Document:

EX-4.4

 Exhibit 4.4 

EXECUTION COPY 
  

 
  

ONEOK PARTNERS, L.P. 

Issuer 
 ONEOK PARTNERS
INTERMEDIATE LIMITED PARTNERSHIP 
 Guarantor 

and 
 WELLS FARGO BANK,
N.A. 
 Trustee 

TWELFTH SUPPLEMENTAL INDENTURE 

Dated as of September 12, 2013 

to 
 INDENTURE 

relating to Senior Debt Securities 

Dated as of September 25, 2006 

6.200% Senior Notes due 2043 
  

 
  

 TABLE OF CONTENTS 

 

					
	 	  	 Page
	 
	 ARTICLE 1 Relation to Indenture; Definitions
	  	 	1	  
	 SECTION 1.01. Relation to Indenture
	  	 	1	  
	 SECTION 1.02. Definitions
	  	 	1	  
	 SECTION 1.03. General References
	  	 	1	  
		
	 ARTICLE 2 The Series of Debt Securities
	  	 	2	  
	 SECTION 2.01. The Form and Title of the Debt Securities
	  	 	2	  
	 SECTION 2.02. Amount
	  	 	2	  
	 SECTION 2.03. Stated Maturity
	  	 	2	  
	 SECTION 2.04. Interest and Interest Rates
	  	 	2	  
	 SECTION 2.05. Optional Redemption
	  	 	2	  
	 SECTION 2.06. Guarantee
	  	 	3	  
	 SECTION 2.07. Global Securities
	  	 	3	  
		
	 ARTICLE 3 Miscellaneous
	  	 	3	  
	 SECTION 3.01. Certain Trustee Matters
	  	 	3	  
	 SECTION 3.02. Continued Effect
	  	 	4	  
	 SECTION 3.03. Governing Law
	  	 	4	  
	 SECTION 3.04. Counterparts
	  	 	4	  

 EXHIBITS 
 Exhibit A: Form
of Note 

 TWELFTH SUPPLEMENTAL INDENTURE, dated as of September 12, 2013 (this
“Supplemental Indenture”), among ONEOK PARTNERS, L.P., a Delaware limited partnership (the “Partnership”), ONEOK PARTNERS INTERMEDIATE
LIMITED PARTNERSHIP, a Delaware limited partnership (the “Guarantor”), and WELLS FARGO BANK, N.A., as trustee under the
Indenture referred to below (in such capacity, the “Trustee”). 
 RECITALS OF THE PARTNERSHIP 

WHEREAS, the Partnership and the Trustee have heretofore entered into an Indenture, dated as of September 25, 2006 (the
“Original Indenture”) (the Original Indenture, as amended and supplemented from time to time, including without limitation pursuant to this Supplemental Indenture, being referred to herein as the
“Indenture”); and 
 WHEREAS, under the Original Indenture, a new series of Debt Securities may at any
time be established by the Board of Directors of ONEOK Partners GP, L.L.C., the Partnership’s general partner (the “General Partner”), in accordance with the provisions of the Original Indenture, and the terms of such
series may be established by an indenture supplemental to the Original Indenture; and 
 WHEREAS, the Partnership proposes to
create under the Indenture a new series of Debt Securities; and 
 WHEREAS, all acts and things necessary to make the Notes (as herein
defined), when executed by the General Partner on behalf of the Partnership and authenticated and delivered by the Trustee as provided in the Original Indenture and this Supplemental Indenture, and the Guarantee, when executed by the general partner
of the Guarantor on behalf of the Guarantor, the valid and binding obligations of the Partnership and the Guarantor and to make this Supplemental Indenture a valid and binding agreement in accordance with the Original Indenture have been done or
performed; 
 NOW, THEREFORE, in consideration of the premises, agreements and obligations set forth herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree, for the equal and proportionate benefit of all Holders of the Notes, as follows: 

ARTICLE 1 

RELATION TO INDENTURE; DEFINITIONS 

SECTION 1.01. Relation to Indenture.  

With respect to the Notes, this Supplemental Indenture constitutes an integral part of the Indenture. 

SECTION 1.02. Definitions.  

For all purposes of this Supplemental Indenture, capitalized terms used herein and not otherwise defined herein shall have the meanings
assigned thereto in the Original Indenture. 
 SECTION 1.03. General References.  

All references in this Supplemental Indenture to Articles and Sections, unless otherwise specified, refer to the corresponding Articles and
Sections of this Supplemental Indenture; and the term “herein”, “hereof”, “hereunder” and any other word of similar import refers to this Supplemental Indenture. 

 ARTICLE 2 

THE SERIES OF DEBT SECURITIES 

SECTION 2.01. The Form and Title of the Debt Securities. 

There is hereby established a new series of Debt Securities to be issued under the Indenture and to be designated as the Partnership’s
6.200% Senior Notes due 2043 (the “Notes”). The Notes shall be substantially in the form attached as Exhibit A hereto, in each case with such appropriate insertions, omissions, substitutions and other variations
as are required or permitted by the Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as the Partnership may deem appropriate or as may be required or appropriate to comply
with any laws or with any rules made pursuant thereto or with the rules of any securities exchange or automated quotation system on which the Notes may be listed or traded, or to conform to general usage, or as may, consistently with the Indenture,
be determined by the officers executing such Notes, as evidenced by their execution thereof. 
 The Notes shall be executed, authenticated
and delivered in accordance with the provisions of, and shall in all respects be subject to, the terms, conditions and covenants of the Original Indenture as supplemented by this Supplemental Indenture (including the form of Note set forth as
Exhibit A hereto (the terms of which are incorporated in and made a part of this Supplemental Indenture for all intents and purposes)). 

SECTION 2.02. Amount. 

The aggregate principal amount of the Notes which may be authenticated and delivered pursuant hereto is unlimited. The Trustee shall initially
authenticate and deliver Notes for original issue in an initial aggregate principal amount of up to $400,000,000 upon delivery to the Trustee of a Partnership Order for the authentication and delivery of such Notes. The aggregate principal amount of
the Notes to be issued hereunder may be increased at any time hereafter and the series may be reopened for issuances of additional Notes upon Partnership Order without the consent of any Holder. The Notes issued on the date hereof and any such
additional Notes that may be issued hereafter shall be part of the same series of Debt Securities for all purposes under the Indenture. 

SECTION 2.03. Stated Maturity. 

The Notes may be issued on any Business Day on or after September 12, 2013, and the Stated Maturity of the Notes shall be
September 15, 2043. 
 SECTION 2.04. Interest and Interest Rates.  

The rate or rates at which the Notes shall bear interest, the date or dates from which such interest shall accrue, the interest payment dates
on which any such interest shall be payable and the regular record date for any interest payable on any interest payment date, in each case, shall be as set forth in the form of Note set forth as Exhibit A hereto. 

SECTION 2.05. Optional Redemption. 

At its option, the Partnership may redeem the Notes, in whole or in part, in principal amounts of $2,000 and in multiples of $1,000 in excess
thereof, at any time or from time to time, at the applicable redemption price determined as set forth in the form of Note attached hereto as Exhibit A, in accordance with the terms set forth in the Notes and in accordance with Article III of
the Original Indenture. 

  
 2 

 SECTION 2.06. Guarantee. 

Except as provided below, Article XII of the Original Indenture shall apply to the Notes. For the purposes of this Supplemental Indenture
and the Notes (including without limitation the provisions of the Original Indenture to the extent applicable thereto), the term “Guarantor” shall mean ONEOK Partners Intermediate Limited Partnership, a Delaware limited partnership,
and any successor Person thereto under the Indenture. 
 With respect to the Notes, paragraph (a) of Section 12.04 of the Original
Indenture is hereby amended and restated in its entirety as set forth below; provided, however that the amendment and restatement set forth below in this Section 2.06 shall apply only to the Notes and not to any other series of Debt
Securities issued under the Original Indenture: 
 “(a) Notwithstanding anything to the contrary in this Article XII, if any
Guarantor shall cease to be a Subsidiary of the Partnership, then, if no Default or Event of Default shall have occurred and be continuing, such Guarantor, upon giving notice to the Trustee to the foregoing effect, shall be deemed to be released
from all of its obligations under this Indenture, and the Guarantee shall be of no further force or effect with respect to such Guarantor. Following the receipt by the Trustee of any such notice, the Partnership shall cause this Indenture to be
amended as provided in Section 9.01(l) hereof; provided, however, that the failure to so amend this Indenture shall not affect the validity of the termination of the Guarantee with respect to such Guarantor.” 

The Guarantor’s address and telecopier number for the purposes of Section 13.03 of the Original Indenture is: 

ONEOK Partners Intermediate Limited Partnership 

	 	c/o	ONEOK Partners GP, L.L.C. 

 100 West Fifth Street, Suite 1831 

Tulsa, Oklahoma 74103-4298 

Telecopier No.: (918) 588-7800 

Attention: Chief Financial Officer 

SECTION 2.07. Global Securities. 

The Notes shall initially be issuable in whole or in part in the form of one or more Global Securities. Such Global Securities (i) shall
be deposited with, or on behalf of, The Depository Trust Company, which shall act as Depositary with respect to the Notes, (ii) shall bear the legends applicable to Global Securities set forth in Section 2.15(a) of the Original Indenture,
(iii) may be exchanged in whole or in part for Notes in definitive form upon the terms and subject to the conditions provided in Section 2.15(b) of the Original Indenture and in this Supplemental Indenture and (iv) shall otherwise be
subject to the applicable provisions of the Indenture. 
 ARTICLE 3 

MISCELLANEOUS 

SECTION 3.01. Certain Trustee Matters.  

The recitals contained herein shall be taken as the statements of the Partnership, and the Trustee assumes no responsibility for their
correctness. 
 The Trustee makes no representations as to the validity or sufficiency of this Supplemental Indenture, the Guarantee or the
Notes or the proper authorization or the due execution hereof or thereof by the Partnership or the Guarantor. 

  
 3 

 Except as expressly set forth herein, nothing in this Supplemental Indenture shall alter the
duties, rights or obligations of the Trustee set forth in the Original Indenture. 
 The Trustee makes no representation or warranty as to
the validity or sufficiency of the information contained in the prospectus supplement related to the Notes, except such information which specifically pertains to the Trustee itself, or any information incorporated therein by reference. 

SECTION 3.02. Continued Effect.  

Except as expressly supplemented and amended by this Supplemental Indenture, the Original Indenture shall continue in full force and effect in
accordance with the provisions thereof, and the Original Indenture (as supplemented and amended by this Supplemental Indenture) is in all respects hereby ratified and confirmed. This Supplemental Indenture and all its provisions shall be deemed a
part of the Original Indenture in the manner and to the extent herein and therein provided. 
 SECTION 3.03. Governing
Law.  
 This Supplemental Indenture and the Notes shall be governed by and construed in accordance with the laws of the State
of New York. 
 SECTION 3.04. Counterparts.  

This instrument may be executed in any number of counterparts, each of which, when delivered, shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument. 
 (Signature Page Follows) 

  
 4 

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

			
	ONEOK PARTNERS, L.P.
		
	By:	 	ONEOK Partners GP, L.L.C.,
		 	its General Partner
		
	By:	 	/s/ Derek S. Reiners
	Name:	 	Derek S. Reiners
	Title:	 	Senior Vice President, Chief Financial Officer and Treasurer
	
	ONEOK PARTNERS INTERMEDIATE LIMITED PARTNERSHIP
		
	By:	 	ONEOK ILP GP, L.L.C.,
		 	its General Partner
		
	By:	 	/s/ Derek S. Reiners
	Name:	 	Derek S. Reiners
	Title:	 	Senior Vice President, Chief Financial Officer and Treasurer
	
	WELLS FARGO BANK, N.A.,
	as Trustee
		
	By:	 	/s/ Gregory S. Clarke
	Name:	 	Gregory S. Clarke
	Title:	 	Vice President

  
 Twelfth Supplemental
Indenture Signature Page 

 EXHIBIT A 

[FORM OF FACE OF NOTE] 
 [If a Global
Security, insert—UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE PARTNERSHIP 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 IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 

[If a Global Security, insert—TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A
SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN.] 

ONEOK PARTNERS, L.P. 

6.200% Senior Note due 2043 
  

			
	No.                     	  	U.S.$                    
		
	CUSIP No. 68268N AM5	  	

 ONEOK PARTNERS, L.P., a Delaware limited partnership (herein called the “Partnership”, which term
includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to                     , or
registered assigns, the principal sum of                     United States Dollars
($                    ) on September 15, 2043, and to pay interest thereon from September 12, 2013, or from the most recent interest
payment date to which interest has been paid or duly provided for, semi-annually on March 15 and September 15 in each year, commencing on March 15, 2014, at the rate of 6.200% per annum, until the principal hereof is paid or made
available for payment and at the same rate per annum on any overdue principal and premium and on any overdue installment of interest. The amount of interest payable for any period shall be computed on the basis of twelve 30-day months and a 360-day
year. The amount of interest payable for any partial period shall be computed on the basis of a 360-day year of twelve 30-day months and the days elapsed in any partial month. In the event that any date on which interest is payable on this Note is
not a Business Day, then a payment of the interest payable on such date will be made on the next succeeding day which is a Business Day (and without any interest or other payment in respect of any such delay) with the same force and effect as if
made on the date the payment was originally payable. The interest so payable, and punctually paid or duly provided for, on any interest payment date will, as provided in such Indenture, be paid to the Person in whose name this Note (or one or more
predecessor Notes) is registered at the close of business on the regular record date for such interest, which record date shall be the March 1 or September 1 (whether or not a Business Day), as the case may be, next preceding such interest
payment date. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such regular record date and may either be paid to the Person in whose name this Note (or one or more predecessor Notes)
is registered at the close of business on a special record date for the payment of such Defaulted Interest to be fixed by the Trustee, notice of which shall be given to Holders of Notes not less than 10 days prior to such special record date, or be
paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange or automated quotation system on which the Notes may be listed or traded, and upon such notice as may be required by such exchange or
automated quotation system, all as more fully provided in the Indenture. 
 [If a Global Security, insert—Payment of the principal of
(and premium, if any) and any such interest on this Note will be made by transfer of immediately available funds to a bank account in the United States of America designated by the Holder to the Paying Agent in U.S. Dollars.] 

  
 A-1 

 [If a definitive Debt Security, insert—Payment of the principal of (and premium, if any) and
any such interest on this Note will be made at the office or agency of the Partnership maintained for that purpose in U.S. Dollars or subject to any laws or regulations applicable thereto and to the right of the Partnership (as provided in the
Indenture) to rescind the designation of any such Paying Agent, at the offices of                     , and at such other offices or agencies as the
Partnership may designate, by U.S. Dollar check drawn on, or transfer to a U.S. Dollar account maintained by the payee with, a bank in The City of New York (so long as the applicable Paying Agent has received proper transfer instructions
in writing at least 10 days prior to the payment date); provided, however, that payment of interest may be made at the option of the Partnership by U.S. Dollar check mailed to the addresses of the Persons entitled thereto as such
addresses shall appear in the Debt Security Register or by transfer to a U.S. Dollar account maintained by the payee with a bank in The City of New York (so long as the applicable Paying Agent has received proper transfer instructions in
writing by the record date prior to the applicable interest payment date).] 
 Reference is hereby made to the further provisions of this
Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this
Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
 IN WITNESS WHEREOF, the
Partnership has caused this instrument to be duly executed. 
 Dated:
                    ,              

 

					
	ONEOK PARTNERS, L.P.
		
	By:	 	ONEOK Partners GP, L.L.C.
		 	its General Partner
			
		 	By:	 	 
		 	Name:
		 	Title:

  
 A-2 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Debt Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

			
	 WELLS FARGO BANK, N.A.,
 as
Trustee

		
	By: 	 	 
	Authorized Signatory

  
 A-3 

 [REVERSE OF NOTE] 

ONEOK PARTNERS, L.P. 

6.200% Senior Note due 2043 

This security is one of a duly authorized issue of debt securities of the Partnership (the “Debt Securities”), issued and to be
issued in one or more series under an Indenture dated as of September 25, 2006, as amended and supplemented to date, including without limitation by the Twelfth Supplemental Indenture thereto, dated as of September 12, 2013 (such
Indenture, as so amended and supplemented being referred to herein as the “Indenture”), between the Partnership and Wells Fargo Bank, N.A., as Trustee (the “Trustee,” which term includes any successor trustee under the
Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, obligations, duties and immunities thereunder of the Partnership, the Trustee and the
Holders of the Debt Securities and of the terms upon which the Debt Securities are, and are to be, authenticated and delivered. This Debt Security is one of the series designated on the face hereof. The Debt Securities of this series are referred to
herein as the “Notes.” 
 On or after March 15, 2043 (six months prior to the maturity date of the Notes), the Notes will be
subject to redemption at any time at the option of the Partnership, in whole or in part, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus any accrued and unpaid interest thereon to the applicable
Redemption Date (subject to the right of holders of record on the relevant record date to receive interest due on an Interest Payment Date that is on or prior to the Redemption Date).

Prior to March 15, 2043, the Notes will be subject to redemption at any time at the option of the Partnership, in whole or in part, at a
redemption price equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments (excluding accrued interest) discounted to the applicable
Redemption Date, on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Comparable Treasury Yield (as defined below), plus 37.5 basis points, plus, in each case, any accrued and unpaid interest thereon to the
applicable Redemption Date (subject to the right of holders of record on the relevant record date to receive interest due on an Interest Payment Date that is on or prior to such Redemption Date). 

The present values of the remaining scheduled payments referred to in clause (ii) of the immediately preceding paragraph (the
“present values”) will be determined in accordance with generally accepted principles of financial analysis. These present values will be calculated by discounting the amount of each payment of interest or principal from the date that each
such payment would have been payable, but for the redemption, to the Redemption Date at a discount rate equal to the Comparable Treasury Yield plus 37.5 basis points. The present values will be calculated by an independent investment banking
institution of national standing appointed by the Partnership. If the Partnership fails to appoint an independent investment banker not less than 30 days prior to the Redemption Date, or if such independent investment banker is unwilling or unable
to make the calculation, the calculation will be made by RBS Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Deutsche Bank Securities Inc. If RBS Securities Inc., Merrill Lynch, Pierce, Fenner & Smith
Incorporated and Deutsche Bank Securities Inc. are unwilling or unable to make the calculation, the Partnership will appoint an independent investment banking institution of national standing to make the calculation. 

For purposes of determining the present values, “Comparable Treasury Yield” means a rate of interest per annum equal to the weekly
average yield to maturity of United States Treasury securities that have a constant maturity that corresponds to the remaining term to maturity of the Notes, calculated to the nearest 1/12th of a year. The Comparable Treasury Yield will be
determined as of the third business day immediately preceding the applicable Redemption Date, and prior to the Redemption Date the Partnership shall deliver to the Trustee an Officers’ Certificate setting forth the redemption price and showing
the calculation thereof in reasonable detail. 
 The weekly average yields of United States Treasury securities will be determined by
reference to the most recent statistical release published by the Federal Reserve Bank of New York and designated “H.15(519) Selected Interest Rates” or any successor release. If the H.15 statistical release sets forth a weekly average
yield for United States Treasury securities having a constant maturity that is the same as the remaining term calculated as set forth above, then the Comparable Treasury Yield will be equal to such weekly average yield. In all other cases, the
Comparable Treasury Yield will be calculated by interpolation on a straight-line basis between the weekly average yields on the United States Treasury securities that have a constant maturity closest to and greater than the

  
 A-4 

 
remaining term and the United States Treasury securities that have a constant maturity closest to and less than the remaining term (in each case as set forth in the H.15 statistical release or
any successor release). Any weekly average yields calculated by interpolation will be rounded to the nearest 1/100th of 1%, with any figure of 1/200th of 1% or above being rounded upward. If weekly average yields for United States Treasury
securities are not available in the H.15 statistical release or otherwise, then the Comparable Treasury Yield will be calculated by interpolation of comparable rates selected by an independent investment banking institution of national standing
selected in the manner described in the second preceding paragraph. 
 Unless the Partnership defaults in payment of the redemption price,
on and after the date of redemption, interest will cease to accrue on this Note or the portions hereof called for redemption. 
 In the
event of redemption of this Note in part only, a new Note or Notes of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 

The Indenture contains provisions for defeasance at any time of (1) the entire indebtedness of this Note or (2) certain restrictive
covenants and Events of Default with respect to this Note, in each case upon compliance with certain conditions set forth in the Indenture. 

If an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes may be declared due and payable in
the manner and with the effect provided in the Indenture. 
 The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the Partnership, the Guarantor and the rights of the Holders of the Debt Securities of each series to be affected under the Indenture at any time by the Partnership, the
Guarantor and the Trustee with the consent of not less than the Holders of a majority in principal amount of the Outstanding Debt Securities of each series to be affected. The Indenture also contains provisions permitting the Holders of a majority
in principal amount of the Outstanding Debt Securities of each affected series, on behalf of the Holders of all Debt Securities of such series, to waive compliance by the Partnership and the Guarantor with certain provisions of the Indenture. The
Indenture permits, with certain exceptions as therein provided, the Holders of a majority in principal amount of Debt Securities of any series then Outstanding to waive past defaults under the Indenture with respect to such series and their
consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and all holders of Notes of which this Note is a predecessor Note, whether or not notation of such consent or waiver is made upon
this or any other Note. 
 As provided in and subject to the provisions of the Indenture, the Holder of this Note shall not have the right
to institute any action or proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event
of Default with respect to the Notes, the Holders of not less than 25% in aggregate principal amount of the Notes at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default and
offered the Trustee reasonable indemnity or security as required by the Trustee and the Trustee shall not have received from the Holders of a majority in principal amount of Notes at the time Outstanding a direction inconsistent with such request,
and the Trustee shall have failed to institute any such proceeding for 60 days after receipt of such notice, request and offer of indemnity or security. The foregoing shall not apply to any suit instituted by the Holder of this Note for the
enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the
Partnership, which is absolute and unconditional, to pay the principal of and any premium and interest on this Note at the times, place(s) and rate, and in the currency, herein prescribed. 

[If a Global Security, insert—This Global Security or portion hereof may not be exchanged for definitive Debt Securities of this series
except in the limited circumstances provided in the Indenture. 
 The holders of beneficial interests in this Global Security will not be
entitled to receive physical delivery of definitive Debt Securities except as described in the Indenture and will not be considered the Holders thereof for any purpose under the Indenture.] 

  
 A-5 

 [If a definitive Debt Security, insert—As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Note is registerable in the Debt Security Register, upon surrender of this Note for registration of transfer at the office or agency of the Partnership in The City of New York, or, subject to any
laws or regulations applicable thereto and to the right of the Partnership (limited as provided in the Indenture) to rescind the designation of any such transfer agent, at the offices of
                    in the Borough of Manhattan, The City of New York, and at such other offices or agencies as the Partnership may designate, duly
endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Partnership and the Debt Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new
Notes of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.] 

The Notes are issuable only in registered form without coupons in denominations of $2,000 and any whole multiple of $1,000 in excess thereof.
As provided in the Indenture and subject to certain limitations therein set forth, Notes are exchangeable for a like aggregate principal amount of Notes and of like tenor of a different authorized denomination, as requested by the Holder
surrendering the same. 
 No service charge shall be made for any such registration of transfer or exchange, but the Partnership may require
payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of
this Note for registration of transfer, the Partnership, the Guarantor, the Trustee and any agent of the Partnership, the Guarantor or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes,
whether or not this Note is overdue, and neither the Partnership, the Guarantor, the Trustee nor any such agent shall be affected by notice to the contrary. 

Obligations of the Partnership and the Guarantor under the Indenture and the Debt Securities thereunder, including this Note, are non-recourse
to ONEOK Partners GP, L.L.C. (the “General Partner”) and ONEOK ILP GP, L.L.C. (the “Guarantor General Partner”) and their respective Affiliates (other than the Partnership and the Guarantor), and payable only out of cash flow and
assets of the Partnership and the Guarantor. The Trustee, and each Holder of a Debt Security by its acceptance thereof, will be deemed to have agreed in the Indenture that (1) none of the General Partner, the Guarantor General Partner and their
respective assets (nor any of their respective Affiliates, other than the Partnership and the Guarantor, or their respective assets) shall be liable for any of the obligations of the Partnership or the Guarantor under the Indenture or such Debt
Securities, including this Note, and (2) no director, officer, employee, stockholder or unitholder, as such, of the Partnership, the Guarantor, the Trustee, the General Partner, the Guarantor General Partner or any Affiliate of any of the
foregoing entities shall have any personal liability in respect of the obligations of the Partnership or the Guarantor under the Indenture or such Debt Securities by reason of his, her or its status. 

This Note shall be governed by and construed in accordance with the laws of the State of New York. 

All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

  
 A-6 

 [If a definitive Debt Security, insert as a separate page— 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
                    (Please Print or Typewrite Name and Address of Assignee) the within instrument of ONEOK PARTNERS, L.P. and does hereby
irrevocably constitute and appoint                     Attorney to transfer said instrument on the books of the within-named Partnership, with full
power of substitution in the premises. 
 Please Insert Social Security or 

Other Identifying Number of Assignee: 
  

									
	 	 		 	 
				
	Dated: 	 	 	 		 	 
		 		 		 	(Signature)	 	

  

									
	Signature Guarantee: 	 	 
	(Participant in a Recognized Signature
	Guaranty Medallion Program)

 NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within
instrument in every particular, without alteration or enlargement or any change whatever.] 

  
 A-7 

 [If a Global Security, insert as a separate page— 

SCHEDULE OF INCREASES OR DECREASES 

IN GLOBAL SECURITY 
 The
following increases or decreases in this Global Security have been made: 
  

									
	 Date of Exchange
	  	Amount of
Decrease in
Principal
Amount of this
Global Security	  	Amount of
Increase in
Principal Amount
of this 
Global Security	  	Principal Amount
of this Global
Security following
such decrease 
(or increase)	  	Signature of
authorized officer
of Trustee or
Depositary

  
 A-8 

 NOTATION OF GUARANTEE 

The Guarantor (which term includes any successor person under the Indenture dated as of September 25, 2006 (as amended and supplemented
from time to time, the “Indenture”) between ONEOK Partners, L.P., a Delaware limited partnership (the “Partnership”), and Wells Fargo Bank, N.A., as trustee (the “Trustee”)),
has fully, unconditionally and absolutely guaranteed, to the extent set forth in the Indenture and subject to the provisions in the Indenture, the due and punctual payment of the principal of, premium, if any, and interest on the Notes and all other
amounts due and payable under the Indenture and the Notes by the Partnership. 
 The obligations of the Guarantor to the Holders of Notes
and to the Trustee pursuant to the Guarantee are expressly set forth in Article XII of the Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantee. Capitalized terms used but not defined herein have the
meanings given to them in the Indenture. 
  

			
	ONEOK PARTNERS INTERMEDIATE LIMITED PARTNERSHIP
		
	By:	 	 ONEOK ILP GP, L.L.C.,
 its General
Partner

		
	By:	 	 
	Name:	 	  

	Title:	 	  

  
 A-9Exhibit 4.2

 Exhibit 4.2 
 NEITHER THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON
AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO
AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE HOLDER, REASONABLY
ACCEPTABLE TO THE CORPORATION, TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE CORPORATION. 

REVISED FORM OF NEW WARRANTS 
 COMMON STOCK PURCHASE WARRANT 
 SUPERTEL HOSPITALITY, INC.

 Warrant Shares: 

Exercise Date:             

THIS COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, Real Estate Strategies L.P., a
Bermuda Limited Partnership, and, or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date hereof (the
“Initial Exercise Date”) and on or prior to the close of business on                      (the “Termination Date”)
but not thereafter, to subscribe for and purchase from Supertel Hospitality, Inc., a Virginia corporation (the “Company”),                  shares
(subject to adjustment hereunder, the “Warrant Shares”) of Common Stock. The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). 

Section 1. Definitions. In addition to the definitions provided throughout this Agreement and unless the context otherwise
requires, the following terms, when capitalized, shall have the following meanings for the purposes of construing this Agreement: 
  

	 	(a)	“Affiliates” means, with respect to any person, any person directly or indirectly controlling, controlled by or under common control with, such other
person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”) when used with respect to any person, means the possession, directly
or indirectly, of the power to cause the direction of management or policies of such person, whether through the ownership of voting securities by contract or otherwise. 

 

	 	(b)	“Base Exercise Price” has the meaning ascribed to such term in Section 3(d). 

 

	 	(c)	“Beneficial Ownership Limitation” has the meaning ascribed to such term in Section 2(f). 

 

	 	(d)	 Business Day: means any day except a Saturday, Sunday or other day on which banks in New York, New York and Ciudad Autónoma de Buenos
Aires, Argentina are authorized by law to close, other than the Jewish holidays listed by Bloomberg under CDR-JW 

	 	
(including Pesach 1st day, Pesach 2nd day, Pesach 7th day, Pesach 8th day, Shavuot, Shavuot (yizcor), Rosh Hashanah, Yom Kippur, Sucot, Shemini Atzeret and Simjat Tora).

 

	 	(e)	“Company” is defined in the first paragraph of the Warrant. 

 

	 	(f)	“Conversion Price” has the meaning assigned to it in the Company’s Series C Cumulative Convertible Preferred Stock. 

 

	 	(g)	“Exempt Issuance” has the meaning ascribed to such term in Section 3(d). 

 

	 	(h)	“Exercise Price” has the meaning ascribed to such term in Section 2(b). 

 

	 	(i)	“Holder” is defined in the first paragraph of the Warrant. 

 

	 	(j)	“Initial Exercise Date” is defined in the first paragraph of the Warrant. 

 

	 	(k)	“Notice of Required Exercise” has the meaning ascribed to such term in Section 2(j). 

 

	 	(l)	“Permitted Transferees” has the meaning ascribed to such term in Section 4(a). 

 

	 	(m)	“Preferred Shares” means the Company’s Series C Cumulative Convertible Preferred Stock. 

 

	 	(n)	“Purchase Agreement” shall mean that certain agreement dated November 16, 2011 by and among Real Estate Strategies L.P., Supertel Limited
Partnership, and the Company. 

  

	 	(o)	“Termination Date” is defined in the first paragraph of the Warrant. 

 

	 	(p)	“Trading Day” means a day on which the Nasdaq Stock Market LLC (or if the Common Stock are not listed or admitted for trading on the Nasdaq Stock
Market LLC, on the principal national securities exchange on which such securities are listed, or if not so listed, the OTC Bulletin Board (or any successors to any of the foregoing)) is open for trading. 

 

	 	(q)	“VWAP” means (i) the volume weighted average price of the Common Stock on the Nasdaq Stock Market LLC, or if such securities are not listed or
admitted for trading on the Nasdaq Stock Market LLC, on the principal national securities exchange on which such securities are listed or admitted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:00 p.m.
(New York City time)), (ii) or if not listed or admitted for trading on any national securities exchange, the volume weighted average price of the Common Stock for such period in the applicable securities market in which the securities are
traded or (iii) if the Common Stock is not then listed or quoted for trading on any securities market the average fair market value of a share of Common Stock for such period as determined by an independent appraiser selected in good faith by
the Company, the fees and expenses of which shall be paid by the Company and which determination shall be final, conclusive and binding. 

  

	 	(r)	“Warrant” is defined in the first paragraph of the Warrant. 

 

	 	(s)	“Warrant Shares” is defined in the first paragraph of the Warrant. 

  
 2 

	 	(t)	“Warrants” means this Warrant and the other warrants issued pursuant to the Purchase Agreement. 

 

	 	(u)	“Warrant Register” has the meaning ascribed to such term in Section 4(c). 

Section 2. Exercise. 
 (a) Exercise of Warrant. Subject to the Beneficial Ownership Limitation (set forth below), exercise of this Warrant may be made, in whole or in part, at any time or times on or after the Initial
Exercise Date and on or before the Termination Date by delivery to the Company (or such other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing on the books of
the Company) of a duly executed copy of the Notice of Exercise form annexed hereto. Within five (5) Trading Days following the date of exercise as aforesaid and upon delivery by Holder of this Warrant and the aggregate Exercise Price for the
shares specified in the applicable Notice of Exercise (by wire transfer or cashier’s check drawn on a United States bank, unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise),
the Company shall issue and cause to be delivered to Holder the certificate or certificates (or electronic equivalent thereof) representing the number of fully-paid and non-assessable Warrant Shares for which the Warrant is being exercised. Partial
exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the
applicable number of Warrant Shares purchased and, following such partial exercise, the Company shall deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant,
which new Warrant shall in all other respects be identical with this Warrant. 
  

	 	(b)	Exercise Price. The exercise price per share of the Common Stock under this Warrant shall be $        , subject to
adjustment hereunder (the “Exercise Price”). 

  

	 	(c)	Cashless Exercise. This Warrant may be exercised, in whole or in part, by means of a “cashless exercise” in which the Holder shall be entitled to
receive a certificate for the number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where: 

  

	 	(A)	= the VWAP on the Trading Day immediately preceding the date on which Holder elects to exercise this Warrant by means of a “cashless exercise,” as set forth
in the applicable Notice of Exercise; 

  

	 	(B)	= the Exercise Price of this Warrant, as adjusted hereunder; and 

  

	 	(X)	= the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a
cash exercise rather than a cashless exercise. 

  

	 	(d)	No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. As to any fraction
of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise
Price or round up to the next whole share. 

  
 3 

	 	(e)	Charges, Taxes and Expenses. Issuance of certificates for Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other
incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall be paid by the Company, and such certificates shall be issued in the name of the Holder or in such name or names as may be directed by the
Holder; provided, however, that in the event certificates for Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly
executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. 

 

	 	(f)	Beneficial Ownership Limitation. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this
Warrant, to the extent that, after giving effect to the exercise set forth on the applicable Notice of Exercise, such Holder (together with such Holder’s Affiliates, and any Persons acting as a group together with such Holder or any of such
Holder’s Affiliates) would beneficially own in excess of the Beneficial Ownership Limitation. For purposes of this Section 2(f), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules
and regulations promulgated thereunder (except that a person or group shall be deemed to have beneficial ownership of shares of Voting Stock that such person or group has the right to acquire regardless of when such right is first exercisable), it
being acknowledged by such Holder that the Holder does not have the right to acquire Warrant Shares in excess of the Beneficial Ownership Limitation. To ensure compliance with this restriction, each Holder will be deemed to represent to the Company
each time it delivers a Notice of Exercise that such Notice of Exercise has not violated the restrictions set forth in this section. For purposes of this Section 2(f), in determining the number of outstanding shares of Voting Stock, a Holder may
rely on the number of outstanding shares of Voting Stock as stated in the most recent of the following: (i) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (ii) a more recent public
announcement by the Company or (iii) a more recent written notice by the Company or the Company’s Transfer Agent setting forth the number of shares of Voting Stock outstanding. Upon the written or oral request of a Holder, the Company
shall promptly confirm orally and in writing to such Holder the number of votes represented by the Voting Stock then outstanding. In any case, the total voting power of the outstanding shares of Voting Stock shall be determined after giving effect
to the conversion or exercise of securities of the Company, including the Warrant, by such Holder or its Affiliates since the date as of which such number of outstanding shares of Voting Stock was reported. The “Beneficial Ownership
Limitation” shall be 34.0% of the total number of votes represented by the Voting Stock outstanding immediately after giving effect to the issuance of Warrant Shares otherwise issuable pursuant to the applicable Notice of Exercise. The
provisions of this section shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(f) to correct this section (or any portion hereof) which may be defective or inconsistent with the
intended Beneficial Ownership Limitation contained herein or to make changes or supplements necessary or desirable to properly give effect to such limitation. 

 

	 	(g)	 Required Exercise. After
                    , the Company may from time to time upon a written notice to the Holder require Holder to exercise of some or all of this Warrant
under Section 2(a) using the cashless procedure specified in Section 2(c) (a “Notice of Required Exercise”) if the last sales price of the Common Stock equals or exceeds $21.04

  
 4 

	 	
on the Trading Day immediately preceding the date the Notice of Required Exercise is delivered and the VWAP for the Common Stock has equaled or exceeded $21.04 for the prior thirty
(30) consecutive Trading Days immediately prior to the date the Notice of Required Exercise is delivered. On the first Trading Day thereafter the Holder shall deliver a Notice of Exercise to the Company exercising this Warrant in whole or part
as specified in the Notice of Required Exercise, subject to the Beneficial Ownership Limitation. Any portion of this Warrant that cannot be exercised by Holder to the extent specified in the Notice of Required Exercise because of the Beneficial
Ownership Limitation, shall be exercised by Holder at the time or times thereafter if and when the Beneficial Ownership Limitation would not then be exceeded, provided that this Warrant may not in any event be exercised after the close of business
on the Termination Date. Further, there will be no required exercise on any day if the VWAP used to calculate the cashless exercise pursuant to Section 2(c) would be less than $21.04 per share. 

 

	 	(h)	No Approval Required. No approval of the Company’s Board shall be required to convert any of the Preferred Shares or exercise any of the Warrants;
provided, however, any such conversion or exercise shall be made in compliance with the Beneficial Ownership Limitation and with applicable law including any regulatory notices or approvals. 

 

	 	(i)	Legend. The Holder agrees that all certificates or other instruments representing the Warrant Shares will bear a legend substantially to the following effect:

 THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933,
AS AMENDED, OR SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO IS IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION
FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS. 
 Section 3. Certain Adjustments. 

 

	 	(a)	 If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or makes a distribution to holders of any class or series
of capital stock of the Company in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this Warrant or warrants issued concurrently with or prior to this
Warrant), (ii) subdivides outstanding shares of Common Stock into a greater number of shares, (iii) combines its outstanding shares of Common Stock into a smaller number of shares, or (iv) issues any shares of its capital stock by
reclassification of the Common Stock, then the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding any treasury shares of the Company) outstanding immediately before such
event, and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event. Additionally, if the Exercise Price is adjusted pursuant to this Section 3(a), the number of Warrant Shares subject to
this Warrant shall also be adjusted by multiplying the number of Warrant Shares then subject to this warrant by a fraction of which the numerator shall be the number of shares of Common Stock (excluding any treasury shares of the Company)
outstanding immediately after such event and which the denominator shall be the number of shares of 

  
 5 

	 	
Common Stock (excluding any treasury shares of the Company) outstanding immediately before such event. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after
the record date for the determination of shareholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or reclassification.

  

	 	(b)	If at any time the Company issues any rights, options or warrants pro rata to all holders of Common Stock to purchase Common Stock (or securities convertible into or
exchangeable for Common Stock) (the “Purchase Rights”), then each Holder shall be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which such Holder could have acquired if such Holder
had held the number of shares of Common Stock acquirable upon complete exercise of such Holder’s Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately
before the date on which a record is taken for the issuance of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the issuance of such Purchase Rights
(provided, however, to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase
Right to such extent and such Purchase Right to such extent shall be held in abeyance, for a period not to exceed 71 days, for the Holder until such time during such 71 day period, if ever, as its right thereto would not result in the Holder
exceeding the Beneficial Ownership Limitation). 

  

	 	(c)	 Whenever the Conversion Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to each Holder a notice
setting forth the Conversion Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment. Notwithstanding anything herein to the contrary, no adjustment of the Exercise Price shall be made pursuant to this
Section 1 in an amount less than $.01 per 

  
 6 

	 	
share, and any such lesser adjustment shall be carried forward and shall be made at the time and together with the next subsequent adjustment which together with any adjustments so carried
forward shall amount to $.01 per share or more. 

 Section 4. Transfer of Warrant. 

 

	 	(a)	Transferability. Until the effectiveness date of the Shelf Registration Statement, to be filed with the SEC, in connection with the Registration Rights Agreement
entered into by and between Real Estate Strategies L.P., IRSA Inversiones y Representaciones Sociedad Anónima, and Supertel Hospitality, Inc., dated as of January 31, 2012, and subject to compliance with any applicable securities laws,
this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, to Holder’s Affiliates or, with the consent of a majority of the directors of the Board of Directors who are
not designee directors of Real Estate Strategies L.P. or its affiliates pursuant to the Directors Designation Agreement dated January 31, 2012, to a non-affiliate (“Permitted Transferees”), such approval shall not be
unreasonably withheld by such Directors (if approval is withheld, such reasons for withholding approval shall be presented in writing to the Holder). Such transfer will be accomplished upon surrender of this Warrant at the principal office of the
Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making
of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such
instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. The Warrant, if properly assigned in accordance herewith, may be exercised
by a new holder for the purchase of Warrant Shares without having a new Warrant issued. 

 Once the Warrants have
been registered, such Board consent shall no longer be required. 
  

	 	(b)	New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a
written notice specifying the Permitted Transferees and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such
division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated
the Initial Exercise Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto. 

  

	 	(c)	Warrant Register and Registration Rights. 

  

	 	(i)	 The Company shall register this Warrant, upon records to be maintained by the Company for that, in the name of the record Holder hereof from time to
time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes. The Warrants, and the shares issuable upon
its exercise will be registered for its resale, on a registration statement to be filed with the SEC 

  
 7 

	 	
pursuant to the Registration Rights Agreement dated January 31, 2012 unless such Warrants or shares may be publicly resold under the safe harbor of Rule 144 of the SEC without regard to
limitations as to volume or manner of sale thereunder. Such shares shall be transferable to affiliate entities of Purchaser and/or SPPR Board approved third parties. 

Section 5. Miscellaneous. 
 (a) No Rights as Shareholder. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a shareholder of the Company. 

 

	 	(b)	Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss,
theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not
include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu
of such Warrant or stock certificate. 

  

	 	(c)	Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not
be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding Business Day. 

  

	 	(d)	Authorized Shares. The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a
sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its
officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for the Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable
action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Exchange upon which the Common Stock may be listed. The Company
covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly
issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).

  

	 	(e)	 Governing Law and Forum. This Warrant shall be governed by, and construed in accordance with, the internal laws of the State of New York without
regard to the principles of conflicts of laws. Each of the parties hereto hereby irrevocably consents, to the maximum extent permitted by law, that any action or proceeding relating to this Warrant or the transactions contemplated hereby shall be
brought, at the option of the party instituting the action or proceeding, in any court of general jurisdiction in New York County, New York, in the United States District Court for the Southern District of New York or in any state or federal court
sitting in the area currently comprising the Southern District of New York. Each of the parties hereto waives any objection that it 

  
 8 

	 	
may have to the conduct of any action or proceeding in any such court based on improper venue or forum non conveniens, waives personal service of any and all process upon it, and consents
that all service of process may be made by mail or courier service directed to it at the address set forth herein and that service so made shall be deemed to be completed upon the earlier of actual receipt or ten days after the same shall have been
posted or delivered to a nationally recognized courier service. Nothing contained in this shall affect the right of any party hereto to serve legal process in any other manner permitted by law. 

 

	 	(f)	Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with
the notice provision of the Purchase Agreement. 

  

	 	(g)	Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be
binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. 

  

	 	(h)	Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holders of a majority in
interest of the then outstanding Warrants (calculated based on the number of shares of Common Stock issuable upon the exercise of such Warrants). 

  

	 	(i)	Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any
provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions
of this Warrant. 

  

	 	(j)	Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

 [SIGNATURE PAGE FOLLOWS] 

  
 9 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer
thereunto duly authorized as of the date first above indicated. 
  

			
	SUPERTEL HOSPITALITY, INC.
	
	  

	By:	 	
	Title:	 	

  

			
	Acknowledged and accepted
	
	REAL ESTATE STRATEGIES L.P
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 10 

 NOTICE OF EXERCISE 
 TO: SUPERTEL HOSPITALITY, INC. 
 (1) The undersigned hereby elects to purchase
            Warrant Shares of the Company pursuant to the terms of the attached Warrant, and tenders herewith payment of the exercise price in full, together with all applicable transfer
taxes, if any. 
 (2) Payment shall take the form of (check applicable box): 

 ̈ in lawful money of the United States; or 

 ̈ [if permitted] the cancellation of such number of Warrant Shares as is necessary, in
accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c). 

(3) Please issue a certificate or certificates representing said Warrant Shares in the name of the undersigned or in such other name as
is specified below: 

			
		 	  

 The Warrant Shares shall be delivered to: 

			
		 	  

		 	  

 (4) Accredited Investor. The undersigned is an “accredited investor” as defined in
Regulation D promulgated under the Securities Act of 1933, as amended. 
 The undersigned further requests that if the number of
shares elected to be purchased herein shall not be all of the shares purchasable pursuant to the terms of the attached Warrant, that a new Warrant of like tenor for the balance of the shares purchasable hereunder be delivered to the undersigned.

 [SIGNATURE OF HOLDER] 
  

			
	Name:	 	  

 

			
	Signature of Authorized Officer:	 	  

 

			
	Name of Authorized Officer:	 	  

 

			
	Title of Authorized Officer:	 	  

 

			
	Date:	 	  

  
 11 

 ASSIGNMENT FORM 

(To assign the foregoing warrant, execute 
 this form and supply required information. 
 Do not use this form to exercise the
warrant.) 
 FOR VALUE RECEIVED, [            ] [all of or
            ] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to 
  

			
	  
	 	whose address is

  
  

 
  

 

			
	Dated:	 	                    ,
		
	Holder’s Signature:	 	  

		
	Holder’s Address:	 	  

		
		 	  

  

			
	Signature Guaranteed:	  	  

 NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant,
without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to
assign the foregoing Warrant. 

  
 12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00221-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00221-of-00352.parquet"}]]