Document:

Promissory Note

 Exhibit 10.2 
 Loan No.: 940960046 
 PROMISSORY NOTE 

 

			
	 $84,500,000.00
	  	Portland, Oregon
		  	June 1, 2011

 FOR
VALUE RECEIVED, AAT OREGON OFFICE I, LLC, a Delaware limited liability company (“Borrower”), as maker, having an address at 11455 El Camino Real, Suite 200, San Diego, California 92130, Attention: Robert Barton and John
Chamberlain hereby unconditionally promises to pay to the order of PNC BANK, NATIONAL ASSOCIATION, a national banking association, having an address at c/o Midland Loan Services, Inc., 10851 Mastin, Suite #300, Overland Park, Kansas 66210, Reference
Loan Number 940960046 (together with its successors and assigns, “Lender”), or at such other place as the holder hereof may from time to time designate in writing, the aggregate principal sum of $84,500,000.00, in lawful money of
the United States of America, with interest thereon to be computed from the date of this Note at the Applicable Interest Rate (defined below), and to be paid in installments as follows: 

ARTICLE 1: PAYMENT TERMS 
 (a) A payment on the date hereof on account of all interest that will accrue on the principal amount of the Loan from and after the date hereof through and including the last day of June, 2011;

 (b) A payment (the “Monthly Payment”) equal to the amount of interest which has accrued
during the preceding Interest Accrual Period (defined below) computed at the Applicable Interest Rate (defined below) on the first (1st) day of August, 2011 and on the first (1st) day of each calendar month thereafter (each such date to be hereinafter referred to as a “Monthly
Payment Date”) up to and including the first
(1st) day of June, 2016, with each Monthly Payment to
be applied to the payment of interest which has accrued during the preceding Interest Accrual Period; 
 (c) The principal sum
of the Loan and all interest thereon shall be due and payable on July 1, 2016, (the “Maturity Date”). 

(d) Interest on the principal sum of this Note shall be calculated by multiplying the actual number of days elapsed in the period for
which interest is being calculated by a daily rate based on a 360-day year. 
 (e) As used herein, the term “Interest
Accrual Period” shall mean (i) for the first such period, the period beginning on the date hereof and ending on (but including) the last day of June, 2011 and (ii) with respect to each subsequent period beginning with the period
immediately following the period described in subsection (i) above, the period beginning on the first day of each calendar month during the term hereof and ending on (but including) the last day of such calendar month. 

 ARTICLE 2: INTEREST 

The term “Applicable Interest Rate” for the purposes hereof and each other Loan Document shall mean an interest rate
equal to 3.965% per annum. Interest shall accrue on the Debt (defined below) at the Applicable Interest Rate or Default Rate (as applicable) until repaid in accordance with the terms and conditions hereof and of the other Loan Documents.

 ARTICLE 3: DEFAULT AND ACCELERATION 
 (a) The whole of the principal sum of this Note, (b) interest, Default Interest (as defined below), late charges and other sums, as provided in this Note, the Security Instrument or the other Loan
Documents (defined below), (c) all other monies agreed or provided to be paid by Borrower in this Note, the Security Instrument or the other Loan Documents, (d) all sums advanced pursuant to the provisions of the Security Instrument to
protect and preserve the Property (defined below) and the lien and the security interest created thereby, and (e) all reasonable sums advanced and costs and expenses incurred by Lender pursuant to the provisions of this Note, the Security
Instrument or the other Loan Documents in connection with the Debt (defined below) or any part thereof, any renewal, extension or change of or substitution for the Debt or any part thereof, or the acquisition or perfection of the security therefor,
whether made or incurred at the request of Borrower or Lender (all the sums referred to in (a) through (e) above shall collectively be referred to as the “Debt”) shall without notice become immediately due and payable at
the option of Lender if (i) any Monthly Payment is not paid within five (5) days of the date when due, (ii) any other portion of the Debt is not paid within five (5) days of the date when due, (iii) the entire Debt is not
paid on or before the Maturity Date or (iv) Borrower commits any other default, and fails to cure same prior to the expiration of any applicable notice and grace periods, herein or under the terms of the Security Instrument or any of the other
Loan Documents (collectively, an “Event of Default”). 
 ARTICLE 4: DEFAULT INTEREST 

Borrower does hereby agree that upon the occurrence of an Event of Default, (a) Lender shall be entitled to receive and Borrower
shall pay interest on the entire unpaid principal sum at a rate equal to the lesser of (i) four percent (4%) plus the Applicable Interest Rate and (ii) the maximum interest rate which Borrower may by law pay (the “Default
Rate”) and (b) all references herein and/or in any other Loan Document to the “Applicable Interest Rate” shall be deemed to refer to the Default Rate. The Default Rate shall be computed from the occurrence of the Event of
Default until the earlier of the date upon which the Event of Default is cured or waived or the date upon which the Debt is paid in full. Interest calculated at the Default Rate shall be added to the Debt, and shall be deemed secured by the Security
Instrument. This clause, however, shall not be construed as an agreement or privilege to extend the date of the payment of the Debt, nor as a waiver of any other right or remedy accruing to Lender by reason of the occurrence of any Event of Default.
Notwithstanding the foregoing, in the event Borrower becomes liable for interest at the Default Rate under this Article 4 (such interest, the “Default Interest”) due to the occurrence of a Qualifying Non-Monetary Default (defined
below), Borrower shall only be liable for such Default Interest for a period not to exceed six (6) months unless (i) Lender actively pursues a foreclosure action (or non-judicial foreclosure) as a result of such Qualifying Non-Monetary
Default (in which case, Borrower shall be liable for Default 

  
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Interest for a period equal to (I) the duration of Lender’s pursuit of the remedies described above plus (II) the first six (6) months following the occurrence of the applicable
Qualifying Non-Monetary Default (less any portion of such six (6) month period occurring after Lender’s commencement of its pursuit of the remedies described above)) or (ii) a monetary Event of Default shall at any time exist (in
which case, Borrower shall be liable for Default Interest from the date of the occurrence of the applicable Qualifying Non-Monetary Default). As used herein and in the other Loan Documents, a “Qualifying Non-Monetary Default” shall
mean a non-monetary Event of Default which (a) cannot reasonably be cured by Borrower and (b) in Lender’s good faith, reasonable determination, (i) was not committed intentionally and knowingly by Borrower with the intention of
violating the terms and conditions of the Loan Documents and (ii) does not have a Material Adverse Effect (as defined in the Security Instrument). 
 ARTICLE 5: PREPAYMENT 
 Except as otherwise expressly permitted by this
Article 5 or in the Security Instrument, no voluntary prepayments, whether in whole or in part, of the Loan or any other amount at any time due and owing under this Note can be made by Borrower or any other Person without the express written consent
of Lender. 
 (a) Lockout Period. Borrower has no right to make, and Lender shall have no obligation to accept, any
voluntary prepayment, whether in whole or in part, of the Loan during the Lockout Period (defined below). Notwithstanding the foregoing, if (i) Lender, in its sole and absolute discretion, accepts a full or partial voluntary prepayment during
the Lockout Period or (ii) there is an involuntary prepayment during the Lockout Period, then, in any such case, Borrower shall, in addition to any portion of the Loan prepaid (together with all interest accrued and unpaid thereon), pay to
Lender short interest (if applicable) and a prepayment premium, in each case, in an amount calculated in accordance with subsection (c) below. 
 (b) Intentionally Omitted. 
 (c) Prepayment During the Lockout
Period. During the Lockout Period, in the event of any involuntary prepayment of the Loan or any other amount under this Note, whether in whole or in part, in connection with or following Lender’s acceleration of this Note, or otherwise,
and whether the Security Instrument is satisfied or released by foreclosure (whether by power of sale or judicial proceeding), deed in lieu of foreclosure or by any other means, including, without limitation, repayment of the Loan by Borrower or any
other Person pursuant to any statutory or common law right of redemption, Borrower shall, in addition to any portion of the principal balance of the Loan prepaid (together with all interest accrued and unpaid thereon and, in the event the prepayment
is made on a date other than a Monthly Payment Date, a sum equal to the amount of interest which would have accrued under this Note on the amount of such prepayment if such prepayment had occurred on the next Monthly Payment Date (such amount, the
“Interest Shortfall”)), pay to Lender a prepayment premium in an amount equal to the Default Yield Maintenance Premium (hereafter defined). 

  
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 (d) Insurance and Condemnation Proceeds; Excess Interest. Notwithstanding any other
provision herein to the contrary, and provided no Event of Default exists, Borrower shall not be required to pay any prepayment premium (other than any applicable Interest Shortfall) in connection with any prepayment occurring solely as a result of
(i) the application of insurance proceeds or condemnation proceeds or the payment by Borrower of the Condemnation Payment (as defined in the Security Instrument), in each case, pursuant to the terms of the Loan Documents (which such prepayment
shall deemed to be permitted hereunder), (ii) the application of any interest in excess of the maximum rate permitted by applicable law to the reduction of the Loan or (iii) the exercise by Lender of any other right under the Loan
Documents to apply an amount received by Lender to the principal balance of this Note, other than any exercise in connection with an Event of Default, which shall be controlled by the preceding paragraph (c). 

(e) After the Lockout Period. Borrower shall have the right to voluntarily prepay this Note in whole (but not in part); provided,
that, (i) Borrower provides Lender at least fifteen (15) days (but not more than one hundred and eighty (180) days) prior written notice, (ii) such prepayment is made on or prior to the Maturity Date, (iii) as of the date of
prepayment, the initial Lockout Period has expired and no other Lockout Period exists and (iv) such prepayment is accompanied by (A) if such prepayment is on any day other than a Monthly Payment Date, a sum equal to the amount of then
applicable Interest Shortfall and (B) if such prepayment is made prior to the Open Period, a sum equal to the Yield Maintenance Premium. Notwithstanding the foregoing, no earlier than 24 hours prior to the first Monthly Payment Date occurring
during the Open Period (such Monthly Payment Date, the “First OPD”), Borrower shall have the right to deposit with Lender an amount equal to the amount sufficient to prepay the Note in whole on the First OPD in accordance with the
applicable terms and conditions hereof (such amount, the “Prepayment Amount”), which such Prepayment Amount shall be held in escrow by Lender and applied by Lender to the Debt on the First OPD. 

(f) Limitation on Partial Prepayments. Except as otherwise expressly provided herein or in the other Loan Documents, in no event
shall Lender have any obligation to accept a partial prepayment. 
 (g) Certain Defined Terms. As used herein, the
following terms shall have the following meanings: 
 (i) “Default Yield Maintenance Premium”
shall mean an amount equal to the Yield Maintenance Premium except that when calculating the Yield Maintenance Premium, the reference to “Applicable Interest Rate” in the definition of “Calculated Payments” shall be deemed to
mean and refer to the “Default Rate”. 
 (ii) “Lockout Period” shall mean the period
commencing on the date hereof and ending on the Monthly Payment Date occurring in July, 2012; provided, that, a Lockout Period shall be deemed to exist for all purposes hereunder to the extent that an Event of Default is continuing. 

(iii) “Open Period” shall mean the period beginning on the Monthly Payment Date occurring in March, 2016
and ending on (but including) the Maturity Date. 

  
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 (iv) “Yield Maintenance Premium” shall mean an amount equal
to the greater of (a) an amount equal to 0.75% of the amount prepaid; or (b) an amount equal to the present value as of the date on which the prepayment is made of the Calculated Payments (as defined below) from the date on which the
prepayment is made through the Maturity Date determined by discounting such payments at the Discount Rate (as defined below). As used in this definition, the term “Calculated Payments” shall mean the monthly payments of interest
only which would be due based on the principal amount of the Loan being prepaid on the date on which prepayment is made and assuming an interest rate per annum equal to the difference (if such difference is greater than zero) between (y) the
Applicable Interest Rate and (z) the Yield Maintenance Treasury Rate (as defined below). As used in this definition, the term “Discount Rate” shall mean the rate which, when compounded monthly, is equivalent to the Yield
Maintenance Treasury Rate (as defined below), when compounded semi-annually. As used in this definition, the term “Yield Maintenance Treasury Rate” shall mean the yield calculated by Lender by the linear interpolation of the yields,
as reported in the Federal Reserve Statistical Release H.15-Selected Interest Rates under the heading “U.S. Government Securities/Treasury Constant Maturities” for the week ending prior to the date on which prepayment is made, of
U.S. Treasury Constant Maturities with maturity dates (one longer or one shorter) most nearly approximating the Maturity Date. In the event Release H.15 is no longer published, Lender shall select a comparable publication to determine the Yield
Maintenance Treasury Rate. In no event, however, shall Lender be required to reinvest any prepayment proceeds in U.S. Treasury obligations or otherwise. Lender shall notify Borrower of the amount and the basis of determination of the required
prepayment consideration. Lender’s calculation of the Yield Maintenance Premium shall be conclusive absent manifest error. 

ARTICLE 6: SECURITY 
 This Note is secured by the Security Instrument and the other Loan Documents. The term “Security Instrument” as used in this Note shall mean the Deed of Trust and Security Agreement dated
as of the date hereof given by Borrower (among others) to Lender covering the fee simple estate of Borrower in certain premises located in the City of Portland and County of Multnomah, State of Oregon, and other property, as more particularly
described therein (collectively, the “Property”) and intended to be duly recorded in the Multnomah County Recorder’s Office. The term “Loan Documents” as used in this Note shall mean all and any of the
documents and/or instruments executed by Borrower and/or others and by or in favor of Lender in connection with the Loan. Whenever used, the singular number shall include the plural, the plural number shall include the singular, and the words
“Lender” and “Borrower” shall include their respective successors, assigns, heirs, executors and administrators. 
 All of the terms, covenants and conditions contained in the Security Instrument and the other Loan Documents are hereby made part of this Note to the same extent and with the same force as if they were
fully set forth herein. 
 ARTICLE 7: SAVINGS CLAUSE 

This Note is subject to the express condition that at no time shall Borrower be obligated or required to pay interest on the principal
balance due hereunder at a rate which could subject Lender to either civil or criminal liability as a result of being in excess of the maximum interest rate which Borrower is permitted by applicable law to contract or agree to pay. If by the terms
of this Note, Borrower is at any time required or obligated to pay interest on the principal balance 

  
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due hereunder at a rate in excess of such maximum rate, the Applicable Interest Rate or the Default Rate, as the case may be, shall be deemed to be immediately reduced to such maximum rate and
all previous payments in excess of the maximum rate shall be deemed to have been payments in reduction of principal and not on account of the interest due hereunder. All sums paid or agreed to be paid to Lender for the use, forbearance, or detention
of the Debt, shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term of the Note until payment in full so that the rate or amount of interest on account of the Debt does not
exceed the maximum lawful rate of interest from time to time in effect and applicable to the Debt for so long as the Debt is outstanding. 
 ARTICLE 8: LATE CHARGE 
 If any monthly installment of principal or
interest payable under this Note is not paid within five (5) days of the date on which it was due, Borrower shall pay to Lender upon demand an amount equal to the lesser of 2.5% of the unpaid sum or the maximum amount permitted by applicable
law to defray the expenses incurred by Lender in handling and processing the delinquent payment and to compensate Lender for the loss of the use of the delinquent payment and the amount shall be secured by the Security Instrument and the other Loan
Documents. 
 ARTICLE 9: NO ORAL CHANGE 
 This Note may not be modified, amended, waived, extended, changed, discharged or terminated orally or by any act or failure to act on the part of Borrower or Lender, but only by an agreement in writing
signed by the party against whom enforcement of any modification, amendment, waiver, extension, change, discharge or termination is sought. 
 ARTICLE 10: JOINT AND SEVERAL LIABILITY 
 If there is more than one
Borrower, the obligations and liabilities of each such person or party shall be joint and several. 
 ARTICLE 11: WAIVERS

 Except as otherwise provided herein, in the Security Instrument, or in the other Loan Documents, Borrower and all others
who may become liable for the payment of all or any part of the Debt do hereby severally waive presentment and demand for payment, notice of dishonor, protest and notice of protest and non-payment and all other notices of any kind. No release of any
security for the Debt or extension of time for payment of this Note or any installment hereof, and no alteration, amendment or waiver of any provision of this Note, the Security Instrument or the other Loan Documents made by agreement between Lender
or any other person or party shall release, modify, amend, waive, extend, change, discharge, terminate or affect the liability of Borrower, and any other person or entity who may become liable for the payment of all or any part of the Debt, under
this Note, the Security Instrument or the other Loan Documents. No notice to or demand on Borrower shall be deemed to be a waiver of the obligation of Borrower or of the right of Lender to take further action without further notice or demand as
provided for in this Note, the Security Instrument or the other Loan Documents. If Borrower is a partnership, the agreements herein contained shall remain in force and applicable, notwithstanding any changes in the individuals comprising the
partnership. If Borrower is a corporation, the 

  
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agreements contained herein shall remain in full force and applicable notwithstanding any changes in the shareholders comprising, or the officers and directors relating to, the corporation. If
Borrower is a limited liability company, the agreements contained herein shall remain in full force and applicable notwithstanding any changes in the members comprising, or the managers, officers or agents relating to, the limited liability company.
The term “Borrower”, as used herein, shall include any alternate or successor partnership, corporation, limited liability company or other entity or person to the Borrower named herein, but any predecessor partnership (and their partners),
corporation, limited liability company, other entity or person shall not thereby be released from any liability except as otherwise provided in the Security Instrument or other Loan Documents. Nothing in this Article 11 shall be construed as a
consent to, or a waiver of, any prohibition or restriction on transfers of interests in such partnership which may be set forth in the Security Instrument or any other Loan Document. 

ARTICLE 12: DEFINITIONS 
 All capitalized terms not otherwise defined herein shall have the meanings ascribed to such terms in the Security Instrument and the other Loan Documents. 

ARTICLE 13: WAIVER OF TRIAL BY JURY 
 BORROWER HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, WHETHER IN CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR
INDIRECTLY TO THE LOAN EVIDENCED BY THIS NOTE, THE APPLICATION FOR THE LOAN EVIDENCED BY THIS NOTE, THIS NOTE, THE SECURITY INSTRUMENT OR THE OTHER LOAN DOCUMENTS OR ANY ACTS OR OMISSIONS OF LENDER, ITS OFFICERS, EMPLOYEES, DIRECTORS OR AGENTS IN
CONNECTION THEREWITH. 
 ARTICLE 14: EXCULPATION 

(a) Notwithstanding any contrary provisions contained herein, the Security Instrument or the other Loan Documents (other than a provision
herein or therein which expressly states that it is intended to override any exculpatory provisions of this Note), Lender shall not enforce the liability and obligation of Borrower, to perform and observe the obligations contained in this Note, the
Security Instrument or the other Loan Documents by any action or proceeding wherein a money judgment shall be sought against Borrower or any partner or member of Borrower, except that Lender may bring a foreclosure action (where no deficiency
judgment is sought against Borrower or any partner or member of Borrower), an action for specific performance or any other appropriate action or proceeding to enable Lender to enforce and realize upon this Note, the Security Instrument, the other
Loan Documents, and the interests in the Property; and any other collateral given to Lender pursuant to the Security Instrument and the other Loan Documents; provided, however, that, except as specifically provided herein, any judgment in any such
action or proceeding shall not be enforceable against Borrower (or any partner or member of Borrower) except to the extent of Borrower’s interest in the Property and in any other collateral given to Lender as security, and Lender, by accepting
this Note, the Security Instrument and the other Loan Documents, agrees that it shall not sue for, seek or demand any 

  
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deficiency judgment against Borrower (or any partner or member of Borrower) in any such action or proceeding, under or by reason of or in connection with this Note, the Security Instrument or the
other Loan Documents. The provisions of this paragraph shall not, however, (1) constitute a waiver, release or impairment of any obligation evidenced or secured by this Note, the Security Instrument or the other Loan Documents; (2) impair
the right of Lender to name Borrower as a party defendant in any action or suit for foreclosure and sale under the Security Instrument, where Lender is required to do so in order to properly pursue such action (and subject to the above-described
prohibition on suing for, seeking or demanding any deficiency judgment); (3) affect the validity or enforceability of any guaranty or indemnity made in connection with this Note, the Security Instrument or the other Loan Documents (including,
without limitation, the Environmental Indemnity and the Indemnity Agreement) or any of the rights and remedies of Lender thereunder (including, without limitation, Lender’s right to enforce said rights and remedies against Borrower and/or
Guarantor (as applicable) personally and without the effect of the exculpatory provisions of this Article 14); (4) impair the right of Lender to obtain the appointment of a receiver; (5) impair the enforcement of any assignment; or
(6) constitute a waiver of the right of Lender to enforce the liability and obligation of Borrower, by money judgment or otherwise, to the extent of any actual losses suffered by Lender arising out of the following: 

(i) in connection with the Loan or the Property, Borrower or Sponsor or any of their respective affiliates, agents or
representatives, engages in any action constituting fraud, material misrepresentation, willful misrepresentation, Gross Negligence or willful misconduct. As used above, “Gross Negligence” shall mean, as to any Person, the act or
omission of such Person in reckless disregard of a legal duty or obligation to another Person; 
 (ii) any
material inaccuracy, error or omission in the rent roll of the Property certified to by Borrower in that certain Borrower’s Certification executed in connection with the Loan; 

(iii) the removal or disposal of any portion of the Property by Borrower during the continuance of an Event of Default
under this Note, the Security Instrument or the other Loan Documents (unless, with respect to the removal of Personal Property, such Personal Property is contemporaneously replaced with Personal Property of equal or greater value and utility);

 (iv) the misapplication, misappropriation or conversion by Borrower in violation of the terms of the Security
Instrument of (A) any insurance proceeds paid by reason of any loss, damage or destruction to the Property, (B) any awards or other amounts received in connection with the condemnation of all or a portion of the Property, or (C) any
Rents received by Borrower (or any of its agents, employees, representatives or affiliates) during the continuance of an Event of Default under this Note, the Security Instrument or the other Loan Documents; 

(v) any security deposits collected with respect to the Property which are not delivered to Lender upon a foreclosure of
the Property or deed in lieu thereof, except to the extent any such security deposits were applied or returned to the lessee in accordance with the terms and conditions of any of the Leases prior to such foreclosure or deed in lieu thereof;

  
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 (vi) the breach or violation by Borrower, SPE Component Entity and/or Master
Lessee (prior to the Master Lease Termination) of the representations or covenants contained in Section 4.3 of the Security Instrument; 
 (vii) from and after a Securitization, Borrower’s failure to make the Condemnation Payment as and to the extent required under the Security Instrument; 

(viii) criminal acts of Borrower or Sponsor or any of their respective affiliates, agents or representatives resulting in
the seizure, forfeiture or loss of the Property; 
 (ix) Borrower’s failure to pay Taxes and insurance
premiums when the same become due and payable in accordance with the applicable terms and conditions of the Loan Documents (except to the extent that sufficient funds to pay the same have been deposited with Lender in accordance with the Loan
Documents, Lender’s access to such sums is not restricted or constrained in any manner and no Event of Default is continuing); 
 (x) Borrower’s failure to pay charges for labor or materials or other charges that can create liens on the Property, in accordance with the terms of the Loan Documents; 

(xi) any act of physical waste or arson with respect to the Property by Borrower or Sponsor or any of their respective
affiliates, agents or representatives; 
 (xii) Borrower’s failure or refusal to permit on site inspections
of the Property; 
 (xiii) Borrower or Sponsor or any of their respective affiliates, agents or representatives,
delays, interferes with or frustrates, or fails to cooperate with, Lender’s exercise of remedies provided under the Loan Documents during the continuance of an Event of Default (except to the extent that Borrower or Sponsor or any of their
respective affiliates, agents or representatives (as applicable) had a valid legal basis for any such action and was acting in good faith and not for the purpose of interfering with Lender’s exercise of its remedies hereunder and/or under the
other Loan Documents); 
 (xiv) a GSA Payment Breach (as defined in the Security Instrument); 

(xv) any Property Document EOD (as defined in the Security Instrument); 

(xvi) a Parking Option Covenant Breach (as defined in the Security Instrument); and/or 

(xvii) any failure to pay any concessions, credits or other similar amounts (including, without limitation, any tenant
improvement and/or leasing commission concessions) due under the PECI Lease in connection with PECI’s exercise of its expansion rights at the Property thereunder. 

  
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 (b) Notwithstanding anything to the contrary in this Note, the Security Instrument or the
other Loan Documents, the agreement of Lender not to pursue recourse liability as set forth in subsection (a) above SHALL BECOME NULL AND VOID and shall be of no further force and effect and the Debt shall be fully recourse to Borrower in the
event that: (A) the first full Monthly Payment is not paid when due; (B) a Prohibited Transfer (as defined in the Security Instrument) occurs in violation of Article 8 of the Security Instrument; and/or (C) if (I) an involuntary
petition (other than the collusive involuntary petitions described in the following clause (II)) is filed against Borrower, SPE Component Entity and/or Master Lessee (prior to the Master Lease Termination) under any Insolvency Laws (defined below)
and is not dismissed within ninety (90) days of the filing thereof, (II) Borrower, SPE Component Entity and/or Master Lessee (prior to the Master Lease Termination) files, solicits or consents to the filing against Borrower, SPE Component
Entity and/or Master Lessee (prior to the Master Lease Termination) of a petition, voluntary or involuntary, under applicable Insolvency Laws, or any partner, member or equivalent Person of Borrower, SPE Component Entity and/or Master Lessee (prior
to the Master Lease Termination), or any person acting in concert with Borrower, SPE Component Entity and/or Master Lessee (prior to the Master Lease Termination) or any of the foregoing Persons, files or joins in the filing against Borrower, SPE
Component Entity and/or Master Lessee (prior to the Master Lease Termination) of an involuntary petition under applicable Insolvency Laws and/or (III) Borrower, SPE Component Entity and/or Master Lessee (prior to the Master Lease Termination) makes
an assignment for the benefit of creditors, or admits, in writing or in any legal proceeding, its insolvency or inability to pay its debts as they become due. As used herein, “Insolvency Laws” shall mean shall mean any existing or
future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization, conservatorship, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to its debts or
debtors. 
 (c) Nothing herein shall be deemed to be a waiver of any right which Lender may have under Section 506(a),
506(b), 1111(b) or any other provisions of the U.S. Bankruptcy Code to file a claim for the full amount of the Debt or to require that all collateral shall continue to secure all of the Debt owing to Lender in accordance with this Note, the Security
Instrument or the other Loan Documents. 
 (d) Notwithstanding the foregoing or anything to the contrary contained herein or in
any of the other Loan Documents, by acceptance of this Note, Lender hereby (i) agrees that no direct or indirect equity owner of Borrower (including, without limitation, First American Exchange Company, LLC) or any directors, officers or
employees of any of the foregoing Persons (collectively, the “EAT Parties”) shall have any liability hereunder or under the other Loan Documents, including, without limitation, in connection with any deficiency judgment or other
action brought under the Loan Documents and (ii) waives any claims against the EAT Parties under the Loan Documents (including, without limitation, the right to obtain a money judgment or equitable relief against any of the EAT Parties). The
foregoing agreement on the part of Lender shall not be construed in any way so as to (A) affect or impair the lien of the Loan Documents, (B) except as expressly provided in the immediately foregoing sentence, affect or impair
Lender’s rights or remedies as provided under the Loan Documents or by law or (C) limit or restrict the right of Lender to pursue any actions or remedies against any Persons other than the EAT Parties. The terms of this paragraph
(d) shall (1) supercede all other terms and conditions contained in any other Loan Document and (2) upon the consummation of the 1031 Exchange Transfer (as defined in the Security Instrument) be null and void and of no further force
or effect. 

  
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 ARTICLE 15: AUTHORITY 

Borrower (and the undersigned representative of Borrower, if any) represents that Borrower has full power, authority and legal right to
execute and deliver this Note, the Security Instrument and the other Loan Documents and that this Note, the Security Instrument and the other Loan Documents constitute valid and binding obligations of Borrower, except as may be limited by
(i) bankruptcy, insolvency or other similar laws affecting the rights of creditors generally and (ii) general principles of equity. 
 ARTICLE 16: APPLICABLE LAW 
 This Note shall be deemed to be a contract
entered into pursuant to the laws of the State of Oregon and shall in all respects be governed, construed, applied and enforced in accordance with the laws of the State of Oregon and applicable Federal laws of the United States of America.

 ARTICLE 17: SERVICE OF PROCESS 
 Article 17 of the Security Instrument is hereby incorporated by reference as if full set forth herein. 
 ARTICLE 18: COUNSEL FEES 
 In the event that it should become necessary to
employ counsel to collect the Debt or to protect or foreclose the security therefor, Borrower also agrees to pay all reasonable fees and expenses of Lender, including, without limitation, reasonable attorney’s fees for the services of such
counsel whether or not suit be brought. Notwithstanding anything to the contrary contained herein or in any other Loan Documents, whenever Borrower or Guarantor shall be responsible for Lender’s or Servicer’s attorney’s fees pursuant
to the terms hereof and/or of any other Loan Documents, the following shall in all cases be deemed applicable thereto: (a) prevailing party attorney’s fees shall be recoverable in the trial court, in any appellate court and in connection
with a petition for review to the Oregon Supreme Court and (b) such attorney’s fees shall still be recoverable in connection with a denial of a petition for review by the Oregon Supreme Court. 

ARTICLE 19: NOTICES 
 All notices or other written communications to Borrower or Lender hereunder shall be deemed to have been properly given (i) upon delivery, if delivered in person with receipt acknowledged by the
recipient thereof, (ii) one (1) Business Day after having been deposited for overnight delivery with any nationally recognized overnight courier (such as FedEx or UPS), or (iii) three (3) Business Days after having been deposited
in any post office or mail depository regularly maintained by the U.S. Postal Service and sent by registered or certified mail, postage prepaid, return receipt requested, addressed to Borrower or Lender at their addresses set forth in the Security
Instrument or addressed as such party may from time to time designate by written notice to the other parties. Either party by notice to the other may designate additional or different addresses for subsequent notices or communications. 

  
 11 

 ARTICLE 20: MISCELLANEOUS 

Except as otherwise specifically set forth in this Note, the Security Instrument, or the other Loan Documents,
wherever pursuant to this Note (i) Lender exercises any right given to it to approve or disapprove, (ii) any arrangement or term is to be satisfactory to Lender, or (iii) any other decision or determination is to be made by Lender,
the decision of Lender to approve or disapprove, all decisions that arrangements or terms are satisfactory or not satisfactory, and all other decisions and determinations made by Lender, shall be based upon a standard of reasonability. All approvals
of or waivers by Lender in respect of any of the terms, conditions or requirements of this Note must be in writing. No waiver with respect to any condition, breach or other matter shall extend to or be taken in any manner whatsoever to affect any
other condition, breach or matter or affect Lender’s rights resulting therefrom. Notwithstanding anything to the contrary contained herein or in any other Loan Document, whenever any payment to be made hereunder or under any other Loan Document
shall be stated to be due on a day which is not a Business Day, the due date thereof shall be deemed to be the immediately succeeding Business Day, provided, however, with respect to (A) any Monthly Payment due hereunder or any grace period
granted hereunder or under the other Loan Documents with respect thereto, to the extent that such succeeding Business Day convention would cause either the due date of any Monthly Payment and/or the grace period relating thereto to extend beyond the
sixth (6th) day of any calendar month, the due date
of such Monthly Payment or the term of such grace period (as applicable) shall be deemed to be due or shall terminate (as applicable) on such sixth (6th) day (or if such sixth (6th) day is not a Business Day, the immediately preceding Business Day) and (B) the balloon payment due
hereunder on the Maturity Date, if the Maturity Date does not occur on a Business Day, the Maturity Date shall be deemed to occur on the immediately preceding Business Day. 
 ARTICLE 21: DISCLOSURE 
 Borrower acknowledges receipt of and agrees to the
following: 
 WARNING 
 UNLESS YOU PROVIDE US WITH EVIDENCE OF THE INSURANCE COVERAGE AS REQUIRED BY THE LOAN DOCUMENTS, WE MAY PURCHASE INSURANCE AT YOUR EXPENSE TO PROTECT OUR INTEREST. THIS INSURANCE MAY, BUT NEED NOT,
ALSO PROTECT YOUR INTEREST. IF THE COLLATERAL BECOMES DAMAGED, THE COVERAGE WE PURCHASE MAY NOT PAY ANY CLAIM YOU MAKE OR ANY CLAIM MADE AGAINST YOU. YOU MAY LATER CANCEL THIS COVERAGE BY PROVIDING EVIDENCE THAT YOU HAVE OBTAINED PROPERTY COVERAGE
ELSEWHERE. 

  
 12 

 YOU ARE RESPONSIBLE FOR THE COST OF ANY INSURANCE PURCHASED BY US. THE COST OF THIS
INSURANCE MAY BE ADDED TO YOUR LOAN BALANCE IN ACCORDANCE WITH THE TERMS OF THE LOAN DOCUMENTS. IF THE COST IS ADDED TO YOUR CONTRACT OR LOAN BALANCE, THE INTEREST RATE ON THE UNDERLYING LOAN MAY APPLY TO THIS ADDED AMOUNT. THE EFFECTIVE DATE OF
COVERAGE MAY BE THE DATE YOUR PRIOR COVERAGE LAPSED OR THE DATE YOU FAILED TO PROVIDE PROOF OF COVERAGE. 
 THE COVERAGE
WE PURCHASE MAY BE CONSIDERABLY MORE EXPENSIVE THAN INSURANCE YOU CAN OBTAIN ON YOUR OWN AND MAY NOT SATISFY ANY NEED FOR PROPERTY DAMAGE COVERAGE OR ANY MANDATORY LIABILITY INSURANCE REQUIREMENTS IMPOSED BY APPLICABLE LAW. 

UNDER OREGON LAW, MOST AGREEMENTS, PROMISES AND COMMITMENTS MADE BY US CONCERNING LOANS AND OTHER CREDIT EXTENSIONS WHICH ARE NOT FOR
PERSONAL, FAMILY OR HOUSEHOLD PURPOSES OR SECURED SOLELY BY THE BORROWER’S RESIDENCE MUST BE IN WRITING, EXPRESS CONSIDERATION AND BE SIGNED BY US TO BE ENFORCEABLE. 
 [NO FURTHER TEXT ON THIS PAGE] 

  
 13 

 IN WITNESS WHEREOF, Borrower has duly executed this Promissory Note as of the day and
year first above written. 
  

					
	BORROWER:
	
	AAT OREGON OFFICE I, LLC, a Delaware limited liability company
		
	By:	 	 First American Exchange Company, LLC, a Delaware limited liability company,

its sole member

			
		 	By:	 	/s/ Anthony Alosi
		 	Name:	 	Anthony Alosi
		 	Title:	 	Senior Vice PresidentFifth Supplemental Indenture dated as of June 1, 2011

 Exhibit 4.1 
 R.R. DONNELLEY & SONS COMPANY 
 and 

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee 

 
  

FIFTH SUPPLEMENTAL INDENTURE 
 Dated as of June 1, 2011 
 to 

Indenture dated as of January 3, 2007 
  

 
 $600,000,000
7.25% Notes due 2018 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I
DEFINITIONS	   
	 SECTION 1.1
	 	 Generally
	  	 	1	  
	 SECTION 1.2
	 	 Definition of Certain Terms
	  	 	1	  
	
	ARTICLE II	  
	GENERAL TERMS OF THE NOTES	  
	 SECTION 2.1
	 	 Form
	  	 	4	  
	 SECTION 2.2
	 	 Amount and Payment of Principal and Interest
	  	 	4	  
	 SECTION 2.3
	 	 Denominations
	  	 	5	  
	 SECTION 2.4
	 	 Global Securities
	  	 	5	  
	 SECTION 2.5
	 	 Payment, Transfer and Exchange
	  	 	5	  
	 SECTION 2.6
	 	 Registrar and Paying Agent
	  	 	5	  
	 SECTION 2.7
	 	 Ranking
	  	 	5	  
	 SECTION 2.8
	 	 Events of Default
	  	 	6	  
	 SECTION 2.9
	 	 Trustee’s Right to Refuse Directions in Certain Circumstances.
	  	 	6	  
	
	ARTICLE III
REDEMPTION	   
	 SECTION 3.1
	 	 Redemption.
	  	 	6	  
	 SECTION 3.2
	 	 Redemption Procedures.
	  	 	6	  
	 SECTION 3.3
	 	 Notice of Redemption.
	  	 	7	  
	
	 ARTICLE IV

CHANGE OF CONTROL
	   
   

	 SECTION 4.1
	 	 Change of Control.
	  	 	7	  
	
	ARTICLE V
MISCELLANEOUS PROVISIONS	   
	 SECTION 5.1
	 	 Ratification of Base Indenture
	  	 	9	  
	 SECTION 5.2
	 	 Trustee Not Responsible for Recitals
	  	 	9	  
	 SECTION 5.3
	 	 Table of Contents, Headings, etc.
	  	 	10	  
	 SECTION 5.4
	 	 Counterpart Originals
	  	 	10	  
	 SECTION 5.5
	 	 Governing Law
	  	 	10	  
			
	 EXHIBIT A-1
	 	 Form of Note
	  	 	A-1-1	  

  
 -i-

 THIS FIFTH SUPPLEMENTAL INDENTURE, dated as of June 1, 2011 (the “Fifth
Supplemental Indenture”), between R.R. Donnelley & Sons Company, a Delaware corporation, as issuer (the “Company”), and Wells Fargo Bank, National Association, a national banking association, as trustee (the
“Trustee”). 
 RECITALS: 
 WHEREAS, the Company has executed and delivered to the Trustee an Indenture, dated as of January 3, 2007 (the “Base Indenture” and as supplemented by this Fifth Supplemental
Indenture, the “Indenture”), providing for the issuance by the Company from time to time of its unsecured senior debentures, notes or other evidences of indebtedness to be issued in one or more series unlimited as to principal
amount (the “Securities”); 
 WHEREAS, the Company has duly authorized and desires to cause to be established
pursuant to the Base Indenture and this Fifth Supplemental Indenture a new series of Securities designated the “7.25% Notes due 2018” (the “Notes”), the form and terms of such Notes to be set forth in this Fifth
Supplemental Indenture; 
 WHEREAS, all things necessary to make this Fifth Supplemental Indenture a valid agreement of the
Company and the Trustee, in accordance with its terms, and a valid amendment of, and supplement to, the Base Indenture have been done; 
 NOW, THEREFORE, in consideration of the premises and the purchase and acceptance of the Notes by the Holders thereof, the Company covenants and agrees with the Trustee, for the equal and ratable benefit
of the Holders, that the Base Indenture is supplemented and amended, to the extent expressed herein, as follows: 
 ARTICLE I

 DEFINITIONS 
 SECTION 1.1    Generally. 
 (a) Capitalized terms used herein
and not otherwise defined herein shall have the respective meanings ascribed thereto in the Base Indenture. 
 (b) The rules of
interpretation set forth in the Base Indenture shall be applied hereto as if set forth in full herein. 
 SECTION
1.2    Definition of Certain Terms. 
 For all purposes of this Fifth Supplemental Indenture, except as
otherwise expressly provided or unless the context otherwise requires, the following terms shall have the following respective meanings: 

 “Adjusted Treasury Rate” means, with respect to any Redemption Date, the
rate per year equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for
that Redemption Date. 
 “Below Investment Grade Rating Event” means the Notes are rated
below an Investment Grade Rating by each of the Rating Agencies on the 60th day following the occurrence of a Change of Control (which date shall be extended if the rating of the Notes is under publicly announced consideration for possible downgrade by any of the Rating Agencies
on such 60th day, such extension to last until the date on
which the Rating Agency considering such possible downgrade either (x) rates the Notes below an Investment Grade Rating or (y) publicly announces that it is no longer considering the Notes for possible downgrade; provided, that no such
extension shall occur if any of the Rating Agencies rates the Notes with an Investment Grade Rating that is not subject to review for possible downgrade on such 60th day). 
 “Change of Control” means the occurrence of any of the following: (1) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or
consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Company and its Subsidiaries taken as a whole to any “person” (as that term is used in Section 13(d)(3) of the
Exchange Act) other than the Company or one of its Subsidiaries; (2) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in
Section 13(d)(3) of the Exchange Act) becomes the beneficial owner, directly or indirectly, of more than 50% of the then outstanding number of shares of the Company’s voting stock; or (3) the first day on which a majority of the
members of the Company’s Board of Directors are not Continuing Directors. 
 “Change of Control Offer”
means an offer to repurchase Notes pursuant to Section 4.1 hereof. 
 “Change of Control Payment” means,
with respect to Notes tendered for repurchase pursuant to a Change of Control Offer, an amount equal to 101% of the aggregate principal amount of such Notes plus accrued and unpaid interest thereon, if any, to the date of repurchase. 

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Below Investment Grade
Rating Event. 
 “Comparable Treasury Issue” means the United States Treasury security selected by the
Quotation Agent as having a maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt
securities of comparable maturity to the remaining term of those Notes. 

  
 -2-

 “Comparable Treasury Price” means, with respect to any Redemption Date,
(1) the average of the Reference Treasury Dealer Quotations for that Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Quotation Agent obtains fewer than four Reference Treasury
Dealer Quotations, the average of all Reference Treasury Dealer Quotations so received. 
 “Continuing
Directors” means, as of any date of determination, any member of the Board of Directors of the Company who (1) was a member of such Board of Directors on the date of the issuance of the Notes; or (2) was nominated for election or
elected to such Board of Directors with the approval of a majority of the Continuing Directors who were members of such Board of Directors at the time of such nomination or election (either by a specific vote or by approval of the Company’s
proxy statement in which such member was named as a nominee for election as a director, without objection to such nomination). 

“Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or
the equivalent) by S&P. 
 “Moody’s” means Moody’s Investors Service, Inc., a subsidiary of
Moody’s Corporation, and its successors. 
 “Person” means any individual, partnership, corporation,
limited liability company, joint stock company, business trust, trust, unincorporated association, joint venture or other entity, or a government or political subdivision or agency thereof. 

“Quotation Agent” means the Reference Treasury Dealer appointed by the Company. 

“Rating Agencies” means (1) each of Moody’s and S&P; and (2) if any of Moody’s or S&P ceases
to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) under the
Exchange Act, selected by the Company (as certified by a resolution of the Company’s Board of Directors) as a replacement agency for Moody’s or S&P, or both of them, as the case may be. 

“Reference Treasury Dealer” means (1) each of Merrill Lynch, Pierce, Fenner & Smith Incorporated,
Citigroup Global Markets Inc. and J.P. Morgan Securities LLC and their respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury
Dealer”), the Company shall substitute another Primary Treasury Dealer, and (2) any one other Primary Treasury Dealer selected by the Company. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Quotation Agent, of the bid and
asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Quotation Agent by that 

  
 -3-

 Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding that
Redemption Date. 
 “S&P” means Standard & Poor’s Ratings Services, a division of The
McGraw-Hill Companies, Inc., and its successors. 
 ARTICLE II 

GENERAL TERMS OF THE NOTES 

SECTION 2.1    Form. 
 The Notes and the Trustee’s certificates of authentication shall be substantially in the form of Exhibit A-1 to this Fifth Supplemental Indenture, which are hereby incorporated
into this Fifth Supplemental Indenture. The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Fifth Supplemental Indenture and to the extent applicable, the Company and the Trustee, by their
execution and delivery of this Fifth Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. 
 SECTION
2.2    Amount and Payment of Principal and Interest. 
 (a) The Trustee shall authenticate and deliver
the Notes for original issue on the date hereof in the aggregate principal amount of $600,000,000. The principal amount of each Note shall be payable on May 15, 2018. 
 (b) The Notes shall bear interest at 7.25% per year beginning on the date of issuance until the Notes are redeemed, paid, or duly provided for. Interest shall be paid semiannually in arrears on
May 15 and November 15 of each year (each an “Interest Payment Date”), commencing on November 15, 2011. The regular record date for interest payable on the Notes shall be the May 1 and November 1, as the
case may be, immediately preceding each Interest Payment Date. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. Any payment of principal or interest required to be made on a day that is not a Business Day
need not be made on such day, but may be made on the next succeeding Business Day with the same force and effect as if made on such day and no interest shall accrue as a result of such delayed payment. 

(c) Subject to the terms and conditions contained herein, the Company may from time to time, without the consent of the existing Holders
create and issue additional Notes (the “Additional Notes”) having the same terms and conditions as the Notes in all respects, except for issue date and the first payment of interest thereon. Such Additional Notes, at the
Company’s determination and in accordance with the provisions of the Indenture, will be consolidated with and form a single series with the previously outstanding Notes for all 

  
 -4-

 
purposes under the Indenture, including, without limitation, amendments, waivers and redemptions. The aggregate principal amount of the Additional Notes, if any, shall be unlimited. 

SECTION 2.3    Denominations. 
 The Notes will be issuable only in fully registered form without coupons in denominations of $2,000 and any integral multiples of $1,000 in excess thereof. 

SECTION 2.4    Global Securities. 
 The Notes will be issuable in the form of one or more Global Securities and the Depository for such Global Securities will be The Depository Trust Company in accordance with the Base Indenture.

 SECTION 2.5    Payment, Transfer and Exchange. 

(a) The principal and interest on Notes represented by Global Securities will be payable to the Depository or its nominee, as the case may
be, as the sole registered owner and the sole Holder of the Global Securities represented thereby. The principal and interest on Notes represented by Physical Securities will be payable, either in person or by mail, at the office of the Paying
Agent. 
 (b) Transfers of Global Securities will be limited to transfer in whole, but not in part, to the Depository, its
successors or their respective nominees. Interests of beneficial owners in the Global Securities may be transferred or exchanged for Physical Securities in accordance with the Indenture. If Notes represented by Physical Securities are presented to
the Registrar with a request from the Holder of such Securities to register a transfer or to exchange them for an equal principal amount of Securities of other authorized denominations, the Registrar will register the transfer as requested in
accordance with the Indenture. 
 SECTION 2.6    Registrar and Paying Agent. 

The Company initially appoints the Trustee as Registrar and Paying Agent. The Company may change the Paying Agent and Registrar without
notice to Holders. 
 SECTION 2.7    Ranking. 

The Notes will be senior unsecured obligations of the Company. The payment of the principal of, premium, if any, and interest on the Notes
will (i) rank equally in right of payment with all other indebtedness of the Company that is not by its terms expressly subordinated to other indebtedness of the Company, and (ii) rank senior in right of payment to all indebtedness of the
Company that is, by its terms, expressly subordinated to the senior indebtedness of the Company. 

  
 -5-

 SECTION 2.8    Events of Default. 

With respect to the Notes, Section 6.02 of the Base Indenture shall be amended by deleting from the parenthetical contained in the
first sentence of Section 6.02 the phrase “an Event of Default specified in Section 6.01(3) with respect to Section 4.08 or” and such phrase shall not be applicable to the Notes. 

SECTION 2.9    Trustee’s Right to Refuse Directions in Certain Circumstances. 

With respect to directions given by the Holders of a majority in principal amount pursuant to the Indenture to the Trustee in its exercise
of any trust or power, the Trustee will be entitled to refuse to follow any such direction that conflicts with law or the Indenture or that the Trustee determines in good faith is unduly prejudicial to the rights of other Holders or could, in
reasonable likelihood, impose personal liability upon the Trustee, unless the Trustee is offered indemnity satisfactory to it. 

ARTICLE III 

REDEMPTION 
 SECTION
3.1    Redemption. 
 (a) Except as provided in this Article III, the Company shall have no obligation
to redeem, purchase or repay the Notes pursuant to any mandatory redemption, sinking fund or analogous provisions or at the option of a Holder thereof. 
 (b) The Notes are subject to redemption at any time or from time to time, in whole or in part, at the Company’s option at a Redemption Price equal to the greater of (i) 100% of the principal
amount of the Notes to be redeemed, and (ii) as determined by the Quotation Agent, the sum of the present values of the remaining scheduled payments of principal and interest in respect of the Notes to be redeemed (not including any portion of
those payments of interest accrued as of the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate plus 50 basis points, plus
accrued interest to the Redemption Date. The Company may provide in such notice that payment of such Redemption Price and performance of the Company’s obligations with respect to such redemption or purchase may be performed by another Person.
Any such notice may, at the Company’s discretion, be subject to the satisfaction of one or more conditions precedent. 
 SECTION
3.2    Redemption Procedures. 
 The Trustee will select Notes called for redemption in part on a pro
rata basis or on as nearly a pro rata basis as is practicable (subject to procedures of the Depository); provided that Notes in principal amounts of $2,000 or less shall be redeemed in whole and not in part. In the case of Notes represented by
Physical Securities, a new Note in principal amount equal 

  
 -6-

 
to the unredeemed portion thereof will be issued in the name of the Holder thereof upon cancellation of the original Note. In the case of Notes represented by a Global Security, the outstanding
principal amount of the Global Security representing the Notes will be reduced by book-entry. Notes called for redemption become due on the Redemption Date. On and after the Redemption Date, interest stops accruing on Notes or portions of them
called for redemption (unless there is a default in the payment thereof). 
 SECTION 3.3    Notice of Redemption.

 (a) At the Company’s written request made at least 45 days prior to the Redemption Date (unless a shorter notice shall be
agreed to in writing by the Trustee), the Trustee shall give the notice of redemption in the Company’s name and at the Company’s sole expense. 
 (b) Notices of redemption shall be mailed by first class mail at least 30 but not more than 60 days before the Redemption Date to each Holder of Notes to be redeemed at its registered address. If any Note
is to be redeemed in part only, the notice of redemption that relates to such Note shall state the portion of the principal amount thereof to be redeemed. 
 (c) Any notice to holders of Notes of any redemption will include the appropriate calculation of the Redemption Price, but does not need to include the Redemption Price itself. The actual Redemption
Price, calculated as described above, will be set forth in an Officers’ Certificate of the Company delivered to the Trustee no later than two Business Days prior to the Redemption Date 

ARTICLE IV 

CHANGE OF CONTROL 

SECTION 4.1    Change of Control. 
 (a) Upon the occurrence of a Change of Control Triggering Event, unless all Notes have been called for redemption, each Holder of Notes shall have the right to require the Company to repurchase all or any
part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of such Holder’s Notes at an offer price in cash equal to the Change of Control Payment. 
 (b) Within 30 days following any Change of Control Triggering Event, the Company shall mail, or cause to be mailed, a notice to the Trustee and to each Holder describing the transaction or transactions
that constitute the Change of Control Triggering Event and specifying: 
 (i) that the Change of Control Offer is
being made pursuant to this Section 4.1 and that all Notes tendered will be accepted for payment; 

  
 -7-

 (ii) the Change of Control Payment and the purchase date, which shall be a
Business Day no earlier than 30 days and no later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”); 
 (iii) the CUSIP number for the Notes; 
 (iv) that any Note not
tendered will continue to accrue interest; 
 (v) that, unless the Company defaults in the payment of the Change
of Control Payment, all Notes accepted for payment pursuant to the Change of Control Offer will cease to accrue interest after the Change of Control Payment Date; 

(vi) that Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender
such Notes to the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day preceding the Change of Control Payment Date; 

(vii) that Holders will be entitled to withdraw their election referred to in clause (vi) if the Paying Agent
receives, not later than the close of business on the second Business Day preceding the Change of Control Payment Date, a facsimile transmission or letter setting forth the name of the Holder, the principal amount of Notes delivered for purchase,
and a statement that such Holder is withdrawing his election to have the Notes purchased; and 
 (viii) that
Holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered, which unpurchased portion will be equal to $2,000 in principal amount or an integral
multiple of $1,000 in excess thereof. 
 (c) The Company shall cause the Change of Control Offer to remain open for at least 20
Business Days or such longer period as is required by applicable law. The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and
regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this
Section 4.1, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 4.1 by virtue of such conflict. 

(d) On the Change of Control Payment Date, the Company will, to the extent lawful: 

(i) accept for payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer;

  
 -8-

 (ii) deposit with the Paying Agent an amount equal to the Change of Control
Payment in respect of all Notes or portions of Notes properly tendered; and 
 (iii) deliver or cause to be
delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company. 

(e) The Paying Agent will promptly mail to each Holder of Notes properly tendered the Change of Control Payment for such Notes, and the
Trustee will promptly authenticate and mail (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided that each new Note will be in a
principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. The Company will publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date. 

(f) The Company shall not be required to make a Change of Control Offer upon a Change of Control Triggering Event if a third party makes
the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 4.1 applicable to a Change of Control Offer made by the Company and purchases all Notes properly tendered and
not withdrawn under such Change of Control Offer. 
 (g) The Company may make a Change of Control Offer in advance of, but
conditioned on, the occurrence of a Change of Control Triggering Event but otherwise in accordance with the provisions of this Section 4.1. 
 ARTICLE V 
 MISCELLANEOUS PROVISIONS 

SECTION 5.1    Ratification of Base Indenture. 
 The Base Indenture, as supplemented by this Fifth Supplemental Indenture, is in all respects ratified and confirmed, and this Fifth Supplemental Indenture shall be deemed part of the Base Indenture in the
manner and to the extent herein and therein provided. 
 SECTION 5.2    Trustee Not Responsible for Recitals.

 The recitals contained herein and in the Notes, except with respect to the Trustee’s certificates of authentication,
shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representations as to the validity or sufficiency of this Fifth Supplemental Indenture or of the Notes.

  
 -9-

 SECTION 5.3    Table of Contents, Headings, etc. 

The table of contents and headings of the Articles and Sections of this Fifth Supplemental Indenture have been inserted for convenience of
reference only, are not to be considered a part hereof and shall in no way modify or restrict any of the terms or provisions hereof. 
 SECTION
5.4    Counterpart Originals. 
 The parties may sign any number of copies of this Fifth Supplemental
Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 
 SECTION
5.5     Governing Law. 
 THIS FIFTH SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 [Signature Pages Follow] 

  
 -10-

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

					
	R.R. DONNELLEY & SONS COMPANY
		
	By:	 	/s/ Daniel Leib
		 	Name:	 	Daniel Leib
		 	 Title:
	 	 Chief Financial Officer and

Executive Vice President

  
 [Fifth Supplemental Indenture] 

					
	WELLS FARGO BANK, NATIONAL
      ASSOCIATION, as Trustee
		
	By:	 	/s/ Gregory S. Clarke
		 	Name:	 	Gregory S. Clarke
		 	 Title:
	 	 Vice President

  

[Fifth Supplemental Indenture] 

 EXHIBIT A-1 
 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN
PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITORY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO., OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT HEREON IS
MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

CUSIP No.: 257867 AX9 
 ISIN No.: US257867AX90

 R.R. DONNELLEY & SONS COMPANY 
  

					
	No.    	 		 	$             
			
		 	7.25% NOTE DUE 2018	 	

 R.R. DONNELLEY & SONS COMPANY, a Delaware corporation, as issuer (the
“Company”), for value received, promises to pay to CEDE & CO. or registered assigns the principal sum of $             on May 15, 2018. 

Interest Payment Dates: May 15 and November 15, commencing November 15, 2011. 

Record Dates: May 1 and November 1. 
 Reference is made to the further provisions of this Note contained herein, which will for all purposes have the same effect as if set forth at this place. 

  
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 IN WITNESS WHEREOF, the Company has caused this Note to be signed manually or by facsimile
by one of its duly authorized officers. 
 Dated: 

 

			
	R.R. DONNELLEY & SONS COMPANY
		
	By:	 	 
		 	Name:
		 	Title:

  
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 Certificate of Authentication 

This is one of the 7.25% Notes due 2018 referred to in the within-mentioned Indenture. 

 

			
	WELLS FARGO BANK, NATIONAL
ASSOCIATION,
    as Trustee
		
	By:	 	 

 Dated: 

  
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 [FORM OF REVERSE OF NOTE] 

R.R. DONNELLEY & SONS COMPANY 
 7.25% NOTE DUE 2018 
 1. Interest. R.R. DONNELLEY & SONS COMPANY,
a Delaware corporation, as issuer (the “Company”), promises to pay, until the principal hereof is paid or made available for payment, interest on the principal amount set forth on the face hereof at a rate of 7.25% per annum.
Interest hereon will accrue from and including the most recent date to which interest has been paid or, if no interest has been paid, from and including June 1, 2011 to but excluding the date on which interest is paid. Interest shall be payable
in arrears on May 15 and November 15 of each year, commencing November 15, 2011. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. The Company shall pay interest on overdue principal and on
overdue interest (to the full extent permitted by law) at the rate borne by the Notes. 
 2. Method of Payment. The
Company will pay interest hereon (except defaulted interest) to the Persons who are registered Holders at the close of business on the May 1 and November 1 immediately preceding the interest payment date (whether or not a Business Day).
Holders do not have to surrender Notes to a Paying Agent to collect principal payments. The Company will pay to the Paying Agent principal and interest in money of the United States of America that at the time of payment is legal tender for payment
of public and private debts. If a Holder has given wire transfer instructions to the Company, the Company will pay, or cause to be paid by the Paying Agent, all principal (and premium, if any) and interest on that Holder’s Notes in accordance
with those instructions. All other payments on the Notes will be made at the office or agency of the Paying Agent and Registrar unless the Company elects to make interest payments by check mailed to the Holders at their address set forth in the
register of Holders. 
 3. Paying Agent and Registrar. Initially, Wells Fargo Bank, National Association (the
“Trustee”) will act as a Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to the Holders. The Company or any of its Subsidiaries may act as Paying Agent or Registrar. 

4. Indenture. This Note is one of the series designated on the face hereof. This Note is one of a duly authorized issue of
securities of the Company issued and to be issued in one or more series under an Indenture dated as of January 3, 2007 (the “Base Indenture”), between the Company and the Trustee, as supplemented by the Fifth Supplemental
Indenture, dated as of June 1, 2011, between the Company and the Trustee (the “Fifth Supplemental Indenture” and, together with the Base Indenture, as supplemented by the Fifth Supplemental Indenture, the
“Indenture”). This is one of an issue of Notes of the Company issued, or to be issued, under the Indenture. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust
Indenture Act of 1939 (15 U.S. 

  
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Code §§ 77aaa-77bbbb), as amended from time to time (the “Trust Indenture Act”). The Notes are subject to all such terms, and Holders are referred to the Indenture
and the Trust Indenture Act for a statement of them. Capitalized and certain other terms used herein and not otherwise defined have the meanings set forth in the Indenture. 
 5. Optional Redemption. The Notes of this series are subject to redemption at any time or from time to time, in whole or in part, at the Company’s option at a Redemption Price equal to the
greater of (i) 100% of the principal amount of the Notes to be redeemed, and (ii) as determined by the Quotation Agent, the sum of the present values of the remaining scheduled payments of principal and interest in respect of the Notes to
be redeemed (not including any portion of those payments of interest accrued as of the date of redemption) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury
Rate plus 50 basis points, plus accrued interest to the Redemption Date. The Company may provide in such notice that payment of such price and performance of the Company’s obligations with respect to such redemption or purchase may be performed
by another Person. Any such notice may, at the Company’s discretion, be subject to the satisfaction of one or more conditions precedent. 
 Any notice to holders of Notes of a redemption pursuant to paragraph 5 hereof will include the appropriate calculation of the Redemption Price, but does not need to include the Redemption Price itself.
The actual Redemption Price, calculated as described above, will be set forth in an Officers’ Certificate of the Company delivered to the Trustee no later than two Business Days prior to the Redemption Date. 

6. Redemption Procedures. The Trustee will select Notes called for redemption in part pursuant to paragraph 5 on a pro rata
basis or on as nearly a pro rata basis as is practicable (subject to procedures of the Depository); provided that no Notes of $2,000 or less shall be redeemed in part. A new Note in principal amount equal to the unredeemed portion
thereof will be issued in the name of the Holder thereof upon cancellation of the original Note, or in the case of Notes represented by a Global Security, the outstanding principal amount of such Global Security will be reduced by book-entry. Notes
called for redemption pursuant to paragraph 5 hereto become due on the Redemption Date. On and after the Redemption Date, interest stops accruing on Notes or portions of them called for redemption (unless there is a default in the payment thereof).

 7. Notice of Redemption. Notices of redemption pursuant to paragraph 5 shall be mailed by first class mail at least 30
but not more than 60 days before the Redemption Date to each Holder of Notes to be redeemed at its registered address. If any Note is to be redeemed in part only, the notice of redemption that relates to such Note shall state the portion of the
principal amount thereof to be redeemed. 
 8. Change of Control. Upon the occurrence of a Change of Control Triggering
Event, unless all Notes have been called for redemption pursuant to paragraph 5 of this Note, each Holder of Notes of this series shall have the right to require the Company to repurchase all or any part (equal to $2,000 or an integral multiple of
$1,000 in excess thereof) of such 

  
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Notes at an offer price in cash equal to the Change of Control Payment. The Change of Control Offer will be made in accordance with the terms specified in the Indenture. 

9. Denominations, Transfer, Exchange. The Notes are in registered form without coupons in denominations of $2,000 and integral
multiples of $1,000 in excess thereof. A Holder may transfer or exchange Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay to it any
taxes and fees required by law or permitted by the Indenture. 
 10. Persons Deemed Owners. The registered Holder of this
Note may be treated as the owner of this Note for all purposes. 
 11. Unclaimed Money. If money for the payment of
principal or interest remains unclaimed for two years, the Trustee or Paying Agent will pay the money back to the Company at its written request. After that, Holders entitled to the money must look to the Company for payment as general creditors
unless an “abandoned property” law designates another Person. 
 12. Amendment, Supplement, Waiver, Etc. The
Company and the Trustee (if a party thereto) may, without the consent of the Holders of any outstanding Notes, amend, waive or supplement the Indenture or the Notes for certain specified purposes, including, among other things, curing ambiguities,
defects or inconsistencies, maintaining the qualification of the Indenture under the Trust Indenture Act of 1939, as amended, providing for the assumption by a successor to the Company of its obligations under the Indenture and making any change
that does not materially and adversely affect the rights of any Holder. Other amendments and modifications of the Indenture or the Notes may be made by the Company and the Trustee with the consent of the Holders of not less than a majority of the
aggregate principal amount of the outstanding Notes, subject to certain exceptions requiring the consent of the Holders of the particular Notes to be affected. 
 13. Successor Corporation. When a successor corporation assumes all the obligations of its predecessor under the Notes and the Indenture and the transaction complies with the terms of Article Five
of the Base Indenture, the predecessor corporation will, except as provided in Article Five of the Base Indenture, be released from those obligations. 
 14. Defaults and Remedies. Events of Default are set forth in the Indenture. Subject to certain limitations in the Indenture, if an Event of Default (other than an Event of Default specified in
Sections 6.01(4) and 6.01(5) of the Base Indenture) occurs and is continuing, then, and in each and every such case, either the Trustee, by notice in writing to the Company, or the Holders of not less than 25% of the principal amount of the Notes
then outstanding, by notice in writing to the Company and the Trustee, may, and the Trustee at the request of such Holders shall, declare due and payable, if not already due and payable, the principal of and any accrued and unpaid interest on all of
the Notes; and upon any such declaration all such amounts upon such Notes shall become and be immediately due and payable, anything in the Indenture or in the Notes to the contrary notwithstanding. If an

  
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Event of Default specified in Sections 6.01(4) and 6.01(5) of the Base Indenture occurs, then the principal of and any accrued and unpaid interest on all of the Notes shall immediately become due
and payable without any declaration or other act on the part of the Trustee or any Holder. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may require indemnity satisfactory to it before it
enforces the Indenture or the Notes. Subject to certain limitations, Holders of a majority in principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power, provided, that the Trustee will be entitled to
refuse to follow any such direction that conflicts with law or the Indenture or that the Trustee determines in good faith is unduly prejudicial to the rights of other Holders or could, in reasonable likelihood, impose personal liability upon the
Trustee, unless the Trustee is offered indemnity satisfactory to it. The Trustee may withhold from Holders notice of any continuing default (except a default in payment of principal, premium, if any, or interest on the Notes or a default in the
observance or performance of any of the obligations of the Company under Article Five of the Base Indenture) if it determines that withholding notice is in their best interests. 

15. Trustee Dealings with Company. Subject to certain limitations imposed by the Trust Indenture Act, the Trustee, in its
individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not Trustee. 

16. No Recourse Against Others. No past, present or future director, officer, employee, incorporator, agent, member or stockholder
or Affiliate of the Company, as such, shall have any liability for any obligations of the Company under the Notes, the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by
accepting a Note waives and releases all such liabilities. The waiver and release are part of the consideration for issuance of the Notes. 
 17. Discharge. The Company’s obligations pursuant to the Indenture will be discharged, except for obligations pursuant to certain sections thereof, subject to the terms of the Indenture, upon
the payment of all the Notes or upon the irrevocable deposit with the Trustee of United States dollars or Government Obligations sufficient to pay when due principal of and interest on the Notes to maturity or redemption. 

18. Authentication. This Note shall not be valid until the Trustee signs the certificate of authentication on the other side of
this Security. 
 19. Governing Law. THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK. The Trustee and the Company agree to submit to the jurisdiction of the courts of the State of New York in any action or proceeding arising out of or relating to the Indenture or the Notes. 

20. Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in
common), TENANT (= tenants by the 

  
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entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

The Company will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to:

 If to the Company: 
 R.R. Donnelley & Sons Company 
 111 South Wacker Drive 

Chicago, Illinois 60606 

			
	 Attn:
	 	General Counsel
	 Fax:
	 	(312) 326-8594

 With a copy to:

 Sullivan & Cromwell LLP 
 125 Broad Street 
 New York, New York 10004 

			
	 Attn:
	 	Robert W. Downes
	 Tel:
	 	(212) 558-4000
	 Fax:
	 	(212) 558-3588

  
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 ASSIGNMENT 
 I or we assign and transfer this Note to: 
  
  

 
 (Insert assignee’s social
security or tax I.D. number) 
  
  

 
 (Print or type name, address and
zip code of assignee) 
 and irrevocably appoint: 
 Agent to transfer this Note on the books of the Company. The Agent may substitute another to act for him. 
  

																							
	
Date:                       
                                         
    
	    				    				    				    				    	 	Your Signature:	  	 	                             
                                         
      
		    				    				    				    				    				 	(Sign exactly as your name appears on the other side of this Note)

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

  
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