Document:

EX-10.9

 Rush Street Interactive LLC 

900 N. Michigan Avenue, Suite 1600 

Chicago, Illinois 60611 
 January 1,
2019 
  
 Dear Richard: 

In conjunction with the formalization of the operating agreement (the “Operating Agreement”) 1
of Rush Street Interactive LLC (together with its successors, the “Company”) being entered into concurrently with this letter, this letter will confirm the details of your continued employment as President of the Company. This letter
agreement (the “Side Letter”), the Operating Agreement, and their respective exhibits will form the basis or your relationships with the Company. 

Compensation and Benefits 
 Your annualized base
compensation will be $377,000, subject to normal withholdings and payable in accordance with the Company’s typical payroll procedures and prorated for any partial months (“Base Salary”). 

You will also be eligible to participate in the Company’s discretionary bonus plan as determined in the discretion of the Company’s Chief Executive
Officer (or such other representative as the managing member or general partner of the Company (“General Partner”) may designate), based on a combination of qualitative and quantitative Company and employee-specific performance factors.
Your discretionary target bonus will be 50% of the Base Salary that was actually paid out during the bonus plan year (the “Paid Salary”); provided, however, your actual discretionary bonus may be anywhere from 0% to 80% of your Base
Salary. 
 You will remain eligible to participate in any regular employee medical benefits offered by the Company and the Company’s 40l(k) plan. You
will also continue be entitled to paid time off in accordance with the prevailing Company policy as may be in effect from time to time. 
 Additionally, the
Company will obtain directors and officers insurance to cover you in your role as President. Such insurance will be subject to the terms and conditions determined by the Company in its sole discretion. 

The terms and conditions of your equity ownership, including your ownership, vesting and equity rights upon any separation from the Company, are set forth in
the Operating Agreement. In addition, the terms and conditions related to your rights to indemnification against claims incurred as a result of your good-faith performance of any duties within the scope of your employment with the Company are as set
forth in the Operating Agreement. 
  

	1 	 Capitalized used but not defined herein shall have the meanings ascribed to them in the Operating Agreement.

  
 1 

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Reporting and Job Duties 
 You will continue to
report to Gregory Carlin in his position as the Chief Executive Officer of the Company. As President, your responsibilities will generally include overseeing the development and expansion of the Company’s internet gaming business as well as any
other initiatives undertaken by the Company. You will be expected to keep track of and allocate your time and expenses. You will also be responsible for representing the Company before the public, in the business community and at hearings and
meetings held by various public and private organizations. The Company may, from time to time, modify these duties in its discretion. The Company will allow you to work remotely as mutually agreed upon with me. 

As required by the applicable law, rules and regulations relating to gaming that apply to the Company, including in any jurisdiction in which the Company
applies for a gaming license (collectively, the “Gaming Laws”), you must timely obtain and maintain all permits or licenses required under the Gaming Laws. Because the Gaming Laws related to internet gaming are evolving, you agree to
comply with all Gaming Laws applicable to you now or in the future as an employee of the Company as well as to assist the Company, as necessary, in complying with the Gaming Laws. Notwithstanding any other provision of this offer, if you fail to
comply with the foregoing (after applicable cure periods) or if you are denied a required license or permit following the end of all applicable appeal periods or if a regulator having jurisdiction over the Company requires that the Company terminate
your employment and subject to you having the right to discuss such termination request with the applicable regulator (unless the regulator refuses to participate in such discussion) and the Company, your employment shall terminate immediately for
Cause, as defined below, without notice or action on the part of you or the Company and without liability of any type to Company. 

Termination and Severance 
 Your
employment with the Company remains “at will” rather than for a defined period. This means that you may leave your employment with the Company at any time and the Company may, in its sole discretion, terminate your employment at any time
with or without cause. In the event that the Company terminates you without Cause, as defined in the Operating Agreement, or if you terminate your employment with Good Reason as defined in this Side Letter, you will be entitled to severance equal to
six months of your Base Salary, provided that you reconfirm and abide by your obligations under the Restrictive Covenant Agreement attached hereto as Exhibit A. Company may in its sole discretion, extend the
non-compete obligations under your Restrictive Covenant Agreement for an additional six months (i.e. until the first anniversary of your termination) by giving you written notice no later than sixty days after
your employment with the Company ends; provided that, Company issues a severance payment equal to an additional six months of Base Salary at the time it provides you with written notice of such extension. 

  
 2 

 Good Reason. For purposes of the termination of your
employment, “Good Reason” means the occurrence of any of the following events: (a) a failure of the Company to pay you in accordance with the terms of his this Side Letter any Base Salary or provide in accordance with the terms of
this Side Letter any benefits owing to you; (b) any breach of applicable law or regulation by the Company in relation to your employment, or any breach of a Company or General Partner obligation under this Side Letter or the Operating
Agreement; (c) the material diminution in your title, duties or authority from those set forth in this Side Letter without your prior, written consent, provided that the Company’s reduction in the scope of its business or the number of
properties it manages or jurisdictions in which it operates any online gaming operation shall not constitute Good Reason; or (d) any relocation of the Company’s corporate headquarters from Chicago, Illinois that would require you to
relocate your family residence outside of the Chicago metropolitan area. Notwithstanding the foregoing, no termination of your employment shall constitute a termination for Good Reason unless (x) you give the Company notice of the existence of
an event described in clause (a) - (c) of this paragraph within thirty days following the occurrence thereof, (y) the Company does not remedy such event (if capable of remedy) described in clause (a) - (c) of this paragraph, as applicable,
within thirty days of receiving the notice described in the preceding clause (x), and (z) you terminate employment within ten days of the end of the cure period specified in clause (y), above. 

“Cause”. Because you have been employed by the Company for a period that exceeds the vesting period outlined in your original offer
from the Company, the Company recognizes that you are differently situated from other employees of the Company who will be offered equity under the Operating Agreement. As such, and notwithstanding the “Cause” standard that is set forth in
the Operating Agreement, the following definition of Cause shall apply for purposes of your employment as set forth in this Side Letter: 

“Cause”. means the occurrence of any of the following events: (A) any material failure by you to comply with any applicable law or regulation in
performing your obligations under this Side Letter, the Operating Agreement or in connection with your conduct of the RSG Companies’ business; (B) any act or omission by you against any RSG Company involving fraud, material dishonesty or
conflict of interest in connection with the conduct of such company’s business; (C) any grossly negligent or willful act or grossly negligent or willful omission by you that materially adversely affects any RSG Company; (D) conviction
of you, or your pleading guilty or nolo contendere to, or indictment of Separation Employee (where such indictment is not dismissed or otherwise resolved favorably to Separation Employee within six months) to, any felony or charge that would result
in material disrepute to any RSG Company, including any financial offense or any offense that would be reasonably likely to adversely affect any RSG Company’s reputation with any licensing or regulatory authority; (E) any willful failure
by you to perform your duties or the lawful directions of the General Partner that results in harm to Company, in each case, after having been given notice of such failure and a reasonable opportunity to cure, to the extent such matter is reasonably
capable of being cured; (F) the material breach of this Side Letter or the Operating Agreement, after having been given notice of such breach and a reasonable opportunity to cure, in each case, to the extent such matter is capable of being
cured; or (G) any material breach, non-performance or non-observance by Separation Employee of any of any provision of Member’s Restrictive Covenant Agreement,
attached to the Side Letter as Exhibit A, after having been given notice of such breach and a reasonable opportunity to cure, in each case, to the extent such matter is capable of being cured. To the extent you believe that you have been improperly
terminated for Cause, then in such circumstance you may initiate the mediation and arbitration process set forth in Exhibit D hereto. 

  
 3 

 Contingencies and Additional Requirements 

You understand that your employment as described above, including your eligibility to participate in the discretionary bonus plan will be contingent on your
complying with the terms of this Side Letter, the terms of any relevant agreements establishing the compensation, operating and bonus plans and your obligations under applicable law including the Gaming Laws, which are both subject to change.
Continued eligibility for the Company’s bonus plan will require your performance of such additional obligations based on changes in Company policy, applicable law and the Gaming Laws. 

Please note that the terms set forth in this Side Letter are contingent upon your agreement to timely execute this Side Letter, the written confidentiality and
restrictive covenant agreement (the “Restrictive Covenant Agreement”) containing post-employment restrictions attached as Exhibit A, and an Invention and Copyright Agreement attached hereto as Exhibit C. The Restrictive
Covenant Agreement will prohibit you from soliciting the Company’s employees for an eighteen month period after you leave our employ, and it will prevent you from working for competitors for a period of up to one year from date of any
termination of your employment. Additional restrictive covenant obligations may be required for any additional compensation that is not described herein or in the Operating Agreement. 

By signing below, you represent and warrant that you are not currently a party to any agreement or otherwise restricted from accepting employment on the terms
set forth in this Side Letter and performing the duties outlined above. This Side Letter, in coordination with the Operating Agreement, the Restrictive Covenant Agreement, the Invention and Copyright Agreement, and the Severance and Release
Agreement constitute the entire agreement and supersede all prior agreements, understandings or arrangements, whether oral or written, among the parties with respect to the subject matter of this Side Letter. 

Please signify that you have read, understand and agree to the terms and conditions in this Side Letter by signing and dating it where indicated below and
returning it to me. 
  

	
	 /s/ Gregory A. Carlin

	 Gregory A. Carlin

	 Chief Executive Officer

	 Rush Street Interactive LLC

 Accepted and agreed: 
  

			
	 /s/ Richard Schwartz

	 Richard Schwartz

	 Dated
	 	1/1/19

  
 4 

 EXHIBIT A 

Restrictive Covenant Agreement 

CONFIDENTIALITY AND RESTRICTIVE COVENANT AGREEMENT 

This Confidentiality and Restrictive Covenant Agreement (“Agreement”) is made and effective this 1 day of January, 2019, by
and between Rush Street Gaming LLC, a Delaware limited liability company, and each of its affiliates (including Executive’s employer, Rush Street Interactive LLC), subsidiaries, successors and assigns, including each of the Gaming Companies as
defined below (collectively, the “Company”), and Richard Schwartz (“Executive”). Executive acknowledges that he is executing this Agreement in consideration for valuable consideration (including, but not limited to,
his opportunity to work for the Company and all of the other consideration set forth in the letter setting forth his terms and conditions of employment Dated as of January 1, 2019 (the “Side Letter”) and the Agreement of Limited
Partnership of Rush Street Interactive, L.P. (the “Operating Agreement”) between Executive and the Company (collectively, the “Agreements”) to which this Agreement is appended, including without limitation the rights to an
equity interest in Rush Street Interactive LLC as set forth in the Operating Agreement (the “Equity Interest”). Therefore, in consideration of the mutual promises and obligations contained in the Agreements, the Company and
Executive, intending to be legally bound, agree to protect the Company’s confidential information and acknowledged legitimate business interests as follows: 

1. Confidential Information: The parties acknowledge and agree that the Company owns, operates or manages, or is currently developing to bring into
operation, casinos, gaming companies, gaming tours, online gaming applications, and other gaming assets, including without limitation each of its current gaming entertainment complexes in North America, including in Schenectady, New York,
Pittsburgh, Pennsylvania, Des Plaines, Illinois, and Philadelphia, Pennsylvania and its online properties and communities (any entity through which the Company now or hereafter owns, operates or manages, or is currently developing to bring into
operation, casinos, gaming companies, gaming tours, online gaming applications, and other gaming assets, collectively, the “Gaming Companies” and each a “Gaming Company”). Executive acknowledges that in his capacity
as an executive and officer of the Company, he will be performing services, as an executive of the Company and a service provider for each of the Gaming Companies, and in doing so he has had access to, and will continue to be provided with the
Company’s confidential or proprietary information and trade secrets (“Confidential Information”), including without limitation, any such information and trade secrets related to the Gaming Companies’ operations,
performance, research and/or development and marketing plans, security and loss control systems and internal controls, gaming customer databases and player identification systems, accounting information and financial records (including benchmarks
and formulas), business plans, actual and contemplated business activities, lists of key personnel, human resources records and information, clients and customers, vendors, suppliers, distributors and consultants, pricing lists and information,
advertising and promotional materials, gaming board submissions, products, services, software, documentation, know-how, inventions, processes, methods and methodologies, formulas, algorithms, drawings, flow
charts, technical information, ideas, concepts, specifications, strategies, plans (including without limitation, architectural drawings), training programs (including manuals, handbooks, video and audio tapes or files in any form), interactions with
any of its Stakeholders (as defined below), and other documents or media that contain any Confidential Information. Confidential Information also includes information provided to the Company by Stakeholders, that is sensitive, confidential, and/or
proprietary, 

  
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 including certain information that is shared with the Company in confidence or with the expectation that it
will be protected from disclosure. Confidential Information shall not include information which: (a) is or becomes publicly available through no wrongful or prohibited action or inaction of Executive; or (b) prior to disclosure under this
Agreement, is properly within the rightful possession of Executive. Executive represents and warrants that Confidential Information is a special and valuable asset that is developed, protected and owned by the Company, is regularly used in the
operation of Company’s business and is the subject of adequate measures including without limitation this Agreement and Company policies and other measures to protect its confidentiality. 

If Executive becomes legally compelled to disclose any Confidential Information, subject to then applicable law, Executive shall provide the
Company with prompt written notice so that the Company may seek a protective order or other appropriate remedies or waive compliance with the terms of this Agreement. In the event that such protective orders or other remedies are not obtained or
that the Company waives compliance with the provisions hereof, Executive agrees to furnish only that portion of the Confidential Information that is legally required to be furnished and to exercise his best efforts to obtain assurance that
confidential treatment will be accorded such Confidential Information. 
 The parties acknowledge that Confidential Information can exist in
any form, including oral or written statements, information remembered, information stored electronically and information embodied in objects or processes. Except as required in the course of Executive’s employment in furtherance of
Company’s interests, Executive will not use or disclose Confidential Information to any person, firm, corporation, association or other entity for any reason or purpose whatsoever during or after the term of Executive’s employment with
Company, provided that such Confidential Information, unless in the form of a trade secret of the Company or as subject to a written confidentiality undertaking of the Company, shall no longer be protectable under this Agreement on the date five
years after the date of the termination of Executive’s last day of employment with the Company. 
 Notwithstanding anything else in
this Agreement, Executive may not be held civilly or criminally liable for the disclosure of a trade secret in confidence to a federal, state or local government official, or to an attorney, when such disclosure is made solely to investigate or
report a suspected violation of law, or in a complaint or other document filed in a lawsuit or other proceeding if such filing is made under seal. An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation
of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal; and does not disclose the trade secret,
except pursuant to court order. 
 If Executive believes that any employee or third party has misappropriated or improperly used or
disclosed trade secrets or Confidential Information, Executive must report such activity promptly in writing to the Company’s Legal Department. Upon termination of employment with the Company for any reason, Executive shall promptly deliver to
the Company or destroy (and certify to such destruction on terms satisfactory to the Company) the originals and copies of all Confidential Information. 

  
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 2. Non-Solicitation and Non-Disparagement: During Executive’s employment with the Company and (i) with respect to Section 2(c) below, for the period of eighteen (18) months thereafter and (ii) with
respect to Sections 2(a), (b), (d) and (e) below, for the period co-terminus with the Non-Compete Period (as defined below), Executive shall not, without
prior written permission of the Company, either directly or indirectly, for Executive or on behalf of any other person or entity: 
 (a)
communicate with, induce, entice, solicit, or contact any of the Company’s or the Gaming Companies’ clients, customers (including without limitation anyone tracked in the Company’s or any of the Gaming Companies’ player
identification systems without regard to whether the customer is an online customer or part of an online community), investors, advisors, representatives, directors, consultants, or independent contractors (each, a “Stakeholder”) in
any manner that is intended to or is reasonably likely to have the effect of being detrimental to the Company’s or any of the Gaming Companies’ interests, including without limitation any attempt to get any Stakeholder to cease doing
business with the Company or any of the Gaming Companies or to patronize or do business with any Competing Business, as defined below, other than one owned by the Company or one of the Gaming Companies; 

(b) canvass, request, advise or induce any individual or entity, including any Stakeholder, to withdraw, curtail or cancel its relationship,
business, employment or customer relationship with the Company or any of the Gaming Companies; 
 (c) employ, hire, retain, attempt to hire
or otherwise engage the services of, solicit for the sake of hiring, or otherwise obtain the services of any employee, consultant, contractor, investor, advisor, agent, representative, or director of the Company or any of the Gaming Companies who
has served as an employee of or otherwise provided any advice or service to the Company or any of the Gaming Companies on or within twelve months before the Executive no longer being employed by the Company or at any time within six months of the
date of any action by or of Executive that violates this Agreement; or 
 (d) make statements or take actions that disparage or are
reasonably likely to have the effect of disparaging or being detrimental to the Company or any of the Gaming Companies, including without limitation by making statements to the media or press, on publicly accessible internet sites or in any other
public forum. 
 (e) Nothing in this Section 2 shall prohibit the inadvertent contact of a Stakeholder by virtue of a mass communication
or advertisement that is not intended to circumvent the restrictions of this Agreement, such as in the case of a newspaper or web advertisement generally soliciting candidates for employment. 

3. Covenant Not to Compete: During Executive’s employment with the Company and for a period of no less than six
(6) months up to a maximum of twelve (12) months thereafter (as elected by Company in accordance with this Section 3 and the Side Letter) (such period, the “Non-Compete
Period”), Executive shall not directly or indirectly, whether as an employee or any other capacity, including without limitation as a service provider: 

  
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 (a) supply or operate an internet gambling or sports betting platform, in any jurisdiction
in which the Company or any of the Gaming Companies is licensed or has currently-then applied for a license (which shall include responding or preparing proposals responsive to requests for proposals for any jurisdictions) during the term of
Executive’s employment with Company (each an “Online Offering”) , be employed by, work for, provide gambling industry related advice or services for, obtain any ownership interest in (other than up to a two percent (2%) interest in
any publicly traded entity), or consult with any person or entity that is offering, or has announced or publicly indicated that it will offer an Online Offering that competes or will compete with an Online Offering offered by the Company or any of
the Gaming Companies (each, a “Competing Business”). For purposes of clarification, products and services exclusively associated with social gaming and marketing affiliates are expressly excluded from the definition of Online
Offering. 
 The restrictive covenant specified in this Section 3 shall apply for the period of time (either six (6) months or twelve
(12) months post-employment) that Company elects, in its sole discretion, to pay severance payments to Executive as specified in the Side Letter. For such time period, in consideration of the restrictive covenant in Section 3 of this
Agreement, Company shall continue to pay to Executive his then-current Base Salary in accordance with the terms of the Side Letter, and Executive will remain eligible to continue participating in any regular employee medical benefits offered by the
Company and the Company’s 401(k) plan., each in accordance with the terms of the Side Letter. Notwithstanding anything contrary in the foregoing, if Executive’s employment with the Company is terminated for Cause (as defined in the Side
Letter), the restrictions of this Section 3 shall apply to Executive for a period of twelve (12) months without the Company having any obligation to pay Executive the Base Salary or any other amounts (unless otherwise required by
applicable law). 
 4. Remedies: Executive understands and acknowledges that the Company would be irreparably injured by
Executive’s breach of this Agreement. Executive agrees a breach of this Agreement would entitle the Company to immediate injunctive relief and such other equitable relief, including without limitation specific performance of this Agreement, in
addition to recovery of any damages, costs, expenses and attorneys’ fees. Executive agrees that he should not be entitled to benefit from any breach of any of the restrictions in this Agreement; as such, if he breaches any such restriction, the
time period for the relevant restrictive period with relation to such restriction shall be started anew from the later of the last date of any such breach.-By way of example only, if Executive breaches the non-solicitation provision in this Agreement, he shall be subject to a new eighteen (18) month restrictive period under paragraph 2(c) of this Agreement beginning on the day of his last act in breach. Similarly, and
without limitation, if Executive goes to work for a Competing Business in violation of the restrictions prohibited by this Agreement, he shall be subject to a new twelve-month restricted period under the terms of paragraph 3 of this Agreement
beginning on the day of his last act in breach. With respect to any dispute over Executive’s breach of this Agreement, the non-prevailing party shall pay all legal expenses of the prevailing party with
respect to such dispute. 

  
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 5. Reasonable Restrictions and Remedies: Executive acknowledges that the scope and
duration of the restrictions and covenants in this Agreement are reasonable and fair, particularly in light of his right to the Equity Interest under the Operating Agreement and the compensation and benefits provided to him for his employment under
the Side Letter and Section 3 hereof. As such, if a court determines that any restrictive covenant in this Agreement is vague, overbroad, or unenforceable in any respect, the court is expressly authorized by Executive and the Company to enforce
the covenant or restriction to the greatest extent allowable under applicable law and may modify such covenant or restriction accordingly. In the event Executive’s employment with the Company terminates for any reason, and Company performs all
of its obligations under this Agreement in all material respects, including without limitation, payment of Executive’s Base Salary during the restrictive covenant enforcement period if applicable pursuant to Section 3 hereof, Executive
represents and warrants that he will be able to live comfortably and provide for any dependents and/or earn a livelihood without violating any covenant or restriction in this Agreement. Nothing in this Agreement shall prohibit Executive from
(a) working outside of or in the hospitality industry for an entity that is not defined to be a Competing Business as set forth in this Agreement, including for example any hotel or resort provided that it is not actively developing operations,
services or products that would be, when operational, a Competing Business or (b) acquiring securities representing not more than five percent of the outstanding voting shares of any entity whose shares trade on a national or worldwide
securities exchange, including the over-the-counter market. Executive acknowledges and agrees that breach of this Agreement shall entitle the Company to any relief
available to it in law or in equity, including without limitation the right to seek relief in court to enforce this Agreement notwithstanding any arbitration agreement between Executive and the Company. To the extent that the Company has alleged
that Executive has breached its covenants and obligations set forth in Section 2 or 3 hereof and Executive disputes such allegation, then in such circumstance Executive may initiate the mediation and arbitration process set forth in Exhibit D
of the Side Letter with respect to such dispute. 
 6. Agreement: Executive acknowledges that he has read and understands the
provisions of this Agreement and agrees to be bound by this Agreement. Executive acknowledges that he may be subject to additional confidentiality obligations and restrictive covenants in addition to those set forth in this Agreement and
acknowledges that the restrictions in this Agreement are in addition to, and not in lieu of, any such obligations to the Company. The parties agree that this Agreement was made and entered into in Chicago, Illinois and that the laws of the State of
Illinois shall govern this Agreement, without regard to conflict of laws principles. Jurisdiction and venue are limited in any proceeding by the Company or Executive related to or to enforce or dispute their rights under this Agreement to any court
geographically located in Chicago, Illinois with said courts to have exclusive, irrevocable jurisdiction and venue over such matters. Executive hereby waives any objections to the jurisdiction and venue of the courts in or for Chicago, Illinois
including any objection to personal jurisdiction, venue, and/or forum non-conveniens, whether under any agreement signed on a date prior to the date of this Agreement that provides for a different venue or jurisdiction or otherwise. 

  
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 7. Assignment: The Company shall have the right to assign this Agreement to a
successor or assign, and Executive agrees to be obligated by this Agreement to any successor, assign or surviving entity. Executive may not assign this Agreement. Any successor to, or assignee of, the Company is an intended third party beneficiary
to this Agreement. 
 Read, understood and agreed to by: 
  

	
	/s/ Richard Schwartz
	  

Signature:

	 Printed Name: Richard Schwartz

	 Dated: 1/1/19

  
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 EXHIBIT C 

Invention and Copyright Agreement 

INVENTION, TRADEMARK AND COPYRIGHT AGREEMENT 

1. Definitions. The following definitions shall apply in this Invention, Trademark and Copyright Agreement (“Agreement”):
 
 “Inventions” means all discoveries, developments, concepts, designs, ideas, know how, improvements, inventions,
and/or trade secrets, whether or not patentable or otherwise legally protectable. 
 “Trademark” means trademarks, service
marks, trade names, logos or other commercial or product designations for any purpose used or developed for use by the Company or any affiliate of the Company. 

“Works” means all writings, original creations, and works of authorship, including software. 

2. Preexisting Inventions and Works. I am employed by Rush Street Interactive LLC (together with its successors, the
“Company”). I have attached hereto, as Rider A, a complete list describing with particularity all Inventions and Works that, as of the Effective Date, (i) belong solely to me or belong to me jointly with others, (ii) relate in
any way to any of the Company’s (including any of its affiliates, subsidiaries, parents, successors and assigns) businesses, products or research and development, and (iii) are not assigned to the Company hereunder. If no such list is
attached, I represent that there are no such Inventions or Works at the time of signing this Agreement. 
 3. Assignment of Inventions.
I will disclose promptly to the Company Inventions that (i) are made, conceived, or reduced to practice by me during the term of my employment, whether solely or jointly with others, and (ii) relate to any subject matter with which my
duties for the Company may be concerned, or relate to the Company’s present or future investigations or to the nature of its business, or resulting from or suggested by any work which I may do on behalf of the Company or at its request. I
hereby assign to the Company any interest in and all rights and title to any such Inventions, including all patents, trade secrets, and all other proprietary interests therein. 

4. Assignment of Works. I will disclose promptly to the Company Works that are (i) created or fixed in a tangible medium of
expression by me, whether solely or jointly with others, during the term of my employment, and (ii) relate to any subject matter with which my duties for the Company may be concerned, or relate to the Company’s present or future
investigations or to the nature of its business, or resulting from or suggested by anything which I may do on behalf of the Company or at its request. If I create any such Work that may be protectable under copyright law, that Work will be
considered a “work made for hire” (to the fullest extent permitted by law) and Company shall be considered the author and owner of such Work. To the extent I create any such Work that is determined to be ineligible to be treated as a
“work made for hire,” I hereby assign to Company any and all copyrights and other ownership interests which I may have in any such Work (as well as any other ownership interests of any such Work that constitutes a “work made for
hire”) and agree to execute any documents required to give effect to such assignment. 

 5. Assignment of Trademarks. I will disclose promptly to the Company any Trademarks
that are (i) created by me, whether solely or jointly with others, during the term of my employment, and (ii) relate to any subject matter with which my duties for the Company may be concerned, or relate to the Company’s present or
future investigations or to the nature of its business, or resulting from or suggested by anything which I may do on behalf of the Company or at its request. If I create any such Trademark that may be protectable under trademark law, the Company
shall be considered the owner of such Trademark and other ownership interests therein. To the extent I create any such Trademark that is determined not to be owned by the Company (including all other ownership interests therein), I hereby assign to
Company any and all trademark and other ownership interests which I may have in any such Trademark and agree to execute any documents required to give effect to such assignment. 

6. Use or Incorporation of Inventions, Trademarks and Works. If, in the course of my employment, I use or incorporate into a product,
process, machine, original creation, or work of authorship any Invention, Trademark or Work not covered by Section 3, 4 or 5 of this Agreement in which I have an interest, I will promptly so inform the Company. Whether or not I give such
notice, I hereby irrevocably grant to the Company a nonexclusive, fully paid-up, royalty-free, assumable, perpetual, worldwide license, with right to transfer and to sublicense, to practice and exploit such
Invention, Trademark or Work and to make, have made, copy, modify, make derivative works of, use, sell, import, otherwise distribute or mark under all applicable intellectual property rights without restriction of any kind, but only to the extent
that I have a sufficient ownership interest in such Invention, Trademark or Work to do so. 
 7. Obligation to Assist. I will assist
the Company in every proper way during and following the period of my employment, without charge to the Company, but at its expense, to obtain and maintain for its own benefit, patents, trademarks, and copyright registrations for Inventions covered
by Section 3 and Works covered by Section 4 and Trademarks covered by Section 5 in any and all countries. Such assistance shall include, but not be limited to, the execution and delivery of specific assignments of any such Invention
or Work or Trademark and all domestic and foreign patent rights or copyrights or trademark rights therein, the execution and delivery of all other papers and documents of every nature which relate to the securing and maintenance of such patent
rights or copyrights or trademark rights, and the performance of all other lawful acts, such as the giving of testimony in any proceedings, infringement suits, or other litigation, as may be deemed necessary or advisable by the Company. 

8. Obligation to Keep Records. If I keep and maintain current written records of Inventions covered by Section 3 and Works covered
by Section 4 and Trademarks covered by Section 5, the records may be in the form of notes, sketches, drawings, flow charts, electronic data or recordings, laboratory notebooks, software code (including source code) or any other format. The
records will be available to and remain the sole property of the Company at all times. I agree not to remove such records from the Company’s place of business except as expressly permitted by Company policy which may, from time to time, be
revised at the sole election of the Company. 
 9. Exception to Assignments. I understand that the provisions of this Agreement
requiring assignment of Inventions to the Company do not apply to any Invention which qualifies fully for exclusion under the provisions of applicable state law, if any, including those attached hereto as Rider B. I will advise the Company promptly
in writing of any Inventions that I believe are eligible for such an exclusion that are not otherwise disclosed on Rider A. 

  
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 10. Notice of Whistleblower Rights. I understand that I may not be held civilly or
criminally liable under any federal or state trade secret law for disclosure of a trade secret that: (A) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and
(ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. 

 

			
	EMPLOYEE:	 	
		
	Name:	 	Richard Schwartz
		
	Signature:	 	/s/ Richard Schwartz
		
	Date:	 	1/1/19

  
 Page 3 of 9 

 Rider A 

Disclosure of Preexisting Inventions and Works 

  
 Page 4 of 9 

 Rider B 

State Laws Regarding Assignment of Inventions 

Illinois 
 765 Ill. Comp. Stat. Ann.
1060/2 
 § 2. Employee rights to inventions—conditions. 

(1) A provision in an employment agreement which provides that an employee shall assign or offer to assign any of the employee’s rights in
an invention to the employer does not apply to an invention for which no equipment, supplies, facilities, or trade secret information of the employer was used and which was developed entirely on the employee’s own time, unless (a) the
invention relates (i) to the business of the employer, or (ii) to the employer’s actual or demonstrably anticipated research or development, or (b) the invention results from any work performed by the employee for the employer.
Any provision which purports to apply to such an invention is to that extent against the public policy of this State and is to that extent void and unenforceable. The employee shall bear the burden of proof in establishing that his invention
qualifies under this subsection. 
 (2) An employer shall not require a provision made void and unenforceable by subsection (1) of this
Section as a condition of employment or continuing employment. This Act shall not preempt existing common law applicable to any shop rights of employers with respect to employees who have not signed an employment agreement. 

(3) If an employment agreement entered into after January 1, 1984, contains a provision requiring the employee to assign any of the
employee’s rights in any invention to the employer, the employer must also, at the time the agreement is made, provide a written notification to the employee that the agreement does not apply to an invention for which no equipment, supplies,
facility, or trade secret information of the employer was used and which was developed entirely on the employee’s own time, unless (a) the invention relates (i) to the business of the employer, or (ii) to the employer’s
actual or demonstrably anticipated research or development, or (b) the invention results from any work performed by the employee for the employer. 

California 
 Cal. Lab. Code § 2870

 (a) Any provision in an employment agreement which provides that an employee shall assign, or offer to assign, any of his or her rights in
an invention to his or her employer shall not apply to an invention that the employee developed entirely on his or her own time without using the employer’s equipment, supplies, facilities, or trade secret information except for those
inventions that either: 
 (1) Relate at the time of conception or reduction to practice of the invention to the employer’s business, or
actual or demonstrably anticipated research or development of the employer; or 
 (2) Result from any work performed by the employee for the
employer. 
 (b) To the extent a provision in an employment agreement purports to require an employee to assign an invention otherwise
excluded from being required to be assigned under subdivision (a), the provision is against the public policy of this state and is unenforceable. 

  
 Page 5 of 9 

 Washington 

Wash. Rev. Code Ann. § 49.44.140 

(1) A provision in an employment agreement which provides that an employee shall assign or offer to assign any of the employee’s rights in
an invention to the employer does not apply to an invention for which no equipment, supplies, facilities, or trade secret information of the employer was used and which was developed entirely on the employee’s own time, unless (a) the
invention relates (i) directly to the business of the employer, or (ii) to the employer’s actual or demonstrably anticipated research or development, or (b) the invention results from any work performed by the employee for the
employer. Any provision which purports to apply to such an invention is to that extent against the public policy of this state and is to that extent void and unenforceable. 

(2) An employer shall not require a provision made void and unenforceable by subsection (1) of this section as a condition of employment or
continuing employment. 
 (3) If an employment agreement entered into after September 1, 1979, contains a provision requiring the employee to
assign any of the employee’s rights in any invention to the employer, the employer must also, at the time the agreement is made, provide a written notification to the employee that the agreement does not apply to an invention for which no
equipment, supplies, facility, or trade secret information of the employer was used and which was developed entirely on the employee’s own time, unless (a) the invention relates (i) directly to the business of the employer, or
(ii) to the employer’s actual or demonstrably anticipated research or development, or (b) the invention results from any work performed by the employee for the employer. 

Delaware 
 Del. Code Ann. tit. 19,
§ 805 
 Any provision in an employment agreement which provides that the employee shall assign or offer to assign
any of the employee’s rights in an invention to the employee’s employer shall not apply to an invention that the employee developed entirely on the employee’s own time without using the employer’s equipment, supplies, facility or
trade secret information, except for those inventions that: 
 (1) Relate to the employer’s business or actual or demonstrably
anticipated research or development; or 
 (2) Result from any work performed by the employee for the employer. 

To the extent a provision in an employment agreement purports to apply to the type of invention described, it is against the public policy of
this State and is unenforceable. An employer may not require a provision of an employment agreement made unenforceable under this section as a condition of employment or continued employment. 

Kansas 
 Kan. Stat. Ann.
§ 44-130 
 (a) Any provision in an employment agreement which provides
that an employee shall assign or offer to assign any of the employee’s rights in an invention to the employer shall not apply to an invention for which no equipment, supplies, facilities or trade secret information of the employer was used and
which was developed entirely on the employee’s own time, unless: 
 (1) The invention relates to the business of the employer or to the
employer’s actual or demonstrably anticipated research or development; or 
 (2) the invention results from any work performed by the
employee for the employer. 
  

  
 Page 6 of 9 

 (b) Any provision in an employment agreement which purports to apply to an invention which
it is prohibited from applying to under subsection (a), is to that extent against the public policy of this state and is to that extent void and unenforceable. No employer shall require a provision made void and unenforceable by this section as a
condition of employment or continuing employment. 
 (c) If an employment agreement contains a provision requiring the employee to assign any
of the employee’s rights in any invention to the employer, the employer shall provide, at the time the agreement is made, a written notification to the employee that the agreement does not apply to an invention for which no equipment, supplies,
facility or trade secret information of the employer was used and which was developed entirely on the employee’s own time, unless: 

(1) The invention relates directly to the business of the employer or to the employer’s actual or demonstrably anticipated research or
development; or 
 (2) the invention results from any work performed by the employee for the employer. 

(d) Even though the employee meets the burden of proving the conditions specified in this section, the employee shall disclose, at the time of
employment or thereafter, all inventions being developed by the employee, for the purpose of determining employer and employee rights in an invention. 

Minnesota 
 Minn. Stat. Ann.
§ 181.78 
 Subdivision 1. Inventions not related to employment. Any provision in an employment agreement
which provides that an employee shall assign or offer to assign any of the employee’s rights in an invention to the employer shall not apply to an invention for which no equipment, supplies, facility or trade secret information of the employer
was used and which was developed entirely on the employee’s own time, and (1) which does not relate (a) directly to the business of the employer or (b) to the employer’s actual or demonstrably anticipated research or
development, or (2) which does not result from any work performed by the employee for the employer. Any provision which purports to apply to such an invention is to that extent against the public policy of this state and is to that extent void
and unenforceable. 
 Subd. 2. Effect of subdivision 1. No employer shall require a provision made void and unenforceable by
subdivision 1 as a condition of employment or continuing employment. 
 Subd. 3. Notice to employee. If an employment agreement
entered into after August 1, 1977 contains a provision requiring the employee to assign or offer to assign any of the employee’s rights in any invention to an employer, the employer must also, at the time the agreement is made, provide a
written notification to the employee that the agreement does not apply to an invention for which no equipment, supplies, facility or trade secret information of the employer was used and which was developed entirely on the employee’s own time,
and (1) which does not relate (a) directly to the business of the employer or (b) to the employer’s actual or demonstrably anticipated research or development, or (2) which does not result from any work performed by the
employee for the employer. 
 North Carolina 

N.C. Gen. Stat. Ann. § 66-57.1 

Any provision in an employment agreement which provides that the employee shall assign or offer to assign any of his rights in an invention to
his employer shall not apply to an invention that the employee developed entirely on his own time without using the employer’s equipment, supplies, facility or trade secret information except for those inventions that (i) relate to the
employer’s business or actual or demonstrably anticipated research or development, or (ii) result from any work performed by the employee for the employer. To the extent a provision in an employment agreement purports to apply to the type
of invention described, it is against the public policy of this State and is unenforceable. The employee shall bear the burden of proof in establishing that his invention qualifies under this section. 

  
 Page 7 of 9 

 N.C. Gen. Stat. Ann. §
66-57.2 
 (a) An employer may not require a provision of an employment agreement made
unenforceable under G.S. 66-57.1 as a condition of employment or continued employment. An employer, in an employment agreement, may require that the employee report all inventions developed by the employee, solely or jointly, during the term of his
employment to the employer, including those asserted by the employee as nonassignable, for the purpose of determining employee or employer rights. 

(b) An employer’s ownership of an employee’s invention, discovery, or development that has or becomes vested in the employer by
contract or by operation of law shall not be subject to revocation or rescission in the event of a dispute between the employer and employee concerning payment of compensation or benefits to the employee, subject to any contrary provision in the
employee’s written employment agreement. The foregoing provision shall not apply where the employee proves that the employer acquired ownership of the employee’s invention, discovery, or development fraudulently. 

(c) If required by a contract between the employer and the United States or its agencies, the employer may require that full title to certain
patents and inventions be in the United States. 
 Utah Code Ann. §
34-39-3 
 (1) An employment agreement between an
employee and his employer is not enforceable against the employee to the extent that the agreement requires the employee to assign or license, or to offer to assign or license, to the employer any right or intellectual property in or to an invention
that is: 
 (a) created by the employee entirely on his own time; and 

(b) not an employment invention. 

(2) An agreement between an employee and his employer may require the employee to assign or license, or to offer to assign or license, to his
employer any or all of his rights and intellectual property in or to an employment invention. 
 (3) Subsection (1) does not apply to:

 (a) any right, intellectual property or invention that is required by law or by contract between the employer and the United States
government or a state or local government to be assigned or licensed to the United States; or 
 (b) an agreement between an employee and his
employer which is not an employment agreement. 
 (4) Notwithstanding Subsection (1), an agreement is enforceable under Subsection (1) if the
employee’s employment or continuation of employment is not conditioned on the employee’s acceptance of such agreement and the employee receives a consideration under such agreement which is not compensation for employment. 

(5) Employment of the employee or the continuation of his employment is sufficient consideration to support the enforceability of an agreement
under Subsection (2) whether or not the agreement recites such consideration. 
 (6) An employer may require his employees to agree to
an agreement within the scope of Subsection (2) as a condition of employment or the continuation of employment. 
 (7) An employer may
not require his employees to agree to anything unenforceable under Subsection (1) as a condition of employment or the continuation of employment. 

  
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 (8) Nothing in this chapter invalidates or renders unenforceable any employment agreement or
provisions of an employment agreement unrelated to employment inventions. 

  
 Page 9 of 9 

 EXHIBIT D 

Arbitration Provisions 
 Any dispute,
controversy, or claim arising hereunder, or relating to (i) termination of employee for Cause or (ii) any breach of employee’s covenant and obligations under the non-compete or non-solicitation provisions of employee’s Confidentiality & Restrictive Covenant Agreement with the Company (as may be amended, modified or supplanted) (“Dispute”), which the parties are not
able to resolve themselves shall first be submitted to non-binding mediation. The parties shall cooperate in choosing a mutually agreeable mediator and if they cannot do so they shall apply to the CPR
Institute for appointment of a mediator. The mediation shall take place as soon as commercially practicable in Chicago, Illinois and the costs of the mediator shall be borne equally by the parties. The mediation shall be confidential and shall be
considered a compromise negotiation under the Federal Rules of Evidence and any similar state rules of evidence. If the mediation does not resolve the Dispute within 30 days of the initial request for mediation, then the parties shall enter into
final and binding arbitration to be held in Chicago, Illinois, in accordance with the Rules for Non-Administered Arbitration of the CPR Institute (“CPR Rules”) in effect at the time the Dispute
arises, subject to the following (which shall control if conflicting with the CPR Rules): 
 (i) The arbitration shall be conducted by three
(3) arbitrators (the “Arbitrators”) all of whom shall be considered neutral. They shall be selected as follows: each party shall select one arbitrator who in turn shall select a third arbitrator. In the event the first two arbitrators
selected cannot agree on the third arbitrator, then the parties shall apply to the CPR Institute for appointment of the third arbitrator. Subject to the following sentence, the Arbitrators shall conduct such evidentiary or other hearings as such
Arbitrators deem necessary or appropriate as soon as commercially reasonable and thereafter shall make a final determination as soon as practicable. The Arbitrators shall apply the substantive law of the State of Illinois without regard to its
conflicts of law provisions. The Arbitrators shall have no power to award punitive or exemplary damages. 
 (ii) Either party to the arbitration may seek to
have judgment upon the award rendered by the Arbitrators entered in any court having jurisdiction thereof. 
 Each party agrees that it will not file any
suit, motion, petition or otherwise commence any legal action for any matter which is required to be submitted to mediation and arbitration as contemplated herein except in connection with the enforcement of an award rendered by the Arbitrators or
compelling arbitration. Upon the entry of any order dismissing or staying any action filed contrary to the preceding sentence, the party which filed such action shall promptly pay to the other party the reasonable attorneys fees, costs and expenses
incurred by such other party prior to the entry of such order. Notwithstanding the foregoing, the parties agree that any party may seek injunctive relief from the federal or state courts located in Chicago, Illinois in order to prevent irreparable
harm pending the conclusion of the mediation and arbitration procedures set forth above. 

  
 8Exhibit 4.2

 

 

FOURTH SUPPLEMENTAL INDENTURE

 

among

 

DIVERSIFIED HEALTHCARE TRUST

 

THE SUBSIDIARY GUARANTORS NAMED HEREIN

 

and

 

U.S. BANK NATIONAL ASSOCIATION,

 

as Trustee

 

Dated as of February 8, 2021

 

SUPPLEMENTAL TO THE INDENTURE DATED AS OF
FEBRUARY 18, 2016

 

________________________

 

DIVERSIFIED HEALTHCARE TRUST

 

4.375% Senior Notes due 2031

 

________________________

 

    

     

    

 

This FOURTH SUPPLEMENTAL
INDENTURE (this “Supplemental Indenture”) dated as of February 8, 2021 among Diversified Healthcare Trust,
a real estate investment trust organized and existing under the laws of the State of Maryland (the “Company”)
having its principal office at Two Newton Place, 255 Washington Street, Suite 300, Newton, Massachusetts 02458, the other
entities (other than the Trustee (as defined below)) listed on the signature pages hereto (the “Initial Subsidiary
Guarantors”) and U.S. Bank National Association, a national banking organization organized and existing under the laws
of the United States, as Trustee (the “Trustee”).

 

RECITALS OF THE COMPANY

 

The Company (then known
as Senior Housing Properties Trust) and the Trustee are parties to an Indenture, dated as of February 18, 2016 (as from time
to time hereafter amended, supplemented or otherwise modified in so far as it applies to the Notes (as defined herein), the “Base
Indenture” and, together with this Supplemental Indenture, as amended, supplemented or otherwise modified from time to
time, the “Indenture”) to provide for the future issuance of the Company’s senior unsecured debentures,
notes or other evidences of indebtedness (the “Securities”) to be issued from time to time in one or more series,
including any such Securities that may have the benefit of guarantees; and

 

Pursuant to the terms
of the Base Indenture, the Company desires to provide for the establishment of a series of its Securities, to be known as its 4.375%
Senior Notes due 2031, the form and substance of such Securities and the terms, provisions and conditions thereof, including the
guarantees thereof by the Subsidiary Guarantors (as defined herein), to be set forth as provided in the Indenture;

 

NOW, THEREFORE, THIS
SUPPLEMENTAL INDENTURE WITNESSETH:

 

ARTICLE 1

 

DEFINED TERMS

 

Section 1.1            Terms
Defined in Indenture. Capitalized terms used herein and not defined herein have the meanings ascribed to such terms in the
Base Indenture.

 

Section 1.2            Supplemental
Definitions. The following definitions supplement, and, to the extent inconsistent with, replace the definitions in Section 101
of the Base Indenture:

 

“Acquired
Debt” means Debt of a Person (i) existing at the time such Person becomes a Subsidiary or (ii) assumed in connection
with the acquisition of assets from such Person, in each case, other than Debt incurred in connection with, or in contemplation
of, such Person becoming a Subsidiary or such acquisition. Acquired Debt shall be deemed to be incurred on the date of the related
acquisition of assets from any Person or the date the acquired Person becomes a Subsidiary.

 

“Adjusted
Total Assets” has the meaning provided in clause (i) of Section 3.1(a) of this Supplemental
Indenture.

 

    

     

    

 

“Annual Debt
Service” as of any date means the maximum amount which is expensed in any 12-month period for interest on Debt of the
Company and its Subsidiaries, excluding amortization of debt discounts and deferred financing costs.

 

“Business
Day” means any day other than a Saturday or Sunday or a day on which banking institutions in The City of New York or
in the city in which the Corporate Trust Office is located are required or authorized to close.

 

“Capital Stock”
means, with respect to any Person, any capital stock (including preferred stock), shares, interests, participation or other ownership
interests (however designated) of such Person and any rights (other than debt securities convertible into or exchangeable for capital
stock), warrants or options to purchase any thereof.

 

“Cash Equivalents”
means demand deposits, certificates of deposit or repurchase agreements with banks or other financial institutions, marketable
obligations issued or directly and fully guaranteed as to timely payment by the United States of America or any of its agencies
or instrumentalities, or any commercial paper or other obligation rated, at time of purchase, “P-2” (or its equivalent)
or better by Moody’s or “A-2” (or its equivalent) or better by Standard & Poor’s.

 

“Change of
Control” means the occurrence of one or more of the following events:

 

(i)            any
direct or indirect sale, lease, 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” or “group” (as such terms are defined in Sections 13(d) and 14(d) of
the Exchange Act), other than the Company or any of its Subsidiaries or one or more Permitted Holders;

 

(ii)           a
 “person” or “group” (as such terms are defined in Sections 13(d) and 14(d) of the Exchange Act),
other than one or more Permitted Holders, becomes the ultimate “beneficial owner” (as defined in Rule 13d-3 under
the Exchange Act, except that such person or group will be deemed to have “beneficial ownership” of all securities
that such person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of
time) of more than 50% of the total voting power of the Voting Stock of the Company on a fully diluted basis;

 

(iii)          the
approval by the holders of common shares of beneficial interest of the Company of any plan or proposal for the liquidation or dissolution
of the Company; or

 

(iv)          RMR
or any of its subsidiaries ceases for any reason to act as the sole business manager for the Company.

 

    - 2 -

     

    

 

Notwithstanding the
foregoing, a transaction will not be deemed to involve a Change of Control solely as a result of the Company becoming a direct
or indirect wholly owned subsidiary of a holding company if (A) the direct or indirect holders of the Voting Stock of such
holding company immediately following that transaction are substantially the same as the holders of the Company’s Voting
Stock immediately prior to that transaction or (B) immediately following that transaction, no “person” or “group”
(as such terms are used in Sections 13(d) and 14(d) of the Exchange Act, but other than a holding company satisfying
the requirements of this sentence), other than one or more Permitted Holders, is the beneficial owner (as defined in Rule 13d-3
under the Exchange Act), directly or indirectly, of Voting Stock representing more than 50% of the voting power of the Voting Stock
of such holding company.

 

“Consolidated
Income Available for Debt Service” for any period means Earnings from Operations of the Company and its Subsidiaries
plus amounts which have been deducted, and minus amounts which have been added, for the following (without duplication): (i) interest
or distributions on Debt of the Company and its Subsidiaries, (ii) provision for taxes of the Company and its Subsidiaries
based on income, (iii) amortization of debt premiums/discounts and deferred debt issuance costs, (iv) provisions for
gains and losses on properties and property depreciation and amortization, (v) the effect of any noncash charge resulting
from a change in accounting principles in determining Earnings from Operations for such period and (vi) amortization of deferred
charges.

 

“Debt”
of the Company or any Subsidiary means, without duplication, any indebtedness of the Company or any Subsidiary, whether or not
contingent, in respect of:

 

(i)            borrowed
money or evidenced by bonds, notes, debentures or similar instruments;

 

(ii)           borrowed
money secured by any Encumbrance existing on property owned by the Company or any Subsidiary, to the extent of the lesser of (x) the
amount of indebtedness so secured or (y) the fair market value of the property subject to such Encumbrance;

 

(iii)          the
reimbursement obligations, contingent or otherwise, in connection with any letters of credit actually issued (other than letters
of credit issued to provide credit enhancement or support with respect to other indebtedness of the Company or any Subsidiary otherwise
reflected as Debt hereunder) or amounts representing the balance deferred and unpaid of the purchase price of any property or services,
except any such balance that constitutes an accrued expense or trade payable, or all conditional sale obligations or obligations
under any title retention agreement;

 

(iv)          the
principal amount of all obligations of the Company or any Subsidiary with respect to redemption, repayment or other repurchase
of any Disqualified Stock; or

 

(v)           any
lease of property by the Company or any Subsidiary as lessee which is reflected on the Company’s consolidated balance sheet
as a capitalized lease in accordance with generally accepted accounting principles,

 

    - 3 -

     

    

 

to the extent, in the case of items of
indebtedness under (i) through (v) above, that any such items (other than letters of credit) would be properly classified
as a liability on the Company’s consolidated balance sheet in accordance with generally accepted accounting principles. Debt
also (1) excludes any indebtedness (A) with respect to which a defeasance or covenant defeasance or discharge has been
effected (or an irrevocable deposit is made with a trustee in an amount at least equal to the outstanding principal amount of such
indebtedness, the remaining scheduled payments of interest thereon to, but not including, the applicable maturity date or redemption
date, and any premium or otherwise as provided in the terms of such indebtedness) in accordance with the terms thereof or which
has been repurchased, retired, repaid, redeemed, irrevocably called for redemption (and an irrevocable deposit is made with a trustee
in an amount at least equal to the outstanding principal amount of such indebtedness, the remaining scheduled payments of interest
thereon to, but not including, such redemption date, and any premium) or otherwise satisfied or (B) that is secured by cash
or Cash Equivalents irrevocably deposited with a trustee in an amount, in the case of this clause (B), at least equal to the outstanding
principal amount of such indebtedness and the remaining scheduled payments of interest thereon and (2) includes, to the extent
not otherwise included, any obligation by the Company or any Subsidiary to be liable for, or to pay, as obligor, guarantor or otherwise
(other than for purposes of collection in the ordinary course of business), Debt of another Person (other than the Company or any
Subsidiary) (it being understood that Debt shall be deemed to be incurred by the Company or any Subsidiary whenever the Company
or such Subsidiary shall create, assume, guarantee or otherwise become liable in respect thereof).

 

“Depositary”
has the meaning provided in Section 2.1(d) of this Supplemental Indenture.

 

“Disqualified
Stock” means, with respect to any Person, any Capital Stock of such Person which by the terms of such Capital Stock (or
by the terms of any security into which it is convertible or for which it is exchangeable or exercisable), upon the happening of
any event or otherwise (i) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other
than Capital Stock which is redeemable solely in exchange for Capital Stock which is not Disqualified Stock or for Subordinated
Debt), (ii) is convertible into or exchangeable or exercisable for Debt, other than Subordinated Debt, or Disqualified Stock,
or (iii) is redeemable at the option of the holder thereof, in whole or in part (other than Capital Stock which is redeemable
solely in exchange for Capital Stock which is not Disqualified Stock or for Subordinated Debt), in each case on or prior to the
Stated Maturity of the principal of the Notes.

 

“Domestic
Subsidiary” means any Subsidiary of the Company that was organized under the laws of the United States or any state of
the United States or the District of Columbia (excluding, for the avoidance of doubt, any Subsidiary organized under U.S. possessions
such as Puerto Rico).

 

“Earnings
from Operations” for any period means net earnings excluding gains and losses on sales of investments, gains or losses
on early extinguishment of debt, extraordinary items and property valuation losses, in each case as reflected in the financial
statements of the Company and its Subsidiaries for such period, determined on a consolidated basis in accordance with generally
accepted accounting principles.

 

“Encumbrance”
means any mortgage, lien, charge, pledge, security interest or other encumbrance of any kind.

 

    - 4 -

     

    

 

“Excluded
Subsidiary” means any Subsidiary of the Company (i) that is a Pledged Subsidiary, (ii) that is not a Wholly
Owned Subsidiary or that holds no material assets other than the Capital Stock of one or more Subsidiaries that are not Wholly
Owned Subsidiaries, or (iii)(a) holding title to or beneficially owning Properties which are subject to an Encumbrance securing
Debt of such Subsidiary, or being a beneficial owner of a Subsidiary of the Company holding title to or beneficially owning such
Properties (but having no material assets other than such beneficial ownership interests or the Capital Stock of a Subsidiary of
the Company having no material assets other than such beneficial ownership interests) and (b) which (x) is, or is expected
to be, prohibited from Guaranteeing the indebtedness of any other Person pursuant to any document, instrument or agreement evidencing
such Secured Debt or (y) is prohibited from Guaranteeing the indebtedness of any other Person pursuant to a provision of such
Subsidiary’s organizational documents which provision was included in such Subsidiary’s organizational documents as
a condition or anticipated condition to the extension of such Secured Debt; for purposes of this subsection (iii), any Subsidiary
which is a lessee under a lease with a Subsidiary which is an Excluded Subsidiary under this subsection (iii) shall also be
deemed to be an Excluded Subsidiary. In addition, (i) RSA Healthcare, Inc., a Tennessee corporation, a Wholly Owned Subsidiary
that does not own any Property or other assets, and (ii) any Subsidiary that is an “Excluded Subsidiary” as defined
under the Existing Credit and Term Loan Agreements shall be deemed to be an Excluded Subsidiary for purposes of this definition.

 

“Existing
Credit and Term Loan Agreements” means, collectively, (i) that certain Amended and Restated Credit Agreement, dated
August 1, 2017, by and among the Company, Wells Fargo Bank, National Association, as administrative agent, and the lenders
and the other parties thereto, and (ii) that certain Amended and Restated Term Loan Agreement, dated August 1, 2017,
by and among the Company, Wells Fargo Bank, National Association, as administrative agent, and the lenders and the other parties
thereto, in each case, as amended, restated, supplemented, modified, renewed, refunded, increased, extended, replaced in any manner
(whether upon or after termination or otherwise) or refinanced in whole or in part from time to time.

 

“Foreign Subsidiary”
means (a) any Real Foreign Subsidiary, (b) any Domestic Subsidiary that has no material assets (with the determination
of materiality to be made in good faith by the Company) other than Capital Stock of one or more Real Foreign Subsidiaries, and
(c) any Subsidiary (including any Subsidiary that would otherwise be a Domestic Subsidiary) of the Company that owns any Capital
Stock of a Real Foreign Subsidiary if the provision of a subsidiary guarantee by such Subsidiary could reasonably be expected,
in the good faith judgment of the Company, cause any earnings of such Real Foreign Subsidiary, as determined for U.S. federal income
tax purposes, to be treated as a deemed dividend to such Real Foreign Subsidiary’s United States parent for U.S. federal
income tax purposes.

 

“generally
accepted accounting principles” means generally accepted accounting principles in the United States of America, which
were in effect on December 20, 2001.

 

    - 5 -

     

    

 

“Guarantee”
means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any indebtedness of any other
Person and any obligation, direct or indirect, contingent or otherwise, of such Person:

 

(1) to
purchase or pay (or advance or supply funds for the purchase or payment of) such indebtedness of such other Person (whether arising
by virtue of partnership arrangements, or by agreement to keep-well, to purchase assets, goods, securities or services, to take-or-pay,
or to maintain financial statement conditions or otherwise); or

 

(2) entered
into for purposes of assuring in any other manner the obligee of such indebtedness of the payment thereof or to protect such obligee
against loss in respect thereof (in whole or in part);

 

provided, however, that the
term “Guarantee” will not include endorsements for collection or deposit in the ordinary course of business. The term
 “Guarantee” used as a verb has a corresponding meaning.

 

“Interest
Payment Date” with respect to the Notes is defined in Section 101 of the Base Indenture and Section 2.1(e) of
this Supplemental Indenture.

 

“Investment
Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s or BBB- (or the equivalent)
by Standard & Poor’s, or if Moody’s or Standard & Poor’s ceases to rate the Notes for reasons
outside of the Company’s control, the equivalent investment grade rating from any other Rating Agency.

 

“Issue Date”
means February 8, 2021.

 

“Joint Venture
Interests” means assets of the Company and its Subsidiaries constituting an equity investment in real estate assets or
other properties, or in an entity holding real estate assets or other properties, jointly owned by the Company and its Subsidiaries,
on the one hand, and one or more other Persons not constituting Affiliates of the Company, on the other hand, excluding any entity
or properties (i) which is a Subsidiary or are properties if the co-ownership thereof (if in a separate entity) would constitute
or would have constituted a Subsidiary, or (ii) to which, at the time of determination, the Company’s manager at such
time or an Affiliate of the Company’s manager at such time provides management services. In no event shall Joint Venture
Interests include equity securities that are part of a class of equity securities that are traded on a national or regional securities
exchange or a recognized over-the-counter market or any investments in debt securities, mortgages or other Debt.

 

“Make-Whole
Amount” means, in connection with any redemption of any Notes prior to September 1, 2030, the excess, if any, of
(i) the aggregate present value as of the applicable Redemption Date of each dollar of principal being redeemed and the amount
of interest (exclusive of interest accrued to the Redemption Date) that would have been payable in respect of such dollar if such
redemption had been made on September 1, 2030, determined by discounting, on a semiannual basis, such principal and interest
at the Reinvestment Rate (determined on the third (3rd) Business Day preceding the date the notice of redemption relating to such
redemption is given) from the respective dates on which such principal and interest would have been payable if such redemption
had been made on September 1, 2030, over (ii) the aggregate principal amount of the Notes being redeemed. In the case
of any redemption of the Notes on or after September 1, 2030, the Make-Whole Amount means zero. The Make-Whole Amount shall
be calculated by the Company and set forth in an Officer’s Certificate delivered to the Trustee, and the Trustee shall be
entitled to rely on said Officer’s Certificate.

 

    - 6 -

     

    

 

“Mid-BBB Investment Grade Rating”
means a rating equal to or higher than Baa2 (or the equivalent) by Moody’s or BBB (or the equivalent) by Standard &
Poor’s, or if Moody’s or Standard & Poor’s ceases to rate the Notes for reasons outside of the Company’s
control, the equivalent investment grade rating from any other Rating Agency.

 

“Moody’s”
means Moody’s Investors Service, Inc., or any successor thereof.

 

“Notes”
means the Company’s 4.375% Senior Notes due 2031, issued under this Supplemental Indenture and the Indenture, as amended
or supplemented from time to time.

 

“Permitted
Holder” means (i) RMR or any Person to which RMR or its subsidiaries provide management services, in each case,
so long as one or more Principal Parties together, directly or indirectly, control RMR, (ii) a Principal Party and (iii) any
Person, directly or indirectly, controlled by a Principal Party.

 

“Pledged Subsidiary”
means a Subsidiary the Capital Stock of which has been pledged as collateral to secure amounts outstanding under the Existing Credit
and Term Loan Agreements.

 

“Principal
Party” means the individual who, as of the Issue Date, is the ultimate controlling stockholder of RMR, and his immediate
family members and his and their lineal descendants.

 

“Property”
means any parcel of real property, together with all improvements thereon.

 

“Rating Agencies”
means (1) each of Moody’s and Standard & Poor’s; and (2) if either Moody’s or Standard &
Poor’s 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” as such term is defined in Section 3(a)(62)
of the Exchange Act, selected by the Company as a replacement agency for Moody’s or Standard & Poor’s, or
either of them, as the case may be.

 

“Real Foreign Subsidiary”
means a Subsidiary of the Company that is not a Domestic Subsidiary.

 

“Regular Record
Date” with respect to the Notes is defined in Section 101 of the Base Indenture and Section 2.1(e) of
this Supplemental Indenture.

 

“Reinvestment
Rate” means a rate per annum equal to the sum of 0.50% (fifty one hundredths of one percent) and the arithmetic mean
of the yields on treasury securities at constant maturity displayed for each of the five (5) most recent days published in
the Statistical Release under the caption “Treasury constant maturities” for the maturity (rounded to the nearest month)
corresponding to the remaining life to maturity (which, in the case of maturities corresponding to the principal and interest due
on the Notes at their maturity, shall be deemed to be September 1, 2030), as of the Redemption Date of the Notes being redeemed.
If no maturity exactly corresponds to such remaining life to maturity, yields for the two published maturities most closely corresponding
to such remaining life to maturity shall be calculated pursuant to the immediately preceding sentence and the Reinvestment Rate
shall be interpolated or extrapolated from such yields on a straight-line basis, rounding in each of such relevant periods to the
nearest month. For purposes of calculating the Reinvestment Rate, the most recent Statistical Release published prior to the date
of determination of the Make-Whole Amount shall be used.

 

    - 7 -

     

    

 

“RMR”
means The RMR Group Inc. or its successors and assigns.

 

“Secured Debt”
means Debt of the Company or its Subsidiaries secured by an Encumbrance on the property of the Company or its Subsidiaries.

 

“Significant
Subsidiary” means any Subsidiary which is a “significant subsidiary” (within the meaning of Regulation S-X,
promulgated by the Commission under the Securities Act) of the Company.

 

“Standard &
Poor’s” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services
LLC business, or any successor thereof.

 

“Statistical
Release” means the statistical release designated “H.15” or any successor publication which is published
daily by the Federal Reserve System and which establishes yields on actively traded United States government securities adjusted
to constant maturities or, if such statistical release (or any successor publication) is not published at the time of any determination
under the Indenture, then any publicly available source of similar market data used for this purpose in accordance with customary
market practice which shall be designated by the Company.

 

“Subordinated
Debt” means Debt which by the terms of such Debt is subordinated in right of payment to the principal of and interest
and premium, if any, on the Notes.

 

“Subsidiary”
means any corporation or other Person of which a majority of (i) the voting power of the voting equity securities or (ii) the
outstanding equity interests of which are owned, directly or indirectly, by the Company or one or more other Subsidiaries of the
Company, and which is required to be consolidated in accordance with generally accepted accounting principles. For the purposes
of this definition, “voting equity securities” means equity securities having voting power for the election of directors
or persons serving comparable functions as directors, whether at all times or only so long as no senior class of security has such
voting power by reason of any contingency.

 

“Subsidiary Guarantee”
means, individually, any Guarantee of payment of the Notes by a Subsidiary Guarantor pursuant to the terms of Article 6
of this Supplemental Indenture.

 

“Subsidiary
Guarantor” means each Initial Subsidiary Guarantor and any other Subsidiary of the Company that provides a Subsidiary
Guarantee of the Notes in accordance with the Indenture; provided that upon the release or discharge of such Person from
its Subsidiary Guarantee in accordance with the Indenture, such Person ceases to be a Subsidiary Guarantor.

 

“Total Assets”
as of any date means the sum of (i) the Undepreciated Real Estate Assets and (ii) all other assets of the Company and
its Subsidiaries determined in accordance with generally accepted accounting principles (but excluding accounts receivable and
intangibles).

 

    - 8 -

     

    

 

“Total Unencumbered
Assets” as of any date means the sum of (i) Undepreciated Real Estate Assets not securing any portion of Secured
Debt and (ii) the amount of all other assets of the Company and its Subsidiaries not securing any portion of Secured Debt,
in each case on such date determined on a consolidated basis in accordance with generally accepted accounting principles (but excluding
accounts receivable and intangibles); provided that, in determining Total Unencumbered Assets as a percentage of the aggregate
outstanding principal amount of the Unsecured Debt of the Company and its Subsidiaries on a consolidated basis for purposes of
the covenant set forth in Section 3.1(b) of this Supplemental Indenture, Joint Venture Interests shall be excluded
from Total Unencumbered Assets to the extent such Joint Venture Interests would otherwise be included therein.

 

“Undepreciated
Real Estate Assets” as of any date means the cost (original cost plus capital improvements) of real estate and associated
tangible personal property used in connection with the real estate assets of the Company and its Subsidiaries on such date, before
depreciation and amortization determined on a consolidated basis in accordance with generally accepted accounting principles.

 

“Unsecured
Debt” means any Debt of the Company or its Subsidiaries which is not Secured Debt.

 

“Voting Stock”
means with respect to any Person, Capital Stock of any class or kind ordinarily having the power to vote for the election of directors,
trustees, managers or other voting members of the governing body of such Person.

 

“Wholly Owned
Subsidiary” means any Subsidiary of the Company of which all the outstanding Voting Stock of such Subsidiary (other than
directors’ qualifying shares and other than an immaterial amount of Voting Stock required to be owned by other Persons pursuant
to applicable law or regulation) is owned by the Company and/or one or more Subsidiaries of the Company.

 

ARTICLE 2

 

TERMS OF THE NOTES

 

Section 2.1            Terms
of the Notes. Pursuant to Section 301 of the Base Indenture, the Notes shall have the following terms and conditions:

 

(a)           Title.
The Notes shall be in registered form under the Indenture and shall be known as the Company’s “4.375% Senior Notes
due 2031.”

 

(b)           Aggregate
Principal Amount. Except (i) as provided in this Section and (ii) for Notes authenticated and delivered upon
registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Section 304, 305, 306,
906 or 1107 of the Base Indenture and except for any Notes which, pursuant to Section 303 of the Base
Indenture, are deemed never to have been authenticated and delivered hereunder, the Notes will be limited to an aggregate principal
amount of $500,000,000, subject to the right of the Company to reopen such series for issuances of additional Notes having the
same terms and conditions as the Notes issued on the Issue Date except for issue date, issue price and, if applicable, the first
Interest Payment Date thereon and related interest accrual date.

 

    - 9 -

     

    

 

(c)           Form of
Notes. The Notes (together with the Trustee’s certificate of authentication) shall be substantially in the form of Exhibit A
hereto, which is hereby incorporated in and made a part of this Supplemental Indenture.

  

(d)           Registered
Securities in Book Entry Form. The Notes shall be initially issued in the form of one or more registered Global Securities
without coupons (each, a “Global Note”) and shall be deposited with, or on behalf of, The Depository Trust Company
(“DTC” and, together with any successor depositary with respect to the Global Notes appointed under the Indenture,
the “Depositary”) and registered in the name of DTC’s nominee, Cede & Co. Unless and until it
is exchanged in whole or in part for the individual Notes represented thereby under the circumstances described below, a Global
Note may not be transferred except as a whole by a Depositary to its nominee, by a nominee of a Depositary to such Depositary or
another nominee of such Depositary, or by a Depositary or its nominee to a successor Depositary or a nominee of such successor.

 

So long as a Depositary
or its nominee is the Holder of a Global Note, such Depositary or its nominee, as the case may be, will be considered the sole
owner or Holder of the Notes represented by such Global Note for all purposes under the Indenture. Except as provided below, owners
of a beneficial interest in Notes evidenced by a Global Note will not be entitled to have any of the individual Notes represented
by such Global Note registered in their names, will not receive or be entitled to receive physical delivery of any such Notes in
definitive form and will not be considered the owners or Holders thereof under the Indenture for any purpose, including with respect
to giving of any direction, instructions or approvals to the Trustee hereunder.

 

A Global Note may be
exchanged in whole or in part for individual Notes represented thereby only if (i) the Depositary (A) has notified the
Company that it is unwilling or unable to continue as a depositary for such Global Note or (B) has ceased to be a clearing
agency registered under the Exchange Act, and in either case a successor depositary shall not have been appointed by the Company
within ninety (90) days after such notice is received by the Company or the Company becomes aware of such cessation, respectively,
or (ii) there shall have occurred and be continuing an Event of Default with respect to such Global Note and the Security
Registrar has received a written request from an owner of beneficial interest in such Global Note to receive registered Notes.
In any such case, the Company will issue individual Notes in exchange for such Global Note representing such Notes in authorized
denominations.

 

Notwithstanding any provisions
of Section 2.1(e) or Section 2.1(f) of this Supplemental Indenture to the contrary, payments
of principal, premium, if any, and interest on any Global Note shall be made in accordance with the procedures of the Depositary
and its participants in effect from time to time.

 

    - 10 -

     

    

 

(e)           Interest
and Interest Rate. The Notes will bear interest at a rate of 4.375% per annum, from February 8, 2021 (or, in the case
of Notes issued after February 8, 2021, from the date designated by the Company in connection with such issuance), or from
the immediately preceding Interest Payment Date to which interest has been paid or duly provided for, payable semi-annually in
arrears on March 1 and September 1 of each year, commencing September 1, 2021 (each of which shall be an “Interest
Payment Date”), or if such day is not a Business Day, on the next succeeding Business Day, to the Persons in whose names
the Notes are registered in the Security Register at the close of business on the Regular Record Date for such interest, which
shall be February 15 or August 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment
Date (each, a “Regular Record Date”).

 

(f)            Principal
Repayment; Currency. The Stated Maturity of the principal of the Notes is March 1, 2031; provided, however, the Notes
may be earlier redeemed at the option of the Company as provided in Section 2.1(g) of this Supplemental Indenture
and the Company may be obligated to repurchase the Notes prior to the Stated Maturity of the principal of the Notes as provided
in Section 3.1(f) of this Supplemental Indenture. The principal of each Note payable at its Maturity shall be
paid against presentation and surrender thereof at the Corporate Trust Office, in such coin or currency of the United States of
America as at the time of payment is legal tender for the payment of public or private debts.

 

(g)           Redemption
at the Option of the Company. The Notes will be subject to redemption in whole at any time or in part from time to time prior
to their maturity at the option of the Company upon not less than fifteen (15) nor more than sixty (60) days’ notice to each
Holder of Notes to be redeemed at its address appearing in the Security Register, or, in the case of any Global Note, in accordance
with the procedures of the Depositary and its participants in effect from time to time, at a Redemption Price equal to the sum
of (i) the principal amount of the Notes being redeemed, plus accrued and unpaid interest, if any, to, but not including,
the applicable Redemption Date and (ii) the Make-Whole Amount, if any (it being understood that if the Notes are redeemed
on or after September 1, 2030, the Make-Whole Amount equals zero).

 

On or before 11:00 a.m. Eastern
Time on any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as
its own Paying Agent, segregate and hold in trust as provided in Section 1003 of the Base Indenture) an amount of money
sufficient to pay the Redemption Price of, and accrued and unpaid interest on, all the Notes which are to be redeemed on such Redemption
Date. If the Company instructs the Trustee in writing to send the notice of redemption in the name of and at the expense of the
Company as provided in Section 1104 of the Base Indenture, the Company shall provide the Trustee with such written
instruction at least five (5) Business Days (or such shorter time as the Trustee may agree) prior to the date such notice
of redemption is to be sent..

 

(h)           Notices.
Notices to the Company or any Subsidiary Guarantor shall be directed to it at Two Newton Place, 255 Washington Street, Suite 300,
Newton, Massachusetts 02458-1634, fax number (617) 796-8349, Attention: President; notices to the Trustee shall be directed to
it at One Federal Street, 3rd Floor, Boston, Massachusetts 02110, email: david.doucette@usbank.com, fax number (617) 603-6683,
Attention: Corporate Trust Department, re: Diversified Healthcare Trust 4.375% Senior
Notes due 2031, or as to any party, at such other address as shall be designated by
such party in a written notice to the other parties. All notices and communications (other than those sent to Holders of the Notes)
shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five (5) calendar days after
mailing if sent by registered or certified mail, postage prepaid (except that a notice of change of address shall not be deemed
to have been given until actually received by the addressee); when receipt is acknowledged, if sent by e-mail or facsimile; and
the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery.

 

    - 11 -

     

    

 

(i)            Legal
Holidays. If any Interest Payment Date, Redemption Date or Change of Control Payment Date for the Notes or the Stated Maturity
for the principal of the Notes falls on a day that is not a Business Day, the payment otherwise payable on such day will be due
and payable on the next succeeding Business Day, and no interest will accrue thereon for the period from and after such Interest
Payment Date, Redemption Date, Change of Control Payment Date or Stated Maturity, as the case may be, through such next succeeding
Business Day. The provisions of this Section 2.1(i) shall supersede and replace Section 113 of the
Base Indenture with respect to the Notes.

 

ARTICLE 3

 

ADDITIONAL COVENANTS

 

Section 3.1            Additional
Covenants. In addition to the covenants of the Company set forth in Article Eight and Article Ten of the Base Indenture,
Holders of the Notes shall have the benefit of the following covenants:

 

(a)           Limitations
on Incurrence of Debt.

 

(i)            The
Company will not, and will not permit any Subsidiary to, incur any Debt if, immediately after giving effect to the incurrence of
such additional Debt and the application of the proceeds therefrom, the aggregate principal amount of all outstanding Debt of the
Company and its Subsidiaries on a consolidated basis determined in accordance with generally accepted accounting principles is
greater than 60% of the sum of (without duplication):

 

(A)          the
Total Assets of the Company and its Subsidiaries as of the end of the fiscal quarter covered by the Company’s Annual Report
on Form 10-K, or its Quarterly Report on Form 10-Q, as the case may be, most recently filed with the Commission (or,
if such filing is not permitted or required under the Exchange Act, with the Trustee) prior to the incurrence of such additional
Debt; and

 

(B)          the
purchase price of any real estate assets or mortgages receivable acquired, and the amount of any securities offering proceeds received
(to the extent that such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt),
by the Company or any Subsidiary since the end of such fiscal quarter, including those proceeds obtained in connection with the
incurrence of such additional Debt.

 

For purposes of this Supplemental Indenture, “Adjusted
Total Assets” means the sum of (A) and (B) above.

 

    - 12 -

     

    

 

(ii)           The
Company will not, and will not permit any Subsidiary to, incur any Secured Debt if, immediately after giving effect to the incurrence
of such additional Secured Debt and the application of the proceeds therefrom, the aggregate principal amount of all outstanding
Secured Debt of the Company and its Subsidiaries on a consolidated basis determined in accordance with generally accepted accounting
principles is greater than 40% of Adjusted Total Assets.

 

(iii)          The
Company will not, and will not permit any Subsidiary to, incur any Debt if, immediately after giving effect to the incurrence of
such additional Debt and on a pro forma basis, including the application of the proceeds therefrom, the ratio of Consolidated Income
Available for Debt Service to the Annual Debt Service for the four consecutive fiscal quarters most recently ended prior to the
date on which such additional Debt is to be incurred is less than 1.5 to 1.0, calculated on the assumptions that:

 

(A)          such
Debt and any other Debt incurred by the Company and its Subsidiaries on a consolidated basis since the first day of such four-quarter
period and the application of the proceeds therefrom, including to refinance other Debt, had occurred at the beginning of such
period;

 

(B)          the
repayment, retirement or other discharge of any other Debt by the Company and its Subsidiaries on a consolidated basis since the
first day of such four-quarter period had occurred at the beginning of such period (except that, in making such computation, the
amount of Debt under any revolving credit facility shall be computed based upon the average daily balance of such Debt during such
period);

 

(C)           in
the case of Acquired Debt or Debt incurred in connection with or in contemplation of any acquisition, including any Person becoming
a Subsidiary, since the first day of such four-quarter period, the related acquisition had occurred as of the first day of such
period with appropriate adjustments with respect to such acquisition being included in such pro forma calculation; and

 

(D)          in
the case of any acquisition or disposition by the Company and its Subsidiaries on a consolidated basis of any asset or group of
assets since the first day of such four-quarter period, whether by merger, stock purchase or sale, or asset purchase or sale, such
acquisition or disposition or any related repayment of Debt had occurred as of the first day of such period with the appropriate
adjustments with respect to such acquisition or disposition being included in such pro forma calculation.

 

If the Debt
giving rise to the need to make the foregoing calculation or any other Debt incurred after the first day of the relevant four-quarter
period bears interest at a floating interest rate, then, for purposes of calculating the Annual Debt Service, the interest rate
on such Debt shall be computed on a pro forma basis as if the average interest rate which would have been in effect during the
entirety of such four-quarter period had been the applicable rate for the entirety of such period.

 

    - 13 -

     

    

 

 

(b)            Maintenance
of Total Unencumbered Assets. The Company and its Subsidiaries will at all times maintain Total Unencumbered Assets of not
less than 150% of the aggregate outstanding principal amount of the Unsecured Debt of the Company and its Subsidiaries on a consolidated
basis in accordance with generally accepted accounting principles.

 

(c)            Provision
of Financial Information. Whether or not the Company is subject to Section 13 or 15(d) of the Exchange Act, it will,
within fifteen (15) days after each of the respective dates by which it would have been required to file annual reports, quarterly
reports and other documents with the Commission if it were so subject, (1) transmit by mail to all Holders, as their names
and addresses appear in the Security Register, without cost to such Holders, copies of the annual reports, quarterly and other
reports, financial statements and other documents which it would have been required to file with the Commission pursuant to Section 13
or 15(d) of the Exchange Act, if it were subject to such Sections, (2) file with the Trustee copies of the annual reports,
quarterly or other reports, financial statements and other documents which it would have been required to file with the Commission
pursuant to Section 13 or 15(d) of the Exchange Act, if it was subject to such Sections, and (3) promptly upon written
request and payment of the reasonable cost of duplication and delivery, supply copies of such documents to any prospective Holder;
provided that, the foregoing requirements shall be deemed satisfied if the foregoing materials are available on the Commission’s
EDGAR system or on the Company’s website within the applicable time period. The Trustee shall have no liability or responsibility
for the filing, timeliness or content of any such reports, financial statements, documents or information filed by the Company
and delivery of such reports, financial statements, documents or information to the Trustee is for informational purposes only
and receipt of such shall not constitute constructive notice thereof or any information contained therein.

 

Notwithstanding the
foregoing, if at any time the Notes are guaranteed by any direct or indirect parent company of the Company, the Company may satisfy
its obligations under this Section 3.1(c) with respect to financial information relating to the Company by furnishing
financial information relating to such direct or indirect parent company; provided, however, that the same is accompanied by consolidating
information that explains in reasonable detail the differences between the information relating to such direct or indirect parent
company and any of its Subsidiaries other than the Company and its Subsidiaries, on the one hand, and the information relating
to the Company and its Subsidiaries on a standalone basis, on the other hand.

 

(d)            Additional
Subsidiary Guarantees. If at any time (i) any Subsidiary (whether existing at the Issue Date or acquired or created after
the Issue Date) becomes (including on the date of acquisition or creation) a Subsidiary that is not an Excluded Subsidiary or a
Foreign Subsidiary or (ii) any Subsidiary ceases to be an Excluded Subsidiary or a Foreign Subsidiary, then the Company will
cause such Subsidiary to execute and deliver to the Trustee, within thirty (30) days from the date such Subsidiary became a Subsidiary
that is not an Excluded Subsidiary or a Foreign Subsidiary or ceased to be an Excluded Subsidiary or a Foreign Subsidiary, as the
case may be, a supplemental indenture in a form reasonably satisfactory to the Trustee pursuant to which such Subsidiary will fully
and unconditionally guarantee the Notes, jointly and severally with all other Subsidiary Guarantors, and deliver an Officer’s
Certificate and Opinion of Counsel reasonably satisfactory to the Trustee.

 

    	 	- 14 -	 

     

    

 

The covenant in this
Section 3.1(d) will automatically and permanently terminate and the Company will be automatically and permanently
released from all its obligations under this Section 3.1(d) on and after the date on which (a) the Notes
have received an Investment Grade Rating from both Rating Agencies and one of such Investment Grade Ratings is a Mid-BBB Investment
Grade Rating, and (b) no Default or Event of Default has occurred and is continuing.

 

(e)            Subsidiary
Guarantor May Consolidate, Etc., Only on Certain Terms; Successor Substituted. A Subsidiary Guarantor may not consolidate
with or merge into any other Person or convey, transfer or lease all or substantially all of its properties and assets to any
other Person (other than the Company or another Subsidiary Guarantor), and a Subsidiary Guarantor may not permit any other Person
(other than the Company or another Subsidiary Guarantor) to consolidate with or merge into it, unless:

 

(i)            either
(1) the Subsidiary Guarantor is the surviving entity or (2) the Person formed by or surviving any such consolidation
or merger (if other than the Subsidiary Guarantor) or to which such conveyance, transfer or lease has been made is an entity organized
and validly existing under the laws of the United States, any state thereof or the District of Columbia and expressly assumes,
by a supplemental indenture executed and delivered to the Trustee, in form satisfactory to the Trustee, the Subsidiary Guarantor’s
obligations under its Subsidiary Guarantee and the Indenture;

 

(ii)            immediately
after giving effect to such transaction, and treating any indebtedness which becomes an obligation of the Subsidiary Guarantor,
any other Subsidiary or the Company as a result of such transaction as having been incurred by the Subsidiary Guarantor, such Subsidiary
or the Company at the time of such transaction, no Event of Default, and no event which, after notice or lapse of time or both,
would become an Event of Default shall have happened and be continuing; and

 

(iii)           the
Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation,
merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental
indenture comply with this Section 3.1(e) and that all conditions precedent provided for in the Indenture relating to
such transaction have been complied with;

 

provided that this Section 3.1(e) shall
not apply to a transaction pursuant to which such Subsidiary Guarantor shall be released from its obligations under its Subsidiary
Guarantee and the Indenture in accordance with Section 6.4 of this Supplemental Indenture.

 

Upon any consolidation of a Subsidiary Guarantor
with, or merger of a Subsidiary Guarantor into, any other Person or any conveyance, transfer or lease all or substantially all
of the properties and assets of a Subsidiary Guarantor in accordance with this Section 3.1(e), the successor Person formed
by such consolidation or into which such Subsidiary Guarantor is merged or to which such conveyance, transfer or lease is made
shall succeed to, and be substituted for, and may exercise every right and power of, such Subsidiary Guarantor under the Indenture
with the same effect as if such successor Person had been named as a Subsidiary Guarantor in the Indenture, and thereafter, except
in the case of a lease, the predecessor Subsidiary Guarantor shall be relieved of all obligations and covenants under the Indenture
and its Subsidiary Guarantee.

 

    	 	- 15 -	 

     

    

 

(f)            Repurchase
of Notes upon Change of Control. If a Change of Control occurs, each Holder of Notes will have the right to require the Company
to repurchase some or all (in minimum principal amounts of $2,000 or an integral multiple of $1,000, provided that the remaining
principal amount of any Note repurchased in part must not be less than $2,000) of such Holder’s Notes at a purchase price
in cash equal to 101% of the principal amount of the Notes plus accrued and unpaid interest, if any, up to, but not including,
the date of repurchase (the “Change of Control Payment”).

 

Within ten (10) Business
Days following a Change of Control, the Company will mail a notice to each Holder of Notes (with a copy to the Trustee) describing
the transaction or transactions that constitute, or are expected to constitute, the Change of Control and offering to repurchase
Notes on a specified date (the “Change of Control Payment Date”), at a purchase price equal to the Change of
Control Payment (the “Change of Control Offer”). The Change of Control Payment Date will be no earlier than
30 days and no later than sixty (60) days from the date such notice is mailed (or in the case of Global Notes, given pursuant to
applicable procedures of the Depositary).

 

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 and not withdrawn pursuant to the Change of Control Offer;

 

(ii)            deposit
with the Paying Agent for the Notes an amount equal to the Change of Control Payment in respect of all Notes or portions thereof
so accepted; and

 

(iii)           deliver
or cause to be delivered to the Trustee the Notes accepted and an Officer’s Certificate stating the aggregate principal
amount of all Notes purchased by the Company.

 

The Paying Agent for
the Notes will promptly mail to each Holder of Notes properly tendered (or in the case of Global Notes, will promptly pay to the
Depositary or its nominee) the Change of Control Payment for such Notes, and the Trustee will promptly authenticate and mail to
each Holder a new Note in principal amount equal to any unpurchased portion of the Notes surrendered; provided that such
new Note will be in a minimum principal amount of $2,000 or an integral multiple of $1,000 in excess thereof.

 

The Company will comply
with the requirements of Section 14(e) of the Exchange Act and any other securities laws or regulations to the extent
those laws and regulations are applicable to any Change of Control Offer. If the provisions of any of the applicable securities
laws or regulations conflict with the provisions of this Section 3.1(f), the Company will comply with the applicable securities
laws and regulations and will not be deemed to have breached its obligations under this Section 3.1(f) by virtue of that
compliance.

 

    	 	- 16 -	 

     

    

 

The Company will not
be obligated to make or consummate a Change of Control Offer 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 3.1(f) 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.
In addition, the Company will not be obligated to make or consummate a Change of Control Offer with respect to the Notes, if it
has irrevocably elected to redeem all of the Notes under Section 2.1(g) of this Supplemental Indenture and has
not defaulted on its redemption obligations. Notwithstanding anything to the contrary contained herein, a Change of Control Offer
may be made in advance of a Change of Control, subject to one or more conditions precedent, including, but not limited to, the
consummation of such Change of Control. The Change of Control Payment Date may be delayed until such time (including more than
sixty (60) days after the notice is mailed or delivered, including by electronic transmission) as such Change of Control is consummated.
The Company may rescind or amend the Change of Control Offer in the event that the Company shall determine that the Change of Control
will not occur by the Change of Control Payment Date, or by the Change of Control Payment Date as so delayed. A Change of Control
Offer made in advance of the Change of Control may be made at the same time as consents are solicited with respect to an amendment,
supplement or waiver of the Indenture. Prior to the occurrence of a Change of Control, the provisions of this Section 3.1(f) relating
to the Company’s obligation to make a Change of Control Offer may be waived or modified with the written consent of the Holders
of a majority in principal amount of the Notes then outstanding.

 

ARTICLE 4

 

SUPPLEMENTAL INDENTURES

 

Section 4.1     Restatement
of Section 901 of the Base Indenture. The provisions of Section 901 of the Base Indenture, as applied to the
Notes, are restated in their entirety and shall be deemed to read as follows in lieu of the provisions set forth therein:

 

“Section 901     Supplemental Indentures Without Consent of Holders

 

Without the consent
of any Holders, the Company, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may enter
into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes:

 

(a)            to
evidence the succession of another Person to the Company or a Subsidiary Guarantor and the assumption by any such successor of
the covenants of the Company herein and in the Securities or the covenants of such Subsidiary Guarantor herein and in its Subsidiary
Guarantee; or

 

(b)            to
add to the covenants of the Company or any Subsidiary Guarantor for the benefit of the Holders of all or any series of Securities
(and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly
being included solely for the benefit of such series) or to surrender any right or power herein conferred upon the Company or any
Subsidiary Guarantor; or

 

(c)            to
add any additional Events of Default for the benefit of the Holders of all or any series of Securities (and if such additional
Events of Default are to be for the benefit of less than all series of Securities, stating that such additional Events of Default
are expressly being included solely for the benefit of such series); or

 

    	 	- 17 -	 

     

    

 

(d)            to
add to or change any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the issuance
of Securities of any series in bearer form, registrable or not registrable as to principal, and with or without interest coupons,
or to permit or facilitate the issuance of any series of Securities in uncertificated form; or

 

(e)            to
add to, change or eliminate any of the provisions of this Indenture in respect of one or more series of Securities, provided
that any such addition, change or elimination (i) shall neither (A) apply to any Security of any series created prior
to the execution of such supplemental indenture and entitled to the benefit of such provision nor (B) modify the rights of
the Holder of any such Security with respect to such provision or (ii) shall become effective only when there is no such Security
Outstanding; or

 

(f)            to
add guarantees of or to secure all or any series of the Securities or any guarantees thereof; or

 

(g)            to
evidence the release of any Subsidiary Guarantor or any guarantor of the Securities of any series; or

 

(h)            to
evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or
more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 611; or

 

(i)           to
establish the forms or terms of Securities of any series as permitted by Sections 201 and 301 or to provide for the issuance of
additional Securities of any series; or

 

(j)            to
cure any ambiguity, to correct or supplement any provision contained herein or in any indenture supplemental hereto which may be
defective or inconsistent with any other provision contained herein or in any supplemental indenture or to conform the terms hereof,
as amended and supplemented, that are applicable to the Securities of any series to the description of the terms of such Securities
in the offering memorandum, prospectus supplement or other offering document applicable to such Securities at the time of initial
sale thereof; or

 

(k)           to
supplement any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the defeasance
(whether legal or covenant defeasance) or satisfaction and discharge of any series of Securities; provided that any such
action shall not adversely affect the interests of the Holders of Securities of such series or any other series of Securities in
any material respect; or

 

(l)            to
prohibit the authentication and delivery of additional series of Securities; or

 

(m)          to
add to or change or eliminate any provision of this Indenture as shall be necessary or desirable in accordance with any amendments
to the Trust Indenture Act;

 

    	 	- 18 -	 

     

    

 

(n)            to
comply with the rules of any applicable Depositary; or

 

(o)            to
make any other provisions with respect to matters or questions arising under the Indenture, provided that such action pursuant
to this clause (n) shall not adversely affect the interests of the Holders of Securities of any series in any material
respect.”

 

Section 4.2     Restatement
of Section 902 of the Base Indenture. The provisions of Section 902 of the Base Indenture, as applied to the Notes,
are restated in their entirety and shall be deemed to read as follows in lieu of the provisions set forth therein:

 

“Section 902     Supplemental Indentures With Consent of Holders

 

With the consent of
the Holders of not less than a majority in principal amount of the Outstanding Securities of each series affected by such supplemental
indenture, by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution,
and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of
Securities of such series under this Indenture; provided, however, that no such supplemental indenture shall, without
the consent of the Holder of each Outstanding Security affected thereby,

 

(a)            change
the Stated Maturity of the principal of, or any installment of principal of or interest on, any Security, or reduce the principal
amount thereof or the rate of interest thereon, or reduce the amount (including the amount of any premium) due upon the redemption
thereof, or  reduce the amount of the principal of a Security which would be due and
payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502, or change the date on which any
Security may be subject to redemption, or change any Place of Payment where, or the coin or currency in which, any Security or
any premium or interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or
after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date or, in the case of a Change of
Control Offer, on or after the Change of Control Payment Date (or Change of Control Payment Date as may be delayed, as the case
may be)), or

 

(b)            reduce
the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any
such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions
of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture, or

 

(c)            release
any Subsidiary Guarantor from any of its obligations under its Subsidiary Guarantee or this Indenture except in accordance with
the terms of this Indenture; or

 

(d)            amend,
supplement, waive or modify the Company’s obligation to make a Change of Control Offer, or reduce the premium payable upon
any repurchase of Notes pursuant to a Change of Control Offer or change the time at which any Notes may be repurchased pursuant
to Section 3.1(f) of the Supplemental Indenture, whether through an amendment, supplement, waiver or modification
of provisions in Section 3.1(f) of the Supplemental Indenture or any definitions or other provisions in this Indenture
or otherwise, unless such amendment, supplement waiver or modification shall be in effect prior to the occurrence of the applicable
Change of Control; or

 

    	 	- 19 -	 

     

    

 

(e)            modify
any of the provisions of this Section, Section 513 or Section 1006, except to increase any such percentage or to provide
that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding
Security affected thereby; provided, however, that this clause shall not be deemed to require the consent of any
Holder with respect to changes in the references to “the Trustee” and concomitant changes in this Section and
Section 1006, or the deletion of this proviso, in accordance with the requirements of Section 611 and clause (h) of
Section 901.

 

A supplemental indenture which changes or
eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or
more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to
such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of
any other series.

 

It shall not be necessary for any Act of
Holders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient
if such Act shall approve the substance thereof.”

 

ARTICLE 5

 

OTHER PROVISIONS

 

Section 5.1     Restatement
of Section 101 of the Base Indenture. (a) The provisions of Section 101(a) of the Base Indenture, as applied
to the Notes, are restated in their entirety and shall be deemed to read as follows in lieu of the provisions set forth therein:

 

“(a) the
terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the
singular, and the terms “Change of Control,” “Change of Control Offer,” “Change of Control Payment
Date,” “Notes,” “Subsidiary Guarantee” and “Subsidiary Guarantor” have the meanings assigned
to them in the Supplemental Indenture and include the plural as well as the singular;”

 

(b) Section 101 of the Base Indenture,
as applied to the Notes, is further amended by adding the following defined term in its appropriate alphabetical position:

 

““Supplemental
Indenture” means the Fourth Supplemental Indenture to this Indenture, dated as of February 8, 2021, by and among
the Company, the subsidiary guarantors named therein, and the Trustee, as the same may be amended or supplemented from time to
time.”

 

Section 5.2     Restatement
of Section 501(a) of the Base Indenture. The provisions of Section 501(a) of the Base Indenture,
as applied to the Notes, are restated in their entirety and shall be deemed to read as follows in lieu of the provisions set forth
therein:

 

    	 	- 20 -	 

     

    

 

“(a)     default
in the payment of principal of or any premium on any Security of that series at its Maturity (including, in the case of the Notes,
a default in making a payment to purchase Notes pursuant to a Change of Control Offer); or”

 

Section 5.3     Sinking
Funds not Applicable. Section 501(c) of the Base Indenture shall not be applicable to the Notes.

 

Section 5.4     Restatement
of Section 501(d) of the Base Indenture. The provisions of Section 501(d) of the Base Indenture,
as applied to the Notes, are restated in their entirety and shall be deemed to read as follows in lieu of the provisions set forth
therein:

 

“(d)     default
in the performance of, or breach of, any covenant of the Company or any Subsidiary Guarantor in this Indenture (other than a default
under Section 501(a) or Section 501(b) or which has been expressly included in this Indenture solely for the
benefit of a series of Securities other than that series), and continuance of such default or breach for a period of sixty (60)
days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee
by the Holders of more than 25% in principal amount of the Outstanding Securities of that series a written notice specifying such
default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder;
or”

 

Section 5.5     Restatement
of Section 501(e) of Base Indenture. The provisions of Section 501(e) of the Base Indenture, as
applied to the Notes, are restated in their entirety and shall be deemed to read as follows in lieu of the provisions set forth
therein:

 

“(e)     the
Company or one of its Significant Subsidiaries, if any, pursuant to or within the meaning of any Bankruptcy Law (i) commences
a voluntary case, (ii) consents to the entry of an order for relief against it in an involuntary case, or (iii) consents
to the appointment of a Custodian of it or for all or substantially all of its property; or”

 

Section 5.6     Restatement
of Section 501(f) of Base Indenture. The provisions of Section 501(f) of the Base Indenture, as
applied to the Notes, are restated in their entirety and shall be deemed to read as follows in lieu of the provisions set forth
therein:

 

“(f)     a
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: (i) is for relief against the Company
or one of its Significant Subsidiaries in an involuntary case, (ii) appoints a Custodian of the Company or such Significant
Subsidiary or for all or substantially all of its property, or (iii) orders the liquidation of the Company or such Significant
Subsidiary, and the order or decree remains unstayed and in effect for ninety (90) days; or”

 

    	 	- 21 -	 

     

    

 

Section 5.7     Additional
Events of Default. In accordance with Section 501(g) of the Base Indenture, each of the following shall also
constitute an “Event of Default” with respect to the Notes:

 

(1) 
default under any bond, debenture, note or other evidence of indebtedness of the Company, or under any mortgage, indenture or other
instrument of the Company (including a default with respect to Securities issued under the Indenture other than the Notes) under
which there may be issued or by which there may be secured any indebtedness of the Company (or by any Subsidiary, the repayment
of which the Company has guaranteed or for which the Company is directly responsible or liable as obligor or guarantor), whether
such indebtedness now exists or shall hereafter be created, which default shall constitute a failure to pay an aggregate principal
amount exceeding $50,000,000 of such indebtedness when due and payable after the expiration of any applicable grace period with
respect thereto and shall have resulted in such indebtedness in an aggregate principal amount exceeding $50,000,000 becoming or
being declared due and payable prior to the date on which it would otherwise have become due and payable, without such indebtedness
having been discharged, or such acceleration having been rescinded or annulled, within a period of ten (10) days after there
shall have been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the
Holders of more than 25% in aggregate principal amount of the Outstanding Notes, a written notice specifying such default and requiring
the Company to cause such indebtedness to be discharged or cause such acceleration to be rescinded or annulled and stating that
such notice is a “Notice of Default” under the Indenture; and

 

(2) 
any Subsidiary Guarantee of a Subsidiary Guarantor that is a Significant Subsidiary ceases
to be in full force and effect (except as contemplated by the terms of the Indenture) or is declared null and void in a judicial
proceeding or any Subsidiary Guarantor that is a Significant Subsidiary or group of Subsidiary Guarantors that taken together would
constitute a Significant Subsidiary denies or disaffirms its or their, as the case may be, obligations under the Indenture or its
or their Subsidiary Guarantees, as the case may be.

 

Section 5.8     No
Premium or Make-Whole Amount Upon Acceleration. Notwithstanding any provisions to the contrary in the Base Indenture, upon
any acceleration of the Notes under Section 502 of the Base Indenture (other than, with respect to an Event of Default
under Section 501(a) of the Base Indenture arising out of a default in the payment of the Redemption Price of
the Notes involving a premium or Make-Whole Amount or the payment of a Change of Control Payment, any such acceleration as it relates
to the Notes in respect of which such payments were not made) the amount immediately due and payable in respect of the Notes shall
equal the outstanding principal amount thereof, plus accrued and unpaid interest thereon; it being understood that nothing in this
Section 5.8 shall deprive any Holder of Notes in respect of which the Company defaults in paying the Redemption Price or Change
of Control Payment thereof of such Holder’s right to any premium or Make-Whole Amount that is part of the Redemption Price
or Change of Control Payment in respect of such Notes.

 

Section 5.9     Applicability
of Satisfaction and Discharge. Article Four of the Base Indenture applies to the Notes, except for the proviso
at the end of Section 401(a). For the avoidance of doubt, upon satisfaction and discharge of the Indenture with respect
to the Notes pursuant to Article Four of the Base Indenture, the Subsidiary Guarantees will automatically terminate,
all other obligations of the Subsidiary Guarantors under the Indenture will automatically terminate and the Subsidiary Guarantors
will be automatically released from their obligations under their Subsidiary Guarantees and their other obligations under the Indenture.

 

    	 	- 22 -	 

     

    

 

Section 5.10     Applicability
of Defeasance and Covenant Defeasance Provisions. Article Thirteen of the Base Indenture, including provisions
for Defeasance and Covenant Defeasance, applies to the Notes, except for the proviso at the end of the first sentence of Section 1304(a).
For the avoidance of doubt, upon Defeasance or Covenant Defeasance with respect to the Notes, the Subsidiary Guarantees will automatically
terminate, all other obligations of the Subsidiary Guarantors under the Indenture will automatically terminate and the Subsidiary
Guarantors will be automatically released from their obligations under their Subsidiary Guarantees and their obligations under
the Indenture.

 

ARTICLE 6

 

SUBSIDIARY GUARANTEES

 

Section 6.1     Subsidiary
Guarantee. Subject to this Article 6, each of the Subsidiary Guarantors hereby, jointly and severally, unconditionally
guarantees on a senior unsecured basis to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and
its successors and assigns, irrespective of the validity and enforceability of the Indenture, the Notes or the obligations of the
Company under the Indenture or the Notes, that: (a) the principal of and interest on the Notes shall be promptly paid in full
when due, whether at Stated Maturity, upon redemption or repurchase, by acceleration or otherwise, and interest on the overdue
principal of, and overdue premium and interest on, the Notes, if any, if lawful, and all other obligations of the Company to Holders
of the Notes or the Trustee under the Indenture or the Notes shall be promptly paid in full or promptly performed, as the case
may be, all in accordance with the terms of the Indenture and the Notes; and (b) in case of any extension of time of payment
or renewal of any Notes or any of such other obligations, that same shall be promptly paid in full when due or performed in accordance
with the terms of the extension or renewal, whether at Stated Maturity, upon redemption or repurchase, by acceleration or otherwise.
Failing payment when due of any amount so guaranteed or failing performance of any other obligation so guaranteed for whatever
reason, each Subsidiary Guarantor shall be obligated to pay, or to perform or cause the performance of, the same immediately. Each
Subsidiary Guarantor agrees that this is a guarantee of payment and not a guarantee of collection.

 

Each
of the Subsidiary Guarantors hereby agrees that its obligations hereunder shall be unconditional, irrespective of the validity,
regularity or enforceability of the Notes or the Indenture, the absence of any action to enforce the same, any waiver or consent
by any Holder of the Notes with respect to any provisions of the Indenture or the Notes, the release of any other Subsidiary Guarantor,
the recovery of any judgment against the Company, any action to enforce the same or any other circumstance which might otherwise
constitute a legal or equitable discharge or defense of a Subsidiary Guarantor. Each Subsidiary Guarantor hereby waives, to the
extent permitted by applicable law, diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency
or bankruptcy of the Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever
and covenant that this Subsidiary Guarantee shall not be discharged except by complete performance of the obligations contained
in the Notes and the Indenture.

 

    	 	- 23 -	 

     

    

 

Unless and until released with respect to
any Subsidiary Guarantor in accordance with Section 6.4 of this Supplemental Indenture, this Subsidiary Guarantee shall
remain in full force and effect and continue to be effective should any petition be filed by or against the Company for liquidation
or reorganization, should the Company become insolvent or make an assignment for the benefit of creditors or should a custodian,
trustee, liquidator or other similar official be appointed for all or any part of the Company’s assets. If any Holder of
the Notes or the Trustee is required by any court or governmental authority or is otherwise required to return to the Company,
any Subsidiary Guarantor or any custodian, trustee, liquidator or other similar official acting in relation to the Company or such
Subsidiary Guarantor, any amount paid by the Company or such Subsidiary Guarantor to the Trustee or such Holder, the Notes and
this Subsidiary Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect. Each Subsidiary
Guarantor further agrees (to the fullest extent permitted by law) that, as between it, on the one hand, and the Holders of the
Notes and the Trustee, on the other hand, (a) subject to this Article 6, the maturity of the obligations guaranteed
hereby may be accelerated as provided in Article Five of the Base Indenture, as supplemented by this Supplemental Indenture,
for the purposes of this Subsidiary Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration
in respect of the obligations guaranteed hereby, and (b) in the event of any acceleration of such obligations as provided
in such Article Five, such obligations (whether or not due and payable) shall forthwith become due and payable by the
Subsidiary Guarantors for the purpose of this Subsidiary Guarantee.

 

Section 6.2     Limitation
on Subsidiary Guarantor Liability. Each Subsidiary Guarantor,
and by its acceptance of Notes, each Holder of the Notes, hereby confirms that it is the intention of all such parties that the
Subsidiary Guarantee of such Subsidiary Guarantor
not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform
Fraudulent Transfer Act or any similar Federal or state law to the extent applicable to any Subsidiary Guarantee.
To effectuate the foregoing intention, the Trustee, the Holders of the Notes and the Subsidiary Guarantors
hereby irrevocably agree that the obligations of each Subsidiary Guarantor under its
Subsidiary Guarantee will be limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities
of such Subsidiary Guarantor that are relevant under such laws, and after giving effect
to any collections from, rights to receive contribution from or payments made by or on behalf of any other Subsidiary Guarantor
in respect of the obligations of such other Subsidiary Guarantor under this Article 6,
result in the obligations of such Subsidiary Guarantor under its Subsidiary
Guarantee and the Indenture not constituting a fraudulent transfer or conveyance under such
laws. Each Subsidiary Guarantor that makes a payment under its Subsidiary Guarantee
is entitled to a contribution from each other Subsidiary Guarantor in a pro rata amount
based on the adjusted net assets of each Subsidiary Guarantor, so long as the exercise
of such right does not impair the rights of the Holders of the Notes under this Subsidiary Guarantee.

 

Section 6.3     Execution
and Delivery of Subsidiary Guarantee. To evidence its Subsidiary Guarantee set forth in Section 6.1 of this Supplemental
Indenture, each Subsidiary Guarantor hereby agrees that this Supplemental Indenture or a supplemental indenture entered into by
such Subsidiary Guarantor pursuant to Section 3.1(d) of this Supplemental Indenture, as the case may be, shall be executed
on behalf of such Subsidiary Guarantor by an officer or other authorized signatory of such Subsidiary Guarantor.

 

    	 	- 24 -	 

     

    

 

Each Subsidiary Guarantor
hereby agrees that its Subsidiary Guarantee set forth in Section 6.1 of this Supplemental Indenture shall remain in
full force and effect notwithstanding the absence of the endorsement of any notation of such Subsidiary Guarantee on the Notes.

 

If an officer or other
authorized signatory of any Subsidiary Guarantor whose signature is on this Supplemental Indenture or a supplemental indenture
entered into by such Subsidiary Guarantor pursuant to Section 3.1(d) of this Supplemental Indenture, as the case may
be, no longer holds that office or is no longer such an authorized signatory at the time the Trustee authenticates any Note, the
Subsidiary Guarantee of such Subsidiary Guarantor shall be valid nevertheless with respect to such Note.

 

The delivery of any
Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Subsidiary Guarantee set
forth in the Indenture on behalf of the Subsidiary Guarantors.

 

Section 6.4     Release
of a Subsidiary Guarantor. The Subsidiary Guarantee of a Subsidiary Guarantor will automatically terminate and be released,
all other obligations of such Subsidiary Guarantor under the Indenture will automatically terminate and such Subsidiary Guarantor
will be automatically released from its obligations under its Subsidiary Guarantee and its other obligations under the Indenture:

 

(a)            in
the event of a sale or other disposition of all or substantially all of the properties or assets of such Subsidiary Guarantor (including
by way of merger or consolidation) to a Person that is not (either before or after giving effect to such transaction) the Company
or a Subsidiary;

 

(b)            in
the event of a sale or other disposition (including through merger or consolidation) of Capital Stock of such Subsidiary Guarantor
to a Person that is not (either before or after giving effect to such transaction) the Company or a Subsidiary and such Subsidiary
Guarantor ceases to be a Subsidiary as a result of the sale or other disposition;

 

(c)            upon
such Subsidiary Guarantor becoming an Excluded Subsidiary or a Foreign Subsidiary;

 

(d)            upon
the satisfaction and discharge, Defeasance or Covenant Defeasance of the Notes in accordance with Article Four or Article Thirteen
of the Base Indenture;

 

(e)            upon
the liquidation or dissolution of such Subsidiary Guarantor, provided no Default or Event of Default has occurred that is continuing;

 

(f)            upon
the merger of such Subsidiary Guarantor into, or the consolidation of such Subsidiary Guarantor with, (a) a Subsidiary if
the surviving or resulting entity is an Excluded Subsidiary or a Foreign Subsidiary or (b) the Company or another Subsidiary
Guarantor; or

 

(g)            on
and after the date on which (a) the Notes have received an Investment Grade Rating from both Rating Agencies and one of such
Investment Grade Ratings is a Mid-BBB Investment Grade Rating, and (b) no Default or Event of Default has occurred and is
continuing.

 

    	 	- 25 -	 

     

    

 

At the request of the
Company, and upon delivery to the Trustee of an Officers’ Certificate and an Opinion of Counsel each stating that all conditions
provided for in this Supplemental Indenture to the release of a Subsidiary Guarantor from its Subsidiary Guarantee have been complied
with (provided that the legal counsel delivering such Opinion of Counsel may rely as to matters of fact on one or more Officer’s
Certificates of the Company), the Trustee shall execute and deliver an appropriate instrument evidencing such release (it being
understood that the failure to obtain any such instrument shall not impair any release pursuant to this Section 6.4).

 

Section 6.5     Benefits
Acknowledged. Each Subsidiary Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements
contemplated by this Supplemental Indenture and that the guarantee and waivers made by it pursuant to its Subsidiary Guarantee
are knowingly made in contemplation of such benefits.

 

Section 6.6     Waiver
of Subrogation. Until all of the Notes are discharged and paid in full, each Subsidiary Guarantor hereby irrevocably waives
and agrees not to exercise any claim or other rights which it may now or hereafter acquire against the Company that arise from
the existence, payment, performance or enforcement of the Company’s obligations under the Notes or the Indenture and such
Subsidiary Guarantor’s obligations under this Subsidiary Guarantee and the Indenture, in any such instance including, without
limitation, any right of subrogation, reimbursement, exoneration, contribution, indemnification, and any right to participate in
any claim or remedy of the Holders of the Notes against the Company, whether or not such claim, remedy or right arises in equity,
or under contract, statute or common law, including, without limitation, the right to take or receive from the Company, directly
or indirectly, in cash or other assets or by set off or in any other manner, payment or security on account of such claim or other
rights. If any amount shall be paid to any Subsidiary Guarantor in violation of the preceding sentence and any amounts owing to
the Trustee or the Holders of the Notes under the Notes or the Indenture, shall not have been paid in full, such amount shall have
been deemed to have been paid to such Subsidiary Guarantor for the benefit of, and held in trust for the benefit of, the Trustee
or the Holders of the Notes and shall forthwith be paid to the Trustee for the benefit of itself or such Holders to be credited
and applied to the obligations in favor of the Trustee or such Holders, as the case may be, whether matured or unmatured, in accordance
with the terms of the Indenture.

 

Section 6.7     Same
Currency; No Set Off. Each payment to be made by a Subsidiary Guarantor
under its Subsidiary Guarantee shall be payable in the currency in which corresponding payment obligations of the Company under
the Notes or the Indenture are denominated, and shall be made without set off, counterclaim, reduction or diminution of any kind
or nature.

 

Section 6.8     Guarantee
Obligations Continuing. The obligations of each Subsidiary Guarantor
under the Indenture shall be continuing and shall remain in full force and effect until all such obligations have been paid and
satisfied in full. Each Subsidiary Guarantor agrees with the Trustee that, to the fullest extent permitted by applicable law, it
will from time to time deliver to the Trustee suitable acknowledgments of this continued liability in such form as counsel to the
Trustee may reasonably request and as will prevent any action brought against it in respect of any default under the Indenture
being barred by any statute of limitations now or hereafter in force and, in the event of the failure of a Subsidiary Guarantor
so to do, it hereby irrevocably appoints the Trustee the attorney and agent of such Subsidiary Guarantor to make, execute and deliver
such written acknowledgment or acknowledgments or other instruments as may from time to time become necessary or reasonably advisable,
in the judgment of the Trustee on the advice of counsel, to fully maintain and keep in force the liability of such Subsidiary Guarantor
under the Indenture.

 

    	 	- 26 -	 

     

    

 

Section 6.9     No
Merger or Waiver; Cumulative Remedies. To the fullest extent permitted
by applicable law, no Subsidiary Guarantee shall operate by way of merger of any of the obligations of a Subsidiary Guarantor under
any other agreement. To the fullest extent permitted by applicable law, no failure to exercise and no delay in exercising, on the
part of the Trustee or the Holders of the Notes, any right, remedy, power or privilege under the Indenture or the Notes, shall
operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder or under
the Indenture or the Notes preclude any other or further exercise thereof or the exercise of any other right, remedy, power or
privilege. To the fullest extent permitted by applicable law, the rights, remedies, powers and privileges in the Indenture, the
Notes and any other document or instrument between a Subsidiary Guarantor and/or the Company and the Trustee and the Holders of
the Notes are cumulative and not exclusive of any rights, remedies, powers and privilege provided by law.

 

Section 6.10     Dealing
with the Company and Others. The Holders and the Trustee, without releasing, discharging, limiting or otherwise affecting in
whole or in part the obligations and liabilities of any Subsidiary Guarantor under the Indenture and without the consent of or
notice to any Subsidiary Guarantor, may to the fullest extent permitted by applicable law:

 

(a)            grant
time, renewals, extensions, compromises, concessions, waivers, releases, discharges and other indulgences to the Company or any
other Person;

 

(b)            take
or abstain from taking security or collateral from the Company or from perfecting security or collateral of the Company;

 

(c)            release,
discharge, compromise, realize, enforce or otherwise deal with or do any act or thing in respect of (with or without consideration)
any and all collateral, mortgages or other security given by the Company or any third party with respect to the obligations or
matters contemplated by the Indenture or the Notes;

 

(d)            accept
compromises or arrangements from the Company;

 

(e)            apply
all monies at any time received from the Company or from any security upon such part of the obligations of the Subsidiary Guarantors
under Section 6.1 of this Supplemental Indenture as the Holders may see fit or change any such application in whole or in
part from time to time as the Holders may see fit; and

 

(f)            otherwise
deal with, or waive or modify their right to deal with, the Company and all other Persons and any security as the Holders or the
Trustee may see fit.

 

    	 	- 27 -	 

     

    

 

Section 6.11     Enforcement;
Expenses. If any Subsidiary Guarantor defaults in performing any of its obligations under the Indenture, the Trustee may proceed
in its name as trustee under the Indenture in the enforcement of such obligations against such Subsidiary Guarantor by any remedy
provided by law, whether by legal proceedings or otherwise. Each of the Subsidiary Guarantors, jointly and severally, agree to
pay all costs, fees and expenses (including, without limitation, reasonable fees and expenses of legal counsel) incurred by the
Trustee, any Holder of the Notes, or the agent, advisor or counsel of the Trustee or any Holder, in enforcing the performance by
any Subsidiary Guarantor of its obligations under the Indenture.

 

ARTICLE 7

 

EFFECTIVENESS

 

This Supplemental Indenture shall be effective
for all purposes as of the date and time this Supplemental Indenture has been executed and delivered by the Company, the Initial
Subsidiary Guarantors and the Trustee in accordance with Article Nine of the Base Indenture. As supplemented hereby, the Base
Indenture is hereby confirmed as being in full force and effect.

 

ARTICLE 8

 

MISCELLANEOUS

 

Section 8.1     Separability.
In the event any provision of this Supplemental Indenture shall be held invalid or unenforceable by any court of competent jurisdiction,
such holding shall not invalidate or render unenforceable any other provision hereof or any provision of the Indenture.

 

Section 8.2     Construction
of Terms. To the extent that any terms of this Supplemental Indenture or the Notes are inconsistent with the terms of the Base
Indenture, the terms of this Supplemental Indenture or the Notes shall govern and supersede such inconsistent terms.

 

Section 8.3     Effect
of Headings. The section headings herein are for convenience only and shall not affect the construction hereof.

 

Section 8.4     Governing
Law. This Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of New York.

 

Section 8.5     Counterparts.
This Supplemental Indenture may be executed in several counterparts, each of which shall be an original and all of which shall
constitute but one and the same instrument. The words “execution,” “signed,” “signature,” and
words of like import in this Supplemental Indenture or in any other certificate, agreement or document related to this Supplemental
Indenture or the Notes shall include images of manually executed signatures transmitted by facsimile or other electronic format
(including, without limitation, “pdf”, “tif” or “jpg”) and other electronic signatures (including,
without limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic records (including, without limitation,
any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same
legal effect, validity and enforceability as a manually executed signature or use of a paper-based recordkeeping system to the
fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the
New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law
based on the Uniform Electronic Transactions Act or the Uniform Commercial Code. The Company and the Subsidiary Guarantors agree
to assume all risks arising out of the use of using digital signatures and electronic methods to submit communications to the Trustee,
including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk of interception and misuse
by third parties.

 

[Signature Page Follows]

 

    	 	- 28 -	 

     

    

 

 

IN WITNESS WHEREOF,
the Company, the Initial Subsidiary Guarantors and the Trustee have caused this Supplemental Indenture to be executed as an instrument
under seal in their respective corporate names as of the date first above written.

 

	 	COMPANY:
	 	 	 
	 	DIVERSIFIED HEALTHCARE TRUST
	 	 	 
	 	By: 	 
	 	 	Name: Richard W. Siedel, Jr.
	 	 	Title: Chief Financial Officer and Treasurer

 

	 	INITIAL SUBSIDIARY GUARANTORS:
	 	CCC ALPHA INVESTMENTS TRUST
	 	CCC DELAWARE TRUST
	 	CCC FINANCING I TRUST
	 	CCC INVESTMENTS I, L.L.C.
	 	CCC LEISURE PARK CORPORATION
	 	CCC PUEBLO NORTE TRUST
	 	CCC RETIREMENT PARTNERS TRUST
	 	CCC RETIREMENT TRUST
	 	CCDE SENIOR LIVING LLC
	 	CCOP SENIOR LIVING LLC
	 	CRESTLINE VENTURES LLC
	 	CSL GROUP, INC.
	 	DHC HOLDINGS LLC
	 	ELLICOTT CITY LAND I, LLC
	 	HRES1 PROPERTIES TRUST
	 	HRES2 PROPERTIES TRUST
	 	MSD POOL 1 LLC
	 	MSD POOL 2 LLC
	 	O.F.C. CORPORATION
	 	SNH 30 NEWCROSSING INC.
	 	SNH AL AIMO II, INC.
	 	SNH AL AIMO TENANT II, INC.
	 	SNH AL AIMO TENANT, INC.
	 	SNH AL AIMO, INC.
	 	SNH AL CRIMSON TENANT INC.
	 	SNH AL CUMMING LLC
	 	SNH AL CUMMING TENANT LLC
	 	SNH AL GEORGIA HOLDINGS LLC
	 	SNH AL GEORGIA LLC
	 	SNH AL GEORGIA TENANT LLC

 

[Signature
Page to Fourth Supplemental Indenture]

 

     

     

    

 

	 	SNH AL PROPERTIES LLC
	 	SNH AL PROPERTIES TRUST
	 	SNH AL TRS, INC.
	 	SNH AL WILMINGTON TENANT INC.
	 	SNH ALT LEASED PROPERTIES TRUST
	 	SNH AZ TENANT LLC
	 	SNH BAKERSFIELD LLC
	 	SNH BAMA TENANT LLC
	 	SNH BATON ROUGE (NORTH) LLC
	 	SNH BATON ROUGE (REALTORS) LLC
	 	SNH BRFL PROPERTIES LLC
	 	SNH BRFL TENANT LLC
	 	SNH BRIDGEWATER LLC
	 	SNH CAL TENANT LLC
	 	SNH CALI TENANT LLC
	 	SNH CCMD PROPERTIES BORROWER LLC
	 	SNH CCMD PROPERTIES LLC
	 	SNH CCMD TENANT LLC
	 	SNH CHS PROPERTIES TRUST
	 	SNH CO TENANT LLC
	 	SNH CONCORD LLC
	 	SNH DEL TENANT LLC
	 	SNH DENHAM SPRINGS LLC
	 	SNH DERBY TENANT LLC
	 	SNH FLA TENANT LLC
	 	SNH FM FINANCING LLC
	 	SNH FM FINANCING TRUST
	 	SNH GEORGIA TENANT LLC
	 	SNH GP VALENCIA LLC
	 	SNH GRANITE GATE LANDS TENANT LLC
	 	SNH GRANITE GATE LANDS TRUST
	 	SNH GROVE PARK TENANT LLC
	 	SNH GROVE PARK TRUST
	 	SNH IL JOPLIN INC.
	 	SNH IL PROPERTIES TRUST
	 	SNH INDY TENANT LLC
	 	SNH JACKSON LLC
	 	SNH KENT PROPERTIES LLC
	 	SNH LINCOLN TENANT LLC
	 	SNH LONGHORN TENANT LLC
	 	SNH LTF PROPERTIES LLC
	 	SNH MASS TENANT LLC
	 	SNH MD TENANT LLC
	 	SNH MEZZCO SAN ANTONIO LLC
	 	SNH MO TENANT LLC
	 	SNH MODESTO LLC

 

[Signature
Page to Fourth Supplemental Indenture]

 

     

     

    

 

	 	SNH NC TENANT LLC
	 	SNH NEB TENANT LLC
	 	SNH NJ TENANT GP LLC
	 	SNH NJ TENANT LLC
	 	SNH NM TENANT LLC
	 	SNH NORTHWOODS LLC
	 	SNH NORTHWOODS TENANT LLC
	 	SNH NS PROPERTIES TRUST
	 	SNH OHIO TENANT LLC
	 	SNH OMISS TENANT LLC
	 	SNH PARKVIEW PROPERTIES TRUST
	 	SNH PENN TENANT LLC
	 	SNH PLAQUEMINE LLC
	 	SNH PLFL PROPERTIES LLC
	 	SNH PLFL TENANT LLC
	 	SNH PRAIRIEVILLE LLC
	 	SNH PROJ LINCOLN TRS LLC
	 	SNH REDMOND PROPERTIES LLC
	 	SNH REIT VICTORIA LLC
	 	SNH RMI FOX RIDGE MANOR PROPERTIES LLC
	 	SNH RMI JEFFERSON MANOR PROPERTIES LLC
	 	SNH RMI MCKAY MANOR PROPERTIES LLC
	 	SNH RMI NORTHWOOD MANOR PROPERTIES LLC
	 	SNH RMI OAK WOODS MANOR PROPERTIES LLC
	 	SNH RMI PARK SQUARE MANOR PROPERTIES LLC
	 	SNH RMI PROPERTIES HOLDING COMPANY LLC
	 	SNH RMI SMITH FARMS MANOR PROPERTIES LLC
	 	SNH RMI SYCAMORE MANOR PROPERTIES LLC
	 	SNH SC TENANT LLC
	 	SNH SE ASHLEY RIVER LLC
	 	SNH SE ASHLEY RIVER TENANT LLC
	 	SNH SE BARRINGTON BOYNTON LLC
	 	SNH SE BARRINGTON BOYNTON TENANT LLC
	 	SNH SE BURLINGTON LLC
	 	SNH SE BURLINGTON TENANT LLC
	 	SNH SE DANIEL ISLAND LLC
	 	SNH SE DANIEL ISLAND TENANT LLC
	 	SNH SE HABERSHAM SAVANNAH LLC
	 	SNH SE HABERSHAM SAVANNAH TENANT LLC
	 	SNH SE HOLLY HILL LLC
	 	SNH SE HOLLY HILL TENANT LLC
	 	SNH SE KINGS MTN LLC
	 	SNH SE KINGS MTN TENANT LLC
	 	SNH SE MOORESVILLE LLC
	 	SNH SE MOORESVILLE TENANT LLC

 

[Signature
Page to Fourth Supplemental Indenture]

 

     

     

    

 

	 	SNH SE N. MYRTLE BEACH LLC
	 	SNH SE N. MYRTLE BEACH TENANT LLC
	 	SNH SE PROPERTIES LLC
	 	SNH SE PROPERTIES TRUST
	 	SNH SE SG LLC
	 	SNH SE SG TENANT LLC
	 	SNH SE TENANT 2 TRS, INC.
	 	SNH SE TENANT TRS, INC.
	 	SNH SOMERFORD PROPERTIES TRUST
	 	SNH TEANECK PROPERTIES LLC
	 	SNH TEANECK TENANT LLC
	 	SNH TELLICO TENANT LLC
	 	SNH TELLICO TRUST
	 	SNH TEMPE LLC
	 	SNH TENN TENANT LLC
	 	SNH TOTO TENANT LLC
	 	SNH TRS INC.
	 	SNH TRS LICENSEE HOLDCO LLC
	 	SNH VA TENANT LLC
	 	SNH VIKING TENANT LLC
	 	SNH WARD AVE. PROPERTIES I INC.
	 	SNH WELL PROPERTIES GA-MD LLC
	 	SNH WELL PROPERTIES TRUST
	 	SNH WILMINGTON LLC
	 	SNH WIS TENANT LLC
	 	SNH WY TENANT LLC
	 	SNH YONKERS PROPERTIES TRUST
	 	SNH YONKERS TENANT INC.
	 	SNH/CSL PROPERTIES TRUST
	 	SNH/LTA PROPERTIES GA LLC
	 	SNH/LTA PROPERTIES TRUST
	 	SNH/LTA SE HOME PLACE NEW BERN LLC
	 	SNH/LTA SE MCCARTHY NEW BERN LLC
	 	SNH/LTA SE WILSON LLC
	 	SPTGEN PROPERTIES TRUST
	 	SPTIHS PROPERTIES TRUST
	 	SPTMISC PROPERTIES TRUST
	 	SPTMNR PROPERTIES TRUST
	 	SPTMRT PROPERTIES TRUST
	 	SPTSUN II PROPERTIES TRUST

 

	 	By:	 
	 	 	Name: Richard W. Siedel, Jr.
	 	 	Title: Chief Financial Officer and Treasurer

 

[Signature
Page to Fourth Supplemental Indenture]

 

     

     

    

 

	 	LEXINGTON OFFICE REALTY TRUST
	 	SNH MEDICAL OFFICE REALTY TRUST
	 	 	 
	 	By:	 
	 	 	Richard W. Siedel, Jr.,
	 	 	as Trustee and not individually
	 	 	 
	 	CCC FINANCING LIMITED, L.P.
	 	 	 
	 	By:	CCC RETIREMENT TRUST,
	 	 	its general partner
	 	 	 
	 	By:	 
	 	 	Name: Richard W. Siedel, Jr.
	 	 	Title: Chief Financial Officer and Treasurer
	 	 	 
	 	CCC RETIREMENT COMMUNITIES II, L.P.
	 	 	 
	 	By:	CRESTLINE VENTURES LLC,
	 	 	its general partner
	 	 	 
	 	By:	
	 	 	Name: Richard W. Siedel, Jr.
	 	 	Title: Chief Financial Officer and Treasurer
	 	 	 
	 	LEISURE PARK VENTURE LIMITED PARTNERSHIP
	 	 	 
	 	By:	CCC LEISURE PARK CORPORATION,
	 		its general partner

 

	 	By:	 
	 	 	Name: Richard W. Siedel, Jr.
	 	 	Title: Chief Financial Officer and Treasurer

 

[Signature Page to Fourth Supplemental Indenture]

 

     

     

    

 

	 	SNH NJ TENANT LP
	 	 	 
	 	By:	SNH NJ TENANT GP LLC,
	 	 	its general partner
	 	 	 
	 	By:	 
	 	 	Name: Richard W. Siedel, Jr.
	 	 	Title: Chief Financial Officer and Treasurer

 

	 	TRUSTEE:
	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
	 	 	 
	 	By: 	 
	 	 	Name: David W. Doucette
	 	 	Title: Vice President

 

[Signature Page to Fourth Supplemental Indenture]

 

     

     

    

 

EXHIBIT A

 

FORM OF NOTE

 

[Form of Face of Security]

 

[Insert Applicable Legends]

 

DIVERSIFIED HEALTHCARE TRUST

 

4.375%
Senior Notes due 2031

 

	No. ____	     $ ___________

 

Diversified Healthcare
Trust, a real estate investment trust duly organized and existing under the laws of Maryland (herein called the “Company”,
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 ___________________ Dollars ($_____________) [(as
the same may be revised from time to time on the Schedule of Exchanges of Interests in the Global Security attached hereto)] on
March 1, 2031, and to pay interest thereon from _________, 20__ or from the most recent Interest Payment Date to which interest
has been paid or duly provided for, semi-annually on March 1 and September 1 in each year, commencing March 1, 2021
at the rate of 4.375% per annum, until the principal hereof is paid or made available
for payment. 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 Security (or one or more Predecessor Securities) is registered at the
close of business on the Regular Record Date for such interest, which shall be February 15 or August 15 (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 will 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 Security (or one or more Predecessor Securities) 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 whereof shall be given to Holders of Securities
of this series not less than ten (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 on which the Securities of this series may be listed, and upon
such notice as may be required by such exchange, all as more fully provided in said Indenture.

 

Payment of the principal
of (and premium, if any) and any such interest on this Security will be made at the office or agency of the Company maintained
for that purpose in such coin or currency of the United States of America as at the time of payment is legal tender for payment
of public and private debts or, in the case of any Note that is a Global Security, in accordance with the procedures of The Depository
Trust Company (“DTC”), or any successor depositary with respect to the Global Notes appointed under the Indenture,
the “Depositary”), and its participants in effect from time to time; provided, however, that at
the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such
address shall appear in the Security Register.

 

Reference is hereby
made to the further provisions of this Security 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 Security
shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

    A-1

     

    

 

 THE AMENDED AND RESTATED DECLARATION
OF TRUST ESTABLISHING DIVERSIFIED HEALTHCARE TRUST, DATED SEPTEMBER 20, 1999, AS AMENDED AND SUPPLEMENTED, AS FILED WITH THE
STATE DEPARTMENT OF ASSESSMENTS AND TAXATION OF MARYLAND, PROVIDES THAT NO TRUSTEE, OFFICER, SHAREHOLDER, EMPLOYEE OR AGENT
OF DIVERSIFIED HEALTHCARE TRUST SHALL BE HELD TO ANY PERSONAL LIABILITY, JOINTLY OR SEVERALLY, FOR ANY OBLIGATION OF, OR
CLAIM AGAINST, DIVERSIFIED HEALTHCARE TRUST. ALL PERSONS DEALING WITH DIVERSIFIED HEALTHCARE TRUST IN ANY WAY SHALL LOOK ONLY
TO THE ASSETS OF DIVERSIFIED HEALTHCARE TRUST FOR THE PAYMENT OF ANY SUM OR THE PERFORMANCE OF ANY OBLIGATION.

 

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

 

	Dated:	DIVERSIFIED HEALTHCARE TRUST
	 	 	 
	 	 	 
	 	 	 
	 	By:	 
			Name:
	 		Title:

 

CERTIFICATE OF AUTHENTICATION

 

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

 

	Dated:	U.S. BANK NATIONAL ASSOCIATION, as Trustee
	 	 	 
	 	 	 
	 	 	 
	 	By:	 
			Name:
	 		Title:

 

    	 	A- 2 	 

     

    

 

[Form of Reverse of Security]

 

1.            General.
This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”),
issued and to be issued in one or more series under an Indenture, dated as of February 18, 2016 (the “Base Indenture”),
between the Company and U.S. Bank National Association (herein called the “Trustee”, which term includes any
successor trustee under the Base Indenture), as supplemented by a Fourth Supplemental Indenture, dated as of February 8, 2021
(as amended, supplemented or otherwise modified from time to time, the “Supplemental Indenture” and the Base
Indenture, as supplemented by such Supplemental Indenture, the “Indenture”), among the Company, the Initial
Subsidiary Guarantors and the Trustee, and reference is hereby made to the Indenture for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the Subsidiary Guarantors, the Trustee, and the Holders
of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is
one of the series designated on the face hereof (such series, the “Notes”). Capitalized terms used but not defined
herein have the meaning given to them in the Indenture.

 

2.            Optional
Redemption. The Notes will be subject to redemption in whole at any time or in part from time to time prior to their maturity
at the option of the Company upon not less than fifteen (15) nor more than sixty (60) days’ notice to each Holder of Notes
to be redeemed at its address appearing in the Security Register or, in the case of any Note that is a Global Security, in accordance
with the procedures of the Depositary and its participants in effect from time to time, at a Redemption Price equal to the sum
of (i) the principal amount of the Notes being redeemed, plus accrued and unpaid interest, if any, to, but not including,
the applicable Redemption Date and (ii) the Make-Whole Amount, if any (it being understood that if the Notes are redeemed
on or after September 1, 2030, the Make-Whole Amount equals zero).

 

As used herein the
term “Make-Whole Amount” means, in connection with any redemption of any Notes prior to September 1, 2030,
the excess, if any, of (i) the aggregate present value as of the applicable Redemption Date of each dollar of principal being
redeemed and the amount of interest (exclusive of interest accrued to the Redemption Date) that would have been payable in respect
of such dollar if such redemption had been made on September 1, 2030, determined by discounting, on a semiannual basis, such
principal and interest at the Reinvestment Rate (determined on the third (3rd) Business Day preceding the date the notice of redemption
relating to such redemption is given) from the respective dates on which such principal and interest would have been payable if
such redemption had been made on September 1, 2030, over (ii) the aggregate principal amount of the Notes being redeemed.
In the case of any redemption of the Notes on or after September 1, 2030, the Make-Whole Amount means zero. The Make-Whole
Amount shall be calculated by the Company and set forth in an Officer’s Certificate delivered to the Trustee, and the Trustee
shall be entitled to rely on said Officer’s Certificate.

 

As used herein the
term “Reinvestment Rate” means a rate per annum equal to the sum of 0.50% (fifty one hundredths of one percent)
and the arithmetic mean of the yields on treasury securities at constant maturity displayed for each of the five (5) most
recent days published in the Statistical Release under the caption “Treasury constant maturities” for the maturity
(rounded to the nearest month) corresponding to the remaining life to maturity (which, in the case of maturities corresponding
to the principal and interest due on the Notes at their maturity, shall be deemed to be September 1,
2030), as of the Redemption Date of the Notes being redeemed. If no maturity exactly corresponds to such remaining life
to maturity, yields for the two published maturities most closely corresponding to such remaining life to maturity shall be calculated
pursuant to the immediately preceding sentence and the Reinvestment Rate shall be interpolated or extrapolated from such yields
on a straight-line basis, rounding in each of such relevant periods to the nearest month. For purposes of calculating the Reinvestment
Rate, the most recent Statistical Release published prior to the date of determination of the Make-Whole Amount shall be used.

 

As used herein the
term “Statistical Release” means the statistical release designated “H.15” or any successor publication
which is published daily by the Federal Reserve System and which establishes yields on actively traded United States government
securities adjusted to constant maturities or, if such statistical release (or any successor publication) is not published at the
time of any determination under the Indenture, then any publicly available source of similar market data used for this purpose
in accordance with customary market practice which shall be designated by the Company.

 

    	 	A- 3 	 

     

    

 

The Company shall not
be required to make sinking fund or redemption payments with respect to the Notes. However, under certain circumstances in connection
with the occurrence of a Change of Control, the Company may be required to offer to the repurchase the Notes as provided for under
Section 3.1(f) of the Supplemental Indenture.

 

In the event of redemption
of this Security in part only, a new Note or Notes and of like tenor for the unredeemed portion hereof will be issued in the name
of the Holder hereof upon the cancellation hereof.

 

3.            Discharge
and Defeasance. The Indenture contains provisions for discharge or defeasance at any time of the entire indebtedness of this
Security or certain restrictive covenants and Events of Default with respect to this Security, in each case upon compliance with
certain conditions set forth in the Indenture.

 

4.            Defaults
and Remedies. If an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes, plus
accrued and unpaid interest thereon, may be declared due and payable in the manner and with the effect provided in the Indenture.

 

5.            Actions
of Holders. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification
of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under
the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority in principal
amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting
the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of
the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain
past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive
and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer
hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

 

As provided in and
subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with
respect to the Indenture or this Security 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 a majority in 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 as Trustee and offered the Trustee reasonable indemnity,
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 shall have failed to institute any such proceeding, for sixty (60) days after receipt of such
notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for
the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed
herein.

 

6.            Payments
Not Impaired. No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair
the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this
Security at the times, place and rate, and in the coin or currency, herein prescribed.

 

7.            Denominations,
Transfer, Exchange. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this
Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or
agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed
by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes and 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 integral multiples 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.

 

    	 	A- 4 	 

     

    

 

No service charge shall
be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

 

8.            Persons
Deemed Owners. Prior to due presentment of this Security for registration of transfer, the Company, the Subsidiary Guarantors,
the Trustee and any agent of the Company, any Subsidiary Guarantor or the Trustee may treat the Person in whose name this Security
is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Subsidiary
Guarantors, the Trustee nor any such agent shall be affected by notice to the contrary.

 

9.            Subsidiary
Guarantees. The Notes will be entitled to the benefits of certain Subsidiary Guarantees
made for the benefit of the Holders of the Notes. Reference is hereby made to the Indenture for a statement of the respective rights,
limitations of rights, duties and obligations thereunder of the Subsidiary Guarantors, the Trustee and the Holders.

 

10.            Defined
Terms. All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

    	 	A- 5 	 

     

    

 

[ASSIGNMENT FORM]

 

ABBREVIATIONS

 

The following abbreviations,
when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according
to applicable laws or regulations:

 

	TEN COM	 	--	 	as tenants in common	 	UNIF GIFT MIN ACT	 	--	 	 	_______ Custodian_______
	TEN ENT	 	--	 	as tenants by the entireties	 	 	 	 	 	 	(Cust)                  (Minor)
	JT TEN	 	--	 	as joint tenants with right of survivorship	 		 	 	 	 	Under Uniform Gifts to Minors
		 		 	and not as tenants in common	 	 	 		Act	                         
	 	 	 	 	 	 	 	 	 	 	 	(State)

 

Additional abbreviations may also be used
though not in the above list.

 

______________________________________

 

FOR VALUE RECEIVED, the undersigned registered
Holder hereby sell(s), assign(s) and transfer(s) unto

 

PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE

 

	
         

         

 

 

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS
OF ASSIGNEE

 

the within security and all rights thereunder,
hereby irrevocably constituting and appointing 

 

	 	Attorney

to transfer said security on the books of the Company
with full power of substitution in the premises.

 

 

	Dated: 	                    	 	Signed: 	                                                  
	 	 	 
	 	 	Notice: The signature to this assignment
must correspond with the name as it appears upon the face of the within security in every particular, without alteration or enlargement
or any change whatever.
	 	 	 
	 	 	Signature Guarantee*:___________________
	 	 	 
	 	 	* Participant in a recognized Signature Guarantee Medallion
Program (or other signature guarantor acceptable to the Trustee).

 

    	 	A- 6 	 

     

    

  

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to elect to have this Security
purchased by the Company pursuant to a Change of Control Offer, check the box below:

 

		o	Change of Control Offer

 

If you want to elect to have only part of
this Security purchased by the Company pursuant to a Change of Control Offer, state the amount you elect to have purchased (must
be a minimum principal amount of $2,000 or an integral multiple of $1,000 in excess thereof; provided that the remaining
principal amount of this Security after such partial purchase must not be less than $2,000 in principal amount):  $___________

 

	Date:	 	Your Signature:                                             
	 	 	(Sign
exactly as your name appears on the Note)
	 	 	 
	 	 	Tax Identification
No.:

 

	Signature Guarantee*:	         

 

*
Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee)

[Include this Schedule only for a Global Security]

 

    	 	A- 7 	 

     

    

 

[Include
this Schedule only for a Global Security]

SCHEDULE OF
EXCHANGES OF INTERESTS IN THE GLOBAL SECURITY

 

The initial principal
amount of this Global Security is $[●].

 

The following
exchanges, transfers or cancellations of 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 

 

    	 	A- 8

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