engineering Drawings shall be delivered to Tenant within 15 business days after the later of
Tenant’s approval of the Architectural Drawings pursuant to Section 2.5 above or the mutual execution and delivery of this Agreement. Tenant shall approve, or reasonably disapprove (and state, with reasonable
specificity, its reasons for disapproving), the Engineering Drawings within two (2) business days after the latest of (a) Tenant’s receipt of the Engineering Drawings, (b) Tenant’s approval of the Architectural Drawings, or
(c) the mutual execution and delivery of this Agreement. After receiving any such notice of reasonable disapproval, Landlord shall cause the Contractor to revise the Engineering Drawings and resubmit them to Tenant, taking into account the
reasons for Tenant’s disapproval; provided, however, that Landlord shall not be required to make any revision to the Engineering Drawings that conflicts with the Engineering Requirements or the Landlord Requirements or is otherwise reasonably
disapproved by Landlord. Such procedure shall be repeated as necessary until Tenant has reasonably approved the Engineering Drawings. Such approved Engineering Drawings shall be referred to herein as the “Approved Engineering
Drawings”. 
 B. Revisions. If Tenant requests any revision to the Approved Engineering Drawings, Landlord shall provide
Tenant with notice approving or reasonably disapproving such revision, and, if Landlord approves such revision, Landlord shall have such revision made and delivered to Tenant, together with notice of any resulting change in the estimated total cost
associated with the Tenant Improvement Work, within five (5) business days after the later of Landlord’s receipt of such request or the mutual execution and delivery of this Agreement if such revision is not material, and within such
longer period of time as may be reasonably necessary (but not more than 10 business days after the later of such receipt or such execution and delivery) if such revision is material, whereupon Tenant, within one (1) business day, shall notify
Landlord whether it desires to proceed with such revision. If Landlord has begun performing the Tenant Improvement Work, then, in the absence of such authorization, Landlord shall have the option to continue such performance disregarding such
revision. Landlord shall not revise the Approved Engineering Drawings without Tenant’s consent, which shall not be unreasonably withheld or conditioned. Tenant shall approve, or reasonably disapprove (and state, with reasonable specificity, its
reasons for disapproving), any revision to the Approved Engineering Drawings within two (2) business days after receiving Landlord’s request for approval thereof. Any change order affecting the Approved Engineering Drawings shall be deemed
a revision to the Approved Engineering Drawings. Tenant shall reimburse Landlord, immediately upon demand, for any increase in the total cost associated with the Tenant Improvement Work that results from any revision to the Approved Engineering
Drawings requested by Tenant, including the cost of preparing such revision. 

  
 3 

 3.2.3 Design Bid Build. If Landlord, at its option, causes the Engineering Drawings
to be delivered to Tenant on or before the date on which the Architectural Drawings are first delivered to Tenant pursuant to Section 2.5 above, then (a) Section 3.2.2 above
shall not apply; (b) Tenant’s review and approval of, and any revisions to, the Engineering Drawings shall be governed by Sections 2.5 and 2.7 above as if the Engineering Drawings were part of the Architectural Drawings; and
(c) the Engineering Drawings, as approved by Tenant pursuant to Section 2.5 above, shall be referred to herein as the “Approved Engineering Drawings”. 

3.3 Permits. Landlord shall cause the Contractor to submit the Approved Architectural Drawings and the Approved Engineering
Drawings (for purposes of this Exhibit B collectively, the “Approved Construction Drawings”) to the appropriate municipal authorities and otherwise apply for and obtain from such authorities all permits necessary for
the Contractor to complete the Tenant Improvement Work (the “Permits”). 
 3.4 Construction. 

3.4.1 Performance of Tenant Improvement Work. Landlord shall cause the Contractor to perform the Tenant Improvement Work in accordance
with the Approved Construction Drawings. 
 3.4.2 Contractor’s Warranties. Tenant waives all claims against Landlord relating to
any defects in the Tenant Improvements; provided, however, that if, within 30 days after substantial completion of the Tenant Improvement Work, Tenant provides notice to Landlord of any non-latent defect in
the Tenant Improvements, or if, within 11 months after substantial completion of the Tenant Improvement Work, Tenant provides notice to Landlord of any latent defect in the Tenant Improvements, then Landlord shall promptly cause such defect to be
corrected. 
 4. COMPLIANCE WITH LAW; SUITABILITY FOR TENANT’S USE. Landlord shall (a) cause the Architectural Drawings and the
Engineering Drawings, other than any Tenant Revision (defined below), to comply with Law, and (b) cause the Architect or the Contractor, as applicable, to use the Required Level of Care (defined below) to cause any Tenant Revision to comply
with Law; provided, however, that Landlord shall not be responsible for any violation of Law resulting from (a) any particular use of the Premises (as distinguished from general office use), or (b) any failure of the Approved Additional
Programming Information to comply with Law. As used herein, “Tenant Revision” means any revision to the Approved Space Plan or the Approved Construction Drawings made or requested by Tenant. As used herein, “Required Level
of Care” means the level of care that reputable architects and engineers customarily use to cause architectural and engineering plans, drawings and specifications to comply with Law where such plans, drawings and specifications are prepared
for spaces in buildings comparable in quality to the Building. Except as provided above in this Section 4, Tenant shall be responsible for ensuring that the Approved Space Plan, the Additional Programming Information, the Architectural Drawings
and the Engineering Drawings (for purposes of this Exhibit B collectively, the “Plans”) are suitable for Tenant’s use of the Premises and comply with Law, and neither the preparation of the Plans by
Landlord’s consultants nor Landlord’s approval of the Plans shall relieve Tenant from such responsibility. To the extent that either party (for purposes of this Exhibit B the “Responsible Party”) is
responsible under this Section 4 for causing the Plans to comply with Law, the Responsible Party may contest any alleged violation of Law in good faith, including by seeking a waiver or deferment of compliance, asserting any defense allowed by
Law, and exercising any right of appeal (provided that the other party incurs no liability as a result of such contest and that, after completing such contest, the Responsible Party makes any modification to the Plans or any alteration to the
Premises that is necessary to comply with any final order or judgment). 
 5. COMPLETION. 

5.1 Substantial Completion. For purposes of Section 2.2 of this Agreement, and subject to
Section 5.2 below, the Tenant Improvement Work in the Expansion Space shall be deemed to be “Substantially Complete” upon the completion of the Tenant Improvement Work in the Expansion Space pursuant to the
Approved Construction Drawings (as reasonably determined by Landlord), with the exception of any details of construction, mechanical adjustment or any other similar matter the non-completion of which does not
materially interfere with Tenant’s use of the Expansion Space. 
 5.2 Tenant Cooperation; Tenant Delay. Tenant shall use
reasonable efforts to cooperate with Landlord, the Architect, the Contractor, and Landlord’s other consultants to complete all phases of the Plans, obtain the Permits and complete the Tenant Improvement Work in the Expansion Space as soon as
possible, and Tenant shall meet with Landlord, in accordance with a schedule determined by Landlord, to discuss the parties’ progress. Without limiting the foregoing, if (i) the Tenant Improvements in the Expansion Space include the
installation of electrical connections for furniture stations to be installed by Tenant, and (ii) any electrical or other portions of such furniture stations must be installed in order for Landlord to obtain any governmental approval required
for occupancy of the Expansion Space, then (x) Tenant, upon five (5) business days’ notice from Landlord, shall promptly install such portions of such 

  
 4 

 
furniture stations in accordance with Sections 7.2 and 7.3 of the Lease, and (y) during the period of Tenant’s entry into the Expansion Space for the purpose of performing
such installation, all of Tenant’s obligations under this Agreement relating to the Expansion Space shall apply, except for the obligation to pay Monthly Rent. In addition, without limiting the foregoing, if the Substantial Completion of the
Tenant Improvement Work in the Expansion Space is delayed (for purposes of this Exhibit B, a “Tenant Delay”) as a result of (a) any failure of Tenant to approve the Architectural Drawings pursuant to
Section 2.5 above on or before Tenant’s Approval Deadline; (b) any failure of Tenant to timely approve the Engineering Drawings, pursuant to Section 3.2.2.A above, for any reason other
than their failure to satisfy the Engineering Requirements; (c) any failure of Tenant to timely approve any other matter requiring Tenant’s approval; (d) any breach by Tenant of this Expansion Work Letter or this Agreement;
(e) any request by Tenant for any revision to, or for Landlord’s approval of any revision to, any portion of the Plans that has previously been approved by both parties (except to the extent that such delay results from a breach by
Landlord of its obligations under Section 2.7 or 3.2.2.B above); (f) [Intentionally Omitted]; (g) [Intentionally Omitted]; or (h) any other act or omission of Tenant or any of its agents, employees or
representatives, then, notwithstanding any contrary provision of this Agreement, and regardless of when the Tenant Improvement Work in the Expansion Space is actually Substantially Completed, the Tenant Improvement Work in the Expansion Space shall
be deemed to be Substantially Completed on the date on which the Tenant Improvement Work in the Expansion Space would have been Substantially Completed if no such Tenant Delay had occurred. Notwithstanding the foregoing, Landlord shall not be
required to tender possession of the Expansion Space to Tenant before the Tenant Improvement Work in the Expansion Space has been Substantially Completed, as determined without giving effect to the preceding sentence. Notwithstanding the foregoing,
if Landlord fails to notify Tenant of any Tenant Delay within one (1) day after the date Landlord knew of such Tenant Delay, Tenant shall not be responsible for any such Tenant Delay with respect to the period of time commencing two
(2) days after the date when Landlord knew that such Tenant Delay existed and ending on the date that Landlord notified Tenant of such Tenant Delay. Notwithstanding Section 25.1 of the Lease, Landlord’s notice to
Tenant of any Tenant Delay may be given orally, by e-mail, or by any other method. 
 5.3
Existing Premises. Tenant acknowledges and agrees that the Tenant Improvement Work in the Existing Premises may be performed during Building HVAC Hours before or after the Expansion Effective Date. Landlord and Tenant shall cooperate
with each other in order to enable the Tenant Improvement Work in the Existing Premises to be performed in a timely manner and with as little inconvenience to the operation of Tenant’s business as is reasonably possible. Notwithstanding any
contrary provision of this Agreement, any delay in the completion of the Tenant Improvement Work in the Existing Premises or inconvenience suffered by Tenant during the performance of the Tenant Improvement Work in the Existing Premises shall not
delay the Expansion Effective Date, nor shall it subject Landlord to any liability for any loss or damage resulting therefrom or entitle Tenant to any credit, abatement or adjustment of rent or other sums payable under the Lease. 

6. MISCELLANEOUS. Notwithstanding any contrary provision of this Agreement, if Tenant Defaults under this Agreement before the Tenant Improvement
Work is completed, Landlord’s obligations under this Expansion Work Letter shall be excused until such Default is cured and Tenant shall be responsible for any resulting delay in the completion of the Tenant Improvement Work. This Expansion
Work Letter shall not apply to any space other than the Premises. 

  
 5 

 EXHIBIT C 

NOTICE OF LEASE TERM DATES 

                        ,
20          
  

			
	To:	 	  

		 	  

		 	  

		 	  

  

	Re:	 Second Amendment (the “Amendment”), dated
            , 20         to a lease agreement dated January 22, 2019, between HUDSON METRO CENTER, LLC, a Delaware limited
liability company (“Landlord”), and MIRUM PHARMACEUTICALS, INC., a Delaware corporation (“Tenant”), concerning Suite 1025 on the 10th floor of the building located at 950 Tower Lane, Foster City, California (the
“Expansion Space”). 

 Dear
                    : 
 In
accordance with the Amendment, Tenant accepts possession of the Expansion Space and confirms that (a) the Expansion Effective Date is___________, 20__ and (b) the Extended Expiration Date is March 31, 2025. 

Please acknowledge the foregoing by signing all three (3) counterparts of this letter in the space provided below and returning two
(2) fully executed counterparts to my attention. Please note that, under Section 2.3 of the Amendment, Tenant is required to execute and return (or reasonably object in writing to) this letter within five (5) days after receiving it.

  

							
	“Landlord”:
	
	HUDSON METRO CENTER, LLC, a Delaware limited liability company
		
	By:	 	Hudson Pacific Properties, L.P., a Maryland limited partnership, its sole member
			
		 	By:	 	Hudson Pacific Properties, Inc., a Maryland corporation, its general partner
				
		 		 	By:	 	      

		 		 	Name:	 	      

		 		 	Title:	 	      

 Agreed and Accepted as 

of                    ,
20        . 
  

			
	“Tenant”:
	
	MIRUM PHARMACEUTICALS, INC., a
	
	Delaware corporation

			
		
	By:	 	  

	Name:	 	  

	Title:Exhibit 10.22

   

  Execution Version

   

  FIFTH AMENDED AND RESTATED INVENTORY FINANCING AGREEMENT

   

  This Fifth Amended and Restated Inventory Financing Agreement (as from time to time amended, restated,
    amended and restated, supplemented or otherwise modified, and together with any Transaction Statements, as hereinafter defined, this “Agreement”), dated as of November 26, 2019, is among the persons listed in the section of this Agreement
    entitled “List of Dealers” (each, individually, a “Dealer” and collectively, the “Dealers”), Wells Fargo Commercial Distribution Finance, LLC (in its individual capacity, “CDF”) as Agent (CDF, in such capacity
    as agent, is herein referred to as “Agent”) for the several financial institutions that may from time to time become party to this Agreement (collectively, the “Lenders” and individually each a “Lender”) and
    for itself as a Lender, and such Lenders.

   

  RECITALS

   

  (a)        Dealers, Agent and Lenders entered into that certain Fourth Amended and Restated Inventory
    Financing Agreement, dated as of June 14, 2018, as modified and amended from time to time, along with all addendums thereto, all Transaction Statements, as defined therein, and all program letters, and all other documents, instruments and agreements of
    every type or nature issued under, in connection with, or pursuant to such Fourth Amended and Restated Inventory Financing Agreement (collectively the “Existing IFA”).

   

  (b)        Dealers, Agent and Lenders desire to enter into this Agreement to amend and restate the Existing
    IFA and to set forth the terms and conditions of CDF’s financing of certain inventory.

   

  NOW, THEREFORE, the parties agree to amend and restate the Existing IFA as follows:

   

  1.         Definitions.

   

  “AAA” shall have the meaning set forth in Section 27(b) hereof. 

   

  “Advance Date” shall have the meaning set forth in Section 2(b) hereof.

   

  “Affiliate” means any Person that: (a) directly or indirectly controls, is
    controlled by or is under common control any other Person, (b) directly or indirectly owns 5% or more of any other Person, (c) is a director, partner, manager, or officer of any other Person or an affiliate of any other Person, or (d) any natural
    person related to any such Person or an affiliate of such Person.

   

  “Agent Companies” shall have the meaning set forth in Section 27(a) hereof.

   

  “Agent Report” shall have the meaning assigned to it in Section 21(e)(iii).

   

  “Aggregate Allocations” means the aggregate amount of all Lenders’ Allocations from time to
    time.

   

  “Aggregate Excess Funding Amount” of a Non-Funding Lender shall be the aggregate amount of
    all unpaid obligations owing by such Lender to Agent and other Lenders under the Loan Documents, including such Lender’s Ratable Share of Loans.

   

  “Allocation” means, with respect to each Lender, the amount set forth opposite such
    Lender’s name on Schedule 1, under the heading “Allocation”, as such amount by be reduced or increased from time to time in accordance with this Agreement.

   

  “Anti-Terrorism Laws” shall mean any applicable law relating to terrorism, trade sanctions
    programs and embargoes, money laundering, corruption or bribery, and any regulation, or order promulgated, issued or enforced pursuant to such laws by an applicable governmental authority, all as amended, supplemented or replaced from time to time.

  
    1

    
      
 

  

  “Approval” means Agent’s indication to a Vendor that the Lenders will provide financing to
    Dealers with respect to a particular Invoice or Invoices

   

  “Approval Date” shall have the meaning set forth in Section 2(b) hereof.

   

  “Assignment” means an assignment agreement entered into by a Lender, as assignor, and any
    Person, as assignee, pursuant to the terms and provisions of Section 20 (with the consent of any party whose consent is required by Section 20), accepted by Agent.

   

  “Automatic Default” shall have the meaning set forth in Section 13 hereof.

   

  “BAO” means Bosun’s Assets & Operations, LLC, a Delaware limited liability company.

   

  “BAO Operating Agreement” means that certain First Amended and Restated Limited Liability
    Company Agreement of BAO dated effective as of June 1, 2018, as it exists as of June 14, 2018.

   

  “Beekman” means OWM BIP Investor, LLC and its successors and assigns. 

   

  “BMI” means Bosun’s Marine, Inc., a Massachusetts corporation.

   

  “BMI Stock” means the 25% of the Capital Securities of BAO owned by BMI as of the date
    hereof, as such percentage interest may be reduced in accordance with the BAO Operating Agreement.

   

  “BMI Subordination Agreement” means that certain Subordination Agreement between Agent,
    Subordinated Creditors (as defined therein) and acknowledged and accepted by BAO and Parent, dated June 14, 2018 (as it may be amended, restated, amended and restated, supplemented or otherwise modified from time to time).

   

  “Business Day” shall have the meaning set forth in Section 10(a) hereof.

   

  “Capital Expenditures” means all expenditures which, in accordance with GAAP, would be
    required to be capitalized and shown on the consolidated balance sheet of Holdings including expenditures in respect of capital leases and capitalized software, but excluding expenditures made in connection with the replacement, substitution or
    restoration of assets to the extent financed (a) from insurance proceeds (or other similar recoveries) paid on account of the loss of or damage to the assets being replaced or restored or (b) with awards of compensation arising from the taking by
    eminent domain or condemnation of the assets being replaced.

   

  “Capital Lease” means, as applied to any Person, any lease of any property (whether real,
    personal or mixed) by that Person (a) as lessee that, in conformity with GAAP, is or should be accounted for as a capital lease on the balance sheet of that Person or (b) as lessee which is a transaction of a type commonly known as a “synthetic lease”
    (i.e., a transaction that is treated as an operating lease for accounting purposes but with respect to which payments of rent are intended as payments of principal and interest on a loan for Federal income tax purposes).

   

  “Capital Securities” means, with respect to any Person, all shares, interests,
    participations or other equivalents (however designated, whether voting or non-voting) of such Person’s capital, whether now outstanding or issued or acquired after the date of this Agreement, including common shares, preferred shares, membership
    interests in a limited liability company, limited or general partnership interests in a partnership, interests in a trust, interests in other unincorporated organizations or any other equivalent of such ownership interest.

   

  “Change in Control” shall mean each occurrence of any of the following:

   

  (a)        One Water Ventures, LLC and LMI Holding, LLC, collectively, shall cease beneficially and of
    record to own and control, directly or indirectly, at least 51% of the aggregate outstanding voting or economic power of the Holdings’ Capital Securities after giving effect to any dilution in connection with an exercise of the Purchase Warrant;

  
    2

    
      
 

  

  (b)        during any period of two consecutive years, individuals who at the beginning of such period
    constituted the Board of Managers of Holdings (or its direct or indirect ultimate parent holding company) (together with any new Managers whose election by such Board of Managers or whose nomination for election by the holders of the Capital Securities
    interests of Holdings (or its direct or indirect ultimate parent holding company) was approved by a vote of at least a majority of the Board of Managers of Holdings (or its direct or indirect ultimate parent holding company) then still in office who
    were either directors at the beginning of such period, or whose election or nomination for election was previously approved) cease for any reason to constitute a majority of the Board of Managers of Holdings (or its direct or indirect ultimate parent
    holding company);

   

  (c)        Holdings shall cease to have beneficial ownership (as defined in Rule 13d-3 under the Exchange
    Act of 1934, as amended) of: (i) 100% of the aggregate voting or economic power of the Capital Securities of each Dealer, other than SSAO, and each of such Dealer’s Subsidiaries; or (ii) 75% on a fully diluted basis of the economic interest or 100% on
    a fully diluted basis of the voting interest of the Capital Securities of SSAO and each of its Subsidiaries, provided that foregoing clauses (i) and (ii) are subject to the rights of GS and Beekman with respect to the Preferred Stock;

   

  (d)        Philip A. Singleton shall cease to be involved in the day to day operations and management of
    the business of the Dealers, and successors reasonably acceptable to Agent are not appointed on terms reasonably acceptable to Agent within 60 days of such cessation of involvement;

   

  (e)        Thomas Mack shall cease to beneficially own and control all of the Mack Stock, unless acquired
    by Parent; or

   

  (f)         BMI shall cease to beneficially own and control all of the BMI Stock, unless acquired by
    Parent.

   

  “Change in Law” shall mean the occurrence, after the date of this Agreement, of any of the
    following: (i) the adoption or taking effect of any law, rule, regulation or treaty, (ii) any change in any law, rule, regulation or treaty, or in the administration, interpretation, implementation or application thereof by any governmental authority,
    or (iii) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) of any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform
    and Consumer Protection Act and all requests, rules, guidelines or directives in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking
    Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued.

   

  

  “Charges” shall have the meaning set forth in Section 11(a) hereof.

   

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

   

  “Collateral” shall have the meaning set forth in Section 5(c) hereof.

   

  “Collections” mean all monies that Agent receives from a Dealer or other sources (other
    than Lenders) on account of the Obligations.

   

  “Computation Period” means any Quarterly Computation Period or Monthly Computation Period,
    as applicable.

   

  “Consolidated Net Income” means, with respect to the Dealers for any period, the
    consolidated net income (or loss) of Holdings for such period, excluding (i) any gains or losses from dispositions of assets, (ii) any extraordinary gains or losses, (iii) any gains or losses from discontinued operations, (iv) the income of any Person
    (other than a direct or indirect Subsidiary of Holdings) in which Holdings or any of its Subsidiaries has an ownership interest, except to the extent that any such income is actually received by Holdings or such Subsidiary in the form of dividends or
    similar distributions, (v) the undistributed earnings of any direct or indirect Subsidiary of Holdings to the extent that the declaration of payment of dividends or similar distributions by such Subsidiary is not at the time permitted by the terms of
    any contractual obligation, governing document or law applicable to such Subsidiary, and (vi) the income or loss of any direct or indirect Subsidiary of Holdings which is not a Dealer or Guarantor.

  
    3

    
      
 

  

  “Credit Facility Agent” means GSSLG in its capacity as “Administrative Agent” and
    “Collateral Agent” under the Credit Facility Agreement, together with its successors and assigns in such capacity.

   

  “Credit Facility Agreement” means that certain Credit and Guaranty Agreement dated as of
    October 28, 2016, between Credit Facility Agent, Holdings, Dealers, and the lenders party thereto, as amended, restated, amended and restated, supplemented, or otherwise modified from time to time in accordance with the Intercreditor Agreement.

   

  “Credit Facility Collateral” shall have the meaning set forth in Section 5(d)
    hereof.

   

  “Daily Interest” means, with respect to a Lender, for each calendar day of each calendar
    month, the product of: (A) the outstanding principal amount of Outstandings that are actually funded by Lender pursuant to this Agreement, multiplied by (B) the applicable interest rate set forth in Section 2(a)(iii) of this Agreement.

   

  “Daily Rate” shall have the meaning set forth in Section 11(a) hereof.

   

  “Dealer Affiliate” means any Affiliate of a Dealer.

   

  “Dealer Representative” shall have the meaning set forth in Section 28(b) hereof.

   

  “Default” shall have the meaning set forth in Section 13 hereof.

   

  “Default Rate” shall have the meaning set forth in Section 11(a) hereof.

   

  “Disputes” shall have the meaning set forth in Section 27(a) hereof.

   

  “EBITDA” means, for any period, Consolidated Net Income for such period plus:

   

  (a)        to the extent added or deducted in determining such Consolidated Net Income, Interest
    Expense, Income Tax Expense, depreciation and amortization, in each case for such period less any non-recurring income or expenses, including, without limitation, any non-cash income or expenses related to (i) the valuation of the Purchase Warrants and
    (ii) transaction costs incurred for the initial public offerings attempted in calendar year 2019 and corporate restructings and modifications to the Loan Documents and Credit Facility Agreement related thereto, in each case, as approved by Agent in its
    sole discretion, and

   

  (b)        (i)         for the Quarterly Computation Period ending on September 30, 2019, an amount
    equal to $803,000;

   

  (ii)         for the Quarterly Computation Period ending on December 31, 2019, an amount equal to $229,000; and

   

  (iii)        for all Quarterly Computation Periods thereafter, an amount equal to $0.

   

  (c)        For all purposes, EBITDA attributable to (i) SSAO shall be reduced by a percentage equal to the
    percentage interest the Mack Stock represents in SSAO, and (ii) BAO shall be reduced by a percentage equal to the percentage interest the BMI Stock represents in BAO.

   

  “Eligible Collateral” shall have the meaning set forth in Section 3(a) hereof.

  

  
    4

    
      
 

  

  “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to
    time.

   

  “ERISA Affiliate” shall mean any trade or business (whether or not incorporated) under
    common control with any Dealer within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code) or Section 4001 of ERISA.

   

  “ERISA Event” shall mean (a) any of the events set forth in Section 4043(c) of ERISA, other
    than events for which the 30 day notice period has been waived, with respect to a pension plan; (b) a withdrawal by any Dealer or any ERISA Affiliate from a pension plan subject to Section 4063 of ERISA during a plan year in which it was a substantial
    employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by any Dealer or any ERISA Affiliate from a multi-employer plan
    or notification that a multi-employer plan is in reorganization; (d) the filing of a notice of intent to terminate, the treatment of a plan amendment as a termination under Sections 4041 or 4041A of ERISA, or the commencement of proceedings by the
    Pension Benefit Guaranty Corporation to terminate a pension plan or multi-employer plan; (e) an event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any pension
    plan or multi-employer plan; or (f) the imposition of any liability under Title IV of ERISA, other than for Pension Benefit Guaranty Corporation premiums due but not delinquent under Section 4007 of ERISA, upon any Dealer or any ERISA Affiliate.

   

  “FAA” shall have the meaning set forth in Section 27(a) hereof.

   

  “Fees and Terms” shall have the meaning set forth in Section 12(b) hereof.

   

  “Fixed Charge Coverage Ratio” means, for any Computation Period, the ratio of (a) the total
    for such period of EBITDA minus the sum of (i) Income Tax Expense and distributions made to allow holders of equity (including holders of any warrants) to pay income taxes based on the earnings of the Person making such distributions plus (ii) all
    unfinanced Capital Expenditures to (b) the sum for such period of (i) cash Interest Expense plus, (ii) required payments of principal with respect to Indebtedness consisting of borrowed money or pursuant to a writing evidencing a monetary obligation,
    plus (iii) preferred dividends paid in cash, plus (iv) management fees paid in cash, plus (v) payments made in respect of any subordinated debt not otherwise included in (b)(i), (b)(ii), b(iii), or b(iv) above but specifically excluding payments made
    in connection with any redemption of the Preferred Stock.

   

  “Free Floor Period” shall have the meaning set forth in Section 11(a) hereof. 

   

  “Funded Debt to EBITDA Ratio” means, for any Computation Period, a ratio of:

   

  (a) the total for such period of

   

  (i) Total Funded Debt as of the last day of such Computation Period, minus

   

  (ii) the lesser of (1) Subordinated Acquisition Indebtedness existing as of the last day of such
    Computation Period, or (2) $9,000,000.00, to

   

  (b) EBITDA for such Computation Period. 

   

  “GAAP” means generally accepted accounting principles.

   

  “GS” means Goldman Sachs & Co. LLC and its successors and assigns.

   

  “GSSLG” means Goldman Sachs Specialty Lending Group, L.P., a Delaware limited partnership.

   

  “Guarantor” shall have the meaning set forth in Section 13 hereof.

   

  “Holdings” means One Water Marine Holdings, LLC, a Delaware limited liability company.

   

  

  

  
    5

    
      
 

  

  “Holdings Company Agreement” means that certain Third Amended & Restated Limited
    Liability Company Agreement of Holdings dated effective as of March 1, 2017 (as amended as permitted herein).

   

  “Income Tax Expense” means income taxes paid or payable in cash by Holdings and any of its
    Subsidiaries.

   

  “Indebtedness” of any Person means, without duplication, (a) all indebtedness of such
    Person for borrowed money, (b) all indebtedness evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person as lessee under capital leases which have been or should be recorded as liabilities on a balance sheet of
    such Person in accordance with GAAP, (d) all obligations of such Person to pay the deferred purchase price of property or services (excluding (i) trade accounts payable in the ordinary course of business and compensation or bonus arrangements with
    persons who are employees or independent contractors of a person, (ii) any obligation under this Agreement or any other inventory financing agreement among Dealers and CDF, and (iii) any obligation under the TCF Agreement), (e) all indebtedness secured
    by a Lien on the property of such Person, whether or not such indebtedness shall have been assumed by such Person; provided that if such Person has not assumed or otherwise become liable for such indebtedness, such indebtedness shall be
    measured at the fair market value of such property securing such indebtedness at the time of determination, (f) all obligations, contingent or otherwise, with respect to the face amount of all letters of credit (whether or not drawn), bankers’
    acceptances and similar obligations issued for the account of such Person, (g) all hedging obligations of such Person, (h) all contingent liabilities of such Person, (i) all debt of any partnership of which such Person is a general partner, (j) all
    non-compete payment obligations, earn-outs and similar obligations and (k) any Capital Securities or other equity instrument, whether or not mandatorily redeemable, that under GAAP is characterized as debt, whether pursuant to financial accounting
    standards board issuance No. 150 or otherwise.

   

  “Intellectual Property” shall mean any intellectual property (including, without
    limitation, all copyrights, copyright licenses, patents, patent licenses, trademarks, trademark licenses, trade secrets and trade secret licenses).

   

  “Intercreditor Agreement” shall mean that certain Amended and Restated Intercreditor
    Agreement among Agent and Credit Facility Agent dated as of November 26, 2019, as amended, restated, amended and restated, supplemented, or otherwise modified from time to time.

   

  “Interest Expense” means for any period the consolidated interest expense of Holdings for
    such period (including all imputed interest on capital leases).

   

  “Intervening Default” shall have the meaning set forth in Section 2(b) hereof.

   

  

  “Inventory” means all of Dealers’ presently owned and hereafter acquired goods which are
    held for sale or lease.

   

  “Invoice” means any invoice issued by a Vendor related to an Approval.

   

  “Law” means, with respect to any Person, the common law and any federal, state, local,
    foreign, multinational or international laws, statutes, codes, treaties, standards, rules and regulations, guidelines, ordinances, orders, judgments, writs, injunctions, decrees (including administrative or judicial precedents or authorities) and the
    interpretation or administration thereof by, and other determinations, directives, requirements or requests of, any governmental authority, in each case whether or not having the force of law and that are applicable to or binding upon such Person or
    any of its property or to which such Person or any of its property is subject.

   

  “Lender Affiliate” means the Affiliate of a Lender.

   

  “Lender Credit” shall have the meaning set forth in Section 4(a) hereof.

   

  “Lender Rate” means the “Dealer Rate” as set forth in the applicable Program Terms Letter,
    less any applicable Performance Rebate as set forth therein.

  

  
    6

    
      
 

  

  “LIBOR” shall have the meaning of “One month Libor” or “Three Month Libor,” as applicable,
    set forth in Section 11 hereof.

   

  “Liens” shall have the meaning set forth in Section 7(a) hereof.

   

  “Loan” means an extension of credit to or on behalf of one or more Dealers by Agent and
    Lenders under and pursuant to this Agreement.

   

  “Loan Document” means this Agreement, any Program Terms Letter or Transaction Statement
    entered into pursuant to this Agreement, and all documents delivered to Agent and/or any Lender in connection with any of the foregoing.

   

  “Mack Stock” means the 25% of the Capital Securities of SSAO owned by Thomas W. Mack as of
    the date hereof, as such percentage interest may be reduced in accordance with the SSAO Operating Agreement.

   

  “Mack Subordination Agreement” means that certain Subordination Agreement between Agent,
    Subordinated Creditors (as defined therein) and acknowledged and accepted by SSAO and Parent, dated as of August 2, 2017 (as it may be amended, restated, supplemented or otherwise modified from time to time).

   

  “Monthly Computation Period” means each period of twelve consecutive months ending on the
    last day of a month.

   

  “Monthly Interest” means, with respect to each Lender, for each calendar month, the sum of
    the Daily Interest for each calendar day of such calendar month.

   

  “Net Cash Flow After Taxes” means EBITDA minus Income Tax Expense and distributions made to
    allow holders of equity (including holders of any warrants) to pay income taxes based on the earnings of the Person making such distributions.

   

  “Non-Funding Lender” means any Lender that has (a) failed to fund any payments required to
    be made by it under the Loan Documents within two (2) Business Days after any such payment is due (excluding expense and similar reimbursements that are subject to good faith disputes), (b) given written notice (and Agent has not received a revocation
    in writing), to Agent, any Lender, or Dealer, or has otherwise publicly announced (and Agent has not received notice of a public retraction) that such Lender believes it will fail to fund payments required to be funded by it under the Loan Documents or
    (c) (or any Person that directly or indirectly controls such Lender has), (i) become subject to a voluntary or involuntary case under the Federal Bankruptcy Reform Act of 1978, or any similar bankruptcy laws, (ii) a custodian, conservator, receiver or
    similar official appointed for it or any substantial part of such Person’s assets, or (iii) made a general assignment for the benefit of creditors, been liquidated, or otherwise been adjudicated as, or determined by any governmental authority having
    regulatory authority over such Person or its assets to be, insolvent or bankrupt, and for this clause (iii), Agent has determined that such Lender is reasonably likely to fail to fund any payments required to be made by it under the Loan
    Documents.

   

  “Obligations” shall have the meaning set forth in Section 5(e) hereof.

   

  

  “Open Approval” means any Approval for which CDF has not financed an Invoice for the
    inventory subject thereto.

   

  “Other Lenders” shall have the meaning set forth in Section 2(d) hereof.

   

  “Outstandings” means, at any time, an amount equal to the aggregate unpaid amount of all
    Invoices which have been financed by Agent on behalf of Dealers.

   

  “PAS” shall have the meaning set forth in Section 10(a) hereof.

   

  “Parent” mean One Water Assets & Operations, LLC, a Delaware limited liability company,
    which owns 100% of the Capital Securities of each other Dealer and each of its Subsidiaries.

  

  
    7

    
      
 

  

  “Parent Company Agreement” means that certain First Amended & Restated Limited
    Liability Company Agreement of Parent dated as of October 28, 2016, as amended by that certain Amendment to First Amended and Restated Limited Liability Company Agreement dated as of September 30, 2017.

   

  “Performance Rebate” shall have the meaning set forth in the applicable Program Terms
    Letter.

   

  “Permitted Acquisition” means an acquisition by Holdings or any of its Subsidiaries of the
    assets or ownership interest of any other Person which is presented to Agent prior to execution and approved by Agent in its sole discretion.

   

  “Permitted Indebtedness” means:

   

  (a)        any Indebtedness owing under the Credit Facility Agreement in an aggregate principal amount at
    any time outstanding not to exceed $65,000,000.00; provided, however, this limit shall not include Indebtedness that is payable in-kind;

  

   

  (b)        Indebtedness incurred in the ordinary course of business under statutory and appeal bonds;

   

  (c)        Indebtedness owed to any Person providing property, casualty, liability, or other insurance to
    the Dealers, so long as the amount of such Indebtedness is not in excess of the amount of the unpaid cost of, and shall be incurred only to defer the cost of, such insurance for the year in which such Indebtedness is incurred and such Indebtedness is
    outstanding only during such year;

   

  (d)        Subordinated Acquisition Indebtedness (including Indebtedness referred to in the BMI
    Subordination Agreement and Mack Subordination Agreement);

   

  (e)        Indebtedness evidenced or secured by or incurred under the TCF Agreement not to exceed $500,000
    at any time outstanding;

   

  (f)         Indebtedness with respect to Capital Leases not to exceed an aggregate amount outstanding at
    any time of $1,200,000.00.

   

  “Permitted Locations” shall have the meaning set forth in Section 6 hereof.

   

  “Permitted Restricted Payment” means a Restricted Payment made by Holdings and any of its
    Subsidiaries:

   

  (a)         (i)            in the form of a dividend or distribution to holders of Holdings’s Capital
    Securities;

   

  (ii)          during the period beginning on the date in which Dealers’ audited financial statements are
    delivered to Agent under and pursuant to Section 9(a) of this Agreement and ending on the date which is thirty (30) days following such date;

   

  (iii)         which is in an aggregate amount not exceeding 50% of the consolidated Net Cash Flow After
    Taxes for the Dealers’ preceding fiscal year, and

   

  (iv)         provided that no Default has occurred or would occur as a result of such payment;

   

  (b)        in connection with any exercise of the Purchase Warrant; provided, however, such
    exercise shall be limited to an issuance of Holdings’s Capital Securities and shall not include the payment of any cash by Holdings under or pursuant to the Purchase Warrant unless Holdings delivers to Agent:

   

  (i)           a certificate (in form and content acceptable to Agent) certifying that no Default exists
    before or, on a pro-forma basis, immediately after giving effect to such exercise and for the 12 months immediately following such exercise (based on the projections in clause (ii) below); and

  
    8

    
      
 

  

  (ii)          financial projections for Holdings and all of its Subsidiaries for the 12 months
    immediately following such exercise;

   

  (c)         in the form of tax distributions made to allow holders of equity (including holders of any
    warrants) to pay income taxes based on the earnings of the Person making such distributions so long as:

   

  (i)           such distributions are made in accordance with Holdings Company Agreement as the same
    exists as of the date hereof;

   

  (ii)          no Dealer has failed to pay any Obligations when due and no remittance for any Obligations
    has been dishonored when first presented for payment, in each case that has not been cured or waived;

   

  (iii)         no payment default exists or is continuing under the Credit Facility Agreement that has not
    been cured or waived; and

   

  (iv)         Dealers have provided evidence to Agent in form and substance acceptable to Agent in its
    sole discretion that: (A) Holdings and its Subsidiaries shall have a Funded Debt to EBITDA Ratio of equal to or less than 2.00 : 1.00, and (B) shall have a Fixed Charge Coverage Ratio of 1.50 : 1.00 or higher, in each case, on a pro forma basis after
    taking such distributions into account.

   

  (d)         in the form of distributions and/or redemptions by Parent with respect to Preferred Stock
    subject to the limitations set forth in the Subordination Agreement;

  

   

  (e)         in the form of cash payments by Holdings to the holders of the Purchase Warrants so long as:

   

  (i)           such cash is derived by Holdings solely from the proceeds from the issuance of Holdings’s
    Capital Securities; and

   

  (ii)          such cash payments do not exceed the amount of the proceeds of such issuance;

   

  (f)         in the form of fees payable to GS and Beekman under the Credit Facility Agreement and the other
    “Credit Documents” referred to therein;

   

  (g)        in the form of legal and financial services fees and other out-of-pocket costs payable to third
    parties in connection with the Purchase Warrant and the Preferred Stock so long as such fees and costs do not exceed $100,000 per fiscal year;

   

  (h)        in the form of distributions, redemptions or other payments that are made among Holdings and any
    of its Subsidiaries;

   

  (i)         in the form of scheduled principal and interest payments with respect to any subordinated debt
    as expressly permitted under a subordination agreement in favor of, and in form and content acceptable to, Agent;

   

  (j)         in the form of distributions or any other payments made to Thomas Mack pursuant to the SSAO
    Operating Agreement, provided, however, that no Default has occurred or would occur as a result of such distribution or payment; and

   

  (k)        in the form of distributions in order to pay transaction costs incurred for the initial public
    offerings attempted in calendar year 2019 and corporate restructings and modifications to the Loan Documents and Credit Facility Agreement related thereto, in each case, as approved by Agent in its sole discretion.

  

  
    9

    
      
 

  

  “Person” means any individual, partnership, corporation (including a business trust and a
    public benefit corporation), joint stock company, estate, association, firm, enterprise, trust, limited liability company, unincorporated association, joint venture and any other entity or governmental authority.

   

  “Preferred Stock” means those certain preferred units of Parent issued to GS and Beekman on
    or about October 28, 2016, which GS assigned its Preferred Stock to Special Situations Investing Group II, LLC on or about September 16, 2019.

   

  “Principal” shall have the meaning set forth in Section 28(b) hereof.

   

  “Program Terms Letters” shall have the meaning set forth in Section 4(a) hereof.

   

  “Purchase Warrant” means those certain Purchase Warrants for Common Units dated as of
    October 28, 2016, by Holdings for the benefit of the Holders (as defined therein).

   

  “Quarterly Computation Period” means each period of four consecutive fiscal quarters ending
    on the last day of a fiscal quarter.

   

  “Ratable Share” means, with respect to each Lender, the percentage equal, from time to
    time, to such Lender’s Allocation divided by the Aggregate Allocations, as such percentage is set forth opposite such Lender’s name on Schedule 1, under the heading “Ratable Share”.

   

  “Related Persons” means, with respect to any Person, each Affiliate of such Person and each
    director, officer, employee, agent, trustee, representative, attorney, accountant and each insurance, environmental, legal, financial and other advisor (including those retained in connection with the satisfaction or attempted satisfaction of any
    condition precedent to the execution this Agreement) and other consultants and agents of or to such Person or any of its Affiliates.

   

  “Rental Contracts” shall have the meaning set forth in Section 3(a) hereof.

   

  “Rental Units” shall have the meaning set forth in Section 3(a) hereof.

   

  “Replacement Lender” shall have the meaning set forth in Section 2(d) hereto.

   

  “Reporting Date” means (a) November 27, 2019, and each Wednesday thereafter that this
    Agreement is in effect or, if such Wednesday is not a Business Day, the next succeeding Business Day, or (b) any other Business Day selected by Agent in its reasonable discretion. Agent and Lenders hereby acknowledge and agree that the Ratable Shares
    set forth in Schedule 1 attached hereto shall not take effect until the date set forth in subsection (a) above. Until such Reporting Date, the Ratable Shares of Lenders immediately prior to the date of this Agreement shall continue to
    be in effect.

   

  “Required Lenders” shall mean Lenders whose combined Ratable Share exceeds 50%.

   

  “Restricted Payment” means (a) any distribution including, without limitation, dividends,
    to any holders of any Dealer’s or any Guarantor’s Capital Securities, (b) any purchase or redemption of any Dealer’s or any Guarantor’s Capital Securities, (c) any payment of management fees, transaction-based fees or similar fees to any of its Capital
    Securities holders or any Dealer Affiliate (including, without limitation, any fees under any management agreement), (d) any redemption, prepayment (whether mandatory or optional), defeasance, repurchase or any other payment in respect of any
    subordinated debt except as expressly permitted under a subordination agreement in favor of, and in form and content acceptable to, Agent, or (e) set aside funds for any of the foregoing.

   

  “Sanctioned Country” shall mean a country or territory which is itself the subject or
    target of a comprehensive economic or financial sanctions program maintained by any Sanctions Authority under any Anti-Terrorism Law, including, without limitation, as of the date of this Agreement, the Crimea region of Ukraine, Cuba, Iran, North
    Korea, Sudan and Syria.

  
    10

    
      
 

  

  “Sanctioned Person” shall mean (1) any Person listed in any sanctions list maintained by
    any Sanctions Authority, (2) any Person operating, organized or resident in a Sanctioned Country, or (3) any Person owned or controlled by any such Person set forth in clauses (1) or (2) above.

   

  “Sanctions Authority” shall mean the United States, Canada, the United Nations Security
    Council, the European Union (and its member states), the United Kingdom and the respective governmental institutions of any of the foregoing, including, without limitation, Her Majesty’s Treasury, OFAC, the U.S. Department of State, and any other
    agency of the United States government or Canadian government.

   

  “Sale” shall have the meaning set forth in Section 20(b) hereof.

   

  “sale out of trust” or “SOT” shall have the meaning set forth in Section
      10(b) hereof.

   

  “SPP” shall have the meaning set forth in Section 10(a) hereof.

   

  “SPV” means any special purpose funding vehicle identified as such in a writing by any
    Lender to Agent. 

   

  “SSAO” means South Shore Lake Erie Assets & Operations, LLC.

   

  “SSAO Operating Agreement” means that certain First Amended and Restated Limited Liability Company Agreement for South Shore Lake Erie Assets & Operations, LLC, in existence as of August 2, 2018.

   

  “Subordinated Acquisition Indebtedness” means Indebtedness incurred, created, assumed, or
    guaranteed by Holdings or any of its Subsidiaries that is junior and subordinate in all respects to the Obligations under this Agreement under and pursuant to an agreement which is satisfactory to Agent in its sole and absolute discretion.

   

  “Subordination Agreement” means that certain Second Amended and Restated Subordination
    Agreement dated as of November 26, 2019, by and between the CDF and Subordinated Creditors thereto, as amended, restated, amended and restated, supplemented, or otherwise modified from time to time.

   

  “Subsidiary” means, with respect to any Person, a corporation, partnership, limited
    liability company or other entity of which such Person owns, directly or indirectly, such number of outstanding Capital Securities as have more than 50% of the ordinary voting power for the election of directors or other managers of such corporation,
    partnership, limited liability company or other entity. Unless the context otherwise requires, each reference to Subsidiaries herein shall be a reference to all direct and indirect Subsidiaries of Holdings.

   

  “TCF Agreement” means that certain Inventory Security Agreement dated as of June 19, 2015,
    by and between Singleton Assets & Operations, Holdings, and TCF Inventory Finance, Inc.

   

  “Total Funded Debt” means all Indebtedness of Holdings and its Subsidiaries, determined on
    a consolidated basis, excluding (a) contingent obligations in respect of contingent liabilities (except to the extent constituting (i) contingent liabilities in respect of Indebtedness of a Person other than any Dealer, or (ii) contingent liabilities
    in respect of undrawn letters of credit), (b) hedging obligations, (c) Indebtedness of Holdings to Subsidiaries and Indebtedness of Subsidiaries to Holdings or to other Subsidiaries, and (d) Preferred Stock; provided, that Total Funded Debt
    specifically includes any “Unpaid Amount” following a “Redemption Failure” as such terms are defined in the Parent Company Agreement (provided that at no time shall “Redemption Failure” be modified to occur sooner than as set forth in the Parent
    Company Agreement as in effect as of October 28, 2016).

   

  “Transaction Statement” shall have the meaning set forth in Section 4(a) hereof. 

   

  “UCC” shall have the meaning set forth in Section 13 hereof.

  
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  “USA&M” shall have the meaning set forth in Section 27(b) hereof.

   

  “Vendor Contracts” shall mean contracts with an original equipment manufacturer that
    supplies any Dealer; provided that Vendor Contracts specifically excludes Vendor Credits.

   

  “Vendor Credits” shall have the meaning set forth in Section 5(f) hereof.

   

  “Vendors” shall have the meaning set forth in Section 2 hereof.

   

  		2.	Extensions of Credit.

   

  (a)         Advances. Subject to the terms of this Agreement, the Lenders severally and not jointly may
    provide Loans in an amount equal to each such Lender’s Ratable Share of such Loan to any one or more Dealers from time to time to enable such Dealer or Dealers to purchase inventory from Agent approved vendors (“Vendors”) and for other
    purposes. No Loan will be made to the extent such Loan would cause any Lender to have outstanding Loans in a principal amount in excess of such Lender’s Allocation nor will any Loan be made which would cause the principal amount of all Loans
    outstanding to exceed the Aggregate Allocations. (For the avoidance of doubt, neither the Aggregate Allocation nor each Lender’s Allocation shall constitute a commitment by the Agent or any Lender to advance the amount of the Aggregate Allocation or
    such Allocation to the Dealers.) If the aggregate principal amount of Loans outstanding at any time exceeds the Aggregate Allocations, Dealers shall immediately pay such excess to the Agent for the benefit of the Lenders. The decision to advance funds
    is at the discretion of the Agent. Without limiting the discretionary nature of this credit facility, Agent may, without notice to Dealer, elect not to finance any inventory sold by particular Vendors. All advances and other transactions hereunder are
    for business purposes and not for personal, family, household or any other consumer purposes.

   

  (b)         Payments by the Lenders to Agent; Settlement.

   

  (i)          Each Lender shall have the obligation to fund its Ratable Share of a Loan upon issuance by CDF
    of an Approval. Lenders acknowledge and agree that: (A) CDF typically issues Approvals on a date (each, an “Approval Date”) prior to the date CDF is required actually to fund the Loan (each, an “Advance Date”) that is based
    on such Approval, (B) once an Approval has been issued, and the Vendor receiving such Approval shall have shipped its product based thereon, CDF may deem itself obligated to fund the related Loan on the Advance Date, notwithstanding any Automatic
    Default or other Default that may arise on or prior to an Approval Date (each, an “Intervening Default”), and (C) each Lender shall be obligated to fully fund in cash such Lender’s Ratable Share in any Loans which derive from all
    Approvals issued by CDF in good faith, as well as any Open Approvals based thereon, notwithstanding any Intervening Default.

   

  (ii)         On each Reporting Date on or before 2:00 p.m. central time, Agent shall deliver notice to each
    Lender of the amount of Loans Lender has funded and such Lender’s Ratable Share multiplied by Outstandings, and: (A) if the amount of Loans Lender has funded is less than Lender’s Ratable Share multiplied by the Outstandings calculated as of such
    Reporting Date, then Lender shall remit such deficiency to Agent (on behalf of CDF) by 5:00 p.m. central time on the Business Day immediately following such Reporting Date, and (B) if the amount of Loans Lender has funded is more than Lender’s Ratable
    Share multiplied by the Outstandings calculated as of such Reporting Date, then Agent (on behalf of CDF) will remit such excess to such Lender by 5:00 p.m. central time on the Business Day immediately following such Reporting Date. Each payment due to
    Agent or Lenders will be paid in immediately available funds according to the electronic transfer instructions set forth on Schedule 2 attached hereto, and, if not timely paid in accordance with this Agreement, will bear interest until paid at
    a rate per annum equal to the Lender Rate. If CDF is acting as Agent, it shall be deemed to have paid its deficiency or received its excess as set forth above on each Reporting Date. Each Lender hereby waives any right it may now or in the future have
    to set-off its obligation to make any payment to CDF or Agent under this Agreement against any obligation of CDF or Agent to such Lender, whether under this Agreement or any other agreement between CDF and such Lender or Agent and such Lender.

  

  
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  (iii)        The amount of Loans each Lender has funded shall bear interest at the Lender Rate, as such
    rate may change pursuant to the terms of the applicable Program Terms Letter. Interest will be computed on the basis of a 360-day year and assess for the actual number of days elapsed. Provided Lender is not a Non-Funding Lender, then the amount of
    Monthly Interest, if any, payable to Lender, less any administration fees due to Agent pursuant to any fee letter between Agent and Lender, shall be distributed by Agent to Lender monthly in arrears on the latter of: (A) the fifteenth (15th) day of the
    applicable month, or if the fifteenth (15th) is not a Business Day, the next succeeding Business Day, or (B) within five (5) Business Days after Agent’s receipt thereof from Dealers. To the extent that Lender is entitled to receive interest income in
    excess of the Monthly Interest, if such additional interest has not previously been distributed to Lender, then Lender shall be entitled to receive an additional payment from Agent equivalent to Lender’s Ratable Share of such interest income. Any
    amounts due to Lender for income in excess of the Monthly Interest shall be reflected and paid with Monthly Interest as set forth above. Lenders acknowledge and agree that the rate of return paid on any Loan is dependent on numerous factors, including
    discounts and subsidies offered by Vendors. Application of any Collections received by Agent as interest in cash or good collected funds representing payment of interest on the Loans may result in the payment of interest to Lender in excess of the rate
    set forth in this subsection.

   

  (iv)         Lenders acknowledge Dealers may be entitled to receive a Performance Rebate on a calendar year
    basis pursuant to the terms of the applicable Program Terms Letter. Notwithstanding anything herein to the contrary, if the Performance Rebate is not earned by or otherwise paid to Dealers during any calendar year, each Lender may be entitled to
    receive an additional payment from Agent equivalent to such Lender’s share of such portion of the Performance Rebate not earned by or otherwise paid to Dealers. Any amounts due to Lenders under this Section 2(b)(iv) shall reflected in a notice
    to be delivered in the manner set forth in Section 2(b)(ii), above, within ninety (90) days following the end of the applicable calendar year.

   

  (c)        Return of Payments.

   

  (i)          If Agent pays an amount to a Lender under this Agreement in the belief or expectation that a
    related payment has been or will be received by Agent from the Dealers and such related payment is not received by Agent, then Agent will be entitled to recover such amount from such Lender on demand without setoff, counterclaim or deduction of any
    kind.

   

  (ii)          If Agent determines at any time that any amount received by Agent under this Agreement or any
    other Loan Document must be returned to Dealers or paid to any Vendor or any to other Person pursuant to any insolvency law or otherwise, then, notwithstanding any other term or condition of this Agreement or any other Loan Document, Agent will not be
    required to distribute any portion thereof to any Lender. In addition, each Lender will repay to Agent on demand any portion of such amount that Agent has distributed to such Lender, together with interest at such rate, if any, as Agent is required to
    pay to any Dealer or such other Person, without setoff, counterclaim or deduction of any kind, and Agent will be entitled to set-off against future distributions to such Lender any such amounts (with interest) that are not repaid on demand.

   

  (d)        Non-Funding Lenders; Replacement of Lenders.

   

  (i)          Non-Funding Lenders.

   

  (1)          Responsibility. The failure of any Non-Funding Lender to make any Loan or any payment
    required by it under any Loan Document on the date specified therefor shall not relieve any other Lender (each such other Lender, an “Other Lender”) of its obligations to make such Loan or make any other such required payment on such
    date, and neither Agent nor, other than as expressly set forth herein, any Other Lender shall be responsible for the failure of any Non-Funding Lender to make a Loan or make any other required payment under any Loan Document.

  
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  (2)          Voting Rights. Notwithstanding anything set forth herein to the contrary, a Non-Funding
    Lender shall not have any voting or consent rights under or with respect to any Loan Document or constitute a “Lender” (or be, or have its Loans included in the determination of “Required Lenders”) for any voting or consent rights under or with respect
    to any Loan Document, provided that (A) the Allocation of a Non-Funding Lender may not be increased, extended or reinstated, (B) the principal of a Non-Funding Lender’s Loans may not be reduced or forgiven, and (C) the interest rate applicable
    to Obligations owing to a Non-Funding Lender may not be reduced in such a manner that by its terms affects such Non-Funding Lender more adversely than other Lenders, in each case without the consent of such Non-Funding Lender.

   

  (3)          Payments to a Non-Funding Lender. Agent shall be authorized to use all payments received by
    Agent for the benefit of any Non-Funding Lender pursuant to this Agreement to pay in full the Aggregate Excess Funding Amount to the appropriate Lenders. Following such payment in full of the Aggregate Excess Funding Amount, Agent shall be entitled to
    hold such funds as cash collateral in a non-interest bearing account up to an amount equal to such Non-Funding Lender’s unfunded Allocation and to use such amount to pay such Non-Funding Lender’s funding obligations hereunder until the Obligations are
    paid in full in cash and this Agreement terminated. Upon any such unfunded obligations owing by a Non-Funding Lender becoming due and payable, Agent shall be authorized to use such cash collateral to make such payment on behalf of such Non-Funding
    Lender. With respect to such Non-Funding Lender’s failure to fund Loans, any amounts applied by Agent to satisfy such funding shortfalls shall be deemed to constitute a Loan and, if necessary to effectuate the foregoing, the proceeds of such Loans
    shall be applied to pay the unpaid principal of the Loans owing to the other Lenders until such time as the aggregate amount of the Loans are held by the Lenders in accordance with their Ratable Shares. Any amounts owing by a Non-Funding Lender to
    Agent which are not paid when due shall accrue interest at the interest rate applicable during such period to the Loans. In the event that Agent is holding cash collateral of a Non-Funding Lender that cures pursuant to clause (4) below or
    ceases to be a Non-Funding Lender pursuant to the definition of Non-Funding Lender, Agent shall return the unused portion of such cash collateral to such Lender.

   

  (4)          Cure. A Lender may cure its status as a Non-Funding Lender under clause (a) of the definition of
    Non-Funding Lender if such Lender (A) fully pays to Agent the Aggregate Excess Funding Amount, plus all interest due thereon and (B) timely funds the next Loan required to be funded by such Lender or makes the next reimbursement required to be made by
    such Lender. Any such cure shall not relieve any Lender from liability for breaching its contractual obligations hereunder.

   

  (ii)         Replacement of Lenders. Within forty-five (45) days after any failure by any Lender other than
    Agent or an Affiliate of Agent to consent to a requested amendment, waiver or modification to any Loan Document in which Required Lenders have already consented to such amendment, waiver or modification but the consent of each Lender (or each Lender
    directly affected thereby, as applicable) is required with respect thereto, Dealers may, at their option, notify Agent and such non-consenting Lender of Dealers’ intention to obtain, at Dealers’ expense, a replacement Lender (“Replacement Lender”)

    for such non-consenting Lender, which Replacement Lender shall be reasonably satisfactory to Agent. In the event the Dealers obtain a Replacement Lender within sixty (60) days following notice of its intention to do so, such non-consenting Lender shall
    sell and assign its Loans and remaining Allocation to such Replacement Lender, at par, provided that the Dealers have reimbursed such non-consenting Lender for its costs for which it is entitled to reimbursement under this Agreement through the
    date of such sale and assignment. In the event that a replaced Lender does not execute an Assignment pursuant to Section 20(c) of this Agreement within five (5) Business Days after receipt by such replaced Lender of notice of replacement
    pursuant to this Section and presentation to such replaced Lender of an Assignment evidencing an assignment pursuant to this Section, the Dealers shall be entitled (but not obligated) to execute such an Assignment on behalf of such
    replaced Lender, and any such Assignment so executed by the Dealers, the Replacement Lender and Agent, shall be effective for purposes of this Section 2(d) and Section 20(c). Upon any such Assignment and payment and compliance with the
    other provisions of Section 20(c), such replaced Lender shall no longer constitute a “Lender” for purposes hereof; provided, any rights of such replaced Lender to indemnification hereunder shall survive.”

  
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  		3.	Rental Financing.

   

  (a)        From time to time, Agent and Lenders may provide Dealers with financing for Collateral
    consisting of new marine units (including boats, motors or trailers) (the “Eligible Collateral”), which Dealer may rent or lease to Dealer’s customers in the ordinary course of its business (“Rental Units”) for use within
    the United States. Agent may decide (i) the amount of funds, if any, which Lenders will advance on Rental Units which Dealers may seek to acquire, and (ii) the length of and payments required under any rental contract and/or lease agreement pertaining
    to such Rental Units that Agent would permit to exist with respect to Rental Units which Agent, on behalf of the Lenders, agrees to provide financing for (all such rental contracts and lease agreements are hereinafter collectively referred to as “Rental

        Contracts”). In addition, Dealers may not undertake to rent or lease any Eligible Collateral without the prior written consent of Agent. Rental Units may only consist of Eligible Collateral which either: (a) was ordered specifically for the
    purpose of being a Rental Unit, or (b) was converted from stock inventory to rental inventory upon Agent’s prior written consent.

   

  (b)        Rental Contracts. All Rental Contracts will: (i) be in a form satisfactory to Agent, and
    (ii) be transferable to Agent on behalf of the Lenders. Each Dealer warrants and represents to Agent and Lenders that all of the Rental Contracts and rental and lease activities will comply with all applicable laws. Dealers agree to indemnify Agent and
    Lenders against any loss or damage Agent or Lenders suffer, whether direct or indirect, resulting from or in any way arising out of Rental Contracts, or rental and lease activities, which fail to comply with all applicable laws. Dealers will reimburse
    Agent for any attorneys’ fees which Agent incurs in having the Rental Contracts reviewed for compliance with applicable laws. Immediately upon execution of the same, all Rental Contracts will be effectively collaterally assigned to Agent for the
    benefit of Lenders, and, immediately upon Agent’s request, delivered to Agent together with any and all related documents. All Rental Contracts will contain, by way of a stamp or as a part of the preprinted rental contract or lease agreement form, the
    following legend directly below the customer’s signature:

   

  “FOR VALUE RECEIVED, THIS AGREEMENT AND THE RELATED UNDERLYING RENTAL PROPERTY HAVE BEEN COLLATERALLY ASSIGNED TO WELLS FARGO
    COMMERCIAL DISTRIBUTION FINANCE, LLC, AS AGENT, AND THERE ARE NO DEFENSES AGAINST THE ASSIGNEE.”

   

  Immediately upon Agent’s request, each Dealer will report to Agent all of the terms of any Rental Contract
    executed, the location of the Rental Unit, the date on which such Rental Unit is rented or leased, and the date on which such Rental Unit is to be returned to such Dealer. Each Dealer will also notify Agent, immediately upon Agent’s request, of the
    termination of any Rental Contracts or any changes to such Rental Contracts. Dealers will not assign, sell, pledge, convey or by any other means transfer to any person, other than Agent for the benefit of Lenders, any Rental Contracts or chattel paper,
    without Agent’s prior written consent. Dealers will instruct any person renting or leasing any Rental Unit regarding the proper use and care of such Rental Unit. Dealers will use such forms and agreements as may be reviewed and approved by Agent, if
    requested. Dealers will not, without Agent’s prior written consent, enter into or execute any Rental Contract pursuant to which any Dealer rents or leases any Rental Unit for a period that exceeds seven (7) consecutive days, and will not enter into or
    execute any Rental Contract which contains an option to purchase or “rent-to-own,” such Rental Unit; the purchase of any Collateral must be memorialized in a writing separate and apart from any Rental Contract and must not be subject to or dependent on
    the terms of any Rental Contract. If any Dealer breaches the terms of the immediately preceding sentence, such Dealer will immediately assign, transfer, and set-over to Agent for the benefit of Lenders, all of Dealer’s right, title and interest in and
    to such Rental Contract, and will also give possession of such Rental Contract to Agent. In addition, in such event, in Agent’s sole discretion, Agent may demand immediate payment in full of all indebtedness owed by any Dealer to Agent with respect to
    the Rental Unit.

  
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  		4.	Financing Terms.

   

  (a)        Agent, Lenders and Dealers agree to set forth in this Agreement only the general terms of the
    financing arrangement among Dealers, Agent and Lenders and certain contractual obligations related to this Agreement, shall be set forth in Program Terms Letters entered into by Dealers, Agent and any one or more Lenders from time to time (the “Program

        Terms Letters”), Transaction Statements (as defined below) or other Loan Documents or other agreements described herein. References to an “inventory financing agreement” in any Loan Document shall be deemed to refer to this Agreement.
    Agent, Lenders and Dealer hereby acknowledge that certain financial terms depend, in part, on factors which vary from time to time, including without limitation, the availability of Vendor discounts, payment terms or other incentives, Agent’s and
    Lenders’ floorplanning volume with Dealers and Vendor and other economic factors. Upon agreeing to finance an item of inventory for any Dealer, Agent, on behalf of the Lenders, will transmit, send or otherwise make available to such Dealer and Lenders
    a “Transaction Statement” which is a record that may be authenticated and which identifies the Collateral financed and/or the advance made and the terms and conditions of repayment of such advance. Dealers agree that a Dealer’s failure to
    notify Agent in writing of any objection to a Transaction Statement within thirty (30) days after a Transaction Statement is transmitted, sent or otherwise made available to such Dealer shall constitute Dealers’ (i) acceptance of all terms thereof,
    (ii) agreement that the Lenders are financing such inventory at Dealers’ request, and (iii) agreement that such Transaction Statement will be incorporated herein by reference. If any Dealer objects to the terms of any Transaction Statement, Dealers
    will pay Agent for the benefit of Lenders for such inventory in accordance with the most recent terms for similar inventory to which Dealers have not objected (or, if there are no prior terms, at the lesser of 16% per annum or at the maximum lawful
    contract rate of interest permitted under applicable law), subject to termination of this Agreement by Agent, or, if applicable, Lenders, and its rights under the termination provision contained herein. To the extent Vendor program subsidies are
    applicable to Dealers’ financing program (each a “Lender Credit”), with respect to any Loan which Lenders make to a Vendor on behalf of a Dealer, Agent may apply against any such amount owed to Vendor any amount Agent (or CDF) for the
    benefit of Lenders are owed from such Vendor for any such Lender Credit; provided, however, in the event Vendor does not remit any such Lender Credit, Dealers agree to pay the full amount of such Lender Credit. Without the consent of
    the Lenders, CDF may change any aspect or portion of any Transaction Statement at any time; provided that such change is not inconsistent with the terms and conditions of this Agreement. If any terms set forth in an issued Transaction Statement are
    revised as a result of entering into this Agreement or any future modification or amendment of the terms of this Agreement (including, without limitation, the change of interest rate from the rate reference in the Existing IFA to the rate reflected in
    this Agreement), Dealers agree that CDF shall not be required to issue a revised Transaction Statement reflecting such revisions.

   

  (b)        Upon receipt by Agent of a request for a Loan under and pursuant to CDF’s standard advance
    request procedures and the issuance of a Transaction Statement by Agent as set forth in Section 4(a) above, each Lender shall follow the funding procedures established by Agent, from time to time, and shall, as and when requested by Agent, advance
      funds to Agent to fund such Loan in amounts equal to such Lender’s Ratable Share of such Loan.

   

  (c)        Applicable financial terms, curtailment schedule and maturity for each Rental Unit will be set
    forth on the applicable Transaction Statement. Unless otherwise provided on such Transaction Statement, if and when permitted under such Dealer’s Rental Unit finance program, the principal balance, accrued interest and other charges will be due and
    payable when such Rental Unit is: (i) sold; (ii) transferred; (iii) rented or leased in a manner contrary to the provisions of this Agreement; (iv) otherwise disposed of; and (v) matured and the principal payment is due to Agent for the benefit of
    Lenders. Furthermore, if any Rental Unit is sold, stolen, destroyed, damaged, otherwise disposed of, or if payment is required under the terms of Agent’s and Lenders’ financing program, whichever occurs first, such Dealer will immediately pay Agent,
    for the benefit of Lenders, the full amount of Dealer’s outstanding indebtedness owed to Lenders with respect to such Rental Unit.

   

  (d)        Effect of Benchmark Transition Event.

   

  i.          Notwithstanding anything to the contrary herein or in any other Loan Document, upon the
    occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, the Agent and the Dealers may amend this Agreement to replace LIBOR with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event
    will become effective at 5:00 p.m. on the fifth (5th) Business Day after the Agent has posted such proposed amendment to all Lenders and the Dealers so long as the Agent has not received, by such time, written notice of objection to such amendment from
    Lenders comprising the Required Lenders. Any such amendment with respect to an Early Opt-in Election will become effective on the date that Lenders comprising the Required Lenders have delivered to the Agent written notice that such Required Lenders
    accept such amendment. No replacement of LIBOR with a Benchmark Replacement pursuant to this Section titled “Effect of Benchmark Transition Event” will occur prior to the applicable Benchmark Transition Start Date.

  

  
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  ii.          In connection with the implementation of a Benchmark Replacement, the Agent will have the
    right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective
    without any further action or consent of any other party to this Agreement.

   

  iii.         Standards for Decisions and Determinations. The Agent will promptly notify the Dealers and
    the Lenders of (i) any occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date and Benchmark Transition Start Date, (ii) the implementation of any Benchmark Replacement, (iii)
    the effectiveness of any Benchmark Replacement Conforming Changes and (iv) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Agent or Lenders pursuant to this Section
    titled “Effect of Benchmark Transition Event,” including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action,
    will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party hereto, except, in each case, as expressly required pursuant to this Section titled “Effect of Benchmark
    Transition Event.”

   

  iv.         Upon the Dealers’ receipt of notice of the commencement of a Benchmark Unavailability Period,
    the Dealers may revoke any request for a eurodollar borrowing of, conversion to or continuation of eurodollar Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Dealers will be deemed to have
    converted any such request into a request for a Dealer of or conversion to Prime Rate (as referred to in Section 11) Loans. During any Benchmark Unavailability Period, the component of Prime Rate based upon LIBOR, if any, will not be used in
    any determination of Prime Rate.

   

  v.          As used in this Section 4:

   

  a.         “Benchmark Replacement” means the sum of: (a) the alternate benchmark rate (which
    may include Term SOFR) that has been selected by the Agent and the Dealers giving due consideration to (i) any selection or recommendation of a replacement rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any
    evolving or then-prevailing market convention for determining a rate of interest as a replacement to LIBOR for U.S. dollar-denominated syndicated credit facilities and (b) the Benchmark Replacement Adjustment; provided that, if the Benchmark
    Replacement as so determined would be less than zero, the Benchmark Replacement will be deemed to be zero for the purposes of this Agreement.

   

  b.         “Benchmark Replacement Adjustment” means, with respect to any replacement of LIBOR
    with an Unadjusted Benchmark Replacement for each applicable interest period, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the
    Agent and the Dealers giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of LIBOR with the applicable Unadjusted Benchmark
    Replacement by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of LIBOR with the
    applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated credit facilities at such time.

   

  c.          “Benchmark Replacement Conforming Changes” means, with respect to any Benchmark
    Replacement, any technical, administrative or operational changes (including timing and frequency of determining rates and making payments of interest and other administrative matters) that the Agent decides may be appropriate to reflect the adoption
    and implementation of such Benchmark Replacement and to permit the administration thereof by the Agent in a manner substantially consistent with market practice (or, if the Agent decides that adoption of any portion of such market practice is not
    administratively feasible or if the Agent determines that no market practice for the administration of the Benchmark Replacement exists, in such other manner of administration as the Agent decides is reasonably necessary in connection with the
    administration of this Agreement).

  

  

  
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  d.          “Benchmark Replacement Date” means the earlier to occur of the following events
    with respect to LIBOR:

   

  i.           in the case of clause (i) or (ii) of the definition of “Benchmark Transition Event,” the
    later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of LIBOR permanently or indefinitely ceases to provide LIBOR; or

   

  ii.          in the case of clause (iii) of the definition of “Benchmark Transition Event,” the date of
    the public statement or publication of information referenced therein.

   

  e.          “Benchmark Transition Event” means the occurrence of one or more of the following
    events with respect to LIBOR:

   

  i.     a public statement or publication of information by or on behalf of the administrator of LIBOR
    announcing that such administrator has ceased or will cease to provide LIBOR, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide LIBOR;

   

  ii.    a public statement or publication of information by the regulatory supervisor for the
    administrator of LIBOR, the U.S. Federal Reserve System, an insolvency official with jurisdiction over the administrator for LIBOR, a resolution authority with jurisdiction over the administrator for LIBOR or a court or an entity with similar
    insolvency or resolution authority over the administrator for LIBOR, which states that the administrator of LIBOR has ceased or will cease to provide LIBOR permanently or indefinitely, provided that, at the time of such statement or publication, there
    is no successor administrator that will continue to provide LIBOR; or

   

  iii.   a public statement or publication of information by the regulatory supervisor for the
    administrator of LIBOR announcing that LIBOR is no longer representative.

   

  f.           “Benchmark Transition Start Date” means (i) in the case of a Benchmark
    Transition Event, the earlier of (a) the applicable Benchmark Replacement Date and (b) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day prior to the expected date of such event
    as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication) and (ii) in the case of an Early Opt-in
    Election, the date specified by the Agent or the Required Lenders, as applicable, by notice to the Dealers, the Agent (in the case of such notice by the Required Lenders) and the Lenders.

   

  g.          “Benchmark Unavailability Period” means, if a Benchmark Transition Event and its
    related Benchmark Replacement Date have occurred with respect to LIBOR and solely to the extent that LIBOR has not been replaced with a Benchmark Replacement, the period (i) beginning at the time that such Benchmark Replacement Date has occurred if, at
    such time, no Benchmark Replacement has replaced LIBOR for all purposes hereunder in accordance with the Section titled “Effect of Benchmark Transition Event” and (ii) ending at the time that a Benchmark Replacement has replaced LIBOR for all purposes
    hereunder pursuant to the Section titled “Effect of Benchmark Transition Event.”

   

  h.          “Early Opt-in Election” means the occurrence of:

   

  i.          (a) a determination by the Agent or (b) a notification by the Required Lenders to the Agent
    (with a copy to the Dealers) that the Required Lenders have determined that U.S. dollar-denominated syndicated credit facilities being executed at such time, or that include language similar to that contained in this Section titled “Effect of Benchmark
    Transition Event,” are being executed or amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace LIBOR, and

  
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  ii.         (a) the election by the Agent or (b) the election by the Required Lenders to declare that an
    Early Opt-in Election has occurred and the provision, as applicable, by the Agent of written notice of such election to the Dealers and the Lenders or by the Required Lenders of written notice of such election to the Agent.

   

  i.           “Federal Reserve Bank of New York’s Website” means the website of the Federal
    Reserve Bank of New York at http://www.newyorkfed.org, or any successor source.

   

  j.           “Relevant Governmental Body” means the Federal Reserve Board and/or the Federal
    Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.

   

  k.          “SOFR” with respect to any day means the secured overnight financing rate
    published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s Website.

   

  l.           “Term SOFR” means the forward-looking term rate based on SOFR that has been
    selected or recommended by the Relevant Governmental Body.

   

  m.         “Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the
    Benchmark Replacement Adjustment.

   

  		5.	Security Interest.

   

  (a)        Each Dealer hereby grants to Agent, as collateral agent for the Lenders, a security interest in
    all of the Collateral other than (i) equipment subject to purchase money security interests and (ii) Credit Facility Collateral as security for all Obligations.

   

  (b)        All Rental Units will be titled in accordance with all applicable laws and regulations. Each
    such certificate of title or other evidence of title shall show the first and only lien holder as “Wells Fargo Commercial Distribution Finance, LLC, as agent,” and certain such other information as is required by applicable law or regulation to validly
    perfect Agent’s security interest in such Rental Units.

   

  (c)        “Collateral” means all of the following personal property of each Dealer, whether
    such property or Dealer’s right, title or interest therein or thereto is now owned or existing or hereafter acquired or arising, and wherever located: all Accounts, Inventory, Equipment, other Goods (excluding Fixtures), General Intangibles (including
    without limitation, Payment Intangibles but excluding Intellectual Property and Vendor Contracts), Chattel Paper (whether tangible or electronic), Instruments (including without limitation, Promissory Notes), Commercial Tort Claims (excluding
    Commercial Tort Claims arising solely out of the Credit Facility Collateral), Securities Accounts, Deposit Accounts, Investment Property (other than the equity interests issued by Holdings and its Subsidiaries) and Documents and all Products and
    Proceeds of the foregoing (including, without limitation, all Accounts, Payment Intangibles, and Chattel Paper; provided, however, that notwithstanding anything to the contrary in this definition or in any other Loan Document, the
    Collateral shall not include any of the following: (i) equipment subject to purchase money security interests and (ii) the Credit Facility Collateral. Without limiting the foregoing, the Collateral includes each Dealer’s right to all Vendor Credits.
    Similarly, the Collateral includes, without limitation, all books and records, electronic or otherwise, which evidence or otherwise relate to any of the foregoing Collateral, and all computers, disks, tapes, media and other devices in which such
    records are stored. For purposes of this Section 5 only, capitalized terms used in this Section 5, which are not otherwise defined, shall have the meanings given to them in Article 9 of the New York Uniform Commercial Code.

  
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  (d)       “Credit Facility Collateral” means (i) all equity interests issued by Holdings and its
    Subsidiaries, (ii) all of Holdings’ and any of its Subsidiaries’ real estate interests, whether fee or leasehold, and including all Fixtures, (iii) all of Holdings’ and any of its Subsidiaries’ Vendor Contracts, (iv) all of Holdings’ and any of its
    Subsidiaries’ Intellectual Property, (v) any and all products and Proceeds of the property described in this definition, including Cash Proceeds and insurance proceeds, and (vi) all books and records, electronic or otherwise, which evidence or
    otherwise relate to any of the foregoing Credit Facility Collateral, and all computers, disks, tapes, media and other devices in which such records are stored; provided, however, that notwithstanding anything to the contrary in this
    definition or in the Credit Facility Agreement (or any other document relating thereto or securing the obligations referenced therein) the Credit Facility Collateral shall not include any of the Collateral.

   

  (e)        “Obligations” means all indebtedness and other obligations of any nature
    whatsoever of each Dealer to Agent and/or Lenders, whether such indebtedness or other obligations arise under this Agreement or any other existing or future agreement between or among Agent and any one or more Dealers and/or any one or more Lenders or
    otherwise, and whether for principal, interest, fees, Charges, expenses, indemnification obligations or otherwise, and whether such indebtedness or other obligations are existing, future, direct, acquired, contractual, noncontractual, joint and/or
    several, fixed, contingent or otherwise.

   

  (f)         “Vendor Credits” means all of each Dealer’s rights to any price protection
    payments, rebates, discounts, credits, factory holdbacks, incentive payments and other amounts which at any time are due a Dealer from a Vendor.

   

  6.         Representations and Warranties. Each Dealer represents and warrants that at the time of
    execution of this Agreement and at the time of each approval and each advance hereunder: (a) such Dealer does not conduct business under any trade styles or trade names except as disclosed by such Dealer to Agent in writing and has all the necessary
    authority to enter into and perform this Agreement and such Dealer will not violate its organizational documents, or any law, regulation or agreement binding upon it, by entering into or performing its obligations under this Agreement; (b) such Dealer
    will only keep Collateral at locations within the U.S. which have been disclosed to Agent either (i) in writing prior to the execution of this Agreement or (ii) upon thirty (30) days prior written notice, and, in either case, which have been approved
    by Agent (“Permitted Locations”) (c) this Agreement correctly sets forth such Dealers’ true legal name, the type of its organization (if not an individual), the state in which such Dealer is incorporated or otherwise organized, and such
    Dealers’ organizational identification number, if any; (d) all information supplied by such Dealer to Agent and Lenders, including any financial, credit or accounting statements or application for credit, in connection with this Agreement is true,
    correct and complete; (e) such Dealer has good title to all Collateral; (f) there are no actions or proceedings pending or threatened against such Dealer which might result in any material adverse change in such Dealers’ financial or business
    condition; (g) such Dealer is duly organized or formed, validly existing and in good standing under the laws of its state of incorporation or organization as set forth in Section 25, and is duly qualified and in good standing or has applied for
    qualification as a foreign Person authorized to do business in each jurisdiction where, because of the nature of its activities or properties, such qualification is required, except to the extent that the failure to so qualify would not reasonably be
    expected to have a material adverse effect; (h) such Dealer (i) is not in violation of any law, ordinance, rule, regulation, judgment, decree or order of any federal, state or local governmental body or court if such violation would reasonably be
    expected to result in a material adverse effect; and (ii) has obtained all required permits, certificates, licenses, approvals and other authorizations from governmental agencies and entities (whether federal, state or local) necessary to carry on its
    operation if the failure to obtain such permit, certificate, license, approval or other authorization would reasonably be expected to result in a material adverse effect; and (i) (i) such Dealer is in compliance, in all material respects, with the USA
    PATRIOT Act, FCPA (defined below) and all applicable Anti-Terrorism Laws, (ii) (A) such Dealer or any director, officer, or employee of such Dealer, or (B) to the knowledge of any Dealer, any agent or Affiliate that will act in any capacity in
    connection with or benefit from any facility established hereby of the Dealers is not a Person that is: (x) a Sanctioned Person; or (y) located, organized or resident in a Sanctioned Country, and (iii) no part of the proceeds of the Loans will be used
    by Holdings or any of its Subsidiaries, including the Dealers, directly or, to the knowledge of Holdings or any of its Subsidiaries, indirectly, (A) for any payments to any governmental official or employee, political party, official of a political
    party, candidate for political office or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977 (“FCPA”),

    (B) to fund any activities or business of or with any Sanctioned Person or in any Sanctioned Country, or (C) in any manner that would result in a violation of any applicable Anti-Terrorism Law by Holdings or its Subsidiaries.

  
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  		7.	Covenants.

   

  (a)         Until sold as permitted by this Agreement, each Dealer shall own all of its Collateral free and
    clear of all liens, security interests, claims and other encumbrances, whether arising by agreement or operation of law (collectively “Liens”), other than Liens (i) in favor of Agent and Liens in favor of Credit Facility Agent; provided,
    however, that all Liens, from time to time, in favor of Credit Facility Agent shall be subject to the Intercreditor Agreement, (ii) Liens for taxes, assessments or other governmental charges that are not due or payable or that are due or
    payable, but are being diligently contested in good faith by appropriate proceedings, (iii) representing easements, rights of way, restrictions, encroachments, and other minor defects in title, provided that such Liens do not interfere in any material
    respect with the ordinary conduct of any Dealer’s business, and (iv) purported to be Liens evidenced by the filing of precautionary UCC-1 Financing Statements related solely to operating leases of personal property entered into in the ordinary course
    of business.

   

  (b)        Each Dealer will:

   

  (i)           keep all Collateral at Permitted Locations and keep all tangible Collateral safe and
    secure, in good order, repair and operating condition and insured as required herein;

   

  (ii)          promptly file all tax returns required by law and promptly pay all taxes, fees, and other
    governmental charges for which it is liable, including without limitation all governmental charges against the Collateral or this Agreement;

   

  (iii)         permit Agent and its designees without notice, to inspect the Collateral during normal
    business hours and at any other time Agent deems desirable (and such Dealer hereby grants Agent and its designees an irrevocable license to enter such Dealer’s business locations during normal business hours without notice to such Dealer to account for
    and inspect all Collateral and to examine and copy such Dealer’s books and records related to the Collateral), and in connection with any inspection, provide Agent and its designees safe and secure access to the Collateral and comply with any request
    made by Agent or its designees to move the Collateral in order to provide such safe and secure access;

   

  (iv)         keep complete and accurate records of its business, including inventory, accounts and sales,
    and permit Agent and its designees to inspect and copy such records upon request;

   

  (v)          furnish Agent and Lenders with such additional information regarding the Collateral and such
    Dealer’s business and financial condition as Agent or any Lender may from time to time reasonably request (including without limitation financial statements and projections more frequently than set forth below);

   

  (vi)         immediately notify Agent of any material adverse change in such Dealer’s prospects,
    business, operations or condition (financial or otherwise) or in any Collateral;

   

  (vii)        execute (or cause any third party in possession of Collateral to execute) all documents
    Agent requests to perfect and maintain the security interest in the Collateral granted to Agent, pursuant to Section 21(a)(ii);

   

  (viii)       deliver to Agent immediately upon each request by Agent (and Agent may retain) each
    certificate of title or statement of origin issued for Collateral financed by any one or more Lenders;

   

  (ix)         at all times be duly organized, existing, in good standing, qualified and licensed to do
    business in each jurisdiction in which the nature of its business or property so requires and, when requested, provide Agent with documentation evidencing the same;

   

  (x)          notify Agent of the commencement of any material legal proceedings against such Dealer or
    any Guarantor (as defined below);

   

  (xi)         comply with all laws, rules and regulations applicable to such Dealer, including without
    limitation, the USA PATRIOT ACT and all laws, rules and regulations relating to import or export controls or anti-money laundering, and maintains in effect policies and procedures designed to ensure compliance by Holdings and its Subsidiaries and their
    respective directors, officers, employees, agents and Affiliates with all applicable sanctions;

  
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  (xii)        maintain a system of accounting in accordance with generally accepted accounting principles
    and account records which contain such information in a format as may be requested by Agent;

   

  (xiii)       take all steps reasonably requested by Agent to ensure that Agent’s security interest in
    inventory at all times constitutes a perfected, first priority security interest in inventory and does not become subordinate to the security interests or claims of any Person; and

   

  (xiv)       Within thirty (30) days of the date hereof (or such later date as the Agent may agree to in
    its sole discretion), deliver to Agent deposit account control agreements for all Deposit Accounts at Hancock Bank and Branch Banking & Trust in form and substance acceptable to Agent in its sole discretion.

   

  (c)         No Dealer will, without Agent’s prior written consent:

   

  (i)           use (except for demonstration for sale), rent, lease, sell, transfer, consign, license or
    otherwise dispose of any Collateral except for sales of inventory at retail in the ordinary course of such Dealer’s business;

   

  (ii)          sell or otherwise transfer Inventory to a Dealer Affiliate;

   

  (iii)         engage in any other material transaction not in the ordinary course of such Dealer’s
    business;

   

  (iv)         change its business in any material manner or its organizational structure or be a party to
    a merger or consolidation or change its registration to a registered organization other than as specified above, including without limitation any merger, consolidation, or restructure among or involving any Dealers and/or any Guarantors;

   

  (v)          change its name or conduct business under a trade style or trade name other than those
    disclosed by such Dealer to Agent in writing, without giving Agent at least thirty (30) days’ prior written notice thereof;

   

  (vi)         change the state in which it is incorporated or otherwise organized (except upon thirty (30)
    days’ prior written notice to Agent);

   

  (vii)        change its chief executive office or office where it keeps its records with respect to
    accounts or chattel paper;

   

  (viii)        finance on a secured basis with any Vendor or any third party the acquisition of Inventory,
    obtain inventory from third parties by consignment, or otherwise create, incur, assume or suffer to exist any Lien on any of such Dealer’s assets other than Liens in favor of Credit Facility Agent which are subject to the Intercreditor Agreement; provided,
    however, Dealers may:

   

  a.          create, incur, assume or suffer to exist any Lien in the form of Capital Leases or securing
    purchase money Indebtedness solely for equipment, so long as any such Liens shall encumber only the equipment acquired with the proceeds of such Indebtedness or subject to such Capital Lease, as the case may be; and

   

  b.          create, incur, assume or suffer to exist any Lien in connection with the TCF Agreement, so
    long as:

   

  i.       any such Liens shall only encumber Inventory manufactured by BRP Inc. or one of its
    Subsidiaries which is financed pursuant to the TCF Agreement; and

   

  ii.      the outstanding balance under the TCF Agreement does not exceed $500,000; and

  
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  c.         obtain inventory from third parties by consignment or otherwise create, incur, assume or
    suffer to exist any Lien pursuant to consignment agreements approved in writing by Agent in its sole discretion.

   

  (ix)         store inventory financed by Agent with any third party;

   

  (x)          merge or consolidate with another Person or divide itself pursuant to Section 18-217 of the
    Delaware Limited Liability Company Act or any similar law or statute;

   

  (xi)        acquire the assets or ownership interest of any other Person other than in connection with a
    Permitted Acquisition;

   

  (xii)        enter into any transaction not in the ordinary course of business;

   

  (xiii)       guarantee or indemnify or otherwise become in any way liable with respect to the obligations
    of any Person (other than Permitted Indebtedness of Holdings or any of its Subsidiaries), except by endorsement of instruments or items of payment for deposit to the general account of such Dealer or which are transmitted or turned over to Agent for
    the benefit of Lenders, on account of the Obligations;

   

  (xiv)       redeem, retire, purchase or otherwise acquire, directly or indirectly, any of such Dealer’s
    capital stock;

   

  (xv)        make any change in such Dealer’s capital structure or in any of its business objectives or
    operations which might in any way adversely affect the ability of such Dealer to repay the Obligations;

   

  (xvi)       incur, create, assume, guarantee or suffer to exist, or otherwise become or remain liable
    with respect to, or permit any of its Subsidiaries to create, incur, guarantee or suffer to exist or otherwise become or remain liable with respect to, any Indebtedness other than Permitted Indebtedness;

   

  (xvii)      make any Restricted Payment which is not a Permitted Restricted Payment; 

   

  (xviii)      enter into any transaction that results in a Change in Control;

   

  (xix)       move Collateral from stock inventory to rental inventory, other than as permitted under this
    Agreement; 

   

  (xx)       move Collateral from rental inventory to stock inventory;

   

  (xxi)       rent or lease any Rental Unit contrary to the terms of this Agreement;

   

  (xxii)      assign, sell, pledge, convey or by any other means transfer to any Person, other than Agent,
    any Rental Contracts or Chattel Paper related thereto;

   

  (xxiii)     do business as a lessor of Rental Units without also doing business as a seller or reseller
    of new or used marine units under the same legal entity; or

   

  (xxiv)     request any Loan, and no Dealer shall use, and shall ensure that its Subsidiaries and its or
    their respective directors, officers, and employees shall not use, the proceeds of any Loan, in any manner that would result in the violation of any sanctions applicable to any party hereto.

   

  (d)         Notwithstanding the provisions of Section 7(c)(ii) above, a Dealer may sell or
    otherwise transfer inventory to another Dealer who is a signatory to this Agreement. The parties agree that any such inventory that is sold or otherwise transferred at any time by one Dealer to another shall be and remain Collateral and shall continue
    to secure the Obligations.

   

  (e)         Financial Covenants. Dealer covenants and agrees that so long as any of the Indebtedness
    to Lenders remains outstanding or the Agreement remains in effect, even if no Indebtedness to Lenders is outstanding:

  
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  (i)          Funded Debt to EBITDA Ratio. The Dealers shall not permit the Funded Debt to EBITDA
    Ratio of Holdings on a consolidated basis for any Quarterly Computation Period to exceed a ratio of 2.00 to 1.00.

   

  (ii)         Fixed Charge Coverage Ratio. The Dealers shall not permit the Fixed Charge Coverage
    Ratio of Holdings on a consolidated basis for any Quarterly Computation Period to exceed a ratio of 1.50 to 1.00.

   

  (f)          Changes in GAAP. If as of the date of the Dealers’ fiscal year end any change in GAAP
    would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Dealers or the Required Lenders shall so request, Agent, the Lenders and Dealers shall negotiate in good faith to amend such ratio or
    requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders, notwithstanding anything to the contrary set forth in Section 18 hereof); provided that, until so
    amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein, and (ii) Dealers shall provide to Agent and Lenders financial statements and other documents required under this Agreement or as
    reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP. Without limiting the foregoing, leases shall continue to be classified and
    accounted for on a basis consistent with that reflected in the financial statements delivered pursuant to Section 9(a)(i) for the fiscal year ending September 30, 2018 for purposes of determining the Funded Debt to EBITDA Ratio and the Fixed
    Charge Coverage Ratio (including for purposes of Sections 7(e)(i) and 7(e)(ii), notwithstanding any change in GAAP relating thereto, unless the parties hereto shall enter into a mutually acceptable amendment addressing such changes, as
    provided for above.

   

  		8.	Insurance.

   

  (a)         All risk of loss, damage to or destruction of Collateral shall at all times be on Dealers. Each
    Dealer shall keep all of its tangible Collateral insured for full value against all insurable risks under policies delivered to Agent and issued by insurers satisfactory to Agent with loss payable to Agent on behalf of Lenders. Agent is to be provided
    with any written notice of cancellation or change in such policies within two (2) business days of the issuance of such notice. Agent is authorized, but not required, to act as attorney-in-fact for each Dealer in adjusting and settling any insurance
    claims under any such policy and in endorsing any checks or drafts drawn by insurers. Each Dealer shall promptly remit to Agent in the form received, with all necessary endorsements, all proceeds of such insurance which such Dealer may receive. Agent,
    at its election, shall either apply any proceeds of insurance it may receive toward payment of the Obligations or pay such proceeds to such Dealer or any other Dealer.

   

  (b)         [Reserved].

   

  (c)         In addition to Dealers’ obligation to insure the Rental Units, Dealers will keep the Rental
    Units insured for their full insurable value under an “all risk” property insurance policy which includes rental insurance coverage in the minimum amount of $1,000,000.00, with a company acceptable to Agent, naming Agent as a lender loss-payee and
    containing standard lender’s loss payable and termination provisions. Dealers will maintain liability insurance with an insurance carrier and in an amount satisfactory to Agent. Dealers will provide Agent with written evidence of such insurance
    coverage and Agent’s loss-payee endorsement within thirty (30) days of delivery of any such Rental Unit to Dealers by a manufacturer.

   

  		9.	Reporting.

   

  (a)         Financial Statements. Unless waived by Agent, each Dealer will deliver to Agent and, if such Lender requests, each requesting Lender, in a form satisfactory to Agent and any requesting
    Lenders: (i) within 20 days after the same are prepared, but in no event later than 120 days after the end of each fiscal year, an audited consolidated balance sheet of Holdings and consolidating balance sheets of Dealers as at the end of such year and
    the related consolidated and consolidating statements of income or operations, shareholders’ equity and cash flows for such fiscal year, setting forth in comparative form the figures for the previous fiscal year, and accompanied by the report of a
    nationally recognized independent certified public accounting firm reasonably acceptable to Agent, approved by Agent in its sole and absolute discretion, which report shall (A) contain an unqualified opinion, stating that such consolidated financial
    statements present fairly in all material respects the financial position for the periods indicated in conformity with GAAP applied on a basis consistent with prior years and (B) not include any explanatory paragraph expressing substantial doubt as to
    going concern status of Dealers; (ii) within 45 days after the end of each of Dealer’s fiscal quarters, including each fourth fiscal quarter, a copy of the unaudited consolidated balance sheet of Holdings and consolidating balance sheets of Dealers,
    and the related consolidated and consolidating statements of income, shareholders’ equity and cash flows for such quarter and for the period beginning with the first day of such fiscal year and ending on the last day of such quarter, together with a
    comparison with the corresponding period of the previous fiscal year and a comparison with the budget for such period of the current fiscal year, all certified on behalf of the Dealers by an appropriate officer of the Dealers as being complete and
    correct and fairly presenting, in all material respects, in accordance with GAAP, the financial position and the results of operations of Dealers, subject to normal year-end adjustments and absence of footnote disclosures; (iii) within 30 days after
    the end of each Dealer’s fiscal months, other than fiscal quarter-end, a copy of the unaudited balance sheets and profits and loss statements of Holdings and Dealers; and (iv) as of the day of Dealers’ fiscal year-end, Dealers’ financial projections
    for the next fiscal year and income statement and balance sheet for such next fiscal year broken out by fiscal quarter on a consolidated basis. Dealers represent that all financial statements and information which have been or may hereafter be
    delivered by a Dealer are and will be correct and prepared in accordance with accepted accounting principles consistently applied, and there has been no material adverse change in the financial or business condition of any Dealer since the submission
    to Agent and each Lender of such financial statements, and Dealers acknowledge Agent’s reliance thereon.

  
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  (b)        Upon Agent’s or any Lender’s request, Dealers will immediately notify Agent and, if applicable,
    such Lender, orally and in writing of any and all Rental Contracts, sales, damage or other disposition regarding the Rental Units and all terms and details thereof. Monthly, or at such other intervals as Agent may determine, Dealers will provide Agent
    with a report, in a form and containing such detailed information as Agent may require, regarding Dealers’ outstanding Rental Contracts. In addition, Dealers will report such other information relating to the Rental Contracts and Rental Units as Agent
    may require.

   

  (c)        Each Dealer, on the same date the financial reports required to be delivered pursuant to Section

      9(a)(i) are due, will provide a list of all locations where Collateral is or may be kept, including information as to whether the property is owned or leased, any Liens or other encumbrances on such property, and if leased, the name of the
    lessor, the lease term, and any other information Agent shall request. If any Collateral location is subject to a mortgage, deed of trust, or other Lien in favor of any Person other than Agent, except any Lien permitted by Section 7(a) of this
    Agreement, Dealers agree to promptly obtain an agreement from such Person, waiving such Person’s Lien on the Collateral and providing Agent reasonable access thereto, in form and substance acceptable to Agent and duly executed and delivered by such
    Person.

   

  (d)        Dealers shall deliver to Agent annually on the same date the financial reports required by Section

      9(a)(i) are delivered to Agent, organizational charts showing the ownership structure of Dealers and any Guarantor (other than Guarantors who are natural persons), in form and content satisfactory to Agent in its sole discretion. Dealers shall be
    deemed to represent and warrant that such organizational charts are true and correct in all respects, and such organization shall include all information so that such organizational charts are not misleading.

   

  (e)        Dealers shall deliver to Agent at the time of each Permitted Acquisition, and annually on the
    same date the financial reports required by Section 9(a)(i), a report in form and substance acceptable to Agent documenting peak inventory at each location in order to assess insurance coverage with Agent having sole discretion to determine
    minimum insurance limits.

   

  (f)         Dealers shall deliver to Agent a weekly Inventory borrowing base certificate with supporting
    information required by Agent in form and substance acceptable to Agent every Thursday by 12:00pm central time, and if such Thursday is not a Business Day, then the immediately succeeding Business Day.

   

  (g)        On the same date Dealers deliver the financial statements required by Sections 9(a)(i)
    and 9(a)(ii), Dealers shall deliver a compliance certificate in form and substance acceptable to Agent in its sole discretion.

   

  (h)        Dealers shall deliver to Agent and any requesting Lender “Know Your Customer” documentation,
    including, without limitation, beneficial ownership certification, as requested by Agent or such Lenders (including upon addition of any new entity to this Agreement or other Loan Documents).

  
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  		10.	Payment Terms.

  

   

  (a)         Each Dealer will immediately pay to Agent for the benefit of Lenders, the principal amount of
    the Obligations owed by such Dealer on each item of Collateral financed by Lenders on the earliest occurrence of any of the following events: (i) when such Collateral is lost, stolen or damaged; (ii) for Collateral financed under any pay-as-sold (“PAS”)

    terms, when such Collateral is sold, transferred, rented, leased, otherwise disposed of, unaccounted for, or its payment term has matured; (iii) for Collateral financed under any scheduled payment program (“SPP”) terms, in strict
    accordance with the installment payment schedule; (iv) in strict accordance with any curtailment schedule for such Collateral; and (v) when otherwise required under the terms of this Agreement. The PAS, SPP and curtailment terms are or may be set forth
    in a Transaction Statement. Agent may apply: (1) payments to reduce finance charges first and then principal, regardless of a Dealer’s instructions; and (2) principal payments to the oldest (earliest) invoice for Collateral financed by Lenders, but, in
    any event, all principal payments, may, in Agent’s sole discretion, first be applied to such Collateral which is sold, lost, stolen, damaged, rented, leased, or otherwise disposed of or unaccounted for. Any payment hereunder which would otherwise be
    due on a day which is not a Business Day, shall be due on the next succeeding Business Day, with such extension of time included in any calculation of applicable finance charges. For purposes of this Agreement, “Business Day” means any
    day the Federal Reserve Bank of Chicago is open for the transaction of business.

   

  (b)         If Dealers (i) fail to immediately remit funds to Agent upon the maturity of Dealers’
    applicable payment terms with respect to such advance or upon the sale, transfer, rental, lease, loss, theft, damage, or other disposition of or inability to account for any inventory financed by Lenders for Debtor (a “sale out of trust”
    or “SOT”) or (ii) are required to make immediate payment to Agent of any past due obligation discovered during any Collateral review, or at any other time, then Agent’s acceptance of any payment with respect to such past due obligation
    (whether in full or partial satisfaction of such obligation) shall not be construed to have waived or amended the terms of its financing program. Dealers will send all such payments to Agent as directed. The acceptance of payment by Agent described
    herein shall not constitute a waiver of any rights or remedies available to Agent for any Default of Dealers.

   

  (c)         Any Vendor Credit granted to a Dealer for any Collateral will not reduce the Obligations
    Dealers owe Lenders until Agent has received payment therefor as set forth below. Each Dealer will: (i) pay Agent even if any Collateral is defective or fails to conform to any warranties extended by any third party; and (ii) indemnify and hold Agent
    and each Lender harmless against all claims and defenses asserted by any buyer of any Collateral. Each Dealer waives all rights of setoff such Dealer may have against Agent or any Lender. No Dealer will assert against Agent or any Lender any claim or
    defense such Dealer may have against any Vendor and any such claims or defenses shall not affect Dealers’ liabilities or obligations to Agent and Lenders.

   

  (d)         Any Loans which are not used to acquire inventory, as contemplated hereby, shall be paid on
    demand unless otherwise provided in this Agreement or in any Transaction Statement. In order to adequately secure Dealers’ Obligations to Agent, Dealers shall, at Agent’s request, immediately pay Agent the amount necessary to reduce the sum of any
    outstanding advances with respect to inventory received by Dealers to an amount which does not exceed the aggregate invoice price to Dealers of the inventory in Dealers’ possession which (i) is financed by any one or more Lenders, and (ii) in which
    Agent, for the benefit of Lenders has a perfected first priority lien.

   

  (e)         All payments due by any Dealer under this Agreement or otherwise shall be made by check made on
    a United States bank, ACH, EDI or federal wire, in each case drawn on an account established in the name of such Dealer. Payment in any other form may delay processing or be returned to such Dealer, and may cause such Dealer to incur a late payment
    fee. Agent policy bars payment by cash or cash equivalents and any such payments will be declined; Agent reserves the right to decline other forms of payment, including but not limited to, cashier’s checks, money orders, bank drafts, third-party checks
    and traveler’s checks. In the event of any such payment decline, such Dealer’s debt will remain outstanding and interest/fees permitted under such Dealer’s agreement may accrue until acceptable payment is received. Agent will recognize and credit
    payments according to its payment recognition policies from time to time in effect, or as otherwise agreed. Information regarding Agent’s payment recognition policy is available from Dealers’ Agent representative, the Agent website, or will be
    communicated pursuant to Section 12(b) below.

  
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  		11.	Calculation of Charges.

   

  (a)         Dealers shall pay fees, charges and interest (collectively, “Charges”) with respect to each advance
    in accordance with the Agreement. Dealer shall pay Agent its customary Charge for any check or other item which is returned unpaid to Agent. Unless otherwise provided in the Agreement, the following additional provisions shall be applicable to Charges:
    (i) any reference to “Prime Rate,” “One month Libor,” and/or “Three Month Libor” shall mean, for any calendar month, an interest rate (calculated on a 360-day year basis as set forth herein) equal to the highest “prime rate,” “One month Libor,” and/or
    “Three month Libor” rate, respectively, as published in the “Money Rates” column of The Wall Street Journal on the first Business Day of such month; if for any reason such rate is no longer published in The Wall Street Journal, Agent shall
    select such replacement index as Agent in its sole discretion determines most closely approximates such rate; (ii) all Charges shall be paid by Dealer monthly pursuant to the terms of the billing statement in which such Charges appear; (iii) interest
    on each advance and principal amount of the Obligations related thereto shall be computed for any period by dividing the interest rate provided in each applicable Transaction Statement by 360 (the quotient of which is herein referred to as the “Daily

        Rate”), and then multiplying the Daily Rate by either (A) the average principal balance outstanding during such period, or (B) the actual principal balance outstanding on each day during such period; (iv) interest on an advance shall begin
    to accrue on the Start Date, which shall be defined as the earlier of: (A) the invoice date referred to in the Vendor’s invoice; or (B) the ship date referred to in the Vendor’s invoice; or (C) the date any one or more Lenders make such advance; provided,
    however, if a Vendor fails to fully pay, by honoring or paying any Lender Credit or otherwise, the interest or other cost of financing such inventory during the period between the Start Date and the end of the Free Floor Period (as defined
    below), then Dealers shall pay such interest to Agent on behalf of Lenders, on demand as if there were no Free Floor Period with respect to such inventory; (v) for the purpose of computing Charges, any payment will be credited pursuant to Agent’s
    payment recognition policies, as in effect from time to time; (vi) advances or any part thereof not paid when due (and Charges not paid when due, at the option of Agent, shall become part of the principal amount of the Obligations and) shall bear
    interest at the Default Rate (as defined below); and (vii) all interest rates provided or referenced in Transaction Statements, including all references to base rate, prime rate and additions to base rate or prime rate, are provided and referenced on
    the basis of a 360-day year. The method of calculating interest provided in this Section 11(a) (i.e., the interest rate calculated based on a year of 360 days, for the actual number of days elapsed) will result in a higher effective rate than
    the quoted numeric rate provided in the Transaction Statement. For purposes of this Agreement, the following definitions shall apply: “Default Rate” shall mean the default rate specified in a Dealer’s financing program with any one or
    more Lenders, if any, or if there is none so specified, at the lesser of 3% per annum above the rate in effect immediately prior to the Default, or the highest lawful contract rate of interest permitted under applicable law; “Free Floor Period”
    shall mean a period equal to the number of days during which a Vendor agrees to assume the cost of financing Collateral purchased by a Dealer by granting Agent a Lender Credit.

   

  (b)         Agent and Lenders intend to strictly conform to the usury laws governing this Agreement. Regardless of any
    provision contained herein, in any Transaction Statement, or in any other document, neither Agent nor any Lender shall ever be deemed to have contracted for, charged or be entitled to receive, collect or apply as interest, any amount in excess of the
    maximum amount allowed by applicable law. If Agent or any Lender ever receives any amount which, if considered to be interest, would exceed the maximum amount permitted by law, Agent or such Lender will apply such excess amount to the reduction of the
    unpaid principal balance which any Dealer owes, and then will pay any remaining excess to such Dealer. In determining whether the interest paid or payable exceeds the highest lawful rate, Dealers, Agent and each Lender shall, to the maximum extent
    permitted under applicable law, (1) characterize any non-principal payment (other than payments which are expressly designated as interest payments hereunder) as an expense or fee rather than as interest, (2) exclude voluntary pre-payments and the
    effect thereof, and (3) spread the total amount of interest throughout the entire term of this Agreement so that the interest rate is uniform throughout such term. Each Dealer agrees to pay an effective rate of interest that is the sum of (i) the
    interest rate provided in this Agreement, including as provided in each accepted Transaction Statement, as may be amended as provided herein; and (ii) any additional rate of interest resulting from any other charges or fees paid or to be paid by any
    Dealer or Dealers pursuant to this Agreement and that are determined to be interest or in the nature of interest.

   

  (c)         If any Change in Law shall impose, modify or deem applicable any reserve, special deposit or similar requirement
    that is not otherwise included in the determination of LIBOR hereunder against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in LIBOR); or impose on any Lender or the
    eurodollar interbank market any other condition affecting this Agreement or any eurodollar loans made by such Lender; and the result of any of the foregoing is to increase the cost to such Lender of making, converting into, continuing or maintaining a
    eurodollar loan or to reduce the amount received or receivable by such Lender hereunder (whether of principal, interest or any other amount), then, from time to time, such Lender may provide Dealers (with a copy thereof to the Agent) with written
    notice and demand with respect to such increased costs or reduced amounts, and within five (5) Business Days after receipt of such notice and demand, the Dealers shall pay to such Lender such additional amounts as will compensate such Lender for any
    such increased costs incurred or reduction suffered.

  
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  (d)         If any Lender shall have determined that any Change in Law regarding capital or liquidity ratios or requirements
    has or would have the effect of reducing the rate of return on such Lender’s capital (or on the capital of the parent company of such Lender) as a consequence of its obligations hereunder to a level below that which such Lender or such parent company
    could have achieved but for such Change in Law (taking into consideration such Lender’s policies or the policies of such parent company with respect to capital adequacy and liquidity), then, from time to time, such Lender may provide the Dealers (with
    a copy thereof to the Agent) with written notice and demand with respect to such reduced amounts, and within five (5) Business Days after receipt of such notice and demand the Dealers shall pay to such Lender such additional amounts as will compensate
    such Lender or such parent company for any such reduction suffered.

   

  		12.	Billing Statement/Fees; Right to Modify Charges and Other Terms.

   

  (a)         Agent will transmit, send or otherwise make available to each Dealer a monthly billing
    statement identifying all charges due on such Dealer’s account with respect to this Agreement. The charges specified on each billing statement will be (i) due and payable in full immediately on receipt, unless otherwise stated in writing in your
    billing statement, transaction statement or other written document provided by Agent, and (ii) an account stated, unless Agent receives a Dealer’s written objection thereto within fifteen (15) days after it is transmitted, sent or otherwise made
    available to such Dealer. If Agent does not receive, by the 25th day of any given month, payment of all charges accrued to a Dealer’s account with any one or more Lenders during the immediately preceding month, Dealers will (to the extent allowed by
    law) pay Agent a late fee equal to the greater of $5 or 5% of the amount of such charges (payment of such fee does not waive the default caused by the late payment). Agent may adjust the billing statement at any time to conform to applicable law and
    this Agreement.

   

  (b)         Agent may charge one or more fees in connection with the servicing and administration of a
    Dealer’s account for its own account (and for the avoidance of doubt, Lenders other than CDF shall have no interest in any such fees). From time to time, Agent may provide written notice to Dealer of new or changed fees charged by Agent for its own
    account, interest and/or other finance charges (including without limitation, increases or decreases in the periodic rate or amount of finance charges, the method of computing finance charges and when and how finance charges, and principal payments,
    are payable), policies, practices and other charges and/or credit terms (collectively, “Fees and Terms”) payable by, or applicable to, one or more Dealers or relating to one or more Dealer’s accounts generally, or in connection with
    specific services or events, to be effective as of the notice date, or such other future effective date as Agent shall advise, with respect to existing Obligations owing by one or more Dealers to Agent and/or any one or more Lenders and/or to
    Obligations incurred or arising after such notice or future effective date, as the case may be, all as Agent may elect by so indicating in such notice. Such notice may be delivered by mail, courier or electronically in a separate writing or website
    posting, or set forth in the Transaction Statement and/or the billing statement. Dealer shall be deemed to have accepted such Fees and Terms by either (i) making any request for financing after the effective date of such notice, or (ii) failing to
    notify Agent in writing of any objection to a Transaction Statement, billing statement or written notice advising of such Fees and Terms within fifteen (15) days after such notice has been sent to a Dealer. If a Dealer objects to the Fees and Terms,
    such Fees and Terms shall not be imposed, but Agent may charge or implement the last Fees and Terms to which such Dealer has not objected, and may elect to terminate Dealers’ financing program.

   

  (c)         Adjustments. Any statement with respect to any Obligations sent or made available
    (electronically or otherwise) to Dealers by Agent, including without limitation any Transaction Statement, shall be subject to subsequent adjustment by Agent to correct any error or omission therein, but, absent manifest error, shall be presumed
    accurate evidence of Obligations and information covered thereby unless Agent shall have received written notice from Dealers specifying any error within 30 days after the date of such statement, notwithstanding such notice by Dealers to Agent,
    Dealers’ obligation to make payments to Agent for the benefit of Lenders with respect to any amount contested as erroneous by Dealers shall not be waived or extended unless and until Agent consents in writing to such waiver or extension, provided that
    any such waiver or extension with respect to amounts which are not erroneous shall be subject to Section 18.

   

  13.        Default. The occurrence of one or more of the following events shall constitute a default by Dealers (a “Default”):

   

  (a)         a Dealer shall fail (i) to pay (A) any Obligations representing principal when due, or (B) any
    Obligations representing interest or other Charges within one (1) Business Day of the applicable due date therefor, or (ii) any remittance for any Obligations is dishonored when first presented for payment;

  
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  (b)        any representation made to Agent or any Lender by a Dealer or by any guarantor, surety, issuer
    of a letter of credit or any person other than a Dealer primarily or secondarily liable with respect to any Obligations (a “Guarantor”) shall not be true when made or if a Dealer or any Guarantor shall breach any covenant, warranty or
    agreement in this Agreement to or with Agent and/or any Lender;

   

  (c)        a Dealer (including, if a Dealer is a partnership or limited liability company, any partner or
    member of a Dealer) or any Guarantor shall die, become insolvent or generally fail to pay its debts as they become due or, if a business, shall cease to do business as a going concern;

   

  (d)        any letter of credit or other form of collateral provided by a Dealer or a Guarantor to Agent
    with respect to any Obligations or Collateral shall terminate or not be renewed at least sixty (60) days prior to its stated expiration or maturity;

   

  (e)        a Dealer abandons any Collateral;

   

  (f)         any Guarantor shall revoke, terminate or limit, or take any action purporting to revoke,
    terminate or limit, any guaranty or other assurance of payment relating to any Obligations;

   

  (g)        a Dealer or any Guarantor shall make an assignment for the benefit of creditors, or commence a
    proceeding with respect to itself under any bankruptcy, reorganization, arrangement, insolvency, receivership, dissolution or liquidation statute or similar law of any jurisdiction, or any such proceeding shall be commenced against it or any of its
    property (an “Automatic Default”);

   

  (h)        an attachment, sale or seizure shall be issued or shall be executed against any assets of a
    Dealer or of any Guarantor;

   

  (i)         a Dealer shall lose, or shall be in default of, any franchise, license or right to deal in any Collateral which a
    Lender finances;

   

  (j)         a Dealer, Guarantor or any third party shall file any correction or termination statement with respect to any
    Uniform Commercial Code (the “UCC”) filing made by Agent in connection herewith;

   

  (k)        a material adverse change shall occur in the business, operations or condition (financial or otherwise) of a
    Dealer (including, if a Dealer is a partnership or limited liability company, any partner or member of a Dealer) or any Guarantor or with respect to the Collateral;

   

  (l)         a Dealer or any Guarantor fails to pay any debt or perform any other obligation owed to any third party
    (excluding under the Preferred Stock or the Purchase Warrant), which in either case involves an amount in excess of $50,000 with respect to any individual failure or in excess of $100,000 in the aggregate with respect to all such failures;

   

  (m)       a Dealer or any Guarantor defaults under the terms of any other agreement with any Lender or Lender Affiliate,
    which default is not cured or waived within the applicable grace period, if any;

   

  (n)        if Agent in good faith believes, or receives notice that a Lender in good faith believes, the prospect of payment
    of any Obligations is impaired or Agent deems itself or Lenders insecure;

   

  (o)        a Change in Control shall occur;

   

  (p)        a Dealer defaults under the terms of any Program Terms Letter;

   

  (q)        a Dealer defaults under the terms of the Credit Facility Agreement or a default or event of default (or similar
    event) shall occur under the Credit Facility Agreement;

   

  (r)         a Dealer or Credit Facility Agent defaults under the Intercreditor Agreement or any material provision thereof
    terminates or ceases to be effective;

  
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  (s)         a Dealer makes, causes or allows to be made, or Parent makes, causes or allows to be made, a distribution or
    other payment to (i) Thomas Mack in relation to the Mack Stock not otherwise permitted pursuant to either this Agreement or the Mack Subordination Agreement, or (ii) BMI in relation to the BMI Stock not otherwise permitted pursuant to either this
    Agreement or the BMI Subordination Agreement;

   

  (t)          any ERISA Event occurs with respect to a pension plan or multi-employer plan which has resulted or could
    reasonably be expected to result in liability of any Dealer under Title IV of ERISA or other applicable law to any pension plan, employee benefit plan or multi-employer plan, the Pension Benefit Guaranty Corporation or any other Person in an aggregate
    amount equal to or in excess of $5,000,000 in any calendar year, or any Dealer or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under
    Section 4201 of ERISA or other applicable law under a multi-employer plan in an aggregate amount equal to or in excess of $5,000,000;

   

  (u)         any material provision of any Loan Document, at any time after its execution and delivery, for any reason other
    than as expressly permitted hereunder or thereunder, ceases to be in full force and effect; or any party hereto or any Guarantor contests in any manner the validity or enforceability of any provision of any Loan Document; or

   

  (v)         any final judgment is entered against any of Dealers for the payment of $1,000,000.00 or more in excess of
    insurance, and such judgment shall remain unstayed or unpaid for more than 30 days.

   

  		14.	Rights and Remedies upon Default.

   

  (a)         Upon the occurrence of a Default, Agent, acting on behalf of Lenders pursuant to Section
      21(a)(ii), shall have all rights and remedies of a secured party under the UCC as in effect in any applicable jurisdiction and other applicable law and all the rights and remedies set forth in this Agreement. Agent may terminate any obligations
    it or any Lender has under this Agreement and any outstanding credit approvals immediately and/or declare any and all Obligations immediately due and payable without notice or demand. Each Dealer waives notice of intent to accelerate, and of
    acceleration of any Obligations. Agent may enter any premises of any one or more of the Dealers, with or without process of law, without force, to search for, take possession of, and remove the Collateral, or any part thereof. If Agent requests each
    Dealer shall cease disposition of and shall assemble the Collateral and make it available to Agent, at Dealers’ expense, at a convenient place or places designated by Agent. Agent may take possession of the Collateral or any part thereof on any one or
    more of Dealer’s premises and cause it to remain there at Dealers’ expense, pending sale or other disposition. Each Dealer agrees that the sale of inventory by Agent to a person who is liable to Agent under a guaranty, endorsement, repurchase agreement
    or the like shall not be deemed to be a transfer subject to UCC §9-618 or any similar provision of any other applicable law, and each Dealer waives any provision of such laws to that effect. Each Dealer agrees that the repurchase of inventory by a
    Vendor pursuant to a repurchase agreement with Agent shall be a commercially reasonable method of disposition. Dealers shall be jointly and severally liable to Agent for any deficiency resulting from Agent’s disposition of any Collateral, including
    without limitation a repurchase by a Vendor, regardless of any subsequent disposition thereof. No Dealer is a beneficiary of, and has no right to require Agent to enforce, any repurchase agreement. If a Dealer fails to perform any of its obligations
    under this Agreement, Agent may perform the same in any form or manner Agent in its discretion deems necessary or desirable, and all monies paid by Agent in connection therewith shall be additional Obligations and shall be immediately due and payable
    without notice together with interest payable on demand at the Default Rate. All of Agent’s rights and remedies shall be cumulative. At Agent’s request, or without request in the event of an Automatic Default, each Dealer shall pay all Vendor Credits
    to Agent as soon as the same are received for application to the Obligations. Each Dealer authorizes Agent to collect such amounts directly from Vendors and, upon request of Agent, shall instruct Vendors to pay Agent directly. Each Dealer irrevocably
    waives any requirement that Agent retain possession and not dispose of any Collateral until after trial or final judgment or appeal thereof. Agent’s election to extend or not make a Loan to a Dealer is solely at Agent’s discretion and does not depend
    on the absence or existence of a Default. If a Default is in effect, and without regard to whether Agent has accelerated any Obligations, Agent may, without notice, apply the Default Rate.

  
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  (b)         All Collections received by Agent after acceleration, a Default (including, without limitation,
    a Specified Default) or demand for payment of all of the Obligations, in connection with any workout of the Obligations including any forbearance arrangement, or after the initiation by or against any Dealer of a bankruptcy or other insolvency
    proceeding or other proceedings for collection of the Obligations, whether received pursuant to such demand or as a result of legal proceedings against any Dealer or through payment by or action against any other Person in any way liable for the
    Obligations, shall be applied, so far as the same will reach, in the following order:

   

  (i)          First, to the costs and expenses, including attorneys’ fees, incurred solely by Agent
    in effecting such recovery, in enforcing any right or remedy under the Loan Documents, or in any way related to the Loans, the Outstandings, the Loan Documents, this Agreement, Open Approvals or Collections;

   

  (ii)         Second, to accrued interest, ratably in accordance with each Lender’s respective
    Ratable Share of such interest being calculated at the interests rates set forth in Section 2(a)(iii) hereof; and

   

  (iii)         Third, to unpaid principal, ratably in accordance with each Lender’s Ratable Share,
    subject to such Lender’s obligation to fund Loans made by Agent based upon financed Invoices related to Open Approvals.

   

  15.       Power of Attorney. Each Dealer authorizes Agent to: (a) file financing statements and amendments thereto
    describing Agent as “Secured Party,” such Dealer as “Debtor” and indicating the Collateral (including, without limitation, the indication of the Collateral as “all assets”); (b) authenticate, execute or endorse on behalf of such Dealer any instruments,
    chattel paper, certificates of title, manufacturer statements of origin, builder’s certificate, or other notices or records comprising or related to Collateral or evidencing financing under the Agreement or evidencing or maintaining the perfection of
    the security interest granted hereby, as attorney-in-fact for such Dealer; and (c) supply any omitted information and correct errors in any documents between Agent, such Dealer, and, if applicable Lenders. This power of attorney and the other powers of
    attorney granted herein are irrevocable and coupled with an interest.

   

  		16.	Collection and Other Costs.

   

  (a)         Dealers shall pay to Agent, for the benefit of Agent and the other Lenders, on demand all
    expenses, costs and out-of-pocket expenses of every kind (including reasonable attorneys’ fees and legal expenses) incurred by Agent or any Lender in connection with (i) the preparation, negotiation, execution, delivery and administration of this
    Agreement or any of the other Loan Documents and the transactions contemplated hereby and thereby or any amendments, modifications, supplements or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or
    thereby shall be consummated); (ii) any attempt to inspect, verify, protect, preserve, restore, collect, sell, liquidate or otherwise dispose of or realize upon the Collateral (including expenses in connection with establishing, perfecting, maintaining
    perfection of, protecting, and enforcing its Lien on the Collateral); (iii) collecting any Obligations; (iv) any litigation, contest, dispute, suit, proceeding or action (whether instituted by Agent, any Lender, Dealer, any Guarantor or any other
    Person) in any way relating to the Collateral, this Agreement or any of the other Loan Documents or Dealers’ affairs (including, without limitation, expenses in connection with filing a proof of claim or motion for stay of relief under any
    receivership, assignment for benefit of creditors, bankruptcy or other insolvency laws or monitoring any such proceeding to the full extent permitted under such laws); or (v) any attempt to enforce any rights of Agent and Lenders against Dealers (or
    any of them), any Guarantor or any other Person which may be obligated to Agent and Lenders by virtue of this Agreement or any of the other Loan Documents. All fees, expenses, costs and other amounts described in this Section 16(a) shall
    constitute Obligations, shall be secured by the Collateral and interest shall accrue thereon at the Default Rate.

   

  (b)         Each Dealer agrees to indemnify Agent, each Lender, each of their respective Affiliates and
    each of their respective directors, officers, employees, agents, advisors, controlling Persons, equityholders, partners, members and other representatives and each of their respective successors and permitted assigns (each such Person being called an “Indemnitee”)

    against, and to hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and reasonable, documented and invoiced out-of-pocket fees and expenses (limited to reasonable and documented legal fees of a single firm of counsel
    for all Indemnitees, taken as a whole, and, if necessary, one firm of counsel in each appropriate jurisdiction (which may include a single special counsel acting in multiple jurisdictions) for all Indemnitees taken as a whole (and, in the case of an
    actual or perceived conflict of interest, where the Indemnitee affected by such conflict informs the Dealers of such conflict and thereafter retains its own counsel, of an additional counsel for each group of affected Indemnitees similarly situated
    taken as a whole)), incurred by or asserted against any Indemnitee arising out of, in any way connected with, or as a result of: (i) the execution or delivery of this Agreement or any other Loan Document, the performance by the parties hereto and
    thereto of their respective obligations thereunder and the other transactions contemplated hereby, (ii) the use of the proceeds of the Loans, or (iii) any claim, litigation, investigation or proceeding relating to the transactions set forth herein or
    any of the foregoing, whether or not any Indemnitee is a party thereto and regardless of whether such matter is initiated by Holdings or any of its Subsidiaries, including, without limitation, any Dealer, or Affiliates or creditors or any other Person.

  
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  (c)         Notwithstanding anything in Section 16(b), above, to the contrary, no Indemnitee will
    be indemnified for any loss, claim, damage, liability, cost or expense to the extent it: (i) has been determined by a final, non-appealable judgment of a court of competent jurisdiction to have resulted from (A) the gross negligence, bad faith or
    willful misconduct of such Indemnitee or (B) a material breach of the obligations of such Indemnitee under the Loan Documents, or (ii) relates to any proceeding between or among Indemnitees other than (A) claims against Agent or their respective
    Affiliates, in each case, in their capacity or in fulfilling their role as the agent or arranger, syndication agents, senior managing agent or documentation agents or any other similar role under this Agreement (excluding their role as a Lender) to the
    extent such Persons are otherwise entitled to receive indemnification under Section 16(b), or (B) claims arising out of any act or omission on the part of Holdings or any of its Subsidiaries.

   

  		17.	Information.

   

  (a)         To help the government fight the funding of terrorism and money laundering activities, Federal
    law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When any Dealer opens an account, Agent will ask for the name(s), address(es), date(s) of birth, and other information
    that will allow Agent to identify each Dealer, and its owner(s) and Guarantor(s) as applicable. Agent may also ask to see driver’s licenses or other identifying documents related to each Dealer, and its owner(s) and Guarantors as applicable. Failure to
    comply with such requests will constitute a Default under the Agreement.

   

  (b)         Each Dealer irrevocably authorizes Agent to investigate and make inquiries of former, current,
    or future creditors or other persons and credit bureaus regarding or relating to such Dealer (including, to the extent permitted by law, any holders of such Dealer’s Capital Securities). Agent and each Lender may provide to any Lender Affiliate or any
    third parties any financial, credit or other information regarding each Dealer (including, to the extent permitted by law, any holders of such Dealer’s Capital Securities) that Agent or such Lender may at any time possess, whether such information was
    supplied by any Dealer or otherwise obtained by such Agent or Lender. Further, each Dealer irrevocably authorizes and instructs any third parties (including without limitation, any Vendors or customers of Dealers) to provide to Agent any credit,
    financial or other information regarding a Dealer that such third parties may at any time possess.

   

  		18.	Amendments and Waivers.

   

  (a)         No amendment or waiver of any provision of this Agreement or any Transaction Statement or
    Program Terms Letter, and no consent with respect to any departure by any Dealer therefrom, shall be effective unless the same shall be in writing and signed by Agent, Required Lenders (or by Agent with the consent of Required Lenders), and the
    Dealers, and then such waiver shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that no such waiver, amendment, or consent shall, unless in writing and signed by all the
    Lenders directly affected thereby (or by Agent with the consent of all the Lenders directly affected thereby), in addition to Agent and Required Lenders (or by Agent with the consent of Required Lenders) and the Dealers, do any of the following:

   

  (i)           increase or extend the Allocation of any Lender to make a Loan or otherwise finance any
    Collateral;

   

  (ii)          postpone or delay any date fixed for, or reduce or waive, any scheduled installment of
    principal or any payment of interest, fees or other amounts (other than principal) due to any one or more Lenders hereunder or under any Transaction Statement;

   

  (iii)         reduce the principal of, or the rate of interest specified herein or the amount of interest
    payable in cash specified herein or in any Transaction Statement, or of any fees or other amounts payable hereunder or under any Transaction Statement;

   

  (iv)         change the definition of Required Lenders;

  
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  (v)          amend any provision providing for consent or other action by all Lenders;

   

  (vi)         discharge any Dealer from its respective payment Obligations, or release all or
    substantially all of the Collateral, except as otherwise may be provided in this Agreement; or

   

  (vii)        change the Ratable Share of any Lender;

   

  it being agreed that all Lenders shall be deemed to be directly affected by an amendment or waiver of the
    type described in the preceding clauses (iv), (v) (vi), and (vii).

   

  (b)         No amendment, waiver or consent shall, unless in writing and signed by Agent, affect the rights or duties of
    Agent under this Agreement or any Transaction Statement.

   

  (c)         No amendment of the Dealer Rate or Performance Rebate set forth in any applicable Program Terms Letter shall be
    effective unless in writing signed by Agent and consented to by Required Lenders.

   

  (d)         Notwithstanding anything set forth herein to the contrary, a Non-Funding Lender shall not have any voting or
    consent rights under or with respect to any Loan Document or constitute a “Lender” (or be, or have its Ratable Share or Allocation included in the determination of “Required Lenders”, pursuant to this Section 18) for any voting or consent
    rights under or with respect to any Loan Document, except that a Non-Funding Lender shall be treated as an “affected Lender” for purposes of Section 18(a) solely with respect to an increase in such Non-Funding Lender’s Allocation, a reduction
    of the principal amount owed to such Non-Funding Lender or, unless such Non-Funding Lender is treated the same as the other Lenders, a reduction in the interest rates applicable to the Loans funded by such Non-Funding Lender. Moreover, for the purposes
    of determining Required Lenders, the Allocation of any Non-Funding Lenders shall be excluded from the Aggregate Allocations.

   

  (e)         Notwithstanding the foregoing, Agent, with the consent of the Dealers, may amend, modify or supplement any Loan
    Document without the consent of any Lender or the Required Lenders in order to correct, amend or cure any inconsistency or defect or correct any typographical error or other manifest error in any Loan Document, and such amendment, modification or
    supplement shall become effective without any further action or consent of any other party to any Loan Document if the same is not objected to in writing by the Required Lenders within five Business Days following receipt of notice thereof.
    Furthermore, notwithstanding anything to the contrary herein, with the consent of Agent at the request of the Dealers (without the need to obtain any consent of any Lender), any Loan Document may be amended to add terms that are favorable to the
    Lenders (as reasonably determined by Agent).

   

  (f)          Agent hereby notifies Dealers, and Dealers hereby acknowledge, that many dealers who use Agent’s Customer Online
    Management System (“COMS”) will receive a notification regarding a Modification of Financing Agreement on or about November or December 2019. Such notification will automatically be generated by COMS, and therefore, Dealers may receive
    such notification from COMS. Such notification will address a change in the definition of “Obligations” already addressed under this Agreement, and Dealers agree to ignore such notification. The parties agree that notwithstanding any Dealer’s receipt
    of such notification from COMS, such notification shall have no binding effect. All amendments to this Agreement shall only be effective if completed in accordance with this Section 18.

   

  19.        Termination. Unless sooner terminated as provided in this Agreement or by at least thirty (30) days prior
    written notice from any Dealer to Agent or from Agent to Dealers, this Agreement shall terminate on September 28, 2021; provided, however, that Agent, acting by itself or at the request of Required Lenders (provided such request from
    Required Lenders shall not require Agent to act), may terminate the Agreement immediately by notice to any Dealer if any Dealer objects to any terms of any Transaction Statement, billing statement or written notice advising of Fees and Terms. Upon
    termination of the Agreement, all Obligations shall become immediately due and payable without notice or demand. Upon any termination, Dealers shall remain fully and jointly and severally liable to each Lender for all Obligations owed to such Lender
    arising prior to or after termination, and each Lender’s rights and remedies and security interest, if any, shall continue until all Obligations to such Lender are paid and all obligations of Dealers are performed in full. Except as specifically set
    forth in this Agreement, no provision of the Agreement shall be construed to obligate any Lender to make any advances. All waivers and indemnifications in Agent and each Lender’s favor set forth in this Agreement will survive any termination of this
    Agreement.

  
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  		20.	Assignments and Participations; Binding Effect.

   

  (a)         Binding Effect. This Agreement shall become effective when it shall have been executed
    by the Dealers, Agent and the Lenders and when Agent shall have been notified by each Lender that such Lender has executed it. Thereafter, it shall be binding upon and inure to the benefit of, but only to the benefit of Dealers, Agent and each Lender
    and, in each case, their respective successors and permitted assigns. Except as expressly provided herein, no Dealer shall have the right to assign any rights or obligations hereunder or any interest herein.

   

  (b)         Right to Assign. Each Lender may sell, transfer, negotiate or assign (a “Sale”)

    all or a portion of its rights and obligations hereunder (including all or a portion of its Allocation and its rights and obligations with respect to any Loan pursuant to any Loan Document) to (i) any existing Lender, (ii) any Affiliate of any existing
    Lender or (iii) any other person approved in writing by Agent (such approval not to be unreasonably withheld or delayed); provided, however, that (A) for each Loan pursuant to this Agreement or any Loan Document, the aggregate
    outstanding principal amount (determined as of the effective date of the applicable assignment) of the Allocation subject to any such Sale shall be in a minimum amount of $1,000,000, unless such Sale is made to an existing Lender or an Affiliate of any
    existing Lender, is of the assignor’s (together with its Affiliates) entire interest in such facility or is made with the prior consent of Agent, (B) such Sales shall be effective only upon the acknowledgement in writing of such Sale by Agent, (C)
    interest accrued prior to and through the date of any such Sale may not be assigned.

   

  (c)         Procedure. The parties to each Sale made in reliance on clause (b) above (other
    than those described in clause (e) below) shall execute and deliver to Agent an Assignment via an electronic settlement system designated by Agent (or, if previously agreed with Agent, via a manual execution and delivery of the Assignment)
    evidencing such Sale, together with any existing Loan Document subject to such Sale, any tax forms required by the assignee to be delivered and payment of an assignment fee in the amount of $3,500 to Agent, unless waived or reduced by Agent; provided,
    that (i) if a Sale by a Lender is made to an Affiliate of such assigning Lender, then no assignment fee shall be due in connection with such Sale, and (ii) if a Sale by a Lender is made to an assignee that is not an Affiliate of such assignor Lender,
    and concurrently to one or more Affiliates of such assignee, then only one assignment fee of $3,500 shall be due in connection with such Sale (unless waived or reduced by Agent). Upon receipt of all the foregoing, and conditioned upon such receipt and,
    if such Assignment is made in accordance with Section 20(b)(iii), upon Agent (and Dealers, if applicable) consenting to such Assignment, from and after the effective date specified in such Assignment, Agent shall record or cause the information
    contained in such Assignment to be recorded in a record of ownership kept by Agent.

   

  (d)         Effectiveness. Subject to the recording of an Assignment by Agent in a record of
    ownership, (i) the assignee thereunder shall become a party hereto and, to the extent that rights and obligations under this Agreement and the applicable Transactions Statement have been assigned to such assignee pursuant to such Assignment, shall have
    the rights and obligations of a Lender and (ii) the assignor thereunder shall, to the extent that rights and obligations under this Agreement have been assigned by it pursuant to such Assignment, relinquish its rights (except for the payment in full of
    the Obligations) and be released from its obligations under this Agreement and the Transaction Statements, other than those relating to events or circumstances occurring prior to such assignment (and, in the case of an Assignment covering all or the
    remaining portion of an assigning Lender’s rights and obligations under the Loan Documents, such Lender shall cease to be a party hereto).

   

  (e)         Participants and SPVs. In addition to the other rights provided in this Section 20,
    each Lender may, without notice to or consent from Agent or the Dealers, sell participations to one or more Persons in or to all or a portion of its rights and obligations under this Agreement or any Loan Document; provided, however,
    that, whether as a result of any term of any Loan Document or of such participation, (i) no such participant shall have a commitment, or be deemed to have made an offer to commit, to make Loans hereunder, and, except as provided in the applicable
    option agreement, none shall be liable for any obligation of such Lender hereunder, (ii) such Lender’s rights and obligations, and the rights and obligations of the Lenders towards such Lender, under any Loan Document shall remain unchanged and each
    other party hereto shall continue to deal solely with such Lender, which shall remain the holder of the Obligations in Agent’s record of ownership, and in no case shall a participant have the right to enforce any of the terms of any Loan Document, and
    (iii) the consent of such participant shall not be required (either directly, as a restraint on such Lender’s ability to consent hereunder or otherwise) for any amendments, waivers or consents with respect to any Loan Document or to exercise or refrain
    from exercising any powers or rights such Lender may have under or in respect of the Loan Documents (including the right to enforce or direct enforcement of the Obligations), except for those described in Section 18(a)(ii) and (iii)
    with respect to amounts, or dates fixed for payment of amounts, to which such participant or SPV would otherwise be entitled and, in the case of participants, except for those described in Section 18(a)(v).

  
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  		21.	Agent

   

  (a)        Appointment and Duties.

   

  (i)          Each Lender hereby appoints CDF as Agent (together with any successor Agent pursuant to Section

      21(i)) as Agent hereunder and authorizes Agent to (A) execute and deliver this Agreement and any other Loan Documents and accept delivery thereof on its behalf from any Dealer, (B) take such action on its behalf and to exercise all rights, powers
    and remedies and perform the duties as are expressly delegated to Agent under such Loan Documents and (C) exercise such powers as are incidental thereto.

   

  (ii)         Without limiting the generality of clause (i) above, Agent shall have the sole and
    exclusive right and authority (to the exclusion of the Lenders), and is hereby authorized, to (A) act as the disbursing and collecting agent for the Lenders with respect to all payments and collections arising in connection with any Loan Documents
    (including in bankruptcy, insolvency or similar proceeding), and each Person making any payment in connection with this Agreement or any other Loan Document is hereby authorized to make such payment to Agent, (B) file and prove claims and file other
    documents necessary or desirable to allow the claims of the Lenders with respect to any Obligation in any bankruptcy, insolvency or similar proceeding (but not to vote, consent or otherwise act on behalf of such Person), (C) act as collateral agent for
    each Lender for purposes of the perfection of all Liens created by such agreements and all other purposes stated therein, (D) manage, supervise and otherwise deal with the Collateral, (E) take such other action as is necessary or desirable to maintain
    the perfection and priority of the Liens created or purported to be created by this Agreement or the other Loan Documents, (F) except as may be otherwise specified in any Loan Document, exercise all remedies given to Agent and the other Lenders with
    respect to the Collateral, whether under the Loan Documents, applicable Law or otherwise and (G) execute any amendment, consent or waiver under the Loan Documents on behalf of any Lender that has consented in writing to such amendment, consent or
    waiver; provided, however, that Agent hereby appoints, authorizes and directs each Lender to act as collateral sub-agent for Agent, the Lenders for purposes of the perfection of Liens with respect to any deposit account maintained by a
    Dealer with, and cash and cash equivalents held by, such Lender, and may further authorize and direct the Lenders to take further actions as collateral sub-agents for purposes of enforcing such Liens or otherwise to transfer the Collateral subject
    thereto to Agent, and each Lender hereby agrees to take such further actions to the extent, and only to the extent, so authorized and directed.

   

  (iii)         Under this Agreement and the other Loan Documents, Agent (A) is acting solely on behalf of
    the Lenders, with duties that are entirely administrative in nature, notwithstanding the use of the defined term “Agent”, the terms “agent”, “Agent” and “collateral agent” and similar terms in any Loan Document to refer to Agent, which terms are used
    for title purposes only, (B) is not assuming any obligation under any Loan Document other than as expressly set forth therein or any role as agent, fiduciary or trustee of or for any Lender or any other Person and (C) shall have no implied functions,
    responsibilities, duties, obligations or other liabilities under any Loan Document, and each Lender, by accepting the benefits of the Loan Documents, hereby waives and agrees not to assert any claim against Agent based on the roles, duties and legal
    relationships expressly disclaimed in clauses (A) through (C) above.

   

  (b)        Binding Effect. Each Lender, by accepting the benefits of this Agreement and the other
    Loan Documents, agrees that (i) any action taken by Agent in accordance with the provisions of the Loan Documents, (ii) any action taken by Agent in reliance upon the instructions of Lenders and (iii) the exercise by Agent or of the powers set forth
    herein or therein, together with such other powers as are incidental thereto, shall be authorized and binding upon all of the Lenders.

   

  (c)        Use of Discretion.

   

  (i)          Agent shall not have any duty to take any discretionary action or exercise any discretionary
    powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that Agent is required to exercise as directed in writing by the Lenders; provided, that Agent shall not be required to take any action
    that, in its opinion or the opinion of its counsel, may expose Agent to liability or that is contrary to any Loan Document or applicable Law.

  
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  (ii)        Agent shall not, except as expressly set forth herein and in the other Loan Documents, have
    any duty to disclose, and shall not be liable for the failure to disclose, any information relating to any Dealer or Dealer Affiliate that is communicated to or obtained by Agent or any of its Affiliates in any capacity.

   

  (iii)       Notwithstanding anything to the contrary contained herein or in any other Loan Document, the
    authority to enforce rights and remedies hereunder and under the other Loan Documents against the Lenders or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and
    maintained exclusively by, Agent in accordance with the Loan Documents for the benefit of all the Lenders; provided, that the foregoing shall not prohibit (A) Agent from exercising on its own behalf the rights and remedies that inure to its
    benefit (solely in its capacity as Agent) hereunder and under the other Loan Documents or (B) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Dealer under
    any bankruptcy or other debtor relief law; and provided further that if at any time there is no Person acting as Agent hereunder and under the other Loan Documents, then the Lenders shall have the rights otherwise ascribed to Agent under Section

      14.

   

  (d)       Delegation of Rights and Duties. Agent may, upon any term or condition it specifies,
    delegate or exercise any of its rights, powers and remedies under, and delegate or perform any of its duties or any other action with respect to, any Loan Document by or through any trustee, co-agent, employee, attorney-in-fact and any other Person
    (including any Lender). Any such Person shall benefit from this Section 21 to the extent provided by Agent.

   

  (e)       Reliance and Liability.

   

  (i)                Agent may, without incurring any liability hereunder, (A) consult with any of its
    Related Persons (including advisors to, and accountants and experts engaged by, any Dealer) and (B) rely and act upon any document and information (including those transmitted by electronic transmission) and any telephone message or conversation, in
    each case believed by it to be genuine and transmitted, signed or otherwise authenticated by the appropriate parties.

   

  (ii)               None of Agent and its Affiliates shall be liable for any action taken or omitted to be
    taken by any of them under or in connection with any Loan Document, and each Lender and each Dealer hereby waive and shall not assert (and each Dealer shall cause each other Dealer to waive and agree not to assert) any right, claim or cause of action
    based thereon, except to the extent of liabilities resulting primarily from the gross negligence or willful misconduct of Agent or, as the case may be, such Related Person (each as determined in a final, non-appealable judgment by a court of competent
    jurisdiction) in connection with the duties expressly set forth herein. Without limiting the foregoing, Agent:

   

  (A)          shall not be responsible or otherwise incur liability for any action or omission taken in
    reliance upon the instructions of the Lenders or for the actions or omissions of any of its Related Persons selected with reasonable care (other than employees, officers and directors of Agent, when acting on behalf of Agent);

   

  (B)          shall not be responsible to any Lender or other Person for the due execution, legality,
    validity, enforceability, effectiveness, genuineness, sufficiency or value of, or the attachment, perfection or priority of any Lien created or purported to be created under or in connection with, any Loan Document;

   

  (C)          makes no warranty or representation, and shall not be responsible, to any Lender or other
    Person for any statement, document, information, representation or warranty made or furnished by or on behalf of any Dealer or any Related Person of any Dealer in connection with any Loan Document or any transaction contemplated therein or any other
    document or information with respect to any Dealer, whether or not transmitted or (except for documents expressly required under any Loan Document to be transmitted to the Lenders) omitted to be transmitted by Agent, including as to completeness,
    accuracy, scope or adequacy thereof, or for the scope, nature or results of any due diligence performed by Agent in connection with the Loan Documents;

  
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  (D)          shall not have any duty to ascertain or to inquire as to the performance or observance of
    any provision of any Loan Document, whether any condition set forth in any Loan Document is satisfied or waived, as to the financial condition of any Dealer or as to the existence or continuation or possible occurrence or continuation of any Default
    and shall not be deemed to have notice or knowledge of such occurrence or continuation unless it has received a notice from any Dealer, any Lender describing such Default clearly labeled “notice of default” (in which case Agent shall promptly give
    notice of such receipt to all Lenders);

   

  For each of the items set forth in clauses (A) through (D) above, each Lender and each Dealer hereby waives
    and agrees not to assert (and each Dealer shall cause each other Dealer to waive and agree not to assert) any right, claim or cause of action it might have against Agent based thereon.

   

  (iii)         Each Lender (A) acknowledges that it has performed and will continue to perform its own
    diligence and has made and will continue to make its own independent investigation of the operations, financial conditions and affairs of the Lenders and (B) agrees that is shall not rely on any audit or other report provided by Agent or its Related
    Persons (an “Agent Report”). Each Lender further acknowledges that any Agent Report (1) is provided to the Lenders solely as a courtesy, without consideration, and based upon the understanding that such Lender will not rely on such Agent
    Report, (2) was prepared by Agent or its Related Persons based upon information provided by the Lenders solely for Agent’s own internal use, and (3) may not be complete and may not reflect all information and findings obtained by Agent or its Related
    Persons regarding the operations and condition of the Lenders. Neither Agent nor any of its Related Persons makes any representations or warranties of any kind with respect to (w) any existing or proposed financing, (x) the accuracy or completeness of
    the information contained in any Agent Report or in any related documentation, (y) the scope or adequacy of Agent’s and its Related Persons’ due diligence, or the presence or absence of any errors or omissions contained in any Agent Report or in any
    related documentation, and (z) any work performed by Agent or Agent’s Related Persons in connection with or using any Agent Report or any related documentation.

   

  (iv)         Neither Agent nor any of its Related Persons shall have any duties or obligations in
    connection with or as a result of any Lender receiving a copy of any Agent Report. Without limiting the generality of the forgoing, neither Agent nor any of its Related Persons shall have any responsibility for the accuracy or completeness of any Agent
    Report, or the appropriateness of any Agent Report for any Lender’s purposes, and shall have no duty or responsibility to correct or update any Agent Report or disclose to any Lender any other information not embodied in any Agent Report, including any
    supplemental information obtained after the date of any Agent Report. Each Lender releases, and agrees that it will not assert, any claim against Agent or its Related Persons that in any way relates to any Agent Report or arises out of any Lender
    having access to any Agent Report or any discussion of its contents, and agrees to indemnify and hold harmless Agent and its Related Persons from all claims, liabilities and expenses relating to a breach by any Lender arising out of such Lender’s
    access to any Agent Report or any discussion of its contents.

   

  (f)          Agent Individually. Agent and its Affiliates may make loans and other extensions of
    credit to, acquire stock and stock equivalents of, engage in any kind of business with, any Dealer or Affiliate thereof as though it were not acting as Agent and may receive separate fees and other payments therefor. To the extent Agent or any of its
    Affiliates makes any Loan or otherwise becomes a Lender hereunder, it shall have and may exercise the same rights and powers hereunder and shall be subject to the same obligations and liabilities as any other Lender and the term “Lender” and any
    similar terms shall, except where otherwise expressly provided in any Loan Document, include, without limitation, Agent or such Affiliate, as the case may be, in its individual capacity as Lender.

   

  (g)         Lender Credit Decision. Each Lender acknowledges that it shall, independently and
    without reliance upon Agent, any Lender or any of their Related Persons or upon any document (including any offering and disclosure materials in connection with the syndication of the Loans) solely or in part because such document was transmitted by
    Agent or any of its Related Persons, conduct its own independent investigation of the financial condition and affairs of each Dealer and make and continue to make its own credit decisions in connection with entering into, and taking or not taking any
    action under, any Loan Document or with respect to any transaction contemplated in any Loan Document, in each case based on such documents and information as it shall deem appropriate. Except for documents expressly required by any Loan Document to be
    transmitted by Agent to the Lenders, Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness
    of any Dealer or any Affiliate of any Dealer that may come in to the possession of Agent or any of its Related Persons.

  
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  (h)        Expenses; Indemnities; Withholding.

   

  (i)          Each Lender agrees to reimburse Agent and each of its Related Persons (to the extent not
    reimbursed by any Dealer) promptly upon demand, severally and ratably, for any costs and expenses (including fees, charges and disbursements of financial, legal and other advisors and other expenses paid in the name of, or on behalf of, any Dealer)
    that may be incurred by Agent or any of its Related Persons in connection with the preparation, syndication, execution, delivery, administration, modification, consent, waiver or enforcement of, or the taking of any other action (whether through
    negotiations, through any work-out, bankruptcy, restructuring or other legal or other proceeding (including, without limitation, preparation for and/or response to any subpoena or request for document production relating thereto) or otherwise) in
    respect of, or legal advice with respect to its rights or responsibilities under, any Loan Document.

   

  (ii)         Each Lender further agrees to indemnify Agent and each of its Related Persons (to the extent
    not reimbursed by any Dealer), severally and ratably, from and against Liabilities (including, to the extent not indemnified by Dealer pursuant to this Agreement or any other Loan Document, taxes, interests and penalties imposed for not properly
    withholding or backup withholding on payments made to or for the account of any Lender) that may be imposed on, incurred by or asserted against Agent or any of its Related Persons in any matter relating to or arising out of, in connection with or as a
    result of any Loan Document or any other act, event or transaction related, contemplated in or attendant to any such document, or, in each case, any action taken or omitted to be taken by Agent or any of its Related Persons under or with respect to any
    of the foregoing; provided, however, that no Lender shall be liable to Agent or any of its Related Persons to the extent such liability has resulted primarily from the gross negligence or willful misconduct of Agent or, as the case may
    be, such Related Person, as determined by a court of competent jurisdiction in a final non-appealable judgment or order.

   

  (iii)         To the extent required by any applicable Law, Agent may withhold from any payment to any
    Lender under a Loan Document an amount equal to any applicable withholding tax. If the IRS or any other governmental authority asserts a claim that Agent did not properly withhold tax from amounts paid to or for the account of any Lender (because the
    appropriate certification form was not delivered, was not properly executed, or fails to establish an exemption from, or reduction of, withholding tax with respect to a particular type of payment, or because such Lender failed to notify Agent or any
    other Person of a change in circumstances which rendered the exemption from, or reduction of, withholding tax ineffective, or for any other reason), or Agent reasonably determines that it was required to withhold taxes from a prior payment but failed
    to do so, such Lender shall promptly indemnify Agent fully for all amounts paid, directly or indirectly, by such Agent as tax or otherwise, including penalties and interest, and together with all expenses incurred by Agent, including legal expenses,
    allocated internal costs and out-of-pocket expenses. Agent may offset against any payment to any Lender under a Loan Document, any applicable withholding tax that was required to be withheld from any prior payment to such Lender but which was not so
    withheld, as well as any other amounts for which Agent is entitled to indemnification from such Lender pursuant to this Agreement or any other Loan Document.

   

  (i)         Release of Collateral or Guarantors. Each Lender hereby consents to the release and hereby directs Agent
    to release (or, in the case of clause (B) below, release or subordinate) any Lien held by Agent for the benefit of the Lenders against (A) any Collateral that is sold, transferred, conveyed or otherwise disposed of by a Dealer in a transaction
    permitted by the Loan Documents (including pursuant to a waiver or consent), (B) any property subject to a Lien permitted as a “purchase money security interest” hereunder or under any other Loan Document, and (C) all of the Collateral and all Lenders,
    upon (1) termination of this Agreement, (2) payment and satisfaction in full of all Loans and all other Obligations under the Loan Documents that Agent has theretofore been notified in writing by the holder of such Obligation are then due and payable,
    (3) deposit of cash collateral with respect to all contingent Obligations, in amounts and on terms and conditions and with parties satisfactory to Agent and each Lender that is, or may be, owed such Obligations (excluding contingent Obligations as to
    which no claim has been asserted) and (4) to the extent requested by Agent, receipt by Agent and the Lenders of liability releases from the Lenders each in form and substance acceptable to Agent.

  
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  22.        Notices. Except as required by law or as otherwise provided herein, all notices or other communications to
    be given under the Agreement or under the UCC shall be in writing served either personally, by overnight courier, or by U.S. mail, addressed, as applicable, to (a) Dealers at their chief executive office at 6275 Lanier Islands Parkway, Buford, Georgia
    30518, to the attention of Austin Singleton, or to any office to which Agent sends billing statements, (b) to Agent at 10 S. Wacker Drive, 20th Floor, Chicago, Illinois 60606, to the attention of its Credit Department, (c) to any Lender at the address
    such Lender shall designate in the Loan Documents, or (d) at such other address designated by such party by notice to the other. Any such communication shall be deemed to have been given upon delivery in the case of personal delivery, one Business Day
    after deposit with an overnight courier or two (2) calendar days after deposit in the U.S. mail, except that any notice of change of address shall not be effective until actually received.

   

  23.        Severability. Except as set forth in Sections 27(e) and 27(k) of this
    Agreement, if any provision of this Agreement or its application is invalid or unenforceable, the remainder of this Agreement will not be impaired or affected and will remain binding and enforceable.

   

  24.        Miscellaneous. Time is of the essence regarding Dealers’ performance of its obligations
    to Agent and Lenders. If Agent is the sole Lender, Agent may accept this Agreement by issuance of an approval to a Vendor for the purchase of inventory by Dealer or by making an advance hereunder. Each Dealer’s liability to Agent and Lenders is direct
    and unconditional and will not be affected by the release or nonperfection of any security interest granted hereunder. Subject to the consent of each Lender, Agent may refrain from or postpone enforcement of this Agreement or any other agreements
    between Agent and a Dealer without prejudice, and the failure to strictly enforce these agreements will not create a course of dealing which waives, amends or modifies such agreements. Any waiver by Agent of a Default shall only be effective if
    approved by Lenders pursuant to Section 18(a) and transmitted to a Dealer in a writing signed by Agent. The express terms of this Agreement will not be modified by any course of dealing, usage of trade, or custom of trade which may deviate from
    the terms hereof. If a Dealer fails to pay any taxes, fees or other obligations which may impair Agent’s or any Lender’s interest in the Collateral, or fails to keep any Collateral insured, Agent, on behalf of itself and the other Lenders, may, but
    shall not be required to, pay such amounts. Such paid amounts, other than amounts with regard to insuring the Collateral, will be: (a) additional Obligations which Dealers owe under this Agreement, which are subject to finance charges as provided
    herein and shall be secured by the Collateral; and (b) due and payable immediately in full. Section titles used herein are for convenience only, and do not define or limit the contents of any section. All words used herein shall be understood and
    construed to be of such number and gender as the circumstances may require. This Agreement may be validly executed in one or more multiple counterpart signature pages. Notwithstanding anything herein to the contrary, Agent and Lenders may rely on any
    facsimile copy, electronic data transmission, or electronic data storage of: this Agreement, any Transaction Statement, billing statement, financing statement, authorization to pre-file financing statements, invoice from a Vendor, financial statements
    or other reports, which will be deemed an original, and the best evidence thereof for all purposes. This Agreement shall be construed without presumption for or against any party who drafted all or any portion of this Agreement. No modification of this
    Agreement shall bind Agent or Lenders unless in a writing signed by Agent and each Lender (or by Agent with the consent of each Lender) and transmitted to Dealer. Among other symbols, Agent hereby adopts “Wells Fargo Commercial Distribution Finance,
    LLC,” “Wells Fargo Commercial Distribution Finance,” “WFCDF,” “CDF” or “ Agent” as evidence of its intent to authenticate a record in its capacity as Agent.

   

  25.        List of Dealers. The following persons are parties to this Agreement as Dealers:

   

  

  	DEALER NAME	 	TYPE OF ENTITY	 	JURISDICTION
	 	 	 	 	 
	Legendary Assets & Operations, LLC	 	Limited liability company	 	FL
	 	 	 	 	 
	Singleton Assets & Operations, LLC	 	Limited liability company	 	GA
	 	 	 	 	 
	South Florida Assets & Operations, LLC	 	Limited liability company	 	FL
	 	 	 	 	 
	Midwest Assets & Operations, LLC	 	Limited liability company	 	DE
	 	 	 	 	 
	South Shore Lake Erie Assets & Operations, LLC	 	Limited liability company	 	DE
	 	 	 	 	 
	Bosun’s Assets & Operations, LLC	 	Limited Liability Company	 	DE

  

  
    39

    
      
 

  

  26.        Limitation of Remedies and Damages. In the event there is any dispute under this
    Agreement, the aggrieved party shall not be entitled to exemplary or punitive damages so that the aggrieved party’s remedy in connection with any action arising under or in any way related to this Agreement shall be limited to a breach of contract
    action and any damages in connection therewith are limited to actual and direct damages, except that Agent may seek equitable relief in connection with any judicial repossession of, or temporary restraining order with respect to, the Collateral.

   

  		27.	BINDING ARBITRATION.

   

  THIS SECTION CONTAINS A BINDING ARBITRATION CLAUSE THAT MAY AFFECT HOW YOU RESOLVE DISPUTES.

   

  (a)         Arbitrable Claims. This Agreement concerns transactions involving commerce among the several states. The
    Federal Arbitration Act, Title 9 U.S.C. Sections 1 et seq., as amended (“FAA”) shall govern all arbitration(s) and confirmation proceedings hereunder. Except as otherwise specified below, all actions, disputes, claims and controversies
    under common law, statutory law or in equity of any type or nature whatsoever, whether arising before or after the date of this Agreement, and whether directly or indirectly relating to: (i) this Agreement and/or any amendments and addenda hereto, or
    the breach, invalidity or termination hereof; (ii) any previous or subsequent agreement between Agent and any one or more Lenders and/or any one or more Dealers; (iii) any act committed by Agent or by any parent company, subsidiary or affiliated
    company of Agent (the “Agent Companies”), or by any employee, agent, officer or director of an Agent Company, whether or not arising within the scope and course of employment or other contractual representation of the Agent Companies,
    provided that such act arises under a relationship, transaction or dealing between Agent and any one or more Lenders and/or any one or more Dealers; and/or (iv) any other relationship, transaction or dealing between or among Agent and any one or more
    Lenders and/or and any one or more Dealers (collectively the “Disputes”), will be subject to and resolved by binding arbitration. The arbitrator(s) shall decide whether the parties have agreed to arbitrate, whether this binding
    arbitration section covers, the particular Dispute between the parties. Notwithstanding the foregoing, “Disputes” does not include any dispute or controversy about the validity or enforceability of this Binding Arbitration provision or any part thereof
    (including, without limitation, the Class Action Waiver set forth below and/or this sentence); all such disputes or controversies are for a court and not an arbitrator to decide. However, any dispute or controversy that concerns the validity or
    enforceability of the Agreement as a whole is for the arbitrator, not a court, to decide. For the avoidance of doubt, if there is any conflict or inconsistency between this Binding Arbitration provision and any other arbitration provision in any
    previous or subsequent agreement between Agent and any one or more Lenders and/or any one or more Dealers (other than a subsequently executed Inventory Financing Agreement), the parties agree this Binding Arbitration provision shall control and
    supersede any such other arbitration provision. Moreover, the parties agree that either party may pursue individual claims against the other that do not exceed $75,000.00 in the aggregate through litigation as set forth hereafter. Service of
    arbitration claims, arbitration pleadings and confirmation pleadings or motions shall be effective if made by U.S. mail or overnight delivery to the address for the party described herein. Any change of address for purposes of service must be served by
    written notification to the other party at the address listed in this Agreement. The parties also agree that service on a party’s registered agent in the state where the party is organized is proper and effective service on that party.

   

  (b)         Body. All arbitration hereunder will be conducted with either: (i) The American Arbitration Association (“AAA”)

    pursuant to its Commercial Arbitration Rules; (ii) United States Arbitration & Mediation (“USA&M”) pursuant to its Consolidated Arbitration Rules; or (iii) JAMS pursuant to its Streamlined Arbitration Rules &
    Procedures (exclusive in each case of any rules regarding class action proceedings which are prohibited hereunder). The party first filing an arbitration claim shall designate which arbitration forum and rules are to be applied for all Disputes between
    the parties. The arbitration rules are currently found at www.adr.org for AAA, at www.usam-midwest.com for USA&M and at jamsadr.com for JAMS. AAA claims may be filed in any AAA office. Claims filed with USA&M shall be filed in its Midwest
    office located at 720 Olive Street, Suite 2020, St. Louis, Missouri 63101. Claims filed with JAMS shall be filed in its Chicago office located at 71 S. Wacker Drive, Suite 3090, Chicago, Illinois 60606. If neither AAA, USA&M nor JAMS is willing or
    able to serve as the arbitration administrator, and the parties are unable to agree upon a substitute arbitrator, then the arbitrator will be selected by the court. All arbitrator(s) selected shall be attorneys with at least five (5) years’ experience
    in either secured transactions, bankruptcy or creditor’s rights. All arbitrations shall be conducted by one arbitrator except as specifically set forth below or unless all parties agree otherwise. For all individual claims exceeding $2,000,000.00,
    exclusive of interest, costs and attorney’s fees, a party may demand that the arbitration be conducted by a panel of three (3) arbitrators instead of one arbitrator; provided, that the requesting party shall pay all costs and arbitrator
    compensation associated with the additional two arbitrators. The parties shall select the arbitrator(s) using the procedures set forth in the arbitration rules of the applicable arbitral forum. The arbitrator(s) shall decide if any inconsistency exists
    between the rules of the applicable arbitral forum and the arbitration provisions contained herein. If such inconsistency exists, the arbitration provisions contained herein shall control and supersede such rules. The arbitrator(s) shall follow the
    terms of this Agreement and the applicable law, including without limitation, the attorney-client privilege and the attorney work product doctrine.

  
    40

    
      
 

  

  (c)        Hearings. The parties desire to resolve any Disputes that may arise in the most efficient and
    cost-effective manner. With this desire in mind, each party hereby consents to a documentary hearing for all arbitration claims by submitting the Dispute to the arbitrator(s) by written briefs and affidavits, along with relevant documents. However,
    arbitration claims will be submitted by way of an oral hearing if any party submits a written request for an oral hearing within forty (40) days after service of the claim and that party remits the appropriate deposit for their assessed share of the
    increased costs, fees and arbitrator compensation (as decided and billed by the administrator) that result from an oral hearing within ten (10) days of when those fees are due. Each party agrees that failure to timely pay all fees and arbitrator
    compensation billed to the party requesting the oral hearing will be deemed such party’s consent to submitting the Dispute to the arbitrator(s) on documents and such party’s waiver of its request for an oral hearing. If a party shall demonstrate
    through affidavits, financial statements and tax returns produced to the arbitrator and other parties that it does not have the ability to pay the fees and arbitrator compensation, that party may request that the fees and arbitrator compensation be
    waived and assessed after a decision is rendered. The site of all oral arbitration hearings will be in the Division of the Federal Judicial District in which the designated arbitration association maintains a regional office that is closest to Dealer
    or in Chicago, Illinois.

   

  (d)        Discovery. In an effort to reduce costs for all parties and except as otherwise provided, the use of
    interrogatories, requests for admission, requests for the production of documents or the taking of depositions shall not be permitted. Instead, the parties agree that in any arbitration proceeding commenced hereunder, they shall engage in a limited
    exchange of information and documents as follows: (i) no later than sixty (60) days after the filing and service of a claim for arbitration, the parties in contested cases shall exchange detailed statements setting forth the facts supporting the
    claim(s) and all defenses to be raised during the arbitration, and a list of all exhibits and witnesses; (ii) upon request, a party shall provide a summary of the proposed testimony of any witness within fourteen (14) days of the request; (iii) in
    cases of extraordinary circumstances and for good cause shown, the arbitrator(s) may allow a party to make a limited request for production of documents; (iv) no later than twenty-one (21) days prior to the oral arbitration hearing, the parties will
    exchange a final list of all exhibits and all witnesses, including any designation of any expert witness(es) together with a summary of their testimony; a copy of all documents and a detailed description of any property to be introduced at the hearing;
    (v) in the event a party designates any expert witness(es), the following will apply: (A) all information and documents relied upon by the expert witness(es) will be delivered to the opposing party; (B) the opposing party will be permitted to depose
    the expert witness(es); (C) the opposing party will be permitted to designate rebuttal expert witness(es); and (D) the arbitration hearing will be continued to the earliest possible date that enables the foregoing limited discovery to be accomplished;
    (vi) in cases where the amount of the individual Dispute or any individual counterclaim is in excess of $2,000,000.00, exclusive of interest, costs and attorney’s fees, the parties agree that the following additional discovery and motion practice shall
    be permitted: (A) up to three depositions per side with each lasting no more than seven hours; and (B) dispositive motions including, but not limited to, motions for summary judgment; the arbitrator shall be authorized to rule on any dispositive motion
    filed. The arbitrator shall have the power to resolve any Disputes with regard to the above limited exchange of information and documents.

   

  (e)        EXEMPLARY OR PUNITIVE DAMAGES. THE PARTIES HERETO AGREE THAT BY ENTERING INTO THIS AGREEMENT, EACH PARTY
    WAIVES THEIR RIGHT TO SEEK EXEMPLARY OR PUNITIVE DAMAGES AND FURTHER AGREE THAT THE ARBITRATOR(S) SHALL NOT HAVE THE AUTHORITY TO AWARD EXEMPLARY OR PUNITIVE DAMAGES TO ANY PARTY. IF THIS SPECIFIC PROVISION IS FOUND TO BE INVALID OR UNENFORCEABLE, THEN
    THE ENTIRETY OF THIS BINDING ARBITRATION SECTION SHALL BE NULL AND VOID WITH RESPECT TO SUCH PROCEEDING, SUBJECT TO THE RIGHT TO APPEAL THE LIMITATION OR INVALIDATION OF THIS PROVISION.

   

  (f)         Confidentiality/Confirmation of Awards. All arbitration proceedings, including testimony or evidence at
    hearings, will be kept confidential, although any award or order rendered by the arbitrator(s) pursuant to the terms of this Agreement may be confirmed as a judgment or order in any state or federal court of competent jurisdiction as set forth
    hereinbelow and pursuant to the FAA.

  
    41

    
      
 

  

  (g)        Prejudgment and Provisional Remedies. Notwithstanding the foregoing, any party may file, in a court of
    competent jurisdiction, an action for bankruptcy, receivership, injunction, repossession, replevin, claim and delivery, sequestration, seizure, attachment, foreclosure, and/or any other prejudgment or provisional action or remedy relating to any
    Collateral or to preserve a party’s assets for any current or future debt owed by either party to the other. The purpose of such action or remedy is solely the protection of a party’s rights, to maintain the status quo pending the confirmation of any
    award arising in arbitration or for possession of Collateral and not for the award of money damages. Arbitration shall be the sole action and remedy for a party to recover money damages, except as otherwise provided herein. The filing of any such
    action or remedy shall not waive any party’s right to compel arbitration of any Dispute.

   

  (h)         Attorneys’ Fees. The arbitrator(s) shall have the authority to award all attorney’s fees, interest charges
    and expenses as set forth in this Agreement, in accordance with applicable law, including, but not limited to, the following events: (i) any party brings any other action for judicial relief with respect to any Dispute, the arbitrator(s) shall have the
    authority to award all costs and expenses (including attorneys’ fees) incurred to stay or dismiss such action and remove or refer such Dispute to arbitration; (ii) any party brings or appeals an action to vacate or modify an arbitration award, the
    arbitrator(s) shall have the authority to award all costs and expenses (including attorneys’ fees) incurred in defending such action; and/or (iii) any party sues the other party or institutes any arbitration claim or counterclaim against the other
    party, the arbitrator(s) shall have the authority to award all costs and expenses (including attorneys’ fees) incurred in the course of defending such action or proceeding.

   

  (i)         Limitations. Any arbitration proceeding must be instituted: (i) with respect to any Dispute for the
    collection of any debt owed by either party to the other, within two (2) years after the date the last payment by or on behalf of the payor was received and applied in respect of such debt by the payee; and (ii) with respect to any other Dispute,
    within two (2) years after the date the incident giving rise thereto occurred, whether or not any damage was sustained or capable of ascertainment or either party knew of such incident. Failure to institute an arbitration proceeding within such period
    will constitute an absolute bar and waiver to the institution of any proceeding, whether arbitration or a court proceeding, with respect to such Dispute. Notwithstanding the foregoing, this limitations provision will be suspended temporarily as of the
    date any of the following events occur and will not resume until the date following the date either party is no longer subject to (A) bankruptcy, (B) receivership, (C) any proceeding regarding an assignment for the benefit of creditors, or (D) any
    legal proceeding, civil or criminal, that prohibits either party from foreclosing any interest it might have in the collateral of the other party.

   

  (j)         Survival After Termination. The agreement to arbitrate will survive the termination of this Agreement.

   

  (k)        CLASS ACTION WAIVER. THE PARTIES HERETO AGREE THAT BY ENTERING INTO THIS AGREEMENT, EACH PARTY WAIVES ITS
    RIGHT TO PARTICIPATE IN A CLASS ACTION, PRIVATE ATTORNEY GENERAL ACTION OR OTHER REPRESENTATIVE ACTION AGAINST THE OTHER IN A COURT OR IN ARBITRATION. THE PARTIES FURTHER AGREE THAT EACH MAY BRING DISPUTES AGAINST EACH OTHER ONLY IN THEIR INDIVIDUAL
    CAPACITY AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS OR REPRESENTATIVE PROCEEDING. Further, unless both Dealers and Agent agree otherwise, arbitration claims may not be joined or consolidated in the arbitration proceeding. In no event
    shall the arbitrator have authority to preside over any form of representative or class proceeding or to issue any relief that applies to any person or entity other than Dealers and/or Agent individually. If this Class Action Waiver is found to be
    invalid or unenforceable in whole or in part, then the entirety of this Binding Arbitration section (except for this sentence) shall be null and void with respect to such proceeding, subject to the right to appeal the limitation or invalidation of the
    Class Action Waiver.

   

  		28.	Multiple Dealers; Joint and Several Liability.

   

  (a)        All Loans and advances by Lenders to any Dealer and all other Obligations of any Dealer shall constitute one
    general obligation of all of the Dealers. Notwithstanding anything herein to the contrary, the Dealers shall be primarily and jointly and severally liable for all Obligations of any Dealer under this Agreement and any other Loan Document.
    Notwithstanding the foregoing, if and to the extent a Dealer is deemed to be a guarantor of another Dealer hereunder, such Dealer’s liability for any credit extended to or for the benefit of such other Dealer shall be deemed to be a guaranty of payment
    and performance, and not merely a guaranty of collection. To the fullest extent permitted by law, each Dealer hereby waives promptness, diligence, notice of acceptance, and any other notices of any nature whatsoever with respect to any of the
    Obligations, and any requirement that Agent protect, secure, perfect or insure any security interest or lien or any property subject thereto or exhaust any right or take any action against any other Dealer, any Guarantor, any other person or any
    Collateral. Each Dealer agrees that any rights of subrogation, indemnification, reimbursement or any similar rights it may have against any other Dealer with respect to its liability hereunder or otherwise, whether such rights arise under an express or
    implied contract or by operation of law, shall be subject, junior and subordinate in all respect to all Obligations of such Dealer under this Agreement and any other Loan Document and that the enforcement of such rights shall be stayed until such time
    as the Dealers shall have indefeasibly paid in full all of the Obligations and neither Agent nor any Lender shall be under any duty to make a Loan to or for the benefit of any Dealer. The liability of each Dealer shall be absolute and unconditional
    irrespective of (i) any change in the time, manner or place of payment of, or in any other term of, any of the Obligations, or any other amendment or waiver of or any consent to departure from this Agreement or any other agreement between or among
    Agent, Dealers and, if applicable, Lenders, (ii) any exchange, release or non-perfection of any Collateral or any release or amendment or waiver of or consent to departure from any other guaranty or any release of any Guarantor or any other person
    liable in whole or in part for all or any of the Obligations, (iii) the disallowance or avoidance of all or any portion the claim(s) of Agent or any Lender for repayment of the Obligations of any Guarantor to Agent or any interest of Agent or any
    Lender in any security for such Obligations, or (iv) any other circumstance which might otherwise constitute a defense available to, or discharge of, a Dealer or a Guarantor or any other surety.

  
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  (b)        Each Dealer (each, a “Principal”) hereby appoints each other Dealer (each, a “Dealer
        Representative”) as the Principal’s agent and attorney-in-fact (i) to take any action, (ii) to execute any document, instrument, agreement, or certificate (including, without limitation, borrowing base certificates and compliance
    certificates), (iii) to consent or agree to any amendment or other modification of this Agreement and/or any other agreements between or among any one or more of the Dealers, Agent, and/or Lenders and/or any waiver of or departure from any of the terms
    hereof or thereof, (iv) to perform any Obligation of the Principal, and (v) to give or receive any notice by or to any Dealer hereunder or thereunder; and in each case without regard to whether any such action is done in the name of an Dealer
    Representative or a Principal and, if done in the name of an Dealer Representative, without regard to whether such Dealer Representative’s capacity as agent or attorney-in-fact is so designated. Without limiting the generality of the foregoing, an
    Dealer Representative may request extensions of credit to or on behalf of any one or more of the Dealers and/or incur any other Obligations for the account of any one or more of the Dealers, and in any such event all of the Dealers shall be fully and
    jointly and severally bound by and liable for the actions of such Dealer Representative. Lender shall be entitled to rely absolutely and without duty of inquiry or investigation upon any agreement, request, communication or other notice given by an
    Dealer Representative under this Agreement and/or any other agreements between or among any one or more of the Dealers and Lender (including without limitation, any request by an Dealer Representative to make credit extensions to or on behalf of itself
    and/or any one or more other Dealers) until three (3) Business Days after Lender shall have received written notice from each Principal of the revocation of this agency and power of attorney, which revocation shall constitute a Default.

   

  29.        Governing Law. All Disputes will be governed by, and construed in accordance with, the laws of Illinois
    without regard to the conflict of law rules, except to the extent inconsistent with the provisions of the FAA, which will control and govern all arbitration proceedings hereunder.

   

  30.        WAIVER OF RIGHT TO JURY TRIAL. ANY PROCEEDING WITH RESPECT TO ANY DISPUTE THAT IS TRIED IN COURT,
    INCLUDING ANY DISPUTE TRIED IN COURT AS A RESULT OF ANY PORTION OF THE AGREEMENT TO ARBITRATE BEING FOUND TO BE UNENFORCEABLE, INVALID, OR WAIVED BY THE PARTIES, WILL BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE WITHOUT A JURY. THE PARTIES
    HERETO WAIVE ANY RIGHT TO A JURY TRIAL IN ANY SUCH PROCEEDING.

   

  31.        JURISDICTION AND VENUE. Each party submits to, consents to, and accepts the following courts’ personal
    jurisdiction over the party and the selection of such courts as the exclusive forum for all litigation:

   

  (a)        Confirming, Vacating, Modifying or Correcting Awards. All litigation regarding confirming, vacating, modifying or
    correcting an arbitration award shall be brought exclusively in (i) any state or federal court of competent jurisdiction within the federal judicial district which includes the residence of the party against whom such award or order was entered, or
    (ii) in the United States District Court for the Northern District of Illinois, or (iii) in the Circuit Court of Cook County, Illinois.

  
    43

    
      
 

  

  (b)        Prejudgment and Provisional Remedies. All litigation regarding Prejudgment and Provisional remedies shall be
    brought exclusively in any court (i) where any Dealer is located, (ii) where the Collateral is located, (iii) the United States District Court for the Northern District of Illinois, or (iv) the Circuit Court of Cook County, Illinois.

   

  (c)        All Other Disputes. Any other legal proceeding with respect to any Dispute that is not otherwise subject to
    arbitration, either because the agreement to arbitrate is found to be unenforceable, is found to be invalid, or is waived by the parties, shall be brought exclusively in the United States District Court for the Northern District of Illinois or the
    Circuit Court of Cook County, Illinois.

   

  32.      INTERCREDITOR AGREEMENT. The Liens granted to Agent on behalf of Lenders pursuant to this Agreement and any
    other Loan Document and the exercise of any right or remedy by Agent or Lenders hereunder are subject to the provisions of the Intercreditor Agreement. In the event of any conflict between the terms of the Intercreditor Agreement and this Agreement
    with respect to such Liens, the terms of the Intercreditor Agreement shall govern.

   

  33.      RESTATEMENT. This Agreement amends and restates the Existing IFA in its entirety and all obligations, of
    every type or nature, of Dealers or any Dealer under the Existing IFA are ratified and confirmed by Dealers as though all of such obligations arose under this Agreement.

   

  [Remainder of this page left intentionally blank]

  
    44

    
      
 

  

  
  

  THIS CONTRACT CONTAINS BINDING ARBITRATION, CLASS ACTION WAIVER, JURY WAIVER, PUNITIVE DAMAGE WAIVER AND OTHER PROVISIONS THAT LIMIT
    DEALERS’ RIGHTS. EACH DEALER HAS READ THE TERMS AND CONDITIONS OF THIS CONTRACT AND KNOWINGLY AND VOLUNTARILY AGREES THERETO.

   

  IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date first above written.

  	 	 	 
	DEALERS:	 
	 	 	 
	LEGENDARY ASSETS & OPERATIONS, LLC	 
	 	 	 
	By:	/s/ Philip Austin Singleton, Jr.	 
	Name: Philip Austin Singleton, Jr.	 
	Title: Manager	 
	 	 	 
	SINGLETON ASSETS & OPERATIONS, LLC	 
	 	 	 
	By:	/s/ Philip Austin Singleton, Jr.	 
	Name: Philip Austin Singleton, Jr.	 
	Title: Manager	 
	 	 
	SOUTH FLORIDA ASSETS & OPERATIONS, LLC	 
	 	 	 
	By:	/s/ Philip Austin Singleton, Jr.	 
	Name: Philip Austin Singleton, Jr.	 
	Title: Manager	 
	 	 	 
	MIDWEST ASSETS & OPERATIONS, LLC	 
	 	 	 
	By:	One Water Assets & Operations, LLC, its Manager	 
	 	 	 
	By:	/s/ Philip Austin Singleton, Jr.	 
	Name: Philip Austin Singleton, Jr.	 
	Title: Chief Executive Officer	 
	 	 	 
	SOUTH SHORE LAKE ERIE ASSETS & OPERATIONS, LLC	 
	 	 	 
	By:	/s/ Philip Austin Singleton, Jr.	 
	Name: Philip Austin Singleton, Jr.	 
	Title: Chief Executive Officer	 

   

  [Signature Page to 5th A&R IFA]

  
    
      
 

  

   

  	 	 	 	 	 
	WELLS FARGO COMMERCIAL DISTRIBUTION FINANCE, LLC	 
	as Agent and Lender	 
	 	 	 	 	 
	By: 	/s/ Thomas M. Adamski	 
	Name:	Thomas M. Adamski	 
	Title:	VP Credit Leader	 

   

  [Signature Page to 5th A&R IFA]

   

  
    
      
 

  

   

  	 	 	 	 	 
	LENDERS:	 
	 	 	 	 	 
	UNITED COMMUNITY BANK	 
	 	 	 	 	 
	By:	/s/ David L. Shelnutt	 
	Name:	David L. Shelnutt	 
	Title:	SVP	 
	 	 	 	 	 
	STERLING NATIONAL BANK	 
	 	 	 	 	 
	By:	/s/ Thomas Couture	 
	Name:	Thomas Couture	 
	Title:	First Vice President	 
	 	 	 	 	 
	HANCOCK BANK	 
	 	 	 	 	 
	By:	/s/ Jennifer Henry	 
	Name:	Jennifer Henry	 
	Title:

        	Senior Vice President	 
	 	 	 	 	 
	RENASANT BANK	 
	 	 	 	 	 
	By:	/s/ Paul K. Walker 	 
	Name:	Paul K. Walker 	 
	Title:	SVP	 
	 	 	 	 	 
	BBVA USA	 
	 	 	 	 	 
	By:	/s/ John Whittenburg	 
	Name:	 John Whittenburg	 
	Title:

        	SVP	 

   

  [Signature Page to 5th A&R IFA]

  
    
      
 

  

   
  	 	 	 	 	 
	IBERIA BANK	 
	 	 	 	 	 
	By: 	/s/ Donald W. Dobbins, Jr.	 
	Name:	Donald W. Dobbins, Jr.	 
	Title:	SVP	 
	 	 	 	 
	ROCKLAND TRUST COMPANY	 
	 	 	 	 	 
	By:	/s/ Thomas Meehan	 
	Name:	Thomas Meehan	 
	Title:

        	Vice President 

        	 
	 	 	 	 
	CENTENNIAL BANK	 
	 	 	 	 	 
	By:	/s/ John F. Marshall, Jr.	 
	Name:	John F. Marshall, Jr.	 
	Title:

        	President - SPF 

        	 
	 	 	 	 
	SUNTRUST BANK	 
	 	 	 	 	 
	By:	/s/ Tighe A. Ittner	 
	Name:	Tighe A. Ittner	 
	Title:

        	Director 

        	 

   

  [Signature Page to 5th A&R IFA]

  
    
      
 

  

   SCHEDULE 1

   

  Lender’s Allocations and Ratable Share

   

  	Lender	Ratable Share	Allocation
	CDF	25.477707006%	$100,000,000.00
	Sterling National Bank	5.095541401%	$20,000,000.00
	United Community Bank	6.369426752%	$25,000,000.00
	Hancock Bank	7.643312102%	$30,000,000.00
	Renasant Bank	4.458598726%	$17,500,000.00
	BBVA USA	11.464968153%	$45,000,000.00
	Iberia Bank	3.821656051%	$15,000,000.00
	Rockland Trust Company	6.369426752%	$25,000,000.00
	Centennial Bank	6.369426752%	$25,000,000.00
	SunTrust Bank	22.929936306%	$90,000,000.00
	Aggregate Allocations	$392,500,000.00

   

  

  

  
    
      
 

  

  SCHEDULE 2

   

  Wire Instructions

   

  CDF for immediate use at close and thereafter:

   

  For use by United Community Bank

  Bank Address: Wells Fargo Bank, N.A., 420 Montgomery Street San Francisco, CA 94104

  Account Name:

  Wire/ACH ABA #:

  Account No.:

  Reference:

   

  For use by Sterling National Bank

  Bank Address: Wells Fargo Bank, N.A. 420 Montgomery Street San Francisco, CA 94104

  Account Name: 

  Wire/ACH ABA#: 

  Account No.: 

  Reference: 

   

  For use by Hancock Bank

  Bank Address: Wells Fargo Bank, N.A., 420 Montgomery Street San Francisco, CA 94104

  Account Name:

  Wire/ACH ABA #:

  Account No.:

  Reference: 

   

  For use by Renasant Bank

  Bank Address: Wells Fargo Bank, N.A., 420 Montgomery Street San Francisco, CA 94104

  Account Name:

  Wire/ACH ABA #:

  Account No.:

  Reference:

   

  For use by BBVA USA

  Bank Address: Wells Fargo Bank, N.A., 420 Montgomery Street San Francisco, CA 94104

  Account Name: 

  Wire/ACH ABA #:

  Account No.: 

  Reference:

   

  For use by Iberia Bank

  Bank Address: Wells Fargo Bank, N.A., 420 Montgomery Street San Francisco, CA 94104

  Account Name: 

  Wire/ACH ABA #:

  Account No.:

  Reference:

  
    
      
 

  

  For use by Rockland Trust Company

  Bank Address: Wells Fargo Bank, N.A., 420 Montgomery Street San Francisco, CA 94104

  Account Name: 

  Wire/ACH ABA #:

  Account No.:

  Reference:

   

  For use by Centennial Bank

  Bank Address: Wells Fargo Bank, N.A., 420 Montgomery Street San Francisco, CA 94104

  Account Name: 

  Wire/ACH ABA #:

  Account No.:

  Reference:

   

  For use by SunTrust Bank

  Bank Address: Wells Fargo Bank, N.A., 420 Montgomery Street San Francisco, CA 94104

  Account Name: 

  Wire/ACH ABA #:

  Account No.:

  Reference:

  
    
      
 

  

  ACKNOWLEDGMENT AND AGREEMENT OF GUARANTORS

   

  The undersigned Guarantors (collectively, the “Guarantors”, and each a “Guarantor”) of Dealers’ Liabilities (as
    defined in each Guaranty), pursuant to (i) that certain Sixth Amended and Restated Collateralized Guaranty dated November __, 2019 (as amended, restated, supplemented or otherwise modified from time to time, the “Holdings Guaranty”), by
    One Water Marine Holdings, LLC for the benefit of Wells Fargo Commercial Distribution Finance, LLC (“Agent”), (ii) that certain Fourth Amended and Restated Collateralized Guaranty dated November __, 2019 (as amended, restated,
    supplemented or otherwise modified from time to time, the “Parent Guaranty”), by One Water Assets & Operations, LLC for the benefit of Agent, (iii) that certain Third Amended and Restated Guaranty dated June 14, 2018 (as amended,
    restated, supplemented or otherwise modified from time to time, the “Singleton Guaranty”), by Phillip Austin Singleton, Jr for the benefit of Agent, (iv) that certain Third Amended and Restated Guaranty dated June 14, 2018 (as amended,
    restated, supplemented or otherwise modified from time to time, the “Aisquith Guaranty”), by Anthony Aisquith for the benefit of Agent, and (vi) that certain Collateralized Guaranty dated November __, 2019 (as amended, restated,
    supplemented or otherwise modified from time to time, the “Marine Guaranty,” and together with the Holdings Guaranty, Parent Guaranty, Singleton Guaranty, and Aisquith Guaranty, each a “Guaranty”), by One Water Marine, Inc.
    for the benefit of Agent, each hereby ratify and confirm its respective Guaranty and each other Loan Document executed by itself in all respects, consents to the terms and execution of the foregoing Agreement, and acknowledges that Agent may amend,
    restate, extend, renew or otherwise modify the foregoing Agreement and any indebtedness or agreement of Dealers, or enter into any agreement or extend additional or other credit accommodations, without notifying or obtaining the consent of any
    Guarantor and without impairing the liability of each Guarantor under its Guaranty. Each Guarantor represents to and covenants with Agent and the Lenders that it has no defense, claim, right of recoupment or right of offset against Agent, the Lenders,
    or both under the respective Guaranty.

   

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  [Guarantor Acknowledgement – 4TH A&R IFA]

  

  

  
    
      
 

  

  	 	Guarantor:
	 	 	 
	 	One Water Marine Holdings, LLC, and
	 	One Water Assets & Operations, LLC
	 	 	 
	 	By:	/s/ Philip Austin Singleton, Jr.
	 	Name:	Philip Austin Singleton, Jr.
	 	Title:	Chief Executive Officer
	 	 	 
	 	Guarantor:
	 	 	 
	 	OneWater Marine Inc.
	 	 	 
	 	By:	/s/ Philip Austin Singleton, Jr.
	 	Name:	Philip Austin Singleton, Jr.
	 	Title:	Chief Executive Officer
	 	 	 
	 	Guarantor:
	 	 
	 	/s/ Philip Austin Singleton, Jr.
	 	Philip Austin Singleton, Jr., individually
	 	 	 
	 	Guarantor: 
	 	 
	 	/s/ Anthony Aisquith
	 	Anthony Aisquith, individually

   

  [Signature Page to Guarantor Acknowledgement – 5th A&R IFA]

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