Document:

EX-10.18

 Exhibit 10.18 

EXECUTION VERSION 
  

 
  

PURCHASE AND CONTRIBUTION AGREEMENT 

dated as of November 2, 2020 

between 
 TRAEGER PELLET GRILLS
LLC, 
 as Servicer 
 and
the 
 ORIGINATORS FROM TIME TO TIME PARTY HERETO, 

as Originators 
 and 

TRAEGER SPE LLC, 
 as
Transferee 
  
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 Article I DEFINITIONS AND RELATED MATTERS
	  	 	1	 
			
	 SECTION 1.1
	 	 Defined Terms
	  	 	1	 
			
	 SECTION 1.2
	 	 Other Interpretive Matters
	  	 	2	 
		
	 Article II AGREEMENT TO TRANSFER
	  	 	2	 
			
	 SECTION 2.1
	 	 Purchase, Sale and Contribution
	  	 	2	 
			
	 SECTION 2.2
	 	 Timing of Transfers
	  	 	2	 
			
	 SECTION 2.3
	 	 Consideration for Transfers
	  	 	3	 
			
	 SECTION 2.4
	 	 Agreed Value
	  	 	4	 
			
	 SECTION 2.5
	 	 No Recourse or Assumption of Obligations
	  	 	5	 
		
	 Article III ADMINISTRATION AND COLLECTION
	  	 	6	 
			
	 SECTION 3.1
	 	 Traeger to Act as Servicer, Contracts
	  	 	6	 
			
	 SECTION 3.2
	 	 Deemed Collections
	  	 	6	 
			
	 SECTION 3.3
	 	 Actions Evidencing Transfers
	  	 	7	 
			
	 SECTION 3.4
	 	 Application of Collections
	  	 	8	 
		
	 Article IV REPRESENTATIONS AND WARRANTIES
	  	 	8	 
			
	 SECTION 4.1
	 	 Mutual Representations and Warranties
	  	 	8	 
			
	 SECTION 4.2
	 	 Additional Representations and Warranties of Each Originator
	  	 	10	 
		
	 Article V GENERAL COVENANTS
	  	 	15	 
			
	 SECTION 5.1
	 	 Mutual Covenants
	  	 	15	 
			
	 SECTION 5.2
	 	 Additional Covenants of Each Originator
	  	 	15	 
			
	 SECTION 5.3
	 	 Reporting Requirements
	  	 	18	 
			
	 SECTION 5.4
	 	 Negative Covenants of Each Originator
	  	 	19	 
		
	 Article VI TERMINATION OF transfers
	  	 	22	 
			
	 SECTION 6.1
	 	 Voluntary Termination
	  	 	22	 
			
	 SECTION 6.2
	 	 Automatic Termination
	  	 	22	 
		
	 Article VII INDEMNIFICATION
	  	 	22	 
			
	 SECTION 7.1
	 	 Each Originator’s Indemnity
	  	 	22	 
			
	 SECTION 7.2
	 	 Contribution
	  	 	25	 

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 Article VIII MISCELLANEOUS
	  	 	25	 
			
	 SECTION 8.1
	 	 Amendments, etc.
	  	 	25	 
			
	 SECTION 8.2
	 	 No Waiver; Remedies
	  	 	25	 
			
	 SECTION 8.3
	 	 Notices, Etc.
	  	 	26	 
			
	 SECTION 8.4
	 	 Binding Effect; Assignment
	  	 	27	 
			
	 SECTION 8.5
	 	 Survival
	  	 	27	 
			
	 SECTION 8.6
	 	 Costs and Expenses
	  	 	27	 
			
	 SECTION 8.7
	 	 Execution in Counterparts
	  	 	28	 
			
	 SECTION 8.8
	 	 Governing Law
	  	 	28	 
			
	 SECTION 8.9
	 	 Waiver of Jury Trial
	  	 	28	 
			
	 SECTION 8.10
	 	 Consent to Jurisdiction; Waiver of Immunities
	  	 	28	 
			
	 SECTION 8.11
	 	 Confidentiality
	  	 	29	 
			
	 SECTION 8.12
	 	 No Proceedings
	  	 	29	 
			
	 SECTION 8.13
	 	 No Recourse Against Other Parties
	  	 	29	 
			
	 SECTION 8.14
	 	 Intention of the Parties
	  	 	29	 
			
	 SECTION 8.15
	 	 Binding Terms in Other Transaction Documents
	  	 	30	 
			
	 SECTION 8.16
	 	 Joint and Several Liability
	  	 	30	 
			
	 SECTION 8.17
	 	 Severability
	  	 	30	 

  

			
	ANNEX 1	  	UCC Details Schedule
	ANNEX 2	  	Notice Information
	EXHIBIT 2.3(d)	  	Form of Subordinated Note

  

  
 -ii- 

 PURCHASE AND CONTRIBUTION AGREEMENT 

THIS PURCHASE AND CONTRIBUTION AGREEMENT dated as of November 2, 2020 (this “Agreement”) is among TRAEGER PELLET GRILLS
LLC, a Delaware limited liability company (“Traeger”), as initial servicer (in such capacity, the “Servicer”), the originators from time to time party hereto (each, an “Originator”, and
collectively, the “Originators”) and Traeger SPE LLC, a Delaware limited liability company (the “Transferee”). For good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereto
agree as follows: 
 ARTICLE I 

DEFINITIONS AND RELATED MATTERS 

SECTION 1.1    Defined Terms. In this Agreement, unless otherwise specified: (a) capitalized terms are
used as defined in (or by reference in) Article I of the Receivables Financing Agreement dated as of the date hereof (as amended, restated, modified or otherwise supplemented from time to time, the “Receivables Financing
Agreement”) among Transferee, as Borrower, Traeger, as Servicer, the lenders and group agents party thereto from time to time, and MUFG Bank, Ltd., as Administrative Agent, and (b) as used in this Agreement, unless the context
otherwise requires, the following terms have the meanings indicated below: 
 “Deferred Payment” has the meaning given in
Section 2.2. 
 “Records” means all Contracts and other documents, instruments, books, records,
purchase orders, agreements, reports and other information (including computer programs, tapes, disks, other information storage media, data processing software and related property and rights) prepared or maintained by any Traeger Party with
respect to, or that evidence or relate to, the Pool Receivables, the Related Rights, any other Collateral, the Obligors of such Pool Receivables or the origination, collection or servicing of any of the foregoing. 

“Related Rights” means (a) all rights to, but not any obligations under, all Related Security with respect to the
Receivables, (b) all Records (but excluding any obligations or liabilities under the Contracts), (c) all Collections in respect of, and other proceeds of, the Receivables or any other Related Security and (d) all products and proceeds
of any of the foregoing. 
 “Transfer Termination Date” means, with respect to any Originator, the date that Receivables
and Related Rights cease being sold or contributed, as applicable, to the Transferee under this Agreement pursuant to Article VI of this Agreement. 

“Transfer Termination Event” means the occurrence of any of the following events or occurrences with respect to an
Originator: 
 (a)    such Originator shall fail to make when due any payment or deposit or transfer any
monies to be made by it under this Agreement or any other Transaction Document as and when due and such failure is not remedied within two (2) Business Days; 

  
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 (b)    any representation or warranty made or deemed to
be made by such Originator under this Agreement, any other Transaction Documents to which it is a party shall prove to have been incorrect or untrue in any material respect when made or deemed made; 

(c)    such Originator shall fail to perform or observe in any material respect, any other term, covenant
or agreement contained in this Agreement or any other Transaction Document to which it is a party on its part to be performed or observed and such failure shall continue unremedied for thirty (30) days; or 

(d)    an Event of Bankruptcy shall have occurred with respect to such Originator. 

“Senior Interest Holders” has the meaning given in Exhibit 2.3(d). 

“Senior Interests” has the meaning given in Exhibit 2.3(d). 

“Subordinated Note” has the meaning given in Section 2.3(d). 

“Subordination Provisions” has the meaning given in Exhibit 2.3(d). 

“Transfer” means the assignment and/or transfer, whether by sale, contribution or other conveyance of the Receivables and the
Related Rights (or any of them) from an Originator to the Transferee pursuant to Section 2.1 of this Agreement. 
 SECTION
1.2    Other Interpretive Matters. The interpretation of this Agreement, unless otherwise specified, is subject to Section 1.02 of the Receivables Financing Agreement. 

ARTICLE II 
 AGREEMENT
TO TRANSFER 
 SECTION 2.1    Purchase, Sale and Contribution. Upon the terms and subject to the
conditions set forth in this Agreement, each Originator hereby sells or contributes, as applicable, to Transferee, and Transferee hereby purchases or acquires from each Originator, as applicable, all of such Originator’s right, title and
interest in, to and under the Receivables and the Related Rights, in each case whether now existing or hereafter arising, acquired, or originated. 

SECTION 2.2    Timing of Transfers. 

(a)    All of the Receivables and the Related Rights existing at the opening of each Originator’s
business on the Closing Date are hereby Transferred to Transferee on such date in accordance with the terms hereof. Each Receivable originated or acquired by any Originator during the period from the day immediately following the Closing Date until
the Transfer Termination Date (or with respect to the Excluded Receivables, until the applicable Excluded Obligor Date) and Related Rights thereto, shall be deemed to have been automatically Transferred by such Originator to Transferee immediately
(and without further action by any Person) upon the creation or acquisition of such Receivable by such Originator. 

  
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 (b)    The parties hereto hereby acknowledge and agree
that (i) pursuant to Section 9-204 of the UCC, a security interest (as defined in the UCC, which expressly includes the interest of a buyer of accounts or payment intangibles) may include an interest
in after-acquired property and (ii) notwithstanding anything to the contrary set forth herein, the Transfer of Receivables and Related Rights on the Closing Date pursuant to Section 2.2(a) of this Agreement is a present Transfer of
Receivables and Related Rights existing on the Closing Date or thereafter arising or acquired (including all Receivables and Related Rights originated or acquired after the Closing Date). 

SECTION 2.3    Consideration for Transfers:    (a) On the terms and subject to the
conditions set forth herein, Transferee agrees to pay the Agreed Value (as hereinafter defined) of each Transferred Receivable to the applicable Originator in accordance with the terms hereof as consideration for the Transfer of such Receivable and
the Related Rights; provided that with respect to any Transfer of Receivables and Related Rights that constitutes a capital contribution by such Originator to the Transferee, such payment of the Agreed Value shall be a distribution by the
Transferee to the applicable Originator with respect to the membership interest of such Originator in the Transferee and shall be (i) subject to Applicable Law with respect to distributions by a limited liability company to its members,
including, without limitation, Section 18-607 of the Delaware Limited Liability Company Act, and the organizational documents of the Transferee and (ii) payable solely to the extent that such
distribution is permitted under the terms of the Receivables Financing Agreement. 
 (b)    In respect of
(i) Transfers on the Closing Date by such Originator hereunder, Transferee shall pay the respective Originators the applicable Agreed Value for the Receivables and the Related Rights within five (5) Business Days after such creation in
immediately available funds and (ii) Transfers of Receivables and the Related Rights originated on or after the Closing Date, Transferee shall pay the respective Originators the applicable Agreed Value on such day; provided,
however, in the case of clause (i) and clause (ii), (x) that with respect to any Transfer of Receivables and the Related Rights that constitutes a capital contribution by the Originator to the Transferee, such payment of
the Agreed Value of each such Subject Receivable may be treated as a cash contribution to the capital of the Transferee that is immediately and simultaneously offset by an equal portion of the Agreed Value payable by the Transferee to such
Originator, without physical transfer of any funds, (y) if the Transfer of Receivables and the Related Rights does not constitute a capital contribution by the Originator, to the extent that Transferee does not have funds available to pay the
Agreed Value due on any day in cash (such cash insufficiency being a “Deferred Payment”), then until such Deferred Payment is made in cash, the Deferred Payment shall be deemed principal, as applicable to each Originator, of the
respective Subordinated Notes, subject to the limitation in Section 2.4(d) below and (z) for administrative convenience, a reconciliation of the Agreed Values payable by the Transferee to each Originator shall be
effected on each Settlement Date for all Receivables and Related Rights for which the Transfer occurs during the Fiscal Month most recently ended prior to such Settlement Date; provided, however, that each Originator shall maintain (or cause
the Servicer to maintain) such 

  
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books and records as may be reasonably necessary to ensure that such reconciliation, if requested by the Transferee, may be performed on any Business Day (for any Receivable Transferred on or
prior to such Business Day) with commercially reasonable prior notice. The Related Rights with respect to each Receivable shall be Transferred at the same time as such Receivable, whether such Related Rights exist at such time or arise, are acquired
or are originated thereafter by the respective Originator. 
 SECTION 2.4    Agreed Value. (a) The
consideration (“Agreed Value”) for the Receivables and the Related Rights shall equal, in the case of a contribution, the net book value of the Receivables and the Related Rights, and in the case of a sale, a formula consisting of
the face amount of such receivables less a discount factor representing the fair market value of the Receivables and the Related Rights as agreed by each Originator and Transferee at the time of purchase or acquisition. The Agreed Value shall not be
adjusted or modified after the applicable purchase date. 
 (b)    On the date of the initial Transfer,
Traeger shall Transfer Receivables and the Related Rights to Transferee as a capital contribution in the amount set forth in a written notice on the date thereof from Traeger to Transferee and Administrative Agent. 

(c)    Transferee shall pay the related Originator the Agreed Value (which may take the form of a declared
distribution with respect to contributed Receivables and payment of a purchase price in the amount of the Agreed Value with respect to sold Receivables or may be treated as a cash contribution to the capital of the Transferee that is immediately and
simultaneously offset by an equal portion of the Agreed Value payable by the Transferee to such Originator, without physical transfer of any funds) with respect to each Transferred Receivable and the Related Rights, created or acquired by such
Originator on the date of Transfer thereof as set forth above by transfer of funds, to the extent that Transferee has funds available for that purpose after satisfying Transferee’s obligations under the Receivables Financing Agreement and such
payment is not prohibited under the Transaction Documents. 
 (d)    In the case of any Originator
(including, in this capacity, Traeger), to the extent that Transferee does not have funds available to pay the Agreed Value due on any day in cash, Transferee shall execute and deliver in the form attached to this Agreement as Exhibit 2.3(d),
a subordinated promissory note (each, a “Subordinated Note”) in a principal amount equal to such Deferred Payment and payable to the order of such Originator, or shall increase the principal amount of any outstanding Subordinated
Note to such Originator by the amount of any Deferred Payment; provided, that the aggregate principal amount of the Subordinated Notes shall not at any time exceed or be permitted to exceed (x) the maximum amount on the Subordinated
Notes that could be owed without rendering Borrower’s Net Worth less than the Required Capital Amount, (y) the maximum amount on the Subordinated Notes permitted under the terms of the First Lien Credit Agreement or (z) an amount
equal to 10.00% of the aggregate Outstanding Balance of all Subject Receivables then included in the Receivables Pool. Each Originator is hereby authorized by Transferee to endorse on the schedule attached to its Subordinated Note an appropriate
notation evidencing the date and amount of each advance thereunder, as well as the date of each payment with respect thereto, provided that the failure to make such notation shall not affect any obligation of Transferee thereunder. 

  
 4 

 (e)    To the extent (i) Transferee does not have
funds available to pay the Agreed Value due on any day in cash and (ii) any Subordinated Note may not be increased as provided in clause (d) above, Traeger, as an Originator hereunder and as sole member of the Transferee, may elect
in its sole discretion to treat Receivables and Related Rights allocable to any Deferred Payment to have been transferred by Traeger to Transferee as a capital contribution, in return for an increase in the value of the equity interest in Transferee
held by Traeger, and Traeger shall be deemed to have so elected to make such a capital contribution unless and until Traeger notifies the Transferee and the Administrative Agent in writing that it has elected not to make such capital contributions.
Traeger may also, at its option in its sole discretion, contribute cash or cash equivalents to Transferee in return for an increase in the value of the equity interest in Transferee held by Traeger. Servicer may evidence Traeger’s election to
treat all or any portion of a Deferred Payment as a capital contribution by recording it as such on the books and records of Transferee as maintained by the Servicer, and no further notice or acceptance of any such contribution shall be necessary.
For the avoidance of doubt, nothing in this Agreement shall be construed to require Traeger to make any capital contribution to the Transferee. Traeger and Transferee shall each record on its respective books and records any capital contribution
made by Traeger to Transferee promptly following its occurrence. 
 It is the current intention of the parties that each Transfer of
Receivables and Related Rights hereunder shall be effected by contribution rather than by a sale for which the purchase price (in the amount of the Agreed Value for each Receivable) is paid in cash and/or by an increase in the principal balance of
such Originator’s Subordinated Note. 
 SECTION 2.5    No Recourse or Assumption of Obligations.
Except as specifically provided in this Agreement, the Transfer of Receivables and Related Rights under this Agreement shall be without recourse to any Originator. Each Originator and Transferee intend the transactions hereunder to constitute
absolute and irrevocable true sales and/or valid contributions of Receivables and the Related Rights by each Originator to Transferee, providing Transferee with the full risks and benefits of ownership of the Receivables and Related Rights (such
that the Receivables and the Related Rights would not be property of any Originator’s estate in the event of such Originator’s bankruptcy). Each Originator and the Transferee have structured the transactions contemplated by this Agreement
as a sale and/or contribution, and each Originator and the Transferee agree to treat each such transaction as a “true sale” for all purposes under applicable law and accounting principles, including, without limitation, in their respective
books, records, computer files, tax returns (federal, state and local), regulatory and governmental filings (and shall reflect such sale in their respective financial statements). 

None of Transferee, Administrative Agent, the Lenders or the other Affected Persons shall have any obligation or liability under any
Receivables or Related Rights, nor shall Transferee, Administrative Agent, any Lender or the other Affected Persons have any obligation or liability to any Obligor or other customer or client of any Originator (including any obligation to perform
any of the obligations of any Originator under any Receivables or Related Rights). 

  
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 ARTICLE III 

ADMINISTRATION AND COLLECTION 

SECTION 3.1    Traeger to Act as Servicer, Contracts. (a) Traeger shall be responsible for the
servicing, administration and collection of the Receivables and the Related Rights for the benefit of Transferee and for the benefit of Administrative Agent (as Transferee’s assignee) on behalf of the Lenders, all on the terms set out in (and
subject to any rights to terminate Traeger as Servicer and appoint a successor Servicer pursuant to) the Receivables Financing Agreement. 

(b)    Each Originator shall cooperate with Transferee and Servicer in collecting amounts due from Obligors
in respect of the Receivables. 
 (c)    Transferee and each Originator hereby grant to Servicer an
irrevocable power of attorney, with full power of substitution, coupled with an interest, to take or cause to be taken in the name of Transferee or such Originator, as the case may be, any and all steps which are necessary or advisable to endorse,
negotiate, enforce, or otherwise realize on any checks, instruments or other proceeds of the Receivables or other right of any kind held or transmitted by Transferee or such Originator or transmitted or received by Transferee or such Originator in
connection with any Receivable and any Related Rights (including under the related records). 

(d)    Each Originator hereby grants to Transferee and to Administrative Agent, as assignee of Transferee,
an irrevocable power of attorney, with full power of substitution, coupled with an interest, to take or cause to be taken in the name of Transferee or such Originator, as the case may be, any and all steps which are necessary or advisable to
endorse, negotiate, enforce, or otherwise realize on any checks, instruments or other proceeds of the Receivables or other right of any kind held or transmitted by Transferee or such Originator or transmitted or received by Transferee or such
Originator in connection with any Receivable and any Related Rights (including under the related records). 

(e)    Each Originator shall perform all of its obligations under the Records to the same extent as if the
Receivables had not been sold or contributed, as applicable, hereunder and the exercise by each of the Transferee, the Servicer, the Administrative Agent or any of their respective designees of its rights hereunder or under the Receivables Financing
Agreement shall not relieve such Originator from such obligations. 
 SECTION 3.2    Deemed Collections.
(a) If on any day: 
 (i)    the Unpaid Balance of any Receivable originated by any Originator is:
(A) reduced as a result of any defective or rejected goods or services, any discount, dispute, refunds, netting, rebates or any adjustment or otherwise by any Traeger Party or any Affiliate thereof (other than cash Collections on account of the
Receivables) or (B) reduced or canceled as a result of a setoff in respect of any claim by any Person (whether such claim arises out of the same or a related transaction or an unrelated transaction) or any netting by any Person; or 

  
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 (ii)    (A) any of the representations or warranties of
any Originator set forth in Section 4.2 is not true with respect to any Receivable at the time made or deemed made, or (B) any Receivable included in any Monthly Report or Interim Report as an Eligible Receivable or in
any calculation of Net Receivable Pool Balance as an Eligible Receivable fails to be an Eligible Receivable at the time of such inclusion; 
 then, on such
day, the Originator that sold or contributed such Receivable to Transferee hereunder shall be deemed to have received a Collection of such Receivable: 

(1)    in the case of clause (i) above, in the amount of such reduction or adjustment; or 

(2)    in the case of clause (ii) above, in the amount of the entire Unpaid Balance of the
relevant Receivable (as determined immediately prior to the applicable event) with respect to which such representations or warranties of any Originator were untrue. 

Collections deemed received by any Originator under this Section 3.2(a) are herein referred to as “Deemed
Collections”. 
 (b)    Such Originator shall transfer to a Collection Account immediately
available funds within two (2) Business Days after the event giving rise to such Deemed Collection, an amount equal to (x) if such Deemed Collection occurs prior to the Termination Date and no Event of Default has occurred and is
continuing, the lesser of (I) the sum of all Deemed Collections with respect to such reduction, adjustment or breach and (II) an amount necessary to eliminate any Borrowing Base Deficit that exists at such time and (y) if such
reduction, adjustment or breach occurs on or after the Termination Date or at any time when an Event of Default has occurred and is continuing, the sum of all Deemed Collections with respect to such reduction, adjustment or breach. 

SECTION 3.3    Actions Evidencing Transfers. (a) On or prior to the Closing Date, each Originator (or
Servicer, on behalf of Originators) shall take all steps reasonably necessary to ensure that there shall be placed on each data processing report that it generates that is provided to a proposed purchaser or lender to evaluate the Receivables, a
legend evidencing that the Pool Receivables have been transferred to the Transferee in accordance with this Agreement and none of the Originators or Servicer shall change or remove such legend without the consent of Transferee and the Administrative
Agent, as its assignee. In addition, each Originator agrees that from time to time, at its expense, it will promptly execute and deliver all further instruments and documents, and take all further action that Transferee or the Administrative Agent,
as its assignee may reasonably request in order to perfect, protect or more fully evidence the Transfer hereunder, or to enable Transferee or the Administrative Agent, as its assignee to exercise or enforce any of their respective rights with
respect to the Receivables and the Related Rights. 

  
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 Without limiting the generality of the foregoing, each Originator will upon the request of Transferee or its
designee: 
 (i) authorize and file such financing or continuation statements, or amendments thereto or assignments thereof, and such other instruments or
notices, as may be necessary or appropriate to perfect the interests of Transferee and Administrative Agent, as its assignee in the Receivables and the Related Rights; and (ii) upon and after the occurrence of an Event of Default or an
Unmatured Event of Default, mark conspicuously each Contract (or such Originator’s records with respect to such Contract) evidencing each Receivable with a legend, acceptable to Transferee and the Administrative Agent, as its assignee,
evidencing that the related Receivables have been Transferred in accordance with this Agreement. 

(b)    Each Originator hereby authorizes Transferee or its designee (i) to file in the name of such
Originator one or more financing statements, and amendments thereto, continuations thereof and assignments thereof, relative to all or any of the Receivables and the Related Rights now existing or hereafter arising and (ii) to the extent
permitted by the Receivables Financing Agreement, to notify Obligors of the assignment of the Receivables and the Related Rights. 

(c)    Without limiting the generality of subsection (a), each Originator shall: authorize and
deliver and file or cause to be filed appropriate continuation statements, not earlier than six months and not later than the fifth anniversary of the date of filing of the financing statements filed in connection with the Closing Date or any other
financing statement filed pursuant to this Agreement, if the Final Payout Date shall not have occurred. 
 SECTION
3.4    Application of Collections. Any payment by an Obligor in respect of any indebtedness owed by it shall be applied as specified in writing or otherwise by such Obligor or as required by Applicable Law or by the
underlying Contract. If the manner of application of any such payment is not specified by the related Obligor and is not required by Applicable Law or by the underlying Contract, such payment shall, unless Transferee instructs otherwise, be applied:
first, as a Collection of any Receivable or Receivables then outstanding of such Obligor, with such Receivables being paid in the order of the oldest first, and, second, to any other indebtedness of such Obligor. 

ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

SECTION 4.1    Mutual Representations and Warranties. Each Originator represents and warrants to Transferee,
and Transferee represents and warrants to each Originator, as of the Closing Date and as of each date in which a purchase and sale or contribution, as applicable, is made hereunder, as follows: 

(a)    Organization and Good Standing. It is duly organized and validly existing in good standing
under the laws of its jurisdiction of organization, with the power and authority under its Organizational Documents and under the laws of its jurisdiction of organization to own its properties and to conduct its business as such properties are
currently owned and such business is presently conducted, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect. 

  
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 (b)    Due Qualification. It is duly qualified to
do business, is in good standing as a foreign entity and has obtained all necessary licenses and approvals in all jurisdictions in which the conduct of its business requires such qualification, licenses or approvals, except where the failure to do
so would not reasonably be expected to have a Material Adverse Effect. 
 (c)    Power and Authority;
Due Authorization. (i) It has all necessary power and authority to (A) execute and deliver this Agreement and the other Transaction Documents to which it is a party, (B) perform its obligations under this Agreement and the other
Transaction Documents to which it is a party, (C) with respect to Traeger, sell, assign or contribute the Receivables and the Related Rights on the terms and conditions herein provided, (D) with respect to each Originator other than
Traeger, sell or assign the Receivables and the Related Rights on the terms and conditions herein provided and (E) with respect to Transferee, purchase, acquire and own the Receivables and the Related Rights on the terms and conditions herein
provided and (ii) the execution, delivery and performance of, and the consummation of the transactions provided for in, this Agreement and the other Transaction Documents to which it is a party have been duly authorized by it by all necessary
action. 
 (d)    Binding Obligations. This Agreement and each of the other Transaction Documents
to which it is a party constitutes its legal, valid and binding obligations, enforceable against it in accordance with their respective terms, except (i) as such enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, receivership, moratorium or other similar laws affecting creditors’ rights generally and (ii) as such enforceability may be limited by general principles of equity, regardless of whether such enforceability is considered in
a proceeding in equity or at law. 
 (e)    No Conflict or Violation. The execution and delivery
of this Agreement and each other Transaction Document to which it is a party, the performance of the transactions contemplated by this Agreement and the other Transaction Documents and the fulfillment of the terms of this Agreement and the other
Transaction Documents by it will not (i) conflict with, result in any breach of any of the terms or provisions of, or constitute (with or without notice or lapse of time or both) a default under, its Organizational Documents or any indenture,
sale agreement, credit agreement, loan agreement, security agreement, mortgage, deed of trust or other agreement or instrument to which it is a party or by which it or any of its property is bound, (ii) result in the creation or imposition of
any Adverse Claim (other than a Permitted Adverse Claim) upon any of its properties pursuant to the terms of any such indenture, credit agreement, loan agreement, security agreement, mortgage, deed of trust or other agreement or instrument, other
than this Agreement and the other Transaction Documents or (iii) conflict with or violate any Applicable Law, except, with respect to this clause (iii), to the extent that any such conflict, breach, default, Adverse Claim or violation could not
reasonably be expected to have a Material Adverse Effect on such Originator. 
 (f)    Litigation and
Other Proceedings. (i) There is no action, suit, proceeding or investigation pending or, to the knowledge of such Person, threatened, against such Person before any Governmental Authority and (ii) such Person is not subject to any
order, 

  
 9 

 
judgment, decree, injunction, stipulation or consent order of or with any Governmental Authority that, in the case of either of the foregoing clauses (i) and (ii), (A)
asserting the invalidity of this Agreement or any other Transaction Document, (B) seeking to prevent the sale, assignment or contribution, as applicable, of any Receivables and Related Rights, the ownership or acquisition by the Transferee of
any Receivable or Related Rights or the consummation of any of the transactions contemplated by this Agreement or any other Transaction Document, (C) seeking any determination or ruling that would materially and adversely affect the performance
by such Person of its obligations under, or the validity or enforceability of, this Agreement or any other Transaction Document or (D) individually or in the aggregate for all such actions, suits, proceedings and investigations would reasonably
be expected to have a Material Adverse Effect on such Originator. 
 (g)    Governmental
Approvals. Except (i) for the filing of UCC financing statements as contemplated by Section 6.1 of the Receivables Financing Agreement to occur on the date hereof and (ii) where the failure to obtain or make such authorization,
consent, order, approval or action would not reasonably be expected to have a Material Adverse Effect, all authorizations, consents, orders and approvals of, or other actions by, any Governmental Authority that are required to be obtained by such
Person in connection with the sale, assignment or contribution, as applicable, of any Receivables and Related Rights hereunder or the due execution, delivery and performance by such Person of this Agreement or any other Transaction Document to which
it is a party and the consummation by such Person of the transactions contemplated by this Agreement and the other Transaction Documents to which it is a party have been obtained or made and are in full force and effect. 

(h)    Ordinary Course of Business. Each remittance of Collections on the Receivables transferred by
such Originator to Buyer under this Agreement or pursuant to the other Transaction Documents will have been (i) in payment of a debt incurred by such Person in the ordinary course of business or financial affairs of such Person and
(ii) made in the ordinary course of business or financial affairs of such Person. 
 SECTION
4.2    Additional Representations and Warranties of Each Originator. Each Originator represents and warrants to Transferee as of the Closing Date and as of each date on which a purchase and sale or contribution, as
applicable, is made hereunder, as follows: 
 (a)    Valid Transfer and Contribution. The Transfer
of Receivables and Related Rights under this Agreement constitutes a valid sale, transfer and assignment or contribution, as applicable, of the Receivables originated by such Originator, enforceable against creditors of, and purchasers from such
Originator. 
 (b)    Margin Regulations. Such Originator is not engaged, principally or as one of
its important activities, in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meanings of Regulations U of the Board of Governors of the Federal Reserve System). 

(c)    Quality of Title. Prior to its sale or contribution to Transferee hereunder, each Receivable
originated by such Originator, together with the Related Rights, is owned 

  
 10 

 
by such Originator free and clear of any Adverse Claim (other than a Permitted Adverse Claim). When Transferee purchases or acquires by contribution such Receivable and Related Rights and all
Collections and proceeds if any of the foregoing, Transferee shall have acquired legal and equitable title to such Receivable, for fair consideration and reasonably equivalent value (and each Originator represents and warrants that it has taken all
steps under the UCC necessary to perfect the transfer of such ownership interest in such assets), free and clear of any Adverse Claim (other than a Permitted Adverse Claim); and no financing statement or other instrument similar in effect covering
any Receivable sold or contributed hereunder, any interest therein, and the Related Rights is on file in any recording office, except such as may be filed (i) in favor of Transferee (and assigned to Administrative Agent) or (ii) in favor
of Administrative Agent in accordance with the Receivables Financing Agreement. 
 (d)    Accuracy of
Information. All Monthly Reports, Interim Reports, certificates, reports, statements, documents and other information furnished by or on behalf of such Originator or its Affiliates to Transferee, Administrative Agent or any other Credit Party in
connection with this Agreement or any other Transaction Document, or in connection with or pursuant to any amendment or modification of, or waiver under, this Agreement or any other Transaction Document, is, at the time the same was so furnished,
complete and correct in all material respects on the date the same are furnished to Transferee, Administrative Agent or such other Credit Party, and does not contain any material misstatement of fact or omit to state a material fact or any fact
necessary to make the statements contained therein, taken as a whole, not misleading. 
 (e)    UCC
Details. Such Originator’s true legal name as registered in the sole jurisdiction in which it is organized, the jurisdiction of such organization, its organizational identification number, if any, as designated by the jurisdiction of its
organization, its federal employer identification number, if any, and the location of its chief executive office and principal place of business and the offices where such Originator keeps all its Records are specified in Annex 1, in
jurisdictions where all action required by Section 8.02 of the Receivables Financing Agreement has been taken and completed. Except as described in Annex 1, such Originator has no, and within the last five years, has not had any, trade
names, fictitious names, assumed names or “doing business as” names and such Originator has not, within the last five years, changed the location of its chief executive office or its true legal name, identity or limited liability company
structure. Each Originator is organized only in a single jurisdiction. 
 (f)    Perfection
Representations. 
 (1)    This Agreement creates a valid and continuing “security
interest” (as defined in the applicable UCC) in the Transferee’s right, title and interest in, to and under the Receivables and Related Rights which will be free of all Adverse Claims (other than a Permitted Adverse Claim) in such
Receivables and Related Rights. 
 (2)    The Receivables constitute “accounts” or
“general intangibles” within the meaning of Section 9-102 of the UCC. 

  
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 (3)    All appropriate financing statements, financing
statement amendments and continuation statements have been filed in the proper filing office in the appropriate jurisdictions under Applicable Law and all other requirements under the appropriate jurisdictions under Applicable Law have been complied
with in order to perfect (and continue the perfection of) the sale and/or contribution of the Receivables and Related Security from each applicable Originator to the Transferee pursuant to this Agreement. 

(4)    Other than the ownership interest granted to the Transferee pursuant to this Agreement, such
Originator has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Receivables or Related Rights except as permitted by this Agreement and the other Transaction Documents. Such Originator has not authorized
the filing of and is not aware of any financing statements filed against itself that include a description of collateral covering the Collateral other than any financing statement (i) in favor of the Administrative Agent or (ii) that has
been terminated. Such Originator is not aware of any judgment lien, ERISA lien or tax lien filings against itself. 

(5)    Notwithstanding any other provision of this Agreement or any other Transaction Document, the
representations contained in this Section 4.2(f) shall be continuing and remain in full force and effect until the Final Payout Date. 

(g)    The Lock-Boxes and Collection Accounts. 

(1)    Nature of Collection Accounts. Each Collection Account constitutes a “deposit
account” within the meaning of the applicable UCC. 
 (2)    Ownership. Each Lock-Box and Collection Account is in the name of the Transferee, and the Transferee owns and has good and marketable title to the Collection Accounts free and clear of any Adverse Claim (other than a Permitted
Adverse Claim). 
 (3)    Instructions. Neither the Lock-Boxes nor the Collection Accounts are in
the name of any Person other than the Transferee. Neither the Transferee nor the Servicer has consented to the applicable Collection Account Bank complying with instructions of any Person other than the Transferee, the Servicer and the
Administrative Agent. All Obligors have been instructed to make all payments in respect of the Receivables to a Collection Account. 

(h)    Taxes. Such Originator has timely filed all federal and other material Tax returns (federal,
state and local) required to be filed by it and paid, or caused to be paid, all federal and other material Taxes, assessments and other governmental charges, if any, other than any Taxes, assessments and other governmental charges which are being
contested in good faith by appropriate proceedings and as to which adequate reserves have been provided in accordance with GAAP. 

  
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 (i)    Servicing Programs. No license or approval
is required for Servicer’s or Transferee’s use of any software or other computer program used by such Originator in the servicing of the Receivables, other than those which have been obtained and are in full force and effect. 

(j)    Credit and Collection Policy. Such Originator has complied in all material respects with the
Credit and Collection Policy with regard to each Receivable and the related Contracts. 

(k)    Compliance with Applicable Law. Such Originator (i) shall duly satisfy all obligations
on its part to be fulfilled under or in connection with the Receivables and the related Contracts and (ii) has complied in all material respects with all Applicable Laws in connection with originating the Receivables. 

(l)    Eligible Receivables. Each Receivable shall be an Eligible Receivable on the date of the sale
or contribution of such Receivable hereunder, unless otherwise specified in the first Monthly Report or Interim Report that includes such Receivable. 

(m)    Adverse Change in Receivables. Since the Closing Date, there has been no material adverse
change in either the collectability or the payment history of the Receivables, taken as a whole, originated by such Originator. 

(n)    Financial Condition. The consolidated balance sheets of Traeger and its consolidated
Subsidiaries as of December 31, 2019 and the related statements of income and shareholders’ equity of Traeger and its consolidated Subsidiaries for the fiscal quarter then ended, copies of which have been furnished to the Transferee, the
Administrative Agent and the Group Agents, present fairly in all material respects the consolidated financial position of Traeger and its consolidated Subsidiaries for the period ended on such date, all in accordance with GAAP (except as otherwise
disclosed in such balance sheet and statement). 
 (o)    Investment Company Act. Such Originator
is not an “investment company,” registered or required to be registered under the Investment Company Act. 

(p)    Bulk Sales Act. No transaction contemplated by this Agreement requires compliance by it with
any bulk sales act or similar law. 
 (q)    Solvent. Such Originator is Solvent. 

(r)    No Material Adverse Effect. Since June 30, 2020 there has been no Material Adverse
Effect with respect to such Originator. 
 (s)    Opinions. The facts regarding such Originator,
the Receivables, the Related Rights and the related matters set forth or assumed in each of the opinions of counsel delivered in connection with this Agreement and the Transaction Documents are true and correct in all material respects. 

  
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 (t)    Reliance on Separate Legal Identity. Such
Originator acknowledges that each of the Lenders, the Group Agents and the Administrative Agent are entering into the Transaction Documents to which they are parties in reliance upon the Transferee’s identity as a legal entity separate from
such Originator. 
 (u)    Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions. None of
(a) the Traeger Parties or any of their respective Subsidiaries, Affiliates, directors, officers, employees, or agents that will act in any capacity in connection with or directly benefit from the facility established hereby is a Sanctioned
Person, (b) the Traeger Parties nor any of their respective Subsidiaries is organized or resident in a Sanctioned Country, and (c) the Traeger Parties has violated, been found in violation of or is under investigation by any Governmental
Authority for possible violation of any Anti-Corruption Laws, Anti-Money Laundering Laws or of any Sanctions. 

(v)    Proceeds. No proceeds received by any Traeger Party or any of their respective Subsidiaries
or Affiliates in connection with any sale will be used in any manner that will violate Anti-Corruption Laws, Anti-Money Laundering Laws or Sanctions. 

(w)    Policies and Procedures. Policies and procedures have been implemented and maintained by or
on behalf of each of the Traeger Parties that are designed to achieve compliance by the Traeger Parties and their respective Affiliates, directors, officers, employees and agents with Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions,
and the Traeger Parties and their respective Affiliates, officers, employees, directors and agents acting in any capacity in connection with or directly benefitting from the facility established hereby, are in compliance with Anti-Corruption Laws,
Anti-Money Laundering Laws and Sanctions. 
 (x)    ERISA. No ERISA Event has occurred during the
prior five years, except to the extent that any such ERISA Event, alone or with any other such ERISA Events, could not reasonably be expected to result in a Material Adverse Effect. 

(y)    No Fraudulent Conveyance. No sale or contribution hereunder constitutes a fraudulent transfer
or conveyance under any United States federal or applicable state bankruptcy or insolvency laws or is otherwise void or voidable under such or similar laws or principles or for any other reason. 

(z)    No Event of Default. No event has occurred and is continuing and no condition exists, or
would result from the sale, transfer and assignment or contribution of the Receivables originated by such Originator, that constitutes or may reasonably be expected to constitute an Event of Default or an Unmatured Event of Default. 

(aa)    Other Transaction Documents. Each representation and warranty made by such Originator under
each other Transaction Document to which it is a party is true and correct in all material respects as of the date when made. 

  
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 ARTICLE V 

GENERAL COVENANTS 

SECTION 5.1    Mutual Covenants. At all times from the Closing Date until the Final Payout Date, Transferee
and each Originator shall: 
 (a)    Compliance with Laws, Etc. Comply with all Applicable Laws to
which it may be subject if the failure to comply would reasonably be expected to have a Material Adverse Effect. 

(b)    Existence. Keep in full force and effect its existence and rights as a corporation or other
entity in the jurisdiction of its organization. Such Originator shall obtain and preserve its qualification to do business in each jurisdiction in which the conduct of its business requires such qualification, except where the failure to do so would
not reasonably be expected to have a Material Adverse Effect. 
 (c)    Separateness. (i) To
the extent applicable to it, observe the applicable legal requirements for the recognition of Transferee as a legal entity separate and apart from such Originator and any Affiliate of such Originator, including complying with (and causing to be true
and correct) each of the facts and assumptions contained in the legal opinions of counsel delivered in connection with this Agreement and the other Transaction Documents regarding “true sale” and “substantive consolidation”
matters (and any later bring-downs or replacements of such opinions) and (ii) not take any actions inconsistent with the terms of Section 7.03 of the Receivables Financing Agreement or Transferee’s Organizational Documents. 

SECTION 5.2    Additional Covenants of Each Originator. At all times from the Closing Date until the Final
Payout Date, each Originator shall: 
 (a)    Furnishing of Information and Inspection of
Receivables. Furnish or cause to be furnished to the Transferee, the Administrative Agent and each Group Agent from time to time such information with respect to the Receivables and the other Collateral as the Transferee, the Administrative
Agent or any Group Agent may reasonably request. Each Originator will, at such Originator’s expense, during regular business hours with reasonable prior written notice (i) permit the Transferee, the Administrative Agent and each Group
Agent or their respective agents or representatives to (A) examine and make copies of and abstracts from all books and records relating to the Receivables or Related Rights, (B) visit the offices and properties of such Originator for the
purpose of examining such books and records and (C) discuss matters relating to the Receivables, the Related Rights or such Originator’s performance hereunder or under the other Transaction Documents to which it is a party with any of the
officers, directors, employees or independent public accountants of such Originator having knowledge of such matters and (ii) without limiting the provisions of clause (i) above, during regular business hours, at such
Originator’s expense, upon reasonable prior written notice from the Transferee or Administrative Agent, permit certified public accountants or other auditors acceptable to the Administrative Agent to conduct a review of its books and records
with respect to such 

  
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Receivables and Related Rights; provided, that the Originators shall be required to reimburse the Administrative Agent for only one (1) such review pursuant to clause
(ii) above in any twelve-month period (excluding any audits/inspections requested by Transferee), unless an Event of Default has occurred and is continuing. 

(b)    Records. Maintain and implement administrative and operating procedures (including an ability
to recreate records evidencing Receivables and related Contracts in the event of the destruction of the originals thereof), and keep and maintain all documents, books, records, computer tapes and disks and other information reasonably necessary or
advisable for the collection of all Receivables (including records adequate to permit the daily identification of each Receivable and all Collections of and adjustments to each existing Receivable) and the identification and segregation of Excluded
Receivables (including records adequate to permit the immediate identification of each new Excluded Receivable and all collections of each existing Excluded Receivable). 

(c)    Conduct of Business. Each Originator will carry on and conduct its business in substantially
the same manner and in substantially the same fields of enterprise as it is presently conducted and will do all things necessary to remain duly organized, validly existing and in good standing as a domestic organization in its jurisdiction of
organization and maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted if the failure to have such authority could reasonably be expected to have a Material Adverse Effect. 

(d)    Performance and Compliance with Receivables and Contracts. At its expense, timely and fully
perform and comply in all material respects with all provisions, covenants and other promises required to be observed by it under the Contracts and the Receivables, to the same extent as if such Originator’s Receivables had not been sold or
contributed, as applicable, hereunder and the exercise by each of Transferee, Servicer, Administrative Agent or any of their respective designees of its rights hereunder or under the Receivables Financing Agreement shall not relieve such Originator
from such obligations. 
 (e)    Location of Records. Keep its chief executive office and
principal place of business, and the offices where it keeps its Records (and all original documents relating thereto), at the address of such Originator referred to in Annex 1 or at such other locations in jurisdictions where all action
required by Section 7.02 of the Receivables Financing Agreement shall have been taken and completed. 

(f)    Credit and Collection Policy. Timely and fully comply with the Credit and Collection Policy
in all material respects with regard to each Receivable sold or contributed by it hereunder and the related Contract. 

(g)    Payments on Receivables and Collection Accounts. At all times, instruct all Obligors to
deliver payments on the Receivables directly to a Collection Account or a Lock-Box. Each Originator will, at all times, maintain such books and records necessary to identify Collections received from time to
time on Receivables and to both (i) segregate such Collections from other funds and (ii) promptly remit such Collections to a Collection 

  
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Account. If any payments on the Receivables or other Collections are received by any Originator, it shall hold such payments in trust for the benefit of the Administrative Agent, the Group Agents
and the other Secured Parties and, at any time after the Applicable Date, promptly (but in any event within two (2) Business Days after receipt) remit such funds into a Collection Account; provided, however, that in the event that
any such payments on the Receivables or other Collections are not remitted by an Obligor directly into a Collection Account or a Lock-Box, the applicable Originator (or the Servicer on its behalf) shall notify
the applicable Obligor of such failure and shall take commercially reasonable action to ensure that future payments on Receivables owing by such Obligor are remitted by such Obligor directly to a Collection Account or a Lock-Box. No Originator will commingle Collections or other funds to which the Transferee, the Administrative Agent, any Group Agent or any other Secured Party is entitled, with any other funds, except as may be
permitted pursuant to the Receivables Financing Agreement. Each Originator shall ensure that no disbursements are made from any Collection Account, other than such disbursements that are made at the direction and for the account of the Transferee,
except as may be permitted pursuant to the Receivables Financing Agreement. 
 (h)    Frequency of
Billing. Prepare and deliver (or cause to be prepared and delivered) invoices with respect to all Receivables in accordance with the Credit and Collection Policy, but in any event no less frequently than as required under the Contract related to
such Receivable. 
 (i)    Commingling. Each Originator will at all times, take commercially
reasonable actions to ensure that on and after the Closing Date that no funds are deposited into any Collection Account other than Collections on Pool Receivables. 

(j)    Taxes. Each Originator will (i) timely file all federal and other material Tax returns
(federal, state and local) required to be filed by it and (ii) pay, or cause to be paid, all federal and other material Taxes, assessments and other governmental charges, if any, other than Taxes, assessments and other governmental charges
being contested in good faith by appropriate proceedings and as to which adequate reserves have been provided in accordance with GAAP. 

(k)    Accounting. Other than for consolidated accounting purposes, such Originator will not account
for or treat the transactions contemplated hereby in any manner other than as a sale or contribution (as applicable) of Receivables and the Related Rights by such Originator to the Transferee; provided that solely for federal income tax reporting
purposes, the Transferee is treated as a “disregarded entity” of Traeger and, therefore, the conveyance of Receivables and Related Rights by Traeger to the Transferee hereunder will not be recognized. 

(l)    Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions. Ensure that policies and
procedures are maintained and enforced by or on behalf of each Traeger Party to promote and achieve compliance by the Traeger Parties and each of their Subsidiaries, Affiliates and their respective directors, officers, employees and agents with
Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions. 

  
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 SECTION 5.3    Reporting Requirements. From the date
hereof until the Final Payout Date, each Originator will furnish (or cause to be furnished) to Transferee and to Administrative Agent each of the following: 

(a)    Other Information. Such other information (including
non-financial information) regarding the Receivables sold or contributed by such Originator hereunder or the operations, assets, liabilities and financial condition of any Traeger Party as the Transferee, the
Administrative Agent or any Group Agent may from time to time reasonably request. 
 (b)    Other
Reports and Filings. Promptly (but in any event within ten days) after the filing or delivery thereof, copies of all financial information, proxy materials and reports, if any, which Parent or any of its consolidated Subsidiaries shall publicly
file with the SEC or deliver to holders (or any trustee, agent or other representative therefor) of any of its material Debt pursuant to the terms of the documentation governing the same. 

(c)    Notices. Notice in writing of any of the following events (x) with respect to clauses
(i) through (ix) below, promptly upon (but in no event later than two (2) Business Days after) a Responsible Officer or a Financial Officer of any Originator learning of the occurrence thereof and (y) with respect to clause
(x) below, promptly upon (but in no event later than two (2) Business Days after), with such notice describing the same, and if applicable, the steps being taken by the Person(s) affected with respect thereto: 

(i)    Events of Default or Unmatured Events of Default. The occurrence of any Event of Default or
Unmatured Event of Default. 
 (ii)    Representations and Warranties. The failure of any
representation or warranty made or deemed to be made by such Originator under this Agreement or any other Transaction Document to be true and correct in any material respect when made. 

(iii)    Litigation. To the extent permitted by Applicable Law, the filing or commencement of any
action, suit or proceeding by or before any arbitrator or Governmental Authority against any Traeger Party, or, to the knowledge of a Financial Officer of any Traeger Party, affecting any Traeger Party, or any materially adverse development in any
such pending action, suit or proceeding not previously disclosed in writing by the Originators to the Transferee and the Administrative Agent, that in each case with respect to any Person, would reasonably be expected to result in a Material Adverse
Effect or that in any manner questions the validity of any Transaction Document. 
 (iv)    Adverse
Claim. (A) Any Person shall obtain an Adverse Claim (other than a Permitted Adverse Claim) upon the Receivables or Related Rights or any portion thereof, (B) any Person other than the Transferee, the Servicer or the
Administrative Agent shall obtain any rights or direct any action with respect to any Collection Account (or related Lock-Box), or (C) any Obligor shall receive any change in payment instructions with
respect to Receivable(s) from a Person other than the Servicer or the Administrative Agent. 

  
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 (v)    Name Changes. Any change in any
Originator’s name, jurisdiction of organization or any other change requiring the amendment of UCC financing statements or similar filings. 

(vi)    Change in Accountants or Accounting Policy. Any change in (i) the external accountants
of the Transferee, the Servicer, any Originator or the Parent, (ii) any accounting policy of the Transferee or (iii) any material accounting policy of any Originator that is relevant to the transactions contemplated by this Agreement or
any other Transaction Document (it being understood that any change to the manner in which any Originator accounts for the Receivables shall be deemed “material” for such purpose). 

(vii)    ERISA Event. The occurrence of any ERISA Event that, alone or together with any other ERISA
Events that have occurred, would reasonably be expected to result in a Material Adverse Effect. 

(viii)    Transfer Termination Event. The occurrence of a Transfer Termination Event. 

(ix)    Material Adverse Effect. Any development that has resulted, or would reasonably be expected
to result, in a Material Adverse Effect. 
 (x)    Liquidity Shortfall. The occurrence of a
Liquidity Shortfall. 
 SECTION 5.4    Negative Covenants of Each Originator. From the date hereof until
the Final Payout Date, each Originator shall not, without the prior written consent of Administrative Agent and Transferee, do or permit to occur any act or circumstance with which it has covenanted not to do or permit to occur in any Transaction
Document to which it is a party in any capacity, or: 
 (a)    Sales, Liens, etc. Except as
otherwise explicitly provided herein, sell, assign (by operation of law or otherwise) or otherwise dispose of, or create or suffer to exist any Adverse Claim (other than a Permitted Adverse Claim) upon (including, without limitation, the filing of
any financing statement) or with respect to, any Receivable or other Collateral, or assign any right to receive income in respect thereof. 

(b)    Extension or Amendment of Receivables. Except as otherwise permitted in Section 8.02 of
the Receivables Financing Agreement, the Originators will not, and will not permit the Servicer to, alter the delinquency status or adjust the Unpaid Balance or otherwise modify the terms of any Receivable in any material respect, or amend, modify
or waive, in any material respect, any term or condition of any related Contract in all material respects. 

(c)    Change in Credit and Collection Policies. Make any material change in the Credit and
Collection Policy without the prior written consent of the Transferee and 

  
 19 

 
the Administrative Agent and the Majority Group Agents. Promptly following any material change in the Credit and Collection Policy, such Originator will deliver a copy of the updated Credit and
Collection Policy to the Transferee, the Administrative Agent and each Lender. 
 (d)    Change in
Payment Instructions to Obligors. Add, replace or terminate any Collection Account (or any related Lock-Box) or make any change in its (or their) instructions to the Obligors regarding payments to be made
to the Collection Accounts (or any related Lock-Box), other than any instruction to remit payments to a different Collection Account (or any related Lock-Box), unless
the Administrative Agent shall have received (i) prior written notice of such addition, termination or change and (ii) a signed and acknowledged Collection Account Control Agreement (or an amendment thereto) with respect to such new
Collection Accounts (or any related Lock-Box), and the Administrative Agent shall have consented to such change in writing. 

(e)    Mergers, Acquisitions, Sales, Etc. Consolidate or merge with or into any other Person or
sell, lease or transfer all or substantially all of its property and assets as an entirety to any Person, unless in the case of any merger or consolidation (i) such Originator shall be the surviving entity and (A) no Change in Control
shall result and (B) no Event of Default or Unmatured Event of Default has occurred and is continuing or would result therefrom or (ii) (A) the surviving entity shall be an entity organized or existing under the laws of the United States
or any state thereof, (B) the surviving entity shall execute and deliver to Transferee, Administrative Agent and each Group Agent an agreement, in form and substance reasonably satisfactory to Administrative Agent, containing an assumption by
the surviving entity of the due and punctual performance and observance of each obligation, covenant and condition of such Originator under this Agreement and each of the other Transaction Documents to which it is a party, (C) no Change in
Control shall result, (D) no Event of Default or Unmatured Event of Default has occurred and is continuing or would result therefrom, (E) the surviving entity maintains its jurisdiction of organization and its chief executive office within
a jurisdiction in the United States of America, (F) Administrative Agent receives all documentation and other information regarding “know your customer” and anti-money laundering rules and regulations as it shall request, (G) the
Administrative Agent, the Majority Group Agents and the Transferee provide prior written consent to such transaction and (H) Administrative Agent receives such additional certifications, documents, instruments, agreements and opinions of
counsel as it shall reasonably request, including as to the necessity and adequacy of any new UCC financing statements or amendments to existing UCC financing statements. 

(f)    Change in Organization, Etc. Change its jurisdiction of organization or its name, identity or
limited liability company organization structure or make any other change such that any financing statement filed or other action taken to perfect Transferee’s or Administrative Agent’s interests hereunder and under the Receivables
Financing Agreement, as applicable, would become seriously misleading or would otherwise be rendered ineffective, unless (i) no Event of Default or Unmatured Event of Default has occurred and is continuing or would result immediately after
giving effect thereto, (ii) no Change in Control shall result, (iii) Administrative Agent receives all documentation and other information regarding “know your customer” and anti-money laundering rules and

  
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regulations as it shall request, (iv) the Administrative Agent, the Majority Group Agents and the Transferee provide prior written consent to such change and (v) Administrative Agent
and Transferee have received such certificates, documents, instruments, agreements and opinions of counsel as they shall reasonably request, including as to the necessity and adequacy of any new UCC financing statements or amendments to existing UCC
financing statements. 
 (g)    Actions Impairing Quality of Title. Take any action that would
reasonably be expected to cause any Receivable, together with the Related Rights, not to be owned by Transferee free and clear of any Adverse Claim (other than a Permitted Adverse Claim); or take any action that would reasonably be expected to cause
Administrative Agent not to have a first priority perfected security interest in the Receivables and, to the extent such security interest can be perfected by filing a financing statement or the execution of an account control agreement, any Related
Rights (or any portion thereof) and all cash proceeds of any of the foregoing, in each case, free and clear of any Adverse Claim (other than a Permitted Adverse Claim); or suffer the existence of any financing statement or other instrument similar
in effect covering any Receivable or any Related Rights on file in any recording office (except such as may be filed (i) in favor of Transferee in accordance with any Transaction Document or (ii) in favor of Administrative Agent in
accordance with this Agreement or any Transaction Document). 
 (h)    Transferee’s Tax
Status. Take or cause any action to be taken that could reasonably result in the Transferee being treated other than as “disregarded as an entity separate from its owner” within the meaning of U.S. Treasury Regulation § 301.7701-3 for U.S. federal income tax purposes that is wholly-owned by a U.S. Person. 

(i)    Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions. Each Originator will
not, and shall procure that its Subsidiaries, Affiliates or its or their respective directors, officers, employees and agents shall not use, the proceeds of any sale of Receivables hereunder (A) in furtherance of an offer, payment, promise to
pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws or Anti-Money Laundering Laws, (B) for the purpose of funding or financing any activities, business or
transaction of or with any Sanctioned Person, or in any Sanctioned Country, in each case to the extent doing so would violate any Sanctions, or (C) in any other manner that would result in liability to any Person under any applicable Sanctions
or result in the violation of any Anti-Corruption Laws, Anti-Money Laundering Laws or Sanctions. 

(j)    Evading and Avoiding. Engage in, or permit any of its Subsidiaries, Affiliates or any
director, officer, employee, agent or other Person acting on behalf of such Originator or any of its Subsidiaries in any capacity in connection with or directly benefitting from the Agreement to engage in, or to conspire to engage in, any
transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions. 

  
 21 

 ARTICLE VI 

TERMINATION OF TRANSFERS 

SECTION 6.1    Voluntary Termination. Upon the occurrence and during the continuation of a Transfer
Termination Event with respect to any Originator, the Transfer of Receivables and Related Rights by such Originator pursuant to this Agreement may be terminated by the Transferee, with the prior written consent of the Administrative Agent, at any
time when the Aggregate Capital is equal to zero. 
 SECTION 6.2    Automatic Termination. The Transfer of
Receivables and Related Rights pursuant to this Agreement shall automatically terminate if (i) an Event of Bankruptcy shall have occurred and remain continuing with respect to such Originator or Transferee or (ii) the Final Payout Date
shall have occurred. 
 ARTICLE VII 

INDEMNIFICATION 

SECTION 7.1    Each Originator’s Indemnity. Without limiting any other rights which any
such Person may have hereunder or under Applicable Law, each Originator jointly and severally, hereby agrees to indemnify and hold harmless Transferee, Transferee’s Affiliates and all of their respective successors, transferees, participants
and assigns, the Administrative Agent, the Credit Parties, the Affected Persons, all Persons referred to in Section 8.4 hereof, and all officers, members, managers, directors, shareholders, controlling persons and employees
of any of the foregoing (each an “Originator Indemnified Party”), forthwith on demand, from and against any loss, liability, expense, damage or injury suffered or sustained by reason of any acts, omissions or alleged acts or
omissions arising out of activities of such Originator pursuant to this Agreement or any other Transaction Document, including any judgment, award, settlement, Attorney Costs and other costs or expenses incurred in connection with the defense of any
actual or threatened action, proceeding or claim (all of the foregoing being collectively referred to as, “Originator Indemnified Amounts”); excluding (i) Originator Indemnified Amounts to the extent a final non-appealable judgment of a court of competent jurisdiction holds that such Originator Indemnified Amounts resulted solely from the gross negligence or willful misconduct by such Originator Indemnified Party
seeking indemnification and (ii) Originator Indemnified Amounts to the extent the same includes losses in respect of Receivables that are uncollectible solely on account of the insolvency, bankruptcy, lack of creditworthiness or other financial
inability to pay of the related Obligor.    Without limiting or being limited by the foregoing, each Originator, jointly and severally, shall pay on demand, to each Originator Indemnified Party any and all amounts necessary to
indemnify such Originator Indemnified Party from and against any and all Originator Indemnified Amounts relating to or resulting from any of the following (but excluding Originator Indemnified Amounts described in clauses (i) and
(ii) above): 
 (i)    the transfer by such Originator of any interest in any Receivable other
than the sale or contribution, as applicable, of any Receivable and Related Rights to Transferee pursuant to this Agreement and the grant of a security interest to Transferee pursuant to this Agreement; 

  
 22 

 (ii)    any representation, warranty or statement made
or deemed made by such Originator (or any of its respective officers) under or in connection with this Agreement or any of the other Transaction Documents (including in any report or certificate required to be delivered under any Transaction
Document) shall have been untrue, false or incorrect when made or deemed made; 
 (iii)    the failure of
such Originator to comply with any Applicable Law (including with respect to any Receivable or the Related Rights), or the nonconformity of any Receivable or Related Rights transferred or purported to be transferred by such Originator with any such
Applicable Law; 
 (iv)    the lack of an enforceable ownership interest or a first priority perfected
security interest in the Receivables (and all Related Rights) transferred, or purported to be transferred by such Originator, to Transferee pursuant to this Agreement against all Persons (including any bankruptcy trustee or similar Person); 

(v)    any attempt by any Person (including Transferee) to void the transfers by such Originator
contemplated hereby under statutory provisions or common law or equitable action; 
 (vi)    the failure
to have filed, or any delay in filing of, financing statements, financing statement amendments, continuation statements or other similar instruments or documents under the UCC of any applicable jurisdiction or other Applicable Laws with respect to
any Receivable transferred by such Originator, or purported to be transferred by such Originator, to Transferee pursuant to this Agreement whether at the time of any purchase or acquisition, as applicable, or at any time thereafter; 

(vii)    any dispute, claim, offset or defense (other than discharge in bankruptcy) of an Obligor to the
payment of any Receivable in, or purporting to be in, the Receivables Pool transferred, or purported to be transferred by such Originator, to Transferee pursuant to this Agreement (including a defense based on such Receivable’s or the related
Contract’s not being a legal, valid and binding obligation of such Obligor enforceable against it in accordance with its terms), or any other claim resulting from the sale of the merchandise or services related to such Receivable or the
furnishing or failure to furnish such merchandise or services or other similar claim or defense not arising from the financial inability of any Obligor to pay undisputed indebtedness; 

(viii)    any failure of such Originator to comply with its covenants, obligations and agreements contained
in this Agreement or any other Transaction Document; 
 (ix)    any suit or claim related to the
Receivables transferred, or purported to be transferred by such Originator, to Transferee pursuant to this Agreement (including any products liability or environmental liability claim arising out of or in connection with merchandise or services that
are the subject of any such Receivable to the extent not covered pursuant to Section 8.6); 

  
 23 

 (x)    the ownership, delivery, non-delivery, possession, design, construction, use, maintenance, transportation, performance (whether or not according to specifications), operation (including the failure to operate or faulty operation),
condition, return, sale, repossession or other disposition or safety of any Related Rights (including claims for patent, trademark, or copyright infringement and claims for injury to persons or property, liability principles, or otherwise, and
claims of breach of warranty, whether express or implied) transferred or purported to be transferred by such Originator; 

(xi)    the failure of any Originator, Servicer or any predecessor in interest to notify any Obligor of the
assignment pursuant to the terms hereof by of any Receivable by such Originator to Transferee or the failure to require that payments (including any under the related insurance policies) be made directly to Transferee pursuant to the terms hereof;

 (xii)    failure by such Originator to comply with the “bulk sales” or analogous Applicable
Laws of any jurisdiction; 
 (xiii)    any Taxes imposed upon any Originator Indemnified Party or upon or
with respect to the Receivables transferred, or purported to be transferred, to Transferee by such Originator pursuant to this Agreement and all reasonable and documented costs and expenses related thereto or arising therefrom, including the
reasonable and documented fees and expenses of counsel in defending against the same, to the extent such Taxes or such amounts relating thereto arise by reason of the purchase or ownership, contribution or sale of such Receivables (or of any
interest therein) or Related Rights pursuant to this Agreement or any goods which secure any such Receivables or Related Right; 

(xiv)    any loss arising, directly or indirectly, as a result of the imposition of sales or analogous
Taxes or the failure by such Originator or Servicer to timely collect and remit to the appropriate authority any such taxes; 

(xv)    any commingling by such Originator of any funds relating to the Receivables with any of its own
funds or the funds of any other Person; 
 (xvi)    any investigation, litigation or proceeding (actual
or threatened) related to this Agreement or any other Transaction Document or in respect of any Receivable or any related Contract; 

(xvii)    the failure or delay to provide any Obligor with an invoice or other evidence of indebtedness;

 (xviii)    any failure by such Originator to obtain consent from any Obligor prior to the assignment
of any Receivable and Related Rights pursuant to the terms of this Agreement; 

  
 24 

 (xix)    any breach of any Contract as a result of the
sale or contribution thereof or any Receivables related thereto by such Originator pursuant to this Agreement; 

(xx)    any inability of such Originator or Transferee to assign any Receivable or other Related Right as
contemplated under the Transaction Documents; or the violation or breach by such Originator or Servicer of any confidentiality provision, or of any similar covenant of non-disclosure, with respect to any
Contract, or any other Indemnified Amount with respect to or resulting from any such violation or breach; 

(xxi)    any civil penalty or fine assessed by OFAC or any other Governmental Authority administering any
Anti-Corruption Law or Sanctions, and all reasonable costs and expenses (including reasonable documented legal fees and disbursements) incurred in connection with defense thereof by, any Originator Indemnified Party in connection with the
Transaction Documents as a result of any action of any Traeger Party or any of their respective Affiliates; or 

(xxii)    any other amount paid or payable pursuant to Sections 4.02 or 13.04 of the Receivables
Financing Agreement. 
 SECTION 7.2    Contribution. If for any reason the indemnification provided above
in this Article VII is unavailable to an Originator Indemnified Party or is insufficient to hold an Originator Indemnified Party harmless for Originator Indemnified Amounts, then each Originator shall contribute to the amount paid or payable
by such Originator Indemnified Party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect not only the relative benefits received by such Originator Indemnified Party on the one hand and such
Originator on the other hand but also the relative fault of such Originator Indemnified Party as well as any other relevant equitable considerations. 

ARTICLE VIII 

MISCELLANEOUS 
 SECTION
8.1    Amendments, etc. No amendment or waiver of any provision of this Agreement nor consent to any departure by any Originator therefrom shall in any event be effective unless the same shall be in writing and signed
by Transferee, Administrative Agent, the Majority Group Agents and (if an amendment) such Originator, and then any such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. No Originator
may amend or otherwise modify any other Transaction Document executed by it without the written consent of Transferee, Administrative Agent and the Majority Group Agents. 

SECTION 8.2    No Waiver; Remedies. (a) No failure on the part of Transferee or any Originator
Indemnified Party to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, power or remedy hereunder preclude any other or further
exercise thereof or the exercise of any other right, power or remedy. After the occurrence and during the continuance of an Event of 

  
 25 

 
Default, Transferee (or Administrative Agent as assignee of Transferee’s rights hereunder) shall have, in addition to all other rights and remedies under this Agreement, any other
Transaction Document or otherwise, all other rights and remedies provided under the UCC of each applicable jurisdiction and other Applicable Laws (including all the rights and remedies of a secured party upon default under the UCC (including the
right to sell any or all of the Receivables and Related Rights)). The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies provided by law. Each Originator hereby acknowledges and agrees that specific
remedies have been granted to the Administrative Agent and certain other parties the Receivables Financing Agreement and such Originator shall not object to the exercise thereof and no such Originator shall have any right or claim against any party
as a result of such exercise. Without limiting the foregoing, MUFG, individually and as Administrative Agent, each Lender and each other Credit Party, and any of their Affiliates (the “Set-off
Parties”) are each hereby authorized by each of the parties hereto, at any time and from time to time, to the fullest extent permitted by Applicable Law, to set off and apply any and all deposits (general or special, time or demand,
provisional or final) at any time held by and other indebtedness at any time owing to any such Set-off Party to or for the credit to the account of the parties hereto, against all obligations of each
Originator, now or hereafter existing under this Agreement or any other Transaction Document (other than in respect of any repayment of the Aggregate Capital or Interest by Transferee pursuant to the Receivables Financing Agreement), to any Affected
Person, any Indemnified Party or any other Affected Person. 
 (b)    Each of the Senior Interest Holders
may, from time to time, at its sole discretion, without notice or demand to any Originator, and without waiving any of its rights under any of the Subordination Provisions, take any or all of the following actions: (i) retain or obtain an
interest in any property securing any of the Senior Interests pursuant to, and to the extent set forth in, the Transaction Documents; (ii) retain or obtain the primary or secondary obligations of any other obligor or obligors with respect to
any of the Senior Interests; (iii) extend or renew for one or more periods (whether or not longer than the original period), alter or exchange any of the Senior Interests, or release or compromise any obligation of any nature with respect to
any of the Senior Interests in accordance with the Transaction Documents; (iv) amend, supplement, or otherwise modify any Transaction Document in accordance with the terms thereof; and (v) release its security interest in, or surrender,
release or permit any substitution or exchange for all or any part of any rights or property securing any of the Senior Interests, or extend or renew for one or more periods (whether or not longer than the original period), or release, compromise,
alter or exchange any obligations of any nature of any obligor with respect to any such rights or property. 

(c)    The Subordination Provisions are made for the benefit of the Senior Interest Holders, and
Administrative Agent may proceed to enforce such provisions on behalf of each of such Persons. 
 SECTION
8.3    Notices, Etc. All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing (including facsimile communication and electronic mail) and faxed or delivered to
each party hereto, at its address set forth in Annex 2 or at such other address as shall be designated by such party in a written notice to the other parties hereto. All such notices and communications shall be effective, (a) if
personally delivered or sent 

  
 26 

 
by express mail, courier or certified mail, when received, and (b) if transmitted by facsimile or electronic mail, when sent. Any obligation of any Traeger Party to provide notices or other
information to a Credit Party shall be deemed satisfied once such notice or information is provided to the relevant Credit Party by any Traeger Party. 

SECTION 8.4    Binding Effect; Assignment. Each Originator acknowledges that institutions providing
financing (by way of loans or purchases of Receivables or interests therein) pursuant to the Receivables Financing Agreement may rely upon the terms of this Agreement. This Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns and shall also, to the extent provided herein, inure to the benefit of the parties to the Receivables Financing Agreement. Each Originator acknowledges that Transferee’s rights under this
Agreement may be assigned to MUFG or a Lender under the Receivables Financing Agreement, consents to such assignment and to the exercise of those rights directly by MUFG or a Lender to the extent permitted by the Receivables Financing Agreement and
acknowledges and agrees that MUFG, individually and as Administrative Agent, a Lender and the other Affected Persons and each of their respective successors and assigns are express third party beneficiaries of this Agreement. 

SECTION 8.5    Survival. The rights and remedies with respect to any breach of any representation and
warranty made by any Originator or Transferee pursuant to Section 3.2, Article IV, the indemnification provisions of Article VII, and the provisions of Sections 8.4, 8.5, 8.6, 8.8,
8.9, 8.10, 8.11, 8.12 and 8.14 shall survive any termination of this Agreement. 
 SECTION
8.6    Costs and Expenses. In addition to its obligations under Section 7, each Originator, jointly and severally, agrees to pay on demand: 

(a)    all reasonable
out-of-pocket costs and expenses in connection with the preparation, negotiation, execution, delivery and administration of this Agreement and the other Transaction
Documents (together with all amendments, restatements, supplements, consents and waivers, if any, from time to time hereto and thereto), including, without limitation, (i) the reasonable Attorney Costs for the Administrative Agent and the other
Secured Parties and any of their respective Affiliates with respect thereto and with respect to advising the Administrative Agent and the other Secured Parties and their respective Affiliates as to their rights and remedies under this Agreement and
the other Transaction Documents and (ii) reasonable accountants’, auditors’ and consultants’ fees and expenses for the Administrative Agent and the other Secured Parties and any of their respective Affiliates and the fees and
charges of any nationally recognized statistical rating agency incurred in connection with the administration and maintenance of this Agreement or advising the Administrative Agent or any other Secured Party as to their rights and remedies under
this Agreement or as to any actual or reasonably claimed breach of this Agreement or any other Transaction Document; 

(b)    Other Taxes, and agrees to indemnify each Originator Indemnified Party and their respective
Affiliates against any liabilities for, or resulting from any delay in paying (or failure to pay), such Taxes; and 

  
 27 

 (c)    all out-of-pocket costs and expenses (including Attorney Costs), of the Administrative Agent and the other Secured Parties and their respective Affiliates, incurred in connection with the enforcement of any of
their respective rights or remedies under the provisions of this Agreement and the other Transaction Documents. 
 SECTION
8.7    Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one
and the same Agreement. Delivery of an executed signature page of this Agreement by facsimile transmission, emailed pdf. or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of
an original executed counterpart hereof. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to any document to be signed in connection with this Agreement and the
transactions contemplated hereby shall be deemed to include an electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or
record, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping
system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar
state laws based on the Uniform Electronic Transactions Act. 
 SECTION 8.8    Governing Law. THIS
AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, BUT WITHOUT REGARD TO ANY
OTHER CONFLICTS OF LAW PROVISIONS THEREOF, EXCEPT TO THE EXTENT THAT THE PERFECTION, EFFECT OF PERFECTION OR PRIORITY OF THE INTERESTS OF TRANSFEREE IN THE RECEIVABLES OR RELATED RIGHTS IS GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE
OF NEW YORK). 
 SECTION 8.9    Waiver of Jury Trial. EACH ORIGINATOR AND TRANSFEREE HEREBY EXPRESSLY
WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT OR UNDER ANY AMENDMENT, INSTRUMENT OR DOCUMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN
CONNECTION HEREWITH OR ARISING FROM ANY BANKING OR OTHER RELATIONSHIP EXISTING IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT A JURY. 

SECTION 8.10    Consent to Jurisdiction; Waiver of Immunities. EACH ORIGINATOR AND TRANSFEREE HEREBY
ACKNOWLEDGES AND AGREES THAT: 
 (a)    IT IRREVOCABLY (i) SUBMITS TO THE EXCLUSIVE JURISDICTION,
FIRST, OF ANY UNITED STATES FEDERAL COURT, AND SECOND, IF FEDERAL JURISDICTION IS NOT AVAILABLE, OF ANY NEW YORK STATE COURT, IN EITHER CASE SITTING IN NEW YORK CITY, NEW 

  
 28 

 
YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT, (ii) AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE
HEARD AND DETERMINED ONLY IN SUCH NEW YORK STATE OR FEDERAL COURT AND NOT IN ANY OTHER COURT, AND (iii) WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR
PROCEEDING. 
 (b)    TO THE EXTENT THAT IT HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM THE
JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS (WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID TO EXECUTION, EXECUTION OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS PROPERTY, IT HEREBY IRREVOCABLY WAIVES SUCH
IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER OR IN CONNECTION WITH THIS AGREEMENT. 
 SECTION
8.11    Confidentiality. Each party hereto agrees to comply with, and be bound by, the confidentiality provisions of Section 13.06 of the Receivables Financing Agreement as if they were set forth herein mutatis
mutandis. 
 SECTION 8.12    No Proceedings. Each Originator agrees, for the benefit of the parties to the
Receivables Financing Agreement, that it will not institute against Transferee, or join any other Person in instituting against Transferee, any proceeding of a type referred to in the definition of Event of Bankruptcy from the Closing Date until one
year and one day after the Final Payout Date. In addition, all amounts payable by Transferee to any Originator pursuant to this Agreement shall be payable solely from funds available for that purpose (after Transferee has satisfied all obligations
then due and owing under the Receivables Financing Agreement). 
 SECTION 8.13    No Recourse Against Other
Parties. No recourse under any obligation, covenant or agreement of Transferee contained in this Agreement shall be had against any stockholder, employee, officer, director, member, manager incorporator or organizer of Transferee. 

SECTION 8.14    Intention of the Parties. 

(a)    Absolute Conveyance. It is the intention of the parties to this Agreement that the Transfer
of each Originator’s right, title and interest in and to the Receivables, the Related Rights and all the proceeds of all of the foregoing to Transferee pursuant to this Agreement shall constitute an absolute and irrevocable purchase and sale
and/or capital contribution, as applicable, and not a loan or pledge. Each Originator and the Transferee have structured the transactions contemplated by this Agreement as a sale and/or contribution, and each Originator and the Transferee agree to
treat each such transaction as “true sale” for all purposes under applicable law and accounting principles for all purposes under applicable law and accounting principles, including, without limitation, in their respective books, records,
computer files, tax returns (federal, state and local), regulatory and governmental filings (and shall reflect such sale in their respective financial statements) 

  
 29 

 (b)    Security Agreement. The parties hereto
acknowledge and agree that pursuant to Section 1-201 of the UCC, a “security interest” includes both an interest in personal property that secures an obligation and the interest of a
“buyer” of accounts and payment intangibles. Accordingly, (i) if the Transfer is characterized in a manner consistent with the intention of the parties, with respect to the interests of the Transferee as the “buyer” of
accounts or payment intangibles constituting part of the Receivables and Related Rights (and all proceeds thereof) and (ii) in the event of any recharacterization by a court of competent jurisdiction under Applicable Law of the Transfer of all
or any portion of the Receivables and Related Rights as a lien thereon rather than a sale or absolute contribution thereof, with respect to the lien on the Receivables and Related Rights granted to the Transferee hereunder, this Agreement is a
“security agreement” (as defined in Section 9-102 of the UCC) for purposes of Article 9 of the UCC. 

SECTION 8.15    Binding Terms in Other Transaction Documents. Each Originator hereby makes for the benefit
of Program Support Provider, Administrative Agent, each Lender, each other Secured Party, each of the representations, warranties, covenants, and agreements, and accepts all other binding terms, including the waiver of any rights, which are made
applicable to any Originator in any other Transaction Document, each as if the same (together with any provisions incorporated therein by reference) were set forth in full herein. 

SECTION 8.16    Joint and Several Liability. Each of the representations, warranties, covenants,
obligations, indemnities and other undertakings of any Originator hereunder shall be made jointly and severally, and are joint and several liabilities of each of the Originators hereunder. 

SECTION 8.17    Severability. Any provisions of this Agreement which are prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. 
 [SIGNATURE PAGES FOLLOW] 

  
 30 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their
respective officers thereunto duly authorized, as of the date first above written. 
  

			
	 TRAEGER PELLET GRILLS LLC,

as Servicer

 
			
		
	By:	 	/s/ Dominic Blosil

 
			
	Name:	 	Dominic Blosil
	Title:	 	Chief Financial Officer
	
	TRAEGER PELLET GRILLS LLC, as an Originator

 
			
		
	By:	 	/s/ Dominic Blosil

 
			
	Name:	 	Dominic Blosil
	Title:	 	Chief Financial Officer
	
	TRAEGER SPE LLC, as Transferee

 
			
		
	By:	 	/s/ Dominic Blosil

 
			
	Name:	 	Dominic Blosil
	Title:	 	Chief Financial Officer

  

			
	S-1	  	Purchase and Contribution Agreement (Traeger)

 ANNEX 1 

UCC DETAILS SCHEDULE 
  

	(1)	 Traeger Pellet Grills LLC: 

 

	 	(a)	 Chief Executive Office 

 

	 	(b)	 Locations Where Records Are Kept 

 

	 	(c)	 Changes in Location or Name 

 

	 	(d)	 Federal Taxpayer ID Number 

 

	 	(e)	 Jurisdiction of Organization 

 

	 	(f)	 True Legal Name 

  

	 	(g)	 Organizational Identification Number 

  
 Annex 1, Page 1 

 ANNEX 2 

NOTICE INFORMATION 
 If to an
Originator, to the following, as applicable: 
 Traeger Pellet Grills LLC 

1215 E. Wilmington Ave., Suite 200 
 Salt Lake City, UT 84106 

Attention: Andrew Rust 
 Telecopy:
801-456-2253 
 Telephone: 801-701-7180 
 Email: arust@traegergrills.com 

If to Transferee: 
 Traeger SPE LLC 

1215 E. Wilmington Ave., Suite 200 
 Salt Lake City, UT 84106 

Attention: Andrew Rust 
 Telecopy:
801-456-2253 
 Telephone: 801-701-7180 
 Email: arust@traegergrills.com 

With a copy to each Lender, each Group Agent and Administrative Agent at their respective addresses set forth in the Receivables Financing Agreement. 

  
 Annex 2, Page 1 

 Exhibit 2.3(d) 

FORM OF SUBORDINATED NOTE 

NON-NEGOTIABLE SUBORDINATED NOTE 

as of [    ], 20         

FOR VALUE RECEIVED, the undersigned, Traeger SPE LLC, a Delaware limited liability company (“Transferee”), promises to pay to
[                    , a                     ]
(“Company”), on the terms and subject to the conditions set forth herein and in the Purchase and Contribution Agreement referred to below, the aggregate unpaid amount of the Agreed Value of all Receivables and Related Rights
Transferred and to be Transferred by Transferee pursuant to the Receivables Sale Agreement. Such amount as shown in the records of the Servicer shall be rebuttable presumptive evidence of the principal amount owing under this note (this
“Note”). 
 1.    Purchase and Contribution Agreement. This note (this “Note”)
is one of the Subordinated Notes described in Section 2.3(d) of, and is subject to the terms and conditions set forth in, the Purchase and Contribution Agreement, dated as of November 2, 2020 (as the same may be
amended, supplemented, or otherwise modified in accordance with its terms, the “Purchase and Contribution Agreement”), among Transferee, as Originator, the Originators party thereto, the Servicer and Transferee. Reference is hereby
made to the Purchase and Contribution Agreement for a statement of certain other rights and obligations of Transferee and Company. In the case of any conflict between the terms of this Note and the terms of the Purchase and Contribution Agreement,
the terms of the Purchase and Contribution Agreement shall control. 
 2.    Definitions; Interpretation.
Capitalized terms used (but not defined) herein have the meanings ascribed thereto in (or by reference in) the Purchase and Contribution Agreement, and this Note shall be interpreted in accordance with Section 1.2 of the
Purchase and Contribution Agreement. In addition, as used herein, the following terms have the following meanings: 

“Bankruptcy Proceedings” is defined in Section 7 hereof. 

“Final Maturity Date” means the date that falls a year and a day after the later of (a) the related
Transfer Termination Date and (b) the Final Payout Date (as defined in the Receivables Financing Agreement). 

“Junior Liabilities” means all obligations of Transferee under this Note or under any other Subordinated Notes
described in Section 2.3(d) of the Purchase and Contribution Agreement. 
 “Senior
Interests” means (a) the security interest granted to Administrative Agent in the Collateral for the benefit of the Secured Parties pursuant to the Receivables Financing Agreement, (b) the Aggregate Capital, (c) all Borrower
Obligations and (d) all other obligations of Transferee to the Senior Interest Holders, howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent, now or hereafter existing, or due or to become due on or before
the Final Maturity Date. 

  
 Exhibit 2.3(d), Page 1

 “Senior Interest Holders” means, collectively, each Lender,
each Group Agent, the Administrative Agent and the other Affected Persons (each as defined in the Receivables Financing Agreement) and their permitted assigns. 

“Subordination Provisions” is defined in Section 7 hereof. 

3.    Interest. Subject to the Subordination Provisions, Transferee promises to pay interest on the aggregate
unpaid principal amount of this Note outstanding on each day at a variable rate determined to be a fair market rate from time to time by and between Transferee and Company, with reference to market conditions, which rate shall in no instance be
lower than the sum of 1%, plus one-month Adjusted LIBOR. 

4.    Interest Payment Dates. Subject to the Subordination Provisions, Transferee shall pay accrued interest on
this Note for each Settlement Period on each Settlement Date (or on such earlier date as Transferee may elect from time to time) and on the Final Maturity Date (as defined in the Receivables Financing Agreement) (or, if any such day is not a
Business Day, the next succeeding Business Day). Transferee also shall pay accrued interest on the principal amount of each prepayment hereof on the date of each such prepayment. 

5.    Basis of Computation. Interest accrued hereunder shall be computed for the actual number of days elapsed on
the basis of a 360-day year. 
 6.    Principal Payment Dates. Subject to
the Subordination Provisions, any unpaid principal of this Note shall be paid on the Final Maturity Date (or, if such date is not a Business Day, the next succeeding Business Day). Subject to the Subordination Provisions, the principal amount of and
accrued interest on this Note may be prepaid on any Business Day without premium or penalty. 
 7.    Subordination
Provisions. The obligations under this Note are expressly subordinated in right of payment to the payment and performance of the Senior Interests, and any payment hereunder is pari passu in right of payment and performance to all other Junior
Liabilities, to the extent and in the manner set forth in the following clauses of this Section 7 (the “Subordination Provisions”). Transferee covenants and agrees, and Company and any other
assignee, transferee or pledgee of this Note (collectively, Company and any such other assignee, transferee or pledgee are called the “Holder”), by its acceptance of any sale, assignment, transfer or pledge of this Note, shall be
deemed conclusively to have agreed for the benefit of the Senior Interest Holders, to the Subordination Provisions and the Company and each Holder by its acceptance of this Note shall be bound by such provisions: 

(a)    No payment or other distribution of Transferee’s assets of any kind or character, whether in cash, securities,
or other rights or property, shall be made on account of this Note except to the extent such payment or other distribution is either (i) permitted under the Receivables Financing Agreement or (ii) made on or after the Final Maturity Date.

 (b)    (i) In the event of any dissolution, winding up, liquidation, readjustment, reorganization or other similar
event relating to Transferee, whether voluntary or involuntary, partial or complete, and whether in bankruptcy, insolvency or receivership proceedings, or upon an assignment for the benefit of creditors, or any other marshalling of the assets and
liabilities of 

  
 Exhibit 2.3(d), Page 2

 
Transferee or any sale of all or substantially all of the assets of Transferee (such proceedings being herein collectively called “Bankruptcy Proceedings”), and (ii) on and
after the occurrence of the related Transfer Termination Date, the Senior Interests shall first be indefeasibly paid and performed in full and in cash before the Holder shall be entitled to receive and to retain any payment or distribution in
respect of this Note. In order to implement the foregoing: (A) all payments and distributions of any kind or character in respect of this Note to which the Holder would be entitled except for this subsection 7(b) shall be made directly
to Administrative Agent (for the benefit of the Senior Interest Holders); (B) if the Holder shall timely file a claim or claims in any Bankruptcy Proceeding for any outstanding amount owed under this Note (and if the Holder does not timely do so,
the Administrative Agent may), all payments and other distributions in respect thereof shall be made directly to the Administrative Agent (for the benefit of the Senior Interest Holders) until the Senior Interests shall have been paid and performed
in full and in cash and (C) the Holder hereby irrevocably agrees that Administrative Agent, in the name of the Holder or otherwise, may demand, sue for, collect, receive and receipt for any and all such payments or distributions, and file,
prove and vote or consent in any such Bankruptcy Proceeding with respect to any and all claims of the Holder relating to this Note, in each case until the Senior Interests shall have been indefeasibly paid and performed in full and in cash. All
payments and distributions received by Administrative Agent in respect of this Note, to the extent received in or converted into cash, may be applied by Administrative Agent (for the benefit of the Senior Interest Holders) first, to the
payment of any and all expenses (including, without limitation, attorneys’ fees and other legal expenses) paid or incurred by Administrative Agent or the Senior Interest Holders in enforcing these Subordination Provisions, or in endeavoring to
collect or realize upon the Junior Liabilities, and second, any balance thereof shall, solely as between any Holder (including Company hereunder) and the Senior Interest Holders, be applied by Administrative Agent toward the payment of the
Senior Interests in a manner determined by Administrative Agent to be in accordance with the Receivables Financing Agreement; but as between Transferee and its creditors, no such payments or distributions of any kind or character shall be deemed to
be payments or distributions in respect of the Senior Interests. 
 (c)    In the event that the Holder receives any
payment or other distribution of any kind or character from Transferee or from any other source whatsoever, in respect of this Note, other than as expressly permitted by the terms of this Note, such payment or other distribution shall be received in
trust for the Senior Interest Holders and shall immediately be turned over in cash by the Holder to Administrative Agent (for the benefit of the Senior Interest Holders) until the Senior Interests have been indefeasibly paid and performed in full
and in cash. 
 (d)    Upon the indefeasible payment and performance in full and in cash of all Senior Interests, the
Holder shall be subrogated to the rights of the Senior Interest Holders to receive payments or distributions from Transferee that are applicable to the Senior Interests until this Note is indefeasibly paid and performed in full and in cash. 

(e)    These Subordination Provisions are intended solely for the purpose of defining the relative rights of the Holder,
on the one hand, and the Senior Interest Holders, on the other hand. Nothing contained in the Subordination Provisions or elsewhere in this Note is intended to or shall impair, as between Transferee, its creditors (other than the Senior Interest
Holders) and the Holder, Transferee’s obligation, which is unconditional and absolute, to pay this Note as and when the same shall become due and payable in accordance with the terms hereof and of the Purchase and Contribution Agreement or to
affect the relative rights of the Holder and creditors of Transferee (other than the Senior Interest Holders). 

  
 Exhibit 2.3(d), Page 3

 (f)    Holder shall not, until the Senior Interests have been
indefeasibly paid and performed in full and in cash: (i) cancel, waive, forgive, transfer or assign, or commence legal proceedings to enforce or collect, or subordinate to any obligation of Transferee, howsoever created, arising or evidenced,
whether direct or indirect, absolute or contingent, or now or hereafter existing, or due or to become due, other than the Senior Interests, this Note, or any rights in respect thereof or (ii) convert this Note into an equity interest in
Transferee, unless, in the case of each of clauses (i) and (ii) above, Holder shall have received the prior written consent of Administrative Agent. 

(g)    The Holder shall not commence, or join with any other Person in commencing, any Bankruptcy Proceeding with respect
to Transferee until at least one year and one day shall have passed since the Senior Interests shall have been indefeasibly paid and performed in full and in cash. 

(h)    If, at any time, any payment (in whole or in part) made with respect to any Senior Interest is rescinded or must be
restored or returned by a Senior Interest Holder (whether in connection with any Bankruptcy Proceeding or otherwise), these Subordination Provisions shall continue to be effective or shall be reinstated, as the case may be, as though such payment
had not been made. 
 (i)    Each of the Senior Interest Holders may, from time to time, at its sole discretion, without
notice or demand to the Holder, and without waiving any of its rights under these Subordination Provisions, take any or all of the following actions: (i) retain or obtain an interest in any property securing any of the Senior Interests pursuant
to, and to the extent set forth in, the Transaction Documents; (ii) retain or obtain the primary or secondary obligations of any other obligor or obligors with respect to any of the Senior Interests; (iii) extend or renew for one or more
periods (whether or not longer than the original period), alter or exchange any of the Senior Interests, or release or compromise any obligation of any nature with respect to any of the Senior Interests in accordance with the Transaction Documents;
(iv) amend, supplement, or otherwise modify any Transaction Document in accordance with the terms thereof; and (v) release its security interest in, or surrender, release or permit any substitution or exchange for all or any part of any
rights or property securing any of the Senior Interests, or extend or renew for one or more periods (whether or not longer than the original period), or release, compromise, alter or exchange any obligations of any nature of any obligor with respect
to any such rights or property. 
 (j)    The Holder agrees that this Note shall be pari passu with all other
Junior Liabilities. 
 (k)    The Holder hereby waives: (i) notice of acceptance of these Subordination Provisions
by any of the Senior Interest Holders; (ii) notice of the existence, creation, non-payment or non-performance of all or any of the Senior Interests; and
(iii) all diligence in enforcement, collection or protection of, or realization upon the Senior Interests, or any thereof, or any security therefor. 

  
 Exhibit 2.3(d), Page 4

 (l)    Each of the Senior Interest Holders may, from time to time, on
the terms and subject to the conditions set forth in the Transaction Documents to which such Persons are party, but without notice to the Holder, assign or transfer any or all of the Senior Interests, or any interest therein; and, notwithstanding
any such assignment or transfer or any subsequent assignment or transfer thereof, such Senior Interests shall be and remain Senior Interests for the purposes of these Subordination Provisions, and every immediate and successive assignee or
transferee of any of the Senior Interests or of any interest of such assignee or transferee in the Senior Interests shall be entitled to the benefits of these Subordination Provisions to the same extent as if such assignee or transferee were the
assignor or transferor. 
 (m)    These Subordination Provisions constitute a continuing offer from Transferee to all
Persons who become the holders of, or who continue to hold, Senior Interests; and these Subordination Provisions are made for the benefit of the Senior Interest Holders, and Administrative Agent may proceed to enforce such provisions on behalf of
each of such Persons. 
 8.    Cumulative Remedies; Amendments, Etc. No failure or delay on the part of the
Holder in exercising any power or right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any other or further exercise thereof or the exercise of any other power or right. No
amendment, restatement, modification or waiver of, or consent with respect to, any provision of this Note shall in any event be effective unless (a) the same shall be in writing and signed and delivered by Transferee and the Holder and
acknowledged and agreed to by Administrative Agent, and (b) all consents required for such actions under the Transaction Documents shall have been received by the appropriate Persons. 

9.    Limitation on Interest. Notwithstanding anything in this Note to the contrary, Transferee shall never be
required to pay unearned interest on any amount outstanding hereunder, and shall never be required to pay interest on the principal amount outstanding hereunder, at a rate in excess of the maximum interest rate that may be contracted for, charged or
received without violating applicable federal or state law. 
 10.    Negotiation. This Note is not negotiable.

 11.    Governing Law. THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, BUT WITHOUT REGARD TO ANY OTHER CONFLICTS OF LAW PROVISIONS THEREOF). 

12.    Captions. Paragraph captions used in this Note are provided solely for convenience of reference and shall
not affect the meaning or interpretation of any provision of this Note. 
 13.    Intent of the Parties.
Transferee and Company have structured this Note with the intention that the obligations of Transferee hereunder will be treated under United States federal, and applicable state, local and foreign tax law as debt (the “Intended Tax
Treatment”). Transferee and Company agree to file no tax return, or take any action, inconsistent with the Intended Tax Treatment unless required by law. 

[Signature Follows] 

  
 Exhibit 2.3(d), Page 5

 IN WITNESS WHEREOF, the undersigned has caused this Note to be duly executed
as of the date hereof. 
  

			
	TRAEGER SPE LLC
		
	By:	 	
                     
                    

	Name:	 	
	Title:	 	

  
 Exhibit 2.3(d), Page 6EX-10.19

 Exhibit 10.19 

LEASE 
 by and between 

WILMINGTON GARDENS GROUP L.L.C., 

a Utah limited liability company 

as Landlord 
 and 

TRAEGER PELLET GRILLS LLC, 

a Delaware limited liability company 

as Tenant 
 for 

SUITE 200 
 1215 EAST
WILMINGTON AVENUE 
 SALT LAKE CITY, UTAH 

 WILMINGTON GARDENS – 1215 EAST WILMINGTON AVENUE– SALT LAKE CITY, UTAH 

TABLE OF CONTENTS 
  

					
	 ARTICLE I.     BASIC LEASE PROVISIONS; ENUMERATION OF EXHIBITS
	  	 	3	 
	 SECTION 1.01     BASIC LEASE PROVISIONS
	  	 	3	 
	 SECTION 1.02     SIGNIFICANCE OF A BASIC LEASE PROVISION
	  	 	8	 
	 SECTION 1.03     ENUMERATION OF EXHIBITS
	  	 	8	 
	 ARTICLE II.     GRANT AND LEASED PREMISES
	  	 	8	 
	 SECTION 2.01     LEASED PREMISES
	  	 	8	 
	 SECTION 2.02     DEFINITION OF LEASE YEAR
	  	 	8	 
	 SECTION 2.03     NOTICES
	  	 	8	 
	 SECTION 2.04     EXCUSE OF LANDLORD’S PERFORMANCE
	  	 	8	 
	 ARTICLE III.     RENT
	  	 	8	 
	 SECTION 3.01     BASE MONTHLY RENT
	  	 	8	 
	 SECTION 3.02     ESCALATION
	  	 	9	 
	 SECTION 3.03     TENANT’S
PRO-RATA SHARE OF SPECIFIED PROJECT AREA BASE YEAR OPERATING EXPENSES, SPECIFIED BUILDING AREA BASE YEAR OPERATING EXPENSES AND SPECIFIED OFFICE AREA BASE YEAR OPERATING EXPENSES
	  	 	9	 
	 SECTION 3.04     TAXES
	  	 	10	 
	 SECTION 3.05     PAYMENTS
	  	 	11	 
	 ARTICLE IV.     RENTAL TERM, COMMENCEMENT DATE & PRELIMINARY
TERM
	  	 	11	 
	 SECTION 4.01     RENTAL TERM
	  	 	11	 
	 SECTION 4.02     RENTAL TERM COMMENCEMENT DATE
	  	 	11	 
	 SECTION 4.03     PRELIMINARY TERM
	  	 	11	 
	 ARTICLE V.     LANDLORD’S WORK, FINANCING OF IMPROVEMENTS, TENANT’S
POSSESSION DATE AND CANCELLATION
	  	 	11	 
	 SECTION 5.01.     CONSTRUCTION OF LEASED PREMISES BY LANDLORD
	  	 	11	 
	 SECTION 5.02.     DELIVERY OF POSSESSION FOR TENANT’S WORK
	  	 	11	 
	 SECTION 5.04.     ALTERATIONS AND ADDITIONS
	  	 	11	 
	 ARTICLE V.     CONSTRUCTION OF LEASED PREMISES
	  	 	11	 
	 ARTICLE VI.   TENANT’S WORK & LANDLORD’S CONTRIBUTION
	  	 	11	 
	 SECTION 6.01     CONSTRUCTION OF LEASED PREMISES BY TENANT
	  	 	11	 
	 SECTION 6.02     SETTLEMENT OF DISPUTES
	  	 	12	 
	 ARTICLE VII.     USE
	  	 	12	 
	 SECTION 7.01     PERMITTED USE OF LEASED PREMISES
	  	 	12	 
	 SECTION 7.02     HAZARDOUS SUBSTANCES
	  	 	12	 
	 ARTICLE VIII.     OPERATION AND MAINTENANCE OF COMMON AREAS
	  	 	13	 
	 SECTION 8.01     CONSTRUCTION AND CONTROL OF COMMON AREAS
	  	 	13	 
	 SECTION 8.02     LICENSE
	  	 	13	 
	 SECTION 8.03     AUDIT
	  	 	13	 
	 ARTICLE IX.     ALTERATIONS, SIGNS, LOCKS & KEYS
	  	 	14	 
	 SECTION 9.01     ALTERATIONS
	  	 	14	 
	 SECTION 9.02     SIGNS
	  	 	14	 
	 SECTION 9.03     LOCKS AND KEYS
	  	 	14	 
	 ARTICLE X.     MAINTENANCE AND REPAIRS; ALTERATIONS; ACCESS
	  	 	14	 
	 SECTION 10.01    LANDLORD’ S OBLIGATION FOR MAINTENANCE
	  	 	14	 
	 SECTION 10.02    TENANT’S OBLIGATION FOR MAINTENANCE
	  	 	14	 
	 SECTION 10.03    SURRENDER AND RIGHTS UPON TERMINATION
	  	 	14	 
	 ARTICLE XI.     INSURANCE AND INDEMNITY
	  	 	15	 
	 SECTION 11.01   LIABILITY INSURANCE AND INDEMNITY
	  	 	15	 
	 SECTION 11.02   FIRE AND CASUALTY INSURANCE
	  	 	15	 
	 SECTION 11.03   WAIVER OF SUBROGATION
	  	 	15	 
	 SECTION 11.04
	  	 	15	 
	 ARTICLE XII   UTILITY CHARGES
	  	 	16	 
	 SECTION 12.01   OBLIGATION OF LANDLORD
	  	 	16	 
	 SECTION 12.02   OBLIGATIONS OF TENANT
	  	 	16	 
	 SECTION 12.03.   EXTRA HOURS CHARGES
	  	 	17	 
	 SECTION 12.04.   LIMITATIONS ON LANDLORDS LIABILITY
	  	 	17	 
	 ARTICLE XIII.   OFF-SET STATEMENT, ATTORNMENT
AND SUBORDINATION
	  	 	17	 
	 SECTION 13.01    OFF-SET STATEMENT
	  	 	17	 
	 SECTION 13.02   ATTORNMENT
	  	 	17	 
	 SECTION 13.03    SUBORDINATION
	  	 	17	 
	 SECTION 13.04    MORTGAGEE SUBORDINATION
	  	 	17	 
	 SECTION 13.05    REMEDIES
	  	 	17	 
	 ARTICLE XIV.   ASSIGNMENT
	  	 	17	 
	 SECTION 14.01    ASSIGNMENT
	  	 	17	 
	 ARTICLE XV.   WASTE OR NUISANCE
	  	 	18	 
	 SECTION 15.01    WASTE OR NUISANCE
	  	 	18	 
	 ARTICLE XVI.   NOTICES
	  	 	18	 
	 SECTION 16.01    NOTICES
	  	 	18	 
	 ARTICLE XVII.   DESTRUCTION OF THE LEASED PREMISES
	  	 	18	 
	 SECTION 17.01    DESTRUCTION
	  	 	18	 
	 ARTICLE XVIII.    CONDEMNATION
	  	 	18	 
	 SECTION 18.01    CONDEMNATION
	  	 	18	 

  
 i 

 WILMINGTON GARDENS – 1215 EAST WILMINGTON AVENUE – SALT LAKE CITY, UTAH

 TABLE OF CONTENTS 
  

					
	 ARTICLE XIX.   DEFAULT OF TENANT
	  	 	19	 
	 SECTION 19.01    DEFAULT - RIGHT TO
RE-ENTER
	  	 	19	 
	 SECTION 19.02    DEFAULT - RIGHT TO
RE-LET
	  	 	19	 
	 SECTION 19.03    LEGAL EXPENSES
	  	 	19	 
	 ARTICLE XX.   BANKRUPTCY, INSOLVENCY OR RECEIVERSHIP
	  	 	19	 
	 SECTION 20.01    ACT OF INSOLVENCY, GUARDIANSHIP, ETC.
	  	 	19	 
	 ARTICLE XXI.   LANDLORD ACCESS
	  	 	20	 
	 SECTION 21.01    LANDLORD ACCESS
	  	 	20	 
	 ARTICLE XXII.     TENANT’S PROPERTY AND LANDLORD’S LIEN
	  	 	20	 
	 SECTION 22.01.    TAXES ON LEASEHOLD
	  	 	20	 
	 SECTION 22.02.    LOSS AND DAMAGE
	  	 	20	 
	 SECTION 22.03.    NOTICE BY TENANT
	  	 	20	 
	 SECTION 22.04    LANDLORD’S LIEN
	  	 	20	 
	 SECTION 22.05.    LANDLORD’S SUBORDINATION
	  	 	20	 
	 ARTICLE XXIII.   HOLDING OVER
	  	 	20	 
	 SECTION 23.01    HOLDING OVER
	  	 	20	 
	 SECTION 23.02    SUCCESSORS
	  	 	20	 
	 ARTICLE XXIV.   RULES AND REGULATIONS
	  	 	20	 
	 SECTION 24.01    RULES AND REGULATIONS
	  	 	20	 
	 ARTICLE XXV.   QUIET ENJOYMENT
	  	 	21	 
	 SECTION 25.01    QUIET ENJOYMENT
	  	 	21	 
	 ARTICLE XXVI.   SECURITY DEPOSIT
	  	 	21	 
	 SECTION 26.01    SECURITY DEPOSIT
	  	 	21	 
	 ARTICLE XXVII.   MISCELLANEOUS PROVISIONS
	  	 	21	 
	 SECTION 27.01    WAIVER
	  	 	21	 
	 SECTION 27.02    ENTIRE LEASE AGREEMENT
	  	 	21	 
	 SECTION 27.03    FORCE MAJEURE
	  	 	21	 
	 SECTION 27.04    LOSS AND DAMAGE
	  	 	21	 
	 SECTION 27.05    ACCORD AND SATISFACTION
	  	 	21	 
	 SECTION 27.06    NO OPTION
	  	 	21	 
	 SECTION 27.07    ANTI-DISCRIMINATION
	  	 	22	 
	 SECTION 27.08    SEVERABILITY
	  	 	22	 
	 SECTION 27.09    OTHER MISCELLANEOUS PROVISIONS
	  	 	22	 
	 SECTION 27.10   REPRESENTATION REGARDING AUTHORITY
	  	 	22	 
	 SECTION 27.11.   TENANT CERTIFICATION
	  	 	22	 
	 ARTICLE XXVIII.   ADDITIONAL PROVISIONS
	  	 	22	 
	 SECTION 28.01.   OPTION TO RENEW
	  	 	22	 
	 SIGNATURES
	  	 	24	 
	 ACKNOWLEDGMENT OF LANDLORD
	  	 	24	 
	 ACKNOWLEDGMENT OF TENANT
	  	 	25	 

  
 ii 

 LEASE AGREEMENT 

(hereinafter “Lease”) 

ARTICLE I.    BASIC LEASE PROVISIONS; ENUMERATION OF EXHIBITS 

SECTION 1.01     BASIC LEASE PROVISIONS. 
  

	(A)	 EFFECTIVE DATE:     January 23, 2015 (“Effective Date”)

  

	(B)	 LANDLORD:     Wilmington Gardens Group L.L.C., a Utah limited liability company
(“Landlord”). 

  

	(C)	 ADDRESS OF LANDLORD FOR NOTICES (Section 16.01):    2733 East Parleys Way, Suite
300, Salt Lake City, UT 84109. 

  

	(D)	 TENANT:     Traeger Pellet Grills LLC, a Delaware limited liability company (Tax ID:
20-4005368) 

  

	(E)	 ADDRESS OF TENANT FOR NOTICES (Section 16.01): 

From the period commencing on the Effective Date until the date on which Tenant has opened for business from the Leased Premises: 

Traeger Grills 
 Attention: Jeremy
Andrus 
 1845 Yalecrest Avenue 

Salt Lake City, Utah 84108 
 With
a Copy To: 
 Jones Waldo Holbrook & McDonough, PC 

Attention: Keven M. Rowe 
 170 S.
Main Street, Suite 1500 
 Salt Lake City, Utah 84101 

Following the date on which Tenant has opened for business from the Leased Premises: 

Traeger Grills 
 Attention: Jeremy
Andrus 
 1215 East Wilmington Avenue 

Suite 200 
 Salt Lake City, Utah
84106 
 With a Copy To: 
 Jones
Waldo Holbrook & McDonough, PC 
 Attention: Keven M. Rowe 

170 S. Main Street, Suite 1500 

Salt Lake City, Utah 84101 
  

	(F)	 PERMITTED USE (Section 7.01):     General office use including product research and
design (“Permitted Use”). Notwithstanding any term or provision of this Lease to the contrary, the Permitted Use shall include the right to operate wood pellet burning stoves, smokers, barbeques and other associated equipment within the
outdoor patio during Tenant’s business hours, Monday through Friday, and at any time during weekends and holidays (the “BBQ Use”). 

  

	(G)	 TENANT’S TRADE NAME (Exhibit “E” - Sign Criteria):     Traeger Grills

  

	(H)	 BUILDING (Section 2.01):     Wilmington Gardens, consisting of one (1) building
situated at 1215 East Wilmington Avenue in Salt Lake City, County of Salt Lake, State of Utah (“Building”). The gross rentable area of the Building (as defined in Section 2.01) is approximately 80,298 square feet. The Building is part
of a larger mixed use development which is specifically described in Exhibit “B” and depicted in Exhibit “A” both of which are attached hereto and by this reference incorporated herein (the “Project”).

  

	(I)	 LEASED PREMISES (Section 2.01):     That portion of the Building (as defined in
Section 2.01) at the approximate location outlined on Exhibit “A-l” known as Suite 200, consisting of approximately 28,740 square feet of gross rentable area plus an adjacent outdoor patio
depicted on Exhibit “A-l” attached hereto and by this reference incorporated herein and further described in Section 1.01 (AA) below. (“Leased Premises”). App.roximately eight and one
hundred and forty-eight thousandths percent (8.148%) of such area is Tenant’s proportionate share of Common Area (as defined in Section 8.01) hallways, restrooms, etc. in the Building and Project. Outdoor patio area has been excluded from
the calculation of Tenant’s pro-rata share. 

 Traeger Grills Lease.final. 012315 

  
 3 

	(J)	 DELIVERY OF POSSESSION (Section 5.02):     The Leased Premises shall be delivered to
Tenant on or within five (5) days of the Effective Date of this Lease (“Delivery of Possession”). Preliminary Term (as defined in Section 4.03) begins on Delivery of Possession. 

 

	(K)	 RENTAL TERM, COMMENCEMENT AND EXPIRATION DATE (Sections 4.01 & 4.02):     The
term of this Lease shall commence on the earlier to occur of (a) July 1, 2015 or (b) the date Tenant opens for business at the Leased Premises (“Rental Term Commencement Date”), and shall be for a period of ten
(10) full Lease Years (as defined in Section 2.02) and at least nine (9) months (“Rental Term”). 

  

	(L)	 BASE MONTHLY RENT (Section 3.01): Sixty-Five Thousand Eight Hundred
Sixty-Two and 50/100 Dollars ($65,862.50) (“Base Monthly Rent”). 

  

	(M)	 ESCALATIONS IN BASE MONTHLY RENT (Section 3.02): 

 

			
	 Escalation Timeline
	  	 Base Monthly Rent

	
	Commencing as of the 1st day of the Rental Term Commencement Date and continuing through the last day of the 9th month Base Monthly Rent shall be $0.00.
		  	
	 Commencing the 1st day of the 10th month after the Rental Term Commencement Date

		  	$65,862.50
	 Commencing the 1st day of the 14th month after the Rental Term Commencement Date

		  	$67,838.38
	 Commencing the 1st day of the 26th month after the Rental Term Commencement Date

		  	$69,873.53
	 Commencing the 1st day of the 38th month after the Rental Term Commencement Date

		  	$71,969.73
	 Commencing the 1st day of the 50th month after the Rental Term Commencement Date

		  	$74,128.82
	 Commencing the 1st day of the 62nd month after the Rental Term Commencement Date

		  	$75,611.40
	 Commencing the 1st day of the 74th month after the Rental Term Commencement Date

		  	$77,123.63
	 Commencing the 1st day of the 86th month after the Rental Term Commencement Date

		  	$78,666.10
	 Commencing the 1st day of the 98th month after the Rental Term Commencement Date

		  	$80,239.42
	 Commencing the 1st day of the 110th month after the Rental Term Commencement Date

		  	$81,844.21
	 Commencing the 1st day of the 122nd month after the Rental Term Commencement Date

		  	$83,481.10

  

	(N)	 LANDLORD’S SHARE OF BASE YEAR OPERATING EXPENSES (Section 3.03):     Landlord
shall pay all Operating Expenses (as defined in Section 3.03) for the first twelve (12) months of the Rental Term for: (i) the Specified Project Area Base Year Operating Expenses (hereafter defined); (ii) the Specified Building Area
Base Year Operating Expenses (hereafter defined); and (iii) the Specified Office Area Base Year Operating Expenses (hereafter defined) (the Specified Project Area Base Year Operating Expenses, the Specified Building Area Base Year Operating
Expenses and the Specified Office Area Base Year Area Expenses are collectively referred to as the “Base Year Operating Expenses”). 

  

	 	(i)	 The term “Specified Project Area Base Year Operating Expenses” shall mean the Operating Expenses for
the first twelve (12) months of the Rental Term associated with the area depicted on Exhibit “G”, labeled as the “Specified Project Area” and containing approximately 216,906 square feet of gross rentable area.

  

	 	(ii)	 The term “Specified Project Area Operating Expenses” shall mean the Operating Expenses for any Lease
Year following the first twelve (12) months of the Rental Term which are associated with the Specified Project Area. 

  

	 	(iii)	 The term “Specified Building Area Base Year Operating Expenses” shall mean the Operating Expenses for
the first twelve (12) months of the Rental Term associated with the area depicted on Exhibit “G”, labeled as the “Specified Building Area” and containing approximately 80,298 square feet of gross rentable area.

  

	 	(iv)	 The term “Specified Building Area Operating Expenses” shall mean the Operating Expenses for any Lease
Year following the first twelve (12) months of the Rental Term which are associated with the Specified Building Area. 

  

	 	(v)	 The term “Specified Office Area Base Year Operating Expenses” shall mean the Operating Expenses for
the first twelve (12) months of the Rental Term associated with the area depicted on Exhibit “G”, labeled as the “Specified Office Area” and containing approximately 60,485 square feet of gross rentable area.

  
 4 

	 	(vi)	 The term “Specified Office Area Operating Expenses” shall mean the Operating Expenses for any Lease
Year following the first twelve (12) months of the Rental Term which are associated with the Specified Office Area. 

  

	(O)	 TENANT’S PRO-RATA SHARE OF SPECIFIED PROJECT AREA BASE YEAR
OPERATING EXPENSES, SPECIFIED BUILDING AREA BASE YEAR OPERATING EXPENSES AND SPECIFIED OFFICE AREA BASE YEAR OPERATING EXPENSES (Section 3.03): 

  

	 	(i)	 As more particularly set forth in Section 3.03 of this Lease, to the extent the amount of the Specified
Project Area Operating Expenses for any Lease Year during the Rental Term exceed the amount of the Specified Project Area Base Year Operating Expenses, Tenant’s pro-rata share of the amount of such excess
(if any) shall be thirteen and two hundred fifty thousandths percent (13.250%) (“Tenant’s Share of Project Area Operating Expenses”). 

  

	 	(ii)	 As more particularly set forth in Section 3.03 of this Lease, to the extent the amount of the Specified
Building Area Operating Expenses for any Lease Year during the Rental Term exceed the amount of the Specified Building Area Base Year Operating Expenses, Tenant’s pro-rata share of the amount of such
excess (if any) shall be thirty-five and seven hundred ninety-two thousandths percent (35.792%) (“Tenant’s Share of Building Area Operating Expenses”). 

 

	 	(iii)	 As more particularly set forth in Section 3.03 of this Lease, to the extent the amount of the Specified
Office Area Operating Expenses for any Lease Year during the Rental Term exceed the amount of the Specified Office Area Base Year Operating Expenses, Tenant’s pro-rata share of the amount of such excess
(if any) shall be forty-seven and five hundred and sixteen thousandths percent (47.516%) (“Tenant’s Share of Office Area Operating Expenses”). 

 

	 	(iv)	 If it at any time(s) during the Rental Term the gross rentable area of any of the following shall change, the
percentages set forth in this Section 1.01(O)(i)-(iii) and any other corresponding sections of this Lease shall be adjusted on a pro-rata basis to reflect such gross rentable area: (a) the Leased
Premises, (b) the Specified Project Area, (c) the Specified Building Area, or (d) the Specified Office Area. 

  

	(P)	 RESPONSIBILITY FOR UTILITIES AND SERVICES:     Subject to the provisions of
Section 3.03, this Lease provides that the utilities and services shall be paid by the party shown below: 

  

			
	 Heat:
	  	 Landlord

	 Real Property Taxes:
	  	 Landlord

	 Water:
	  	 Landlord

	 Personal Property Taxes:
	  	 Tenant

	 Telephone:
	  	 Tenant

	 Janitorial:
	  	 Tenant

	 Electricity:
	  	 Landlord

	 Building Casualty Insurance:
	  	 Landlord

	 Common Area Maintenance:
	  	 Landlord

	 Personal Property Insurance:
	  	 Tenant

	 Liability Ins.-Leased Premises:
	  	 Tenant

	 Liability Ins.-Common Area:
	  	 Landlord

	 Maintenance and Operations of Outdoor
	  	
	 Patio Snow Melt System:
	  	 Tenant

 Landlord shall arrange for utility services for the Leased Premises except that telephone services shall
be contracted for directly by Tenant. Landlord may separately sub-meter or monitor utilities to the extent Landlord may determine. 
  

	(Q)	 EXCESS HOUR UTILITY CHARGES AND HOURS OF OPERATION (Section 12.03): Standard operating hours for
the Building shall be 7:00 a.m. to 7:00 p.m. Monday through Friday and 8:00 a.m. to 12:00 p.m. on Saturday, excluding holidays. To the extent Tenant operates up to twenty (20) hours in excess of the standard operating hours (as specified above)
during any calendar week, calculated from Monday through Sunday, Tenant shall pay an extra hourly utility charge of Twelve and 50/100 Dollars ($12.50) per hour for mechanical/HVAC system use during which Tenant operates, with a two (2) hour
minimum charge. To the extent Tenant operates in excess of twenty (20) hours of the standard operating hours (as specified above) during any calendar week, calculated from Monday through Sunday, Tenant shall pay an extra hourly utility charge
of Twenty-Five and 00/100 Dollars ($25.00) per hour for mechanical/HVAC system use during which Tenant operates. For purposes of determining the amount of the charge for excess operating hours, the excess operating hours shall be reset and
recalculated each calendar week and any excess operating hours will not carry over to the following week. By way of illustration only, in the event Tenant operates for twenty-five (25) hours in excess of the standard operating hours during a
given calendar week, Tenant’s excess operating utility charge would be $375.00 for such calendar week (20 hours charged at $12.50, and 5 hours charged at $25.00). Tenant shall have access to the Building twenty-four (24) hours a day, seven
(7) days per week via card access key. 

  
 5 

	(R)	 Intentionally Omitted. 

 

	(S)	 PARKING (Section 2.01):     Upon completion of the parking garage located across
Wilmington Avenue, Tenant shall be granted a parking ratio of four (4) parking stalls per 1,000 rentable square feet leased in the parking garage south of the Building. Within that parking allocation, Tenant may lease up to an additional five
(5) reserved parking stalls located in the underground parking beneath the Building, at a cost of Forty-Five Dollars ($45.00) per parking stall month. Such charge shall be increased by three percent (3%) per year. Such reserved spaces shall be
at locations to be designated by Landlord. 

 Prior to the completion of the Project’s parking garage, a majority of
Tenant’s parking stalls shall be located in the underground parking beneath the Building with the remainder to be located in the parking garage for Westminster On The Draw (located slightly to the east) and in the surface lot southeast of the
Building. 
  

	(T)	 PREPAID RENT:     Sixty-Five Thousand Eight Hundred
Sixty-Two and 50/100 Dollars ($65,862.50), paid upon execution of this Lease to be applied to the first installment of Base Monthly Rent due hereunder. 

 

	(U)	 SECURITY DEPOSIT (Section 26.01):     Eighty-Five Thousand and 00/100 Dollars
($85,000.00) (“Security Deposit”). 

  

	(V)	 Intentionally Omitted. 

 

	(W)	 Intentionally Omitted. 

 

	(X)	 OPTION TO RENEW (Section 28.01):     Provided Tenant is not,
and has not been (more than two (2) times), in default under any of the terms and conditions contained herein, Tenant shall have two (2) additional consecutive five (5) year options to renew and extend the Rental Term as provided
herein (“Option”). The Option shall only be exercised by Tenant delivering written notice thereof to Landlord no earlier than the date which is twelve (12) months prior to the expiration of the Rental Term and no later than the date
which is nine (9) months prior to the expiration of the Rental Term (the “Option Notice”). The Base Monthly Rent during the first year of each extension periods shall be the lesser of: (i) the then current Fair Market Rate
(as defined) for comparable space within the Project, and (ii) the Base Monthly Rent then in effect for the Leased Premises during the last month of the initial Rental Term (increasing each year thereafter by three percent (3%) compounded).
“Fair Market Rate” means the market rate for rent chargeable for the Leased Premises based upon the following factors applicable to the Leased Premises or any comparable premises: rent, escalation, term, size, expense stop, tenant
allowance, existing tenant finishes, parking availability, and location and proximity to services. 

 Within thirty
(30) days of Option Notice, Tenant shall notify Landlord of Tenant’s option of Fair Market Rate for the applicable renewal period. If Landlord disagrees with Tenant’s opinion of the Fair Market Rate, Landlord shall notify Tenant of
Landlord’s opinion of Fair Market Rate within fifteen (15) days after receipt of Tenant’s opinion of Fair Market Rate (“Landlord’s Value Notice”). If the parties are unable to resolve their differences within thirty
(30) days thereafter, Landlord or Tenant, at its sole option, may terminate this Lease, effective as of the last day of the then-current Rental Term. Alternatively, Tenant and Landlord may mutually agree to submit the determination of Fair
Market Rate to a “Market Assessment Process,” as provided in Exhibit “F” — Market Assessment Process.  
  

	(Y)	 RIGHT TO TERMINATE: (Section 28.02):     Provided Tenant is not, and
has not been (more than two (2) times), in default beyond any applicable cure period under any of the terms and provisions contained herein, Tenant shall have the right to terminate this Lease on or after the last day of the seventy-eighth (78th) full calendar month of the Rental Term. Tenant shall provide Landlord with three hundred sixty-five (365) days prior written notice of its intent to exercise this right to terminate. At the
time Tenant gives it’s notice of its exercise of this right, Tenant shall pay a termination fee equal to the unamortized total of the following: TI Allowance, leasing commissions and Base Monthly Rent abatement, calculated at an eight percent
(8%) per annum interest rate. 

  

	(Z)	 RIGHT OF FIRST OFFER TO LEASE CONTIGUOUS SPACE:     From
the Effective Date of this Lease until the expiration of the Rental Term, and any Rental Term extension thereto, Tenant shall have an one-time right of first offer to lease space adjacent and contiguous to the
Leased Premises when such applicable space becomes available for lease as provided herein (hereinafter “First Offer Space”). For purposes hereof, the First Offer Space (or any applicable portion thereof) shall become available for lease by
Tenant immediately prior to the first time after the date hereof that Landlord intends to market the First Offer Space (or such applicable portion thereof). Landlord shall give Tenant written notice that the First Offer Space (or portion thereof)
shall or has become available for lease by Tenant. Tenant shall have ten (10) business days to exercise its option to lease the First Offer Space by delivering to Landlord written notice of its intent to do so. Failure of Tenant to timely
deliver written notice shall be deemed a refusal by Tenant. Thereafter, Landlord shall be entitled to lease the first offer space to other tenants without restriction. 

Any additional office space leased by Tenant within the Building during the first twenty-four (24) months of the initial Rental Term
shall be at the same terms and conditions, including Tenant improvement allowance and rent concessions, if any, adjusted to correspond with the Rental Term. Additional terms and conditions shall be addressed in the lease document. 

  
 6 

 In the event Tenant exercises its option to lease the First Officer Space, Landlord and
Tenant shall endeavor to execute, within thirty (30) days thereafter, an amendment to this Lease for such First Offer Space upon the terms and conditions as set forth by Landlord in its offer to Tenant to lease such First Offer Space. 

 

	(AA)	 OUTDOOR PATIO:     Tenant shall be permitted the exclusive use of the outdoor patio
depicted in Exhibit “A-l”. Tenant shall be responsible for policing, maintaining and insuring the outdoor patio as part of the Leased Premises. Tenant shall be responsible for the operation and
maintenance of the patio heating/snow melting system including the utilities to operate the system (the “Snow Melt System”), which shall be separately metered and passed through to Tenant on a direct basis. The Snow Melt System shall be
provided as part of Landlord’s Work, at Landlord’s sole cost and expense. In addition, Tenant shall have the right to build a storage area on the Outdoor Patio at Tenant’s sole cost. This storage space will not be an additional charge
to the Tenant. 

  

	(BB)	 Intentionally Omitted. 

 

	(CC)	 TENANT IMPROVEMENT ALLOWANCE (Exhibit “C-1”):
    Landlord shall provide Tenant an improvement allowance of an amount not to exceed One Million Five Hundred Twenty-Three Thousand Two Hundred Twenty and 00/100 dollars ($1,523,220.00) in accordance with Exhibit “C-l” attached hereto (the “TI Allowance”). The TI Allowance shall be used exclusively towards architectural, engineering, CDs and overall construction of the Leased Premises. In addition to the
TI Allowance, Landlord shall install the Snow Melt System, as outlined on Exhibit “C”, on approximately 3,600 SF of the outdoor patio area (total outdoor patio area is approximately 6,160-sf). The
west portion of the outdoor patio shall be heated and fifty percent (50%) of the balance of the unheated portion of the outdoor patio shall be green scape. 

  

	(DD)	 TEST FIT ALLOWANCE:     Landlord shall provide Tenant with an initial test fit
allowance not to exceed $0.10 per rentable square foot (totaling $2,874.00), which shall be part of (and not in addition to) the TI Allowance. 

  

	(EE)	 UNDERGROUND STORAGE PLAN (Exhibit “A-2”):
    Landlord shall provide to Tenant for storage a four hundred (400) square foot fenced area within the underground parking garage, as depicted on Exhibit “A-2”. Tenant
shall lease the storage area at a cost of Two Thousand Four Hundred and No/100 ($2,400.00) annually. Such charge shall be increased by three percent (3%) per Lease Year. Landlord reserves the right to relocate Tenant’s fenced storage area
elsewhere within the underground parking garage. Tenant shall have the right to terminate the lease for the storage area at any time following the first year of the Rental Term by delivering written notice of such election to Landlord. In addition,
Tenant shall have the right to build a storage area on the Outdoor Patio at Tenant’s cost. This space will not be an additional charge to the Tenant. 

[Remainder of Page Intentionally Left Blank] 

  
 7 

 SECTION 1.02     SIGNIFICANCE OF A BASIC LEASE PROVISION.
    The foregoing provisions of Section 1.01 summarize for convenience only certain fundamental terms of this Lease delineated more fully in the articles and sections referenced therein. In the event of a conflict between
the provisions of Section 1.01 and the balance of this Lease, the latter shall control. Additionally, in the event of a conflict between this Lease and the Exhibits, this Lease shall control. 

SECTION 1.03     ENUMERATION OF EXHIBITS.     The exhibits enumerated in this Section 1.03
and attached to this Lease are incorporated in this Lease by this reference and are to be construed as a part of this Lease. 
  

					
	EXHIBIT “A”	  	-	  	SITE PLAN
	EXHIBIT “A-1	  	-	  	LEASE PLAN
	EXHIBIT “A-2”	  	-	  	UNDERGROUND STORAGE AREA
	EXHIBIT “B”	  	-	  	LEGAL DESCRIPTION
	EXHIBIT “C”	  	-	  	LANDLORD’S WORK
	EXHIBIT “C-l”	  	-	  	LANDLORD’S CONTRIBUTION TO TENANT’S WORK
	EXHIBIT “D”	  	-	  	TENANT’S WORK
	EXHIBIT “E”	  	-	  	SIGN CRITERIA
	EXHIBIT “E-l”	  	-	  	SIGNAGE LOCATION DEPICTION
	EXHIBIT “F”	  	-	  	MARKET ASSESSMENT PROCESS
	EXHIBIT “G”	  	-	  	COMMON AREA MAINTENANCE PLAN

 ARTICLE II.     GRANT AND LEASED PREMISES 

SECTION 2.01     LEASED PREMISES.     In consideration for the rent to be paid and covenants to
be performed by Tenant, Landlord hereby leases to Tenant, and Tenant leases from Landlord for the Rental Term and upon the terms and conditions herein set forth, the Leased Premises described in Section 1.01 (I), located in the office building
referred to in Section 1.01(H) (“Building”). The legal description for the property on which the Building is located is attached hereto as Exhibit “B”. Gross rentable area measurements herein specified are from the exterior
of the perimeter walls of the Building to the center of the interior walls. In addition, the percentage set forth in Section 1.01(I) is the portion of the gross rentable area attributable to Tenant’s proportionate share of common hallways,
restrooms, etc. in the Building. 
 The exterior walls and roof of the Leased Premises and the areas beneath the Leased Premises are not
demised hereunder and the use thereof together with the right to install, maintain, use, repair, and replace pipes, ducts, conduits, and wires leading through the Leased Premises in locations which shall not materially interfere with Tenant’s
use thereof and serving other parts of the Building or buildings are hereby reserved to Landlord. Landlord reserves (a) such access rights through the Leased Premises as may be reasonably necessary to enable access by Landlord to the balance of
the Building and reserved areas and elements as set forth above; and (b) the right to install or maintain meters on the Leased Premises to monitor use of utilities. In exercising such rights, Landlord shall use reasonable efforts so as to not
commit waste upon the Leased Premises and as far as practicable to minimize annoyance, interference or damage to Tenant when making modifications, additions or repairs. 

Subject to the provisions of Article VIII, Tenant and its customers, agents and invitees have the right to the
non-exclusive use, in common with others of such unreserved automobile parking spaces, driveways, footways, and other facilities designated for common use within the Building and the Project, except that with
respect to non-exclusive areas, Tenant shall cause its employees to park their cars only in areas specifically designated from time to time by Landlord for that purpose and shall actively police employees to keep them from parking in
“visitor” or other restricted parking areas. Tenant shall have the option to utilize the adjacent parking structure in accordance with the provisions of Section 1.01(S). 

SECTION 2.02     DEFINITION OF LEASE YEAR.     “Lease Year” shall include twelve
(12) full calendar months of Rental Term. 
 SECTION 2.03     NOTICES.     This Lease,
and the tenancy hereby created, shall terminate at the end of the Rental Term, or any Rental Term extension or renewal thereof, without the necessity of any notice from either Landlord or Tenant to terminate the same, and Tenant hereby waives notice
to vacate the Leased Premises and agrees that Landlord shall be entitled to the benefit of all provisions of law respecting the summary recovery of possession of the Leased Premises from a tenant holding over to the same extent as if statutory
notice has been given. 
 SECTION 2.04     EXCUSE OF LANDLORD’S PERFORMANCE.
    Anything in this Lease to the contrary notwithstanding, providing such cause is not due to the willful act or neglect of Landlord, Landlord shall not be deemed in default with respect to the performance of any of the terms,
covenants and conditions of this Lease, if same shall be due to any strike, lockout, civil commotion, war-like operation, invasion, rebellion, hostilities, military or usurped power, sabotage, governmental
regulations or controls, inability to obtain any material, service or financing, act of God or other cause beyond the control of Landlord. 

ARTICLE III.     RENT 

SECTION 3.01     BASE MONTHLY RENT.     Tenant agrees to pay to Landlord the Base Monthly Rent
set forth in Section 1.01 (L) at such place as Landlord may designate, without prior demand therefor, without offset or deduction and in advance on or before the first day of each calendar month during the Rental Term, commencing on the Rental
Term Commencement Date. In the event the Rental Term Commencement Date occurs on a day 

  
 8 

 other than the first day of a calendar month, then the Base Monthly Rent to be paid on the Rental Term
Commencement Date shall include both the Base Monthly Rent for the first full calendar month occurring after the Rental Term Commencement Date, plus the Base Monthly Rent for the initial fractional calendar month
pro-rated on a per-diem basis (based upon a thirty (30) day month). 

SECTION 3.02   ESCALATION. As set forth in Section 1.01(M). 

SECTION 3.03   TENANT’S PRO-RATA SHARE OF SPECIFIED PROJECT AREA BASE YEAR OPERATING
EXPENSES, SPECIFIED BUILDING AREA BASE YEAR OPERATING EXPENSES AND SPECIFIED OFFICE AREA BASE YEAR OPERATING EXPENSES. 

(a)     If the amount of the Specified Project Area Operating Expenses for any Lease Year during the
Rental Term exceed the amount of the Specified Project Area Base Year Operating Expenses, Tenant shall pay to Landlord as “Additional Rent” an amount equal to thirteen and two hundred fifty thousandths percent (13.250%) of the amount of
such excess (“Tenant’s Share of Project Area Operating Expenses”). If the amount of the Specified Building Area Operating Expenses for any Lease Year during the Rental Term exceed the amount of the Specified Building Area Base Year
Operating Expenses, Tenant shall pay to Landlord as “Additional Rent” an amount equal to thirty-five and seven hundred ninety-two thousandths percent (35.792%) of the amount of such excess
(“Tenant’s Share of Building Area Operating Expenses”). If the amount of the Specified Office Area Operating Expenses for any Lease Year during the Rental Term exceed the amount of the Specified Office Area Base Year Operating
Expenses, Tenant shall pay to Landlord as “Additional Rent” an amount equal to forty-seven and five hundred and sixteen thousandths percent (47.516%) of the amount of such excess (“Tenant’s Share of Office Area Operating
Expenses”). In addition, beginning as of commencement of the Lease, Tenant shall pay the entire amount of the operating expense for the outdoor heated patio. Such operating expense shall include cost of repairs, replacement, maintenance, power
and gas required to operate. Gas supply to be separately metered. Power supply to be separately metered or sub-metered at Landlord’s option. Where sub-metered,
Tenant’s pro-rata share shall be equal to the ratio of its measured consumption to the total consumption of the master meter. Landlord, at Landlord’s sole cost and expense, shall be solely
responsible for any repairs or replacements for the structural portions of the outdoor patio. 
 (b)    
Landlord shall bill Tenant for Tenant’s Share of Project Area Operating Expenses, Tenant’s Share of Building Area Operating Expenses and/or Tenant’s Share of Office Area Operating Expenses, if any, at the end of the second Lease Year
of the Rental Term. Beginning with the third Lease Year and continuing thereafter, Landlord shall reasonably estimate Tenant’s Share of Project Area Operating Expenses, Tenant’s Share of Building Area Operating Expenses and/or
Tenant’s Share of Office Area Operating Expenses for the next twelve (12) months and one-twelfth (1/12th) of the estimated Tenant’s Share of Project Area Operating Expenses, Tenant’s Share
of Building Area Operating Expenses and/or Tenant’s Share of Office Area Operating Expenses, if any, shall be added to the Base Monthly Rent as determined in Sections 3.01 and 3.02 for the next full twelve (12) calendar months of the
Rental Term and shall be paid as set forth in Section 3.05. With respect to the Snow Melt System, Landlord shall bill Tenant monthly, and payment shall be due within ten (10) days of Tenant’s receipt of Landlord’s invoice
therefor. 
 (c)     To the extent that Tenant’s Share of Project Area Operating Expenses,
Tenant’s Share of Building Area Operating Expenses and/or Tenant’s Share of Office Area Operating Expenses is less or greater than the estimated amount paid by Tenant during the Lease Year, Tenant shall be entitled to a reimbursement or
shall pay the deficiency as the case may be. Landlord shall determine the actual Tenant’s Share of Project Area Operating Expenses, Tenant’s Share of Building Area Operating Expenses and/or Tenant’s Share of Office Area Operating
Expenses within forty-five (45) days after the end of the Lease Year and shall deliver a computation of such Tenant’s Share of Project Area Operating Expenses, Tenant’s Share of Building Area Operating Expenses and/or Tenant’s
Share of Office Area Operating Expenses in reasonable detail and reasonable evidence of such costs to Tenant together with an invoice for Tenant’s share or notice of credit for reimbursement thereof. Tenant agrees to pay the amount of such
invoice within ten (10) days after Tenant’s receipt of Landlord’s invoice therefor. 

(d)     “Operating Expense(s)” shall mean, as applicable all reasonable, actual costs and
expense incurred by Landlord in connection with the ownership, operation, management and maintenance of the Specified Building Area, the Specified Project Area or the Specified Office Area, and related improvements located thereon (the
“Improvements”, including, but not limited to, all commercially reasonable expenses incurred by Landlord as a result of Landlord’s compliance with any and all of its obligations under this Lease (or under similar leases with other
tenants). In explanation of the foregoing, and not in limitation thereof, Operating Expenses shall include, as applicable: utilities, repair and maintenance of the Leased Premises, including HVAC, electrical, plumbing, sprinkler and other building
system maintenance, (excluding roof and structural repair or replacement), all real and personal property taxes and assessments (whether general or special, known or unknown, foreseen or unforeseen) and any tax or assessment levied or charged in
lieu thereof, whether assessed against Landlord and/or Tenant and whether collected from Landlord and/or Tenant; snow removal, trash removal, Common Area (as defined in Section 8.01) utilities, cost of equipment or devices used to conserve or
monitor energy consumption, supplies, insurance, license, permit and inspection fees, management fee equal to five percent (5%) of the Base Monthly Rent (the “Management Fee”), cost of services of independent contractors, cost of services
of independent contractors, reasonable cost of compensation (including employment taxes and fringe benefits) of all persons who perform regular and recurring duties connected with
day-to-day operation, maintenance, repair, and replacement of the Building, its equipment and the adjacent Common Areas 

  
 9 

 (including, but not limited to janitorial, gardening, landscaping, security, parking,
elevator, painting, plumbing, electrical, mechanical, carpentry, window washing, performing services not uniformly available to or performed for substantially all the Building tenants; and rental expense or a reasonable allowance for depreciation of
personal property used in the maintenance, operation and repair of the Building. In addition to the foregoing to cover Landlord’s supervisory, an administrative fee shall be paid to Landlord equal to fifteen percent (15%) of the Specified
Project Area Operating Expenses, the Specified Building Area Operating Expenses and the Specified Office Area Operating Expenses. The Specified Project Area Operating Expenses, the Specified Building Area Operating Expenses and the Specified Office
Area Operating Expenses for any calendar year during which actual occupancy of the Project is less than ninety-five percent (95%) of the gross rentable area of the Project shall be appropriately grossed up and adjusted to reflect ninety-five percent
(95%) occupancy of the existing Rentable Area of the Project during such period. There shall be no duplication of charges among the Specified Project Area Operating Expenses, the Specified Building Area Operating Expenses or the Specified Office
Area Operating Expenses. 
 Notwithstanding the above, the Specified Project Area Operating Expenses, the Specified Building
Area Operating Expenses and the Specified Office Area Operating Expenses shall not include any of the following (all of which shall be at Landlord’s sole cost and expense): 

(A)     leasing commissions, attorneys’ fees, costs and disbursements and other expenses incurred in
connection with leasing, renovating or improving vacant space in the Project for tenants or prospective tenants of the Building or Project; 

(B)     costs (including permit, license and inspection fees) incurred in renovating or otherwise
improving or decorating, painting or redecorating space for tenants or vacant space; 
 (C)    
Landlord’s costs of any services sold to tenants for which Landlord is entitled to be reimbursed by such tenants as an additional charge or rental over and above the Base Monthly Rent and Operating Expenses payable under the lease with such
tenant or other occupant; 
 (D)     any depreciation or amortization of the Building or Project except
as expressly permitted herein; 
 (E)     costs incurred due to a violation of Law by Landlord relating
to the Building or Project; 
 (F)     interest on debt or amortization payments on any mortgages or
deeds of trust or any other debt for borrowed money; 
 (G)     all items and services for which Tenant
or other tenants reimburse Landlord outside of Operating Expenses; 
 (H)     repairs or other work
occasioned by fire, windstorm or other work paid for through insurance or condemnation proceeds (excluding any deductible); 

(I)     repairs resulting from any defect in the original design or construction of the Building or
Project; 
 (J)     Costs attributable to original development, such as architectural and engineering;

 (K)     Costs attributable to seeking and obtaining new tenants or lease extensions, such as
advertising, brokerage commissions, or to enforcing leases against tenants in the Building or Project such as attorney’s fees, court costs, adverse judgments and similar expenses; 

(L)     Reserves for bad debts or future expenditures which would be incurred subsequent to the then
current accounting year; 
 (M)     Costs attributable to repairing items that are covered by
warranties to the extent that Landlord recovers such costs under the warranties; 
 (N)    
Maintenance, repair or replacement of the roof or roof systems, structural items (including but not limited to exterior walls, load bearing columns, foundation and floor slabs) of the Building or Project; or 

(O)     the Management Fee. 

SECTION 3.04   TAXES. 

(a)     Landlord shall pay all real property taxes and assessments, which are levied against or which
apply with respect to the Leased Premises. 
 (b)     Tenant shall pay prior to delinquency all taxes,
assessments, charges, and fees which during the Rental Term may be imposed, assessed, or levied by any governmental or public authority against or upon Tenant’s use of the Leased Premises or any inventory, personal property, fixtures or
equipment kept or installed, or permitted to be located therein by Tenant. 

  
 10 

 SECTION 3.05   PAYMENTS. All payments of Base Monthly Rent, Additional Rent
and other payments to be made to Landlord shall be made on a timely basis and shall be payable to Landlord or as Landlord may otherwise designate. All such payments shall be mailed or delivered to Landlord’s principal office set forth in
Section 1.01(C), or at such other place as Landlord may designate from time to time in writing. If mailed, all payments shall be mailed in sufficient time and with adequate postage thereon to be received in Landlord’s account by no later
than the due date for such payment. If Tenant shall fail to pay any Base Monthly Rent or any Additional Rent or any other amounts or charges within five (5) days of the date when due, Tenant shall pay interest from the due date of such past due
amounts to the date of payment, both before and after judgment at a rate equal to the greater of twelve percent (12%) per annum; provided however, that in any case the maximum amount or rate of interest to be charged shall not exceed the maximum non-usurious rate in accordance with applicable law. 
 ARTICLE IV.   RENTAL TERM,
COMMENCEMENT DATE & PRELIMINARY TERM 
 SECTION 4.01   RENTAL TERM. The initial term of this Lease shall be
for the period defined as the Rental Term in Section 1.01(K), plus the partial calendar month, if any, occurring after Delivery of Possession if the Rental Term Commencement Date occurs other than on the first day of a calendar month. 

SECTION 4.02   RENTAL TERM COMMENCEMENT DATE. The Rental Term of this Lease and Tenant’s obligation to pay rent
hereunder shall commence on the Rental Term Commencement Date as set forth in Section 1.01(K). Within five (5) days after Landlord’s request to do so, Landlord and Tenant shall execute a written affidavit, in recordable form,
expressing the Rental Term Commencement Date and the termination date, which affidavit shall be deemed to be part of this Lease. 

SECTION 4.03   PRELIMINARY TERM. The period between the date Tenant enters upon the Leased Premises and the Rental Term
Commencement Date shall be designated as the “Preliminary Term” during which no Base Monthly Rent shall accrue; however, other covenants and obligations of Tenant shall be in full force and effect. Delivery of Possession of the Leased
Premises to Tenant as provided in Section 5.02 shall be considered “entry” by Tenant and commencement of the Preliminary Term. 

ARTICLE V.     LANDLORD’S WORK, FINANCING OF IMPROVEMENTS, 

TENANT’S POSSESSION DATE AND CANCELLATION 

SECTION 5.01.   CONSTRUCTION OF LEASED PREMISES BY LANDLORD. Landlord shall construct the Building in which the Leased
Premises is located substantially in accordance with outline specifications as set forth in Exhibit “C” (“Landlord’s Work”). It is understood and agreed by Tenant that no minor changes from any plans or from such outline
specifications made necessary during construction of the building or the Leased Premises shall affect or change this Lease or invalidate same. 

SECTION 5.02.   DELIVERY OF POSSESSION FOR TENANT’S WORK. Except as hereinafter provided, Landlord covenants that actual
possession of the Leased Premises shall be delivered to Tenant, ready for Tenant’s Work, with the exception of the Snow Melt System, (see Article VI), on the date set forth in Section 1.01 (J). It is agreed that by taking possession of the
Leased Premises as a tenant, Tenant formally accepts the same and acknowledges that the Leased Premises are in the condition called for hereunder, except for items specifically excepted in writing at the date of occupancy as “incomplete”.

 SECTION 5.03.   Intentionally Omitted. 

SECTION 5.04.   ALTERATIONS AND ADDITIONS. Provided such alteration or additions do not materially or adversely interfere
with Tenant’s access to or use of the Leased Premises, and provided Landlord takes commercially reasonable efforts to avoid or minimize, to the greatest extent possible, interference with Tenant’s access to or use of the Leased Premises,
the parties agree as follows: Notwithstanding anything else in this Lease contained, Landlord hereby reserves the right at any time, and from time to time, to make alterations or additions to the Building in which the Leased Premises are contained.
Landlord also reserves the right to construct improvements in the Building area from time to time and to make alterations therein or additions thereto, to expand the Building area. The purpose of the site plan attached hereto as Exhibit
“A” is to show the approximate location of the Leased Premises within the Building and Landlord reserves the right at any time to reconfigure the Common Areas shown on such site plan. Tenant shall have no right to object to such alteration
by Landlord, nor to claim any damages or reduction in rent as a result of such work or the exercise of Landlord’s rights under Section 8.01, nor damages for any related nuisance, inconvenience, temporary interruption of utility systems,
Common Facilities (as defined in Section 8.03(b)), nor except as hereinafter mentioned for interruption of Tenant’s use of the gross rentable area of the Leased Premises. 

ARTICLE VI.   TENANT’S WORK & LANDLORD’S CONTRIBUTION 

SECTION 6.01   CONSTRUCTION OF LEASED PREMISES BY TENANT. Subject to Landlord’s obligation to pay to Tenant the TI
Allowance, pursuant to the terms and conditions set forth in this Lease, Tenant agrees, at Tenant’s sole cost and expense, to provide all work of whatsoever nature in accordance with its obligations set forth in Exhibit “D”
(“Tenant’s Work”). Tenant agrees to furnish Landlord, prior to commencement of construction, with a complete and detailed set of plans and specifications drawn by a registered architect (or by some other qualified person acceptable to
Landlord) setting forth and describing Tenant’s Work in such detail as Landlord may reasonably require and in compliance with Exhibit “D”, unless this requirement be 

  
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 waived in writing by Landlord. If such plans and specifications are not so furnished by Tenant prior to
commencement of construction then Landlord may, at its option, in addition to other remedies, enjoin Tenant from continuing construction while such plans and specifications have not been so furnished. No material deviation from the final set of
plans and specifications once submitted to and approved by Landlord, shall be made by Tenant without Landlord’s prior written consent. Landlord shall have the right to approve or disapprove Tenant’s architect and contractor to be used in
performing Tenant’s Work, and the right to require and approve insurance or bonds to be provided by Tenant or such contractors. In due course, after completion of Tenant’s Work, Tenant shall certify to Landlord the itemized cost of Tenant
improvements and fixtures located upon the Leased Premises. To the extent that Landlord elects to perform certain Tenant’s Work as provided in Exhibit “D”, Tenant shall pay Landlord for such work within ten (10) business days of
invoice by Landlord. The following architect is approved by Landlord: Method Studios. The following contractors are hereby approved by Landlord: Layton Construction, Dutson, and United Contractors. 

SECTION 6.02   SETTLEMENT OF DISPUTES.    It is understood and agreed that any disagreement or dispute
which may arise between Landlord and Tenant with reference to the work to be performed pursuant to Exhibits “C” and “D” shall be resolved by Landlord’s architect, whose good faith decision shall be final and binding on both
Landlord and Tenant. 
 ARTICLE VII.   PERMITTED USE 

SECTION 7.01   PERMITTED USE OF LEASED PREMISES.    Tenant shall use and occupy the Leased Premises
solely for the purpose of conducting the business as indicated in Section 1.01(F). Tenant shall promptly comply with all present or future laws, ordinances, lawful orders and regulations affecting the Leased Premises and the cleanliness,
safety, occupancy and use of same. Tenant shall not make any use of the Leased Premises which shall cause cancellation or an increase in the cost of any insurance policy covering the same (this restriction shall not apply to the BBQ Use). Tenant
shall not keep or use on the Leased Premises any article, item, or thing which is prohibited by the standard form of fire insurance policy (this restriction shall not apply to the BBQ Use). Tenant shall not commit any waste upon the Leased Premises
and shall not conduct or allow any business, activity, or thing on the Leased Premises which is an annoyance or causes damage to Landlord, to other subtenants, occupants, or users of the improvements, or to occupants of the vicinity (this
restriction shall not apply to the BBQ Use). 
 SECTION 7.02   HAZARDOUS SUBSTANCES. 

(a)     Tenant shall not use, produce, store, release, dispose or handle in or about the Leased Premises
or transfer to or from the Leased Premises (or permit any other party to do such acts) any Hazardous Substance (as defined herein) except in compliance with all applicable Environmental Laws (as defined herein). Tenant shall not construct or use any
improvements, fixtures or equipment or engage in any act on or about the Leased Premises that would require the procurement of any license or permit pursuant to any Environmental Law. Tenant shall immediately notify Landlord of (i) the
existence of any Hazardous Substance on or about the Leased Premises that may be in violation of any Environmental Law (regardless of whether Tenant is responsible for the existence of such Hazardous Substance), (ii) any proceeding or investigation
by any governmental authority regarding the presence of any Hazardous Substance on the Leased Premises or the migration thereof to or from any other property, (iii) all claims made or threatened by any third party against Tenant relating to any
loss or injury resulting from any Hazardous Substance, or (iv) Tenant’s notification of the National Response Center of any release of a reportable quantity of a Hazardous Substance in or about the Leased Premises. “Environmental
Law(s)” shall mean any federal, state or local statute, ordinance, rule, regulation or guideline pertaining to health, industrial hygiene, or the environment, including without limitation, the federal Comprehensive Environmental Response,
Compensation, and Liability Act; “Hazardous Substance” shall mean all substances, materials and wastes that are or become regulated, or classified as hazardous or toxic, under any Environmental Law. If it is determined that any Hazardous
Substance exists on the Leased Premises resulting from any act of Tenant or its employees, agents, contractors, licensees, subtenants or customers, then Tenant shall immediately take necessary action to cause the removal of such substance and shall
remove such within ten (10) days after discovery. Notwithstanding the above, if the Hazardous Substance is of a nature that cannot be reasonably removed within ten (10) days, then Tenant shall not be in default if Tenant has commenced to
cause such removal and proceeds diligently thereafter to complete removal, except that in all cases, any Hazardous Substance must be removed within sixty (60) days after discovery thereof. Furthermore, notwithstanding the above, if in the good
faith judgment of Landlord, the existence of such Hazardous Substance creates an emergency or is of a nature which may result in immediate physical danger to persons at the Building, Landlord may enter upon the Leased Premises and remove such
Hazardous Substances and charge the cost thereof to Tenant as Additional Rent. 
 (b)     The party
herein responsible for removal of Hazardous Substances shall upon learning of such condition proceed within five (5) days thereafter to commence removal of such Hazardous Substance and shall diligently continue to effect such removal until
completion. Removal shall be accomplished in accordance with any applicable safety standards. 
 (c)
    To the best knowledge of Landlord, the Building and Project are free of asbestos and any other Hazardous Materials and comply with all applicable Environmental Laws. 

(d)     Landlord shall indemnify, defend, and hold Tenant harmless from and against any and all losses,
claims, demands, actions, suits, damages, expenses (including, without limitation, remediation, 

  
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 removal, repair, corrective action, or cleanup expenses, or restoration of the Leased
Premises or any part or component thereof following remediation), and costs (including, without limitation, reasonable attorneys’ fees, consultant fees or expert fees) which are brought or recoverable against, or suffered or incurred by Tenant
as a result of any release or presence of Hazardous Materials in, on, at, under or to the Leased Premises not caused or permitted by Lessee, its agents, employees, contractors, sublessees or invitees. 

ARTICLE VIII.   OPERATION AND MAINTENANCE OF COMMON AREAS. 

SECTION 8.01   CONSTRUCTION AND CONTROL OF COMMON AREAS. All automobile parking areas, driveways, entrances and exits
thereto, and other facilities furnished by Landlord in or near the Building and/or Project, including if any, employee parking areas, parking garage, truck ways, loading docks, trash rooms, elevators, mail rooms or mail pickup areas, pedestrian
sidewalks and hallways, landscaped areas, retaining walls, stairways, restrooms and other areas and improvements provided by Landlord (“Common Area(s)”) for the general use in common with all tenants, their officers, agents, employees and
customers, shall at all times be subject to the exclusive control and management of Landlord which shall have the right from time to time to establish, modify and enforce reasonable rules and regulations with respect to all facilities and areas
mentioned in this Section 8.01. Landlord shall have the right to construct, maintain and operate lighting and drainage facilities on or in all such areas and improvements; to the same, from time to time, to change the area, level, location and
arrangement of parking areas and other facilities hereinabove referred to; to restrict parking by tenants, their officers, agents and employees to employee parking areas; to close temporarily all or any portion of such areas or facilities to such
extent as may, in the opinion of counsel, be legally sufficient to prevent a dedication thereof or the accrual of any rights to any person or the public therein; to assign reserved parking spaces for exclusive use of certain tenants or for customer
parking, to discourage non-employee and non-customer parking; and to do and perform such other acts in and to such areas and improvements as, in the exercise of good
business judgment, Landlord shall determine to be advisable with a view toward maintaining of appropriate convenience uses, amenities, and for permitted use by tenants, their officers, agents, employees and customers. Landlord shall at all times
operate and maintain the Common Facilities (as defined herein) referred to above in a manner commensurate with Class A office buildings located in Salt Lake City, Utah. Without limiting the scope of such discretion, Landlord shall have the full
right and authority to employ all personnel and to make all rules and regulations pertaining to and necessary for the proper operation, security and maintenance of the Common Areas and Common Facilities. Building project signs, traffic control signs
and other signs determined by Landlord to be in best interest of the Building shall be considered part of Common Area and Common Facilities. 

“Common Facilities” means all areas, space, equipment and special services available for the common or joint use and/or benefit of
any of the occupants of the Building their employees, agents, servants, customers and other invitees, including without limitation, parking areas, access roads, driveways, retaining walls, landscaped areas, truck serviceways or tunnels, loading
docks, pedestrian lanes, courts, stairs, ramps and sidewalks, comfort and first-aid stations, washrooms, restrooms, janitorial rooms, transformer vaults, electrical rooms, sprinkler riser rooms, common
equipment storage rooms, information booths, canopies, utility systems, energy management systems, roof drains, sumps and gutters, walls and fences, if any. 

SECTION 8.02   LICENSE. All Common Areas and Common Facilities not within the Leased Premises, which Tenant may be permitted
to use and occupy, are to be used and occupied under a revocable license, and if the amount of such areas be diminished, Landlord shall not be subject to any liabilities nor shall Tenant be entitled to any compensation or diminution or abatement of
rent, nor shall such diminution of such areas be deemed constructive or actual eviction, so long as such revocations or diminutions are deemed by Landlord to serve the best interests of the Building. The term of such revocable license shall be
coterminous with this Lease and shall not be revoked or terminated during the Rental Term of this Lease. 
 SECTION 8.03
  AUDIT. Tenant shall have the right, not more frequently than once every two (2) calendar years, to audit Landlord’s or Landlord’s balance sheet pertaining to Operating Cost Expenses for the prior two (2) Lease
Years (the “CAM Audit”). Tenant shall not be permitted to utilize a so-called “contingent fee” Operating Cost Expenses auditor. Accordingly, any representative of Tenant conducting,
assisting, or having any involvement with the CAM Audit shall not be permitted to have a financial stake in the outcome of the CAM Audit and Landlord shall be entitled to receive credible evidence of the same and Landlord may refuse to allow such
CAM Audit in the absence of such evidence. Additionally, any representative of Tenant conducting a CAM Audit shall first sign a confidentiality agreement that provides that it shall not disclose the CAM Audit, its conclusions or any information
obtained in the course of conducting the CAM Audit to anyone other than Tenant and Landlord. 
 Landlord shall retain its records regarding
Operating Expenses for a period of at least two (2) years following the final billing for each calendar year during the Rental Term. At any time during such two (2) year period, upon thirty (30) days’ advance written notice to
Landlord, Tenant may conduct a CAM Audit. The CAM Audit shall commence on a date of which Tenant has notified Landlord not less than thirty (30) days in advance. Tenant shall in all cases share with Landlord the conclusions of the CAM Audit and
any CAM Audit report. If the CAM Audit discloses an overbilling, Landlord may, by written notice to Tenant within forty-five (45) days of Landlord’s receipt of a copy of the CAM Audit, object to the conclusions or process of the CAM Audit,
stating its conclusions as to whether or not there was any overbilling (and if so, the amount thereof). If Tenant disputes Landlord’s conclusions, Tenant shall notify Landlord and the parties shall use good faith efforts to resolve the dispute.
If Landlord agrees with the CAM Audit, Landlord shall pay to Tenant the amount of the overbilling within forty-five (45) days of Landlord’s receipt of a copy of the CAM Audit. If the CAM Audit discloses an underbilling, Tenant shall pay to
Landlord the amount of the underbilling within forty-five (45) days of Tenant’s receipt of a copy of the CAM Audit or its conclusions. 

  
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 ARTICLE IX.   ALTERATIONS, SIGNS, LOCKS & KEYS 

SECTION 9.01   ALTERATIONS.     Tenant shall not make or suffer to be made any alterations or additions
to the Leased Premises or any part thereof without the prior written consent of Landlord; provided however, such consent of Landlord shall not be unreasonably withheld for any non-structural alterations or
additions to the Leased Premises proposed by Tenant. Any additions to, or alterations of the Leased Premises except movable furniture, equipment and trade fixtures shall become a part of the realty and belong to Landlord upon the termination of this
Lease or Rental Term renewal or other termination or surrender of the Leased Premises to Landlord. 
 SECTION 9.02   SIGNS.
    Tenant shall not place or suffer to be placed or maintained on any exterior door, wall or window of the Leased Premises, or elsewhere in the Building, any sign, awning, marquee, decoration, lettering, attachment, canopy,
advertising matter or other thing of any kind, and shall not place or maintain any decoration, lettering or advertising matter on the glass of any window or door of the Leased Premises without first obtaining Landlord’s written approval, which
shall not be unreasonably withheld or delayed. Tenant shall maintain any such sign, decoration, lettering, advertising matter or other things as may be approved in good condition and repair at all times. Landlord may, at Tenant’s cost, and
without liability to Tenant, enter the Leased Premises and remove any item erected in violation of this Section 9.02. Landlord has established rules and regulations governing the size, type and design of all signs, decorations, etc., which is
specifically set forth in Exhibit “E” and Exhibit “E-1”. Tenant’s signage on the Building and/or the Project is subject to Landlord and Salt Lake City approval. 

SECTION 9.03   LOCKS AND KEYS.     Landlord shall install a card key system for access to the Building
and covered parking area and shall issue appropriate card keys to Tenant and Tenant’s authorized employees. Landlord shall initially provide keys for entry doors to the Leased Premises. From time to time, Tenant may change locks or install
other locks on such doors, but if Tenant does, Tenant must provide Landlord with duplicate keys within twenty-four (24) hours after such change or installation. Tenant, upon termination of this Lease, shall deliver to Landlord all the keys to
the Building and the Leased Premises including any interior offices, toilet rooms, combinations to built-in safes, etc. which shall have been furnished to or by Tenant or are in the possession of Tenant. 

ARTICLE X.   MAINTENANCE AND REPAIRS; ALTERATIONS; ACCESS 

SECTION 10.01   LANDLORD’S OBLIGATION FOR MAINTENANCE.     Landlord shall at all times maintain and
repair, in a manner commensurate with Class A office buildings located in Salt Lake City, Utah: (1) the areas outside the Leased Premises including hallways, public restrooms, if any, general landscaping, parking areas, driveways and
walkways within the project; (2) the roof or roof systems, structural items (including but not limited to exterior walls, load bearing columns, foundation and floor slabs) of the Building or Project; and (3) all plumbing, electrical,
heating, and air conditioning systems. However, if the need for such repairs or maintenance results from any careless, wrongful or negligent act or omission of Tenant, Tenant shall pay the entire cost of any such repair or maintenance including a
reasonable charge to cover Landlord’s supervisory overhead. Landlord shall not be obligated to repair any damage or defect until receipt of written notice from Tenant of the need of such repair and Landlord shall have a reasonable time after
receipt of such notice in which to make such repairs. Tenant shall give immediate notice to Landlord in case of fire or accidents in the Leased Premises or in the Building of which the Leased Premises are a part or of defects therein or in any
fixtures or equipment provided by Landlord. Costs of Landlord provided maintenance for Item 2 herein shall be included as Operating Expenses as defined in Section 3.03(d) and (e) herein. 

SECTION 10.02   TENANT’S OBLIGATION FOR MAINTENANCE. 

(a)     Tenant shall provide its own janitorial service and keep and maintain the Leased Premises
including the interior wall surfaces and windows, floors, floor coverings and ceilings in a clean, sanitary and safe condition in accordance with the laws of the State and in accordance with all directions, rules and regulations of the health
officer, fire marshal, building inspector, or other proper officials of the governmental agencies having jurisdiction, at the sole cost and expense of Tenant, and Tenant shall comply with all requirements of law, ordinance and otherwise, affecting
the Leased Premises. 
 (b)     Tenant shall pay, when due, all claims for labor or material furnished,
for work under Sections 9.01, 9.02 and 10.02 hereof, to or for Tenant at or for use in the Leased Premises, and shall bond such work if reasonably required by Landlord to prevent assertion of claims against Landlord. 

(c)     Tenant agrees to be responsible for all furnishings, fixtures and equipment located upon the
Leased Premises from time to time and shall replace carpeting within the Leased Premises if same shall be damaged by tearing, burning, or stains resulting from spilling anything on such carpet, reasonable wear and tear accepted. Tenant further
agrees to use chair mats or floor protectors wherever it uses chairs with wheels or casters on carpeted areas. 
 SECTION 10.03
  SURRENDER AND RIGHTS UPON TERMINATION. 
 (a)     This Lease and the tenancy hereby
created shall cease and terminate at the end of the Rental Term, or any Rental Term extension or renewal, without the necessity of any notice form either Landlord or Tenant to terminate the same, and Tenant hereby waives notice to vacate the Leased
Premises and agrees that Landlord shall be entitled to the benefit of all provisions of law respecting summary 

  
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 recovery of possession of the Leased Premises from a Tenant holding over to the same extent
as if statutory notice has been given. 
 (b)     Upon termination of this Lease at any time and for any
reason whatsoever, Tenant shall surrender and deliver up the Leased Premises, including the items constituting Tenant’s Work, to Landlord in the same condition as when the Leased Premises were delivered to Tenant or as altered as provided in
Section 9.01, ordinary wear and tear accepted. Upon request of Landlord, Tenant shall promptly remove all personal property from the Leased Premises and repair any damage caused by such removal. Obligations under this Lease relating to events
occurring or circumstances existing prior to the date of termination shall survive the expiration or other termination of the Rental Term of this Lease. Liabilities accruing after date of termination are defined in Sections 19.01 and 19.02. 

ARTICLE XI.     INSURANCE AND INDEMNITY 

SECTION 11.01     LIABILITY INSURANCE AND INDEMNITY.     Tenant shall, during all terms hereof,
keep in full force and effect a policy of commercial general liability insurance with respect to the Leased Premises, with a combined single limit of not less than Two Million Dollars ($2,000,000.00) per occurrence. The policy shall name Landlord,
property manager (i.e., Woodbury Corporation) and any other persons, firms or corporations designated by Landlord and Tenant as additional insureds, and shall contain a clause that the insurer shall not cancel or change the insurance without first
giving Landlord ten (10) days prior written notice. Such insurance shall include an endorsement permitting Landlord and property manager to recover damage suffered due to act or omission of Tenant, notwithstanding being named as an additional
“insured party” in such policies. Such insurance may be furnished by Tenant under any blanket policy carried by it or under a separate policy therefor. The insurance shall be with an insurance company approved by Landlord and a copy of the
paid-up policy evidencing such insurance or a certificate of insurer certifying to the issuance of such policy shall be delivered to Landlord. If Tenant fails to provide such insurance, Landlord may do so and
charge same to Tenant. 
 SECTION 11.02     FIRE AND CASUALTY INSURANCE. 

(a)     Subject to the provisions of this Section 11.02, Landlord shall secure, pay for, and at all
times during the Rental Term hereof maintain fire and casualty, insurance providing coverage upon the building improvements in an amount equal to the full insurable replacement value thereof (as determined by Landlord). Such insurance shall include
twelve (12) months rental income coverage as well as such additional endorsements as may be required by Landlord’s lender or Landlord. All insurance required hereunder shall be written by reputable, responsible companies licensed in the
State of Utah. Tenant shall have the right, at its request at any reasonable time, to be furnished with copies of the insurance policies then in force pursuant to this Section 11.02, together with evidence that the premiums therefor have been
paid. 
 (b)     Tenant agrees to maintain at its own expense such fire and casualty insurance coverage
as Tenant may desire or require in respect to Tenant’s personal property, equipment, furniture, fixtures or inventory and Landlord shall have no obligation in respect to such insurance or losses. All property kept or stored on the Leased
Premises by Tenant or with Tenant’s permission shall be so done at Tenant’s sole risk and Tenant shall indemnify Landlord against and hold it harmless from any claims arising out of loss or damage to same. 

(c)     Tenant shall not permit the Leased Premises to be used for any purpose which would render the
insurance thereon void or cause cancellation thereof or increase the insurance risk or increase the insurance premiums in effect just prior to the Rental Term Commencement Date of this Lease (this restriction shall not apply to the BBQ Use). Tenant
agrees to pay as Additional Rent the total amount of any increase in the insurance premium of Landlord over that in effect prior to the Rental Term Commencement Date of this Lease to the extent solely resulting from Tenant’s unique and
particular use of the Leased Premises. If Tenant installs any electrical or other equipment which overloads the lines in the Leased Premises, Tenant shall, at its own expense, make whatever changes are necessary to comply with the requirements of
Landlord’s insurance. 
 (d)     Tenant shall be responsible for all glass breakage from any cause
whatsoever and agrees to immediately replace all glass broken or damaged during the Rental Term with glass of the same quality as that broken or damaged. Landlord may replace, at Tenant’s expense, any broken or damaged glass if not replaced by
Tenant within five (5) days after such damage. 
 SECTION 11.03     WAIVER OF SUBROGATION.
    Each party hereto does hereby release and discharge the other party hereto and any officer, agent, employee or representative of such party, of and from any liability whatsoever hereafter arising from loss, damage or
injury caused by fire or other casualty for which insurance (permitting waiver of liability and containing a waiver of subrogation) is carried by the injured party at the time of such loss, damage or injury to the extent of any recovery by the
injured party under such insurance. 
 SECTION 11.04     INDEMNIFICATION. 

  
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 (a)     Subject to the terms and conditions set forth in
Section 11.03, Tenant shall indemnify Landlord and save it harmless from and against any and all claims, actions, damages, liability and expense in connection with loss of life, personal injury and/or damage to property arising from or out of
any occurrence in, upon or at the Leased Premises or from the occupancy or use by Tenant of the Leased Premises or any part thereof, or occasioned wholly or in part by any act or omission of Tenant, its agents, contractors, employees, servants,
sublessees, concessionaires or business invitees to extent not covered by insurance required by Article XI. For the purpose hereof, the Leased Premises shall include the outdoor patio and green space allocated to the use of Tenant. In case Landlord
is, without fault on its part, made a party to any litigation commenced by or against Tenant, then Tenant shall protect and hold Landlord harmless and shall pay all costs, expenses and reasonable attorneys’ fees incurred or paid by Landlord in
defending itself or enforcing the covenants and agreements of this Lease. 
 (b)     Subject to the
terms and conditions set forth in Section 11.03, To the extent not covered by the insurance required to be maintained by Tenant, or that would not have been covered by insurance had Tenant maintained such insurance, Landlord agrees to indemnify
and save harmless Tenant in regard to third parties for damages occurring on the Common Area proximately caused by the wrongful acts or negligence of Landlord, its contractors, agents or employees in scope of their employment, including costs of
defense and reasonable attorneys’ fees incurred in such defense. In case Tenant is, without fault on its part, made a party to litigation against Landlord as a result of such acts or negligence which Tenant’s insurer is not required to
defend, then Landlord shall indemnify Tenant against costs of such defense including reasonable attorneys’ fees. 
 ARTICLE XII
    UTILITY CHARGES 
 SECTION 12.01     OBLIGATION OF LANDLORD.
    Unless otherwise agreed in writing by the parties, during the Rental Term of this Lease Landlord shall cause to be furnished to the Leased Premises during “standard operating hours” which shall be 7:00 a.m. to
7:00 p.m. Monday through Friday and 8:00 a.m. to 12:00 p.m. on Saturday, excluding holidays, the following utilities and services, the cost and expense of which shall be included in Operating Expenses: 

(a)     Electricity, water, gas and sewer service. 

(b)     Telephone connection, but not including telephone stations and equipment (it being expressly
understood and agreed that Tenant shall be responsible for the ordering and installation of telephone lines and equipment which pertain to the Leased Premises). 

(c)     Heat and air-conditioning to such extent and to such
levels as, in Landlord’s reasonable judgment (but commensurate with Class A office buildings located in Salt Lake City, Utah), is reasonably required for the comfortable use and occupancy of the Leased Premises subject however to any
limitations imposed by any government agency. 
 (d)     Snow removal and parking lot sweeping services.

 (e)     Elevator service. 

(f)     Building systems maintenance services. 

SECTION 12.02     OBLIGATIONS OF TENANT.     Tenant shall arrange for and shall pay the entire
cost and expense of all telephone stations, equipment and use charges, electric light bulbs (but not fluorescent bulbs used in fixtures originally installed in the Leased Premises) and all other materials and services not expressly required to be
provided and paid for pursuant to the provisions of Section 12.01 above. Tenant shall be responsible for the operation and maintenance of the heating system on the patio for snow and ice removal, and the utilities to operate such system, which
shall be separately metered and passed through to Tenant on a direct basis. Tenant covenants to use good faith efforts to reasonably conserve utilities by turning off lights and equipment when not in use and taking such other reasonable actions in
accordance with sound standards for energy conservation. Landlord reserves the right to separately meter or otherwise monitor any utility usage and to separately charge tenants for its own utilities, in which case an equitable adjustment shall be
made to Base Monthly Rent and Tenant’s Share of Project Area Operating Expenses, Tenant’s Share of Building Area Operating Expenses and/or Tenant’s Share of Office Area Operating Expenses as set forth in this Lease. Additional
limitations of Tenant are as follows: 
 (a)     Tenant shall not, without the written consent of
Landlord, which consent shall not be unreasonably withheld, use any apparatus or device on the Leased Premises using current in excess of 208 volts which shall in any way or to any extent increase the amount of electricity or water usually furnished
or supplied for use on the Leased Premises for the Permitted Use, nor connect with electrical current, except through existing electrical outlets in the Leased Premises, or water pipes, any apparatus or device, for the purposes of using electric
current or water. 
 (b)     If Tenant shall require water or electric current in excess of that usually
furnished or supplied for use of the Leased Premises, or for purposes other than those designated in Section 7.01, then Tenant shall first procure the written consent of Landlord for the use thereof, which consent Landlord may refuse and/or
Landlord may cause a water meter or electric current meter to be installed in the Leased Premises, so as to measure the amount of water and/or electric current consumed for any such use. The 

  
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 cost of such meters and of installation maintenance, and repair thereof shall be paid for by
Tenant and Tenant agrees to pay Landlord promptly upon demand by Landlord for all such water and electric current consumed as shown by such meters, at the rates charged for such service by the city in which the Building is located or the local
public utility, as the case may be, furnishing the same, plus any additional expense incurred in keeping account of the water and electric current so consumed. 

(c)     If and where heat generating machines devices are used in the Leased Premises which affect the
temperature otherwise maintained by the air conditioning system, Landlord reserves the right to install additional or supplementary air conditioning units for the Leased Premises, and the entire cost of installing, operating, maintaining and
repairing the same shall be paid by Tenant to Landlord promptly after demand by Landlord. 
 To the extent that Tenant
operates hours in excess of the stated standard business hours, Tenant may cause Landlord to provide services set forth in Section 12.01 (a), (b), and (c); however, Tenant shall pay extra hourly utility charges as set forth in
Section 1.01(Q) and Section 12.03 herein. 
 SECTION 12.03.     EXTRA HOURS CHARGES.
    To the extent Tenant operates hours other than “standard operating hours”) as set forth in Section 1.01 (Q) and Section 12.01, Tenant shall pay an extra hourly utility charge pursuant to
Section 1.01 (Q) for lighting and electricity and for mechanical/HVAC system use. Tenant shall pay such charges within ten (10) days after invoice therefor. Costs incurred by Landlord for operating “extra-hours” shall not be
included in Operating Expenses pursuant to Section 3.03. 
 SECTION 12.04.     LIMITATIONS ON LANDLORDS
LIABILITY.     Landlord shall not be liable for and Tenant shall not be entitled to terminate this Lease or to effectuate any abatement or reduction of rent by reason of Landlord’s failure to provide or furnish any of
the foregoing utilities or services if such failure was reasonably beyond the control of Landlord. In no event shall Landlord be liable for loss or injury to persons or property, however, arising or occurring in connection with or attributable to
any failure to furnish such utilities or services even if within the control of Landlord. 
 ARTICLE XIII.
    OFF-SET STATEMENT, ATTORNMENT AND SUBORDINATION 
 SECTION 13.01     OFF-SET STATEMENT.     Tenant agrees within twenty (20) days after request therefor by Landlord to execute in recordable form and deliver to Landlord a statement
in writing, certifying 
  

	 	(a)	 that this Lease is in full force and effect; 

	 	(b)	 the Rental Term Commencement Date of this Lease; 

	 	(c)	 that rent is paid currently without any off-set or defense thereto;

	 	(d)	 the amount of rent, if any paid in advance; and 

	 	(e)	 that there are no uncured defaults by Landlord or stating those claimed by Tenant. 

SECTION 13.02     ATTORNMENT.     Tenant shall, in the event any proceedings are brought for
the foreclosure of, or in the event of exercise of the power of sale under any mortgage or deed of trust made by Landlord covering the Leased Premises, attorn to the purchaser upon any such foreclosure or sale and recognize such purchaser as
Landlord under this Lease. 
 SECTION 13.03     SUBORDINATION.     Tenant agrees that this
Lease shall, at the request of Landlord, be subordinate to any first mortgages or deeds of trust that may hereafter be placed upon the Leased Premises and to any and all advances to be made thereunder, and to the interest thereon, and all Rental
Term renewals, replacements and extensions thereof, provided the mortgagees or trustees named in such mortgages or deeds of trust shall agree to recognize this Lease of Tenant in the event of foreclosure, if Tenant is not in default beyond any
applicable notice and cure period. 
 SECTION 13.04     MORTGAGEE SUBORDINATION.     Tenant
hereby agrees that this Lease shall, if at any time requested by Landlord or any lender in respect to Landlord’s financing of the Building or the Project in which the Leased Premises are located or any portion hereof, be made superior to any
mortgage or deed of trust that may have preceded this Lease. 
 SECTION 13.05     REMEDIES.
    Tenant hereby irrevocably appoints Landlord as attorney-in-fact for Tenant with full power and authority to execute and deliver in the name
of Tenant any such instruments described in this Article XIII upon failure of Tenant to execute and deliver any of the above instruments within fifteen (15) days after written request to do so by Landlord; and such failure shall constitute a
breach of this Lease entitling Landlord, at its option, to cancel this Lease and terminate Tenant’s interest therein. 
 ARTICLE XIV.
    ASSIGNMENT 
 SECTION 14.01     ASSIGNMENT.     Except as set
forth below in this Section 14.01, Tenant shall not assign this Lease or sublet the Leased Premises, or any part thereof, without first obtaining the written consent of the Landlord, which consent shall not be unreasonably withheld. The consent
of Landlord shall not relieve Tenant from continuing liability for all obligations under this Lease. Any Assignment by operation of law or if Tenant is a corporation, unincorporated association or partnership, the transfer, assignment or
hypothecation of any stock or interest in such corporation, association or partnership in the aggregate in excess of fifty percent (50%) shall be deemed an “Assignment” within the meaning of this Section 14.01. 

  
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 Notwithstanding anything to the contrary contained herein, provided that Tenant is not then
in default under this Lease beyond any applicable notice and cure period, upon not less than twenty (20) days prior written notice to Landlord, Tenant may assign or sublet the Leased Premises or any part thereof to a corporation, person or
other entity which: (i) is Tenant’s parent or affiliate; (ii) is a wholly-owned subsidiary of Tenant; (iii) is a corporation, person or other entity of which Tenant, Tenant’s parent or an affiliate of Tenant owns a majority
of the capital stock or a controlling ownership interest; (iv) as a result of a consolidation, merger, reorganization or other transaction with Tenant or Tenant’s parent shall own all the capital stock of Tenant or Tenant’s parent;
(v) as a result of a change of the domicile of Tenant or the reincorporation of Tenant in another jurisdiction; or (vi) acquires or is acquiring all or substantially all of the assets of Tenant or Tenant’s parent(each of the
transactions referenced in the above subparagraphs (i) - (vi) are hereinafter referred to as a “Permitted Transfer,” and each surviving entity shall hereinafter be referred to as a “Permitted Transferee”) without the prior
written consent of Landlord. 
 ARTICLE XV. WASTE OR NUISANCE 

SECTION 15.01     WASTE OR NUISANCE.     Tenant shall not commit or suffer to be committed any
waste upon the Leased Premises, or any nuisance or other act or thing which may disturb the quiet enjoyment of any other tenant in the Building in which the Leased Premises may be located, or elsewhere within the Building. 

ARTICLE XVI.     NOTICES 

SECTION 16.01     NOTICES.     Except as provided in Section 19.01, any notice required or
permitted hereunder to be given or transmitted between the parties shall be either 1) personally delivered, or 2) mailed postage prepaid by registered mail, return receipt requested, or mailed by express carrier addressed if to Tenant at the address
set forth in Section 1.01(E), and if to Landlord at the address set forth in Section 1.01(C). Either party may, by notice to the other given as prescribed in this Section 16.01, change its above address for any future notices which
are mailed under this Lease. 
 ARTICLE XVII.     DESTRUCTION OF THE LEASED PREMISES 

SECTION 17.01     DESTRUCTION. 

(a)     If the Leased Premises are partially or totally destroyed by fire or other casualty insurable
under standard fire insurance policies with extended coverage endorsement so as to become partially or totally untenantable, the same shall be repaired or rebuilt as speedily as practical under the circumstances at the expense of Landlord, unless
Landlord elects not to repair or rebuild as provided in Section 17.01(b). During the period required for restoration, a just and proportionate part of Base Monthly Rent, Additional Rent and other charges payable by Tenant hereunder shall be
abated until the Leased Premises are repaired or rebuilt. 
 (b)     If the Leased Premises are
(I) rendered totally untenantable by reason of an occurrence described in Section 17.01(a), or (II) damaged or destroyed as a result of a risk which is not insured under Landlord’s fire insurance policies, or (III) at least
twenty percent (20%) damaged or destroyed during the last year of the Rental Term, or (IV) if the Building is damaged in whole or in part (whether or not the Leased Premises are damaged), to such an extent that Tenant cannot practically use the
Leased Premises for its intended purpose, then and in any such events Landlord may at its option terminate this Lease by notice in writing to Tenant within sixty (60) days after the date of such occurrence. Unless Landlord gives such notice,
this Lease shall remain in full force and effect and Landlord shall repair such damage at its expense as expeditiously as possible under the circumstances. 

(c)     If Landlord should elect or be obligated pursuant to Section 17.01(a) above to repair or
rebuild because of any damage or destruction, Landlord’s obligation shall be limited to the original Building and any other work or improvements which may have been originally performed or installed at Landlord’s expense. If the cost of
performing Landlord’s obligation exceeds the actual proceeds of insurance paid or payable to Landlord on account of such casualty, Landlord may terminate this Lease unless Tenant, within fifteen (15) days after demand therefor, deposits
with Landlord a sum of money sufficient to pay the difference between the cost of repair and the proceeds of the insurance available for such purpose. Tenant shall replace all work and improvements not originally installed or performed by Landlord
at its expense. 
 (d)     Except as stated in this Article XVII, Landlord shall not be liable for any
loss or damage sustained by Tenant by reason of casualties mentioned hereinabove or any other accidental casualty. 
 ARTICLE XVIII.
    CONDEMNATION 
 SECTION 18.01     CONDEMNATION.     As used in
this Section 18.01 the term “Condemnation Proceeding” means any action or proceeding in which any interest in the Leased Premises or Building is taken for any public or quasi-public purpose by any lawful authority through exercise of
the power of eminent domain or right of condemnation or by purchase or otherwise in lieu thereof. If the whole of the Leased Premises is taken through Condemnation Proceedings, this Lease shall automatically terminate as of the date possession is
taken by the 

  
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 condemning authority. If in excess of twenty-five (25%) percent of the Leased Premises is taken, then either
party hereto shall have the option to terminate this Lease by giving the other written notice of such election at any time within thirty (30) days after the date of taking. If less than twenty-five (25%) percent of the space is taken and
Landlord determines, in Landlord’s sole discretion, that a reasonable amount of reconstruction thereof shall not result in the Leased Premises or the Building becoming a practical improvement reasonably suitable for use for the purpose for
which it is designed, then Landlord may elect to terminate this Lease by giving thirty (30) days written notice as provided hereinabove. In all other cases, or if neither party exercises its option to terminate, this Lease shall remain in
effect and the rent payable hereunder from and after the date of taking shall be proportionately reduced in proportion to the ratio of: (1) the area contained in the Leased Premises which is capable of occupancy after the taking; to
(2) the total area contained in the Leased Premises which was capable of occupancy prior to the taking. In the event of any termination or rental reduction provided for in this Section 18.01, there shall be a pro-ration of the rent payable
under this Lease and Landlord shall refund any excess theretofore paid by Tenant. Whether or not this Lease is terminated as a consequence of Condemnation Proceedings, all damages or compensation awarded for a partial or total taking, including any
sums compensating Tenant for diminution in the value of or deprivation of its leasehold estate, shall be the sole and exclusive property of Landlord, except that Tenant shall be entitled to any awards intended to compensate Tenant for expenses of
locating and moving Tenant’s operations to a new space. 
 ARTICLE XIX.     DEFAULT OF TENANT 

SECTION 19.01     DEFAULT - RIGHT TO RE-ENTER.     In
the event of any failure of Tenant to pay any Base Monthly Rent and/or Additional Rent due hereunder within ten (10) days after written notice that the same is past due shall have been mailed to Tenant, or any failure by Tenant to perform any
other of the terms, conditions or covenants required of Tenant by this Lease within thirty (30) days after written notice of such default shall have been mailed to Tenant, or if Tenant shall abandon the Leased Premises, or permit this Lease to
be taken under any writ of execution, then Landlord, besides other rights or remedies it may have, shall have the right to declare this Lease terminated and shall have the immediate right of re-entry and may
remove all persons and property from the Leased Premises. Such property may be removed and stored in a public warehouse or elsewhere at the cost of and for the account of Tenant, without evidence of notice or resort to legal process and without
being deemed guilty of trespass, or becoming liable for any loss or damage which may be occasioned thereby. Tenant hereby waives all compensation for the forfeiture of the Rental Term or its loss of possession of the Leased Premises in the event of
the forfeiture of this Lease as provided for above. 
 SECTION 19.02     DEFAULT - RIGHT TO RE-LET.     Should Landlord elect to re-enter, as herein provided, or should it take possession pursuant to legal proceedings or pursuant to any notice
provided for by law, it may either terminate this Lease or it may from time to time, without terminating this Lease, make such alterations and repairs as may be necessary in order to re-let the Leased Premises
and may re-let the Leased Premises, or any part thereof, for such term or terms (which may be for a term extending beyond the Rental Term of this Lease) and at such rental or rental income and upon such other
terms and conditions as Landlord in its sole discretion may deem advisable. Upon each such re-letting, all rental income received by Landlord from such re-letting shall
be applied first to the payment of any costs and expenses of such re-letting, including brokerage fees and attorneys’ fees and costs of such alterations and repairs; second, to the payment of rent or
other unpaid obligations due hereunder; and the residue, if any, shall be held by Landlord and applied in payment of future rent as the same may become due and payable hereunder. If such rental income received from such re-letting during any month be less than that to be paid during that month by Tenant hereunder, Tenant shall pay any such deficiency to Landlord. Such deficiency shall be calculated and paid monthly. No such re-entry or taking possession of the Leased Premises by Landlord shall be construed as an election on its part to terminate this Lease unless a written notice of such intention is given to Tenant or unless the
termination thereof is decreed by a court or competent jurisdiction. Notwithstanding any such re-letting without termination, Landlord may at any time elect to terminate this Lease for such previous default.
Should Landlord at any time terminate this Lease for any default, in addition to any other remedies it may have, it may recover from Tenant all damages it may incur by reason of such default, including the cost of recovering the Leased Premises,
reasonable attorneys’ fees, and including the worth at the time of such termination of the excess, if any, of the amount of rent and charges equivalent to rent reserved in this Lease for the remainder of the stated Rental Term over the then
reasonable rental value of the Leased Premises for the remainder of the stated Rental Term, all of which amounts shall be immediately due and payable. 

SECTION 19.03     LEGAL EXPENSES.     In case of default by either party in the performance and
obligations under this Lease, the defaulting party shall pay all costs incurred in enforcing this Lease, or any right arising out of such default, whether by suit or otherwise, including reasonable attorneys’ fees. 

ARTICLE XX.     BANKRUPTCY, INSOLVENCY OR RECEIVERSHIP 

SECTION 20.01     ACT OF INSOLVENCY, GUARDIANSHIP, ETC. The following shall constitute a default of this Lease by
Tenant for which Landlord, at Landlord’s option, may immediately terminate this Lease. 
 (a)    
The appointment of a receiver to take possession of all or substantially all of the assets of Tenant; 

(b)     A general assignment by Tenant of its assets for the benefit of creditors; 

  
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 (c)        Any action taken or
suffered by or against Tenant under any federal or state insolvency or bankruptcy act; 

(d)        The appointment of a guardian, conservator, trustee, or other similar
officer to take charge of all or any substantial part of Tenant’s property. 
 Neither this Lease, nor any interest therein nor any
estate thereby created shall pass to any trustee, guardian, receiver or assignee for the benefit of creditors or otherwise by operation of law. 

ARTICLE XXI.    LANDLORD ACCESS 

SECTION 21.01    LANDLORD ACCESS. Subject to Landlord’s obligation to take all commercially reasonable steps
to avoid or minimize (to the greatest extent possible) interfere with Tenant’s use of the Leased Premises, Landlord or Landlord’s agent shall have the right to enter the Leased Premises at all reasonable times to examine the same, or to
show them to prospective purchasers or lessees of the Building, or to make all repairs, alterations, improvements or additions as Landlord may deem necessary or desirable, and Landlord shall be allowed to take all material into and upon the Leased
Premises that may be required therefor without the same constituting an eviction of Tenant in whole or in part, and rent shall not abate while such repairs, alterations, improvements, or additions are being made, by reason of loss or interruption of
business of Tenant, or otherwise. During the ninety (90) days prior to the expiration of the Rental Term of this Lease or any Rental Term renewal, Landlord may exhibit the Leased Premises to prospective tenants and place upon the Leased
Premises the usual notices “To Let” or “For Rent” which notices Tenant shall permit to remain thereon with molestation. 

ARTICLE XXII.    TENANT’S PROPERTY AND LANDLORD’S LIEN 

SECTION 22.01.    TAXES ON LEASEHOLD. Tenant shall be responsible for and shall pay before delinquency all
municipal, county and state taxes assessed during the Rental Term of this Lease against any leasehold interest, improvements, trade fixtures or personal property of any kind, owned by or placed in, upon or about the Leased Premises by Tenant, and
taxes, levies or fees assessed on the basis of Tenant’s occupancy thereof, including, but not limited to, taxes measured by rents due from Tenant hereunder. 

SECTION 22.02.    LOSS AND DAMAGE. Landlord shall not be responsible or liable to Tenant for any loss or damage
that may be occasioned by or through the acts or omissions of persons occupying adjoining spaces or any part of the spaces adjacent to or connected with the Leased Premises hereby or any part of the building of which the Leased Premises is a part,
or for any loss or damage resulting to Tenant or its property from bursting, stoppage or leaking of water, gas, sewer or steam pipes or for any damage or loss of property within the Leased Premises from any cause whatsoever. 

SECTION 22.03.    NOTICE BY TENANT. Tenant shall give immediate telephone or electronic mail notice to Landlord in
case of fire, casualty or accidents in the Leased Premises or in the building of which the Leased Premises are a part or of defects therein or in any fixtures or equipment, and Tenant shall promptly thereafter confirm such notice in writing. 

SECTION 22.04.    LANDLORD’S LIEN. Tenant is advised that Utah Code Section 38-3-1 and following grants Landlord (Lessor) a lien in regard to unpaid rent. 

SECTION 22.05.    LANDLORD’S SUBORDINATION. Provided that Tenant is not in default hereunder, Landlord agrees
to subordinate its lien on Tenant’s personal property to that of any bona fide third party lender providing financing which directly benefits Tenant’s operations in the Leased Premises. However, Landlord shall refuse and shall otherwise
not be required to subordinate its lien or priority as to Tenant’s equipment or trade fixtures, and Landlord shall be entitled to refuse subordination if loans are not directly related to the Project. 

ARTICLE XXIII.    HOLDING OVER 

SECTION 23.01    HOLDING OVER. Any holding over after the expiration of the Rental Term, or any Rental Term
extension thereto, shall be construed to be a tenancy at sufferance and all provisions of this Lease shall be and remain in effect except that the Base Monthly Rent shall be one hundred and twenty-five percent (125%) of the amount of Base Monthly
Rent and Additional Rent (including any adjustments as provided herein) payable for the last full calendar month of the Rental Term including Rental Term renewals or extensions. 

SECTION 23.02    SUCCESSORS. All rights and liabilities herein given to, or imposed upon, the respective parties
hereto shall extend to and bind the several respective heirs, executors, administrators, successors and assigns of such parties; and if there shall be more than one (1) tenant, they shall all be bound jointly and severally by the terms,
covenants and agreements herein. No rights, however, shall inure to the benefit of any assignee of Tenant unless the assignment to such assignee has been approved by Landlord in writing. 

ARTICLE XXIV.    RULES AND REGULATIONS 

SECTION 24.01    RULES AND REGULATIONS. Tenant shall comply with all reasonable rules and regulations which are now
or which may be hereafter prescribed by Landlord and posted in or about the Leased 

  
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Premises or otherwise brought to the notice of Tenant, both with regard to the Building and/or Project as a whole and to the Leased Premises including Common Area and Common Facilities. 

ARTICLE XXV.    QUIET ENJOYMENT 

SECTION 25.01    QUIET ENJOYMENT. Upon payment by Tenant of the rents herein provided, and upon the observance and
performance of all the covenants, terms and conditions on Tenant’s part to be observed and performed, Tenant shall peaceably and quietly hold and enjoy the Leased Premises for the Rental Term hereby demised without hindrance or interruption by
Landlord or any other person or persons lawfully or equitably claiming by, through or under Landlord, subject, nevertheless, to the terms and conditions of this Lease and actions resulting from future eminent domain proceedings and casualty losses.

 ARTICLE XXVI.    SECURITY DEPOSIT 

SECTION 26.01    SECURITY DEPOSIT. Landlord herewith acknowledges receipt of the amount set forth in
Section 1.01 (U) which it is to retain as security for the faithful performance of all the covenants, conditions and agreements of this Lease, but in no event shall Landlord be obliged to apply the same upon rents or other charges in arrears or
upon damages for Tenant’s failure to perform the such covenants, conditions and agreements; Landlord may so apply the Security Deposit, at its option; and Landlord’s right to the possession of the Leased Premises for non-payment of rents or for other reasons shall not in any event be affected by reason of the fact that Landlord holds the Security Deposit. Such sum, if not applied toward the payment of rents in arrears or toward
the payment of damages suffered by Landlord by reason of Tenant’s breach of the covenants, conditions and agreements of this Lease, is to be returned to Tenant without interest when this Lease is terminated or expired, according to these terms,
and in no event is the Security Deposit to be returned until Tenant has vacated the Leased Premises and delivered possession to Landlord. 

In the event that Landlord repossesses the Leased Premises because of Tenant’s default or because of Tenant’s failure to carry out
the covenants, conditions and agreements of this Lease, Landlord may apply the Security Deposit toward damages as may be suffered or shall accrue thereafter by reason of Tenant’s default or breach. In the event of bankruptcy or other
debtor-creditor proceedings against Tenant as specified in Article XX, the Security Deposit shall be deemed to be applied first to the payment of Base Monthly Rent, Additional Rent and other charges due Landlord for the earliest possible periods
prior to the filing of such proceedings. Landlord shall not be obliged to keep the Security Deposit as a separate fund, but may mix the same with its own funds. 

ARTICLE XXVII.    MISCELLANEOUS PROVISIONS 

SECTION 27.01    WAIVER. No failure on the part of Landlord to enforce any covenant or provision of this Lease
shall discharge or invalidate such covenant or provision or affect the right of Landlord to enforce the same in the event of any subsequent breach. One (1) or more waivers of any covenant or condition by Landlord shall not be construed as a
waiver of a subsequent breach of the same covenant or condition and the consent to or approval of any subsequent similar act by Tenant. No breach of a covenant or condition of this Lease shall be deemed to have been waived by Landlord, unless such
waiver is in writing signed by Landlord. 
 SECTION 27.02    ENTIRE LEASE AGREEMENT. This Lease constitutes the
entire Lease and understanding between the parties hereto and supersedes all prior discussions, understandings and agreements. This Lease may not be altered or amended except by a subsequent written agreement executed by all parties. 

SECTION 27.03    FORCE MAJEURE. Any failure to perform or delay in performance by either party of any obligation
under this Lease, other than Tenant’s obligation to pay rent, shall be excused if such failure or delay is caused by any strike, lockout, governmental restriction or any similar cause beyond the control of the party so falling to perform, to
the extent and for the period that such continues. 
 SECTION 27.04    LOSS AND DAMAGE. Landlord shall not be
responsible or liable to Tenant for any loss or damage that may be occasioned by or through the acts or omissions of persons occupying all or any part of the Leased Premises adjacent to or connected with the Leased Premises or any part of the
Building of which the Leased Premises are a part, or for any loss or damage resulting to Tenant or his property from bursting, stoppage or leaking of water, gas sewer or steam pipes or for any damage or loss of property within the Leased Premises
from any cause whatsoever. 
 SECTION 27.05    ACCORD AND SATISFACTION. No payment by Tenant or receipt by
Landlord of a lesser amount than the amount owing hereunder shall be deemed to be other than on account of the earliest stipulated amount receivable from Tenant, nor shall any endorsement or statement on any check or any letter accompanying any
check or payment as rent be deemed an accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord’s right to recover the balance of such rent or receivable or pursue any other remedy available under this
Lease or the law of the state where the Leased Premises are located. 
 SECTION 27.06    NO OPTION. The
submission of this Lease for examination does not constitute a reservation of or option for the Leased Premises and this Lease becomes effective as a lease only upon full execution and delivery thereof by Landlord and Tenant. 

  
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 SECTION 27.07    ANTI-DISCRIMINATION. Tenant herein covenants by
and for itself, its heirs, executors, administrators and assigns and all persons claiming under or through it, and this Lease is made and accepted upon and subject to the following conditions: That there shall be no discrimination against or
segregation of any person or group of persons on account of race, sex, marital status, color, creed, national origin or ancestry, in the leasing, subleasing, assigning, use, occupancy, tenure or enjoyment of the Leased Premises, nor shall Tenant
itself, or any person claiming under or through it, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, sublessees, or
subtenants in the Leased Premises. 
 SECTION 27.08    SEVERABILITY. If any term, covenant or condition of this
Lease or the application thereof to any person or circumstance shall be invalid or unenforceable to any extent, the remainder of this Lease, or the application of such term, covenant or condition to persons or circumstances other than those as to
which it is held invalid or unenforceable, shall not be affected thereby and each term, covenant or condition of this Lease shall be valid and be enforced to the fullest extent permitted by law. 

SECTION 27.09    OTHER MISCELLANEOUS PROVISIONS. This instrument shall not be recorded without the prior written
consent of Landlord; however, upon the request of either party hereto, the other party shall join in the execution of a memorandum or “short form” lease for recording purposes which memorandum shall describe the parties, the Leased
Premises, the Rental Term and shall incorporate this Lease by reference, and may include other special provisions. The captions which precede the Sections of this Lease are for convenience only and shall in no way affect the manner in which any
provisions hereof is construed. In the event there is more than one (1) Tenant hereunder, the liability of each shall be joint and several. This instrument shall be governed by and construed in accordance with the laws of the State wherein the
Leased Premises are located. Words of any gender used in this Lease shall be held to include any other gender, and words in the singular number shall be held to include the plural when the sense requires. Time is of the essence of this Lease and
every term, covenant and condition herein contained. 
 SECTION 27.10    REPRESENTATION REGARDING AUTHORITY. The
persons who have executed this Lease represent and warrant that they are duly authorized to execute this Lease in their individual or representative capacity as indicated. 

SECTION 27.11.    TENANT CERTIFICATION. For purposes of compliance with Executive Order 13224 and related
regulations, Landlord and Tenant hereby state, represent and warrant to each other that: 

(a)          Certification. Landlord and Tenant certify that: 

(i)        They are not acting, directly or indirectly, for or on behalf of any
person, group, entity, or nation named by any Executive Order or the United States Treasury Department as a terrorist, “Specially Designated National and Blocked Person,” or other banned or blocked person, entity, nation, or transaction
pursuant to any law, order, rule, or regulation that is enforced or administered by the Office of Foreign Assets Control; and 

(ii)        They have not executed this Lease, directly or indirectly on behalf of,
or instigating or facilitating this Lease, directly or indirectly on behalf of, any such person, group, entity, or nation. 

(b)          Indemnification. Tenant and Landlord hereby agree to
defend, indemnify, and hold harmless the other party from and against any and all claims, damages, losses, risks, liabilities, and expenses (including attorneys’ fees and costs) arising from or related to any breach of the foregoing
certification. 
 ARTICLE XXVIII.    ADDITIONAL PROVISIONS 

SECTION 28.01.    OPTION TO RENEW. Provided Tenant is not, and has not been (more than two (2) times), in default under any of
the terms and conditions contained herein, Tenant shall have two (2) additional consecutive five (5) year options to renew and extend the Rental Term as provided herein (“Option”). The Option shall only be exercised by Tenant
delivering written notice thereof to Landlord no earlier than the date which is twelve (12) months prior to the expiration of the Rental Term and no later than the date which is nine (9) months prior to the expiration of the Rental Term
(the “Option Notice”). The Base Monthly Rent during the first year of each extension periods shall be the lesser of: (i) the then current Fair Market Rate (as defined) for comparable space within the Project, and (ii) the
Base Monthly Rent then in effect for the Leased Premises during the last month of the initial Rental Term (increasing each year thereafter by 3%, compounded). “Fair Market Rate” means the market rate for rent chargeable for the Leased
Premises based upon the following factors applicable to the Leased Premises or any comparable premises: rent, escalation, term, size, expense stop, tenant allowance, existing tenant finishes, parking availability, and location and proximity to
services. 
 Within thirty (30) days of Option Notice, Tenant shall notify Landlord of Tenant’s option of Fair Market Rate for the
applicable renewal period. If Landlord disagrees with Tenant’s opinion of the Fair Market Rate, Landlord shall notify Tenant of Landlord’s opinion of Fair Market Rate within fifteen (15) days after receipt of Tenant’s opinion of
Fair Market Rate (“Landlord’s Value Notice”). If the parties are unable to resolve their differences within thirty (30) days thereafter, Landlord or Tenant, at its sole option, may terminate this Lease, effective as of the last
day of the then-current Rental Term. Alternatively, Tenant and Landlord may mutually 

  
 22 

 
agree to submit the determination of Fair Market Rate to a “Market Assessment Process,” as provided in Exhibit “F” – Market Assessment Process.  

SECTION 28.02.    RIGHT TO RERMINATE. Provided Tenant is not, and has not been (more than two (2) times), in default beyond
any applicable cure period under any of the terms and provisions contained herein, Tenant shall have the right to terminate this Lease on or after the last day of the seventy-eighth (78th) full
calendar month of the Rental Term. Tenant shall provide Landlord with three hundred sixty-five (365) days prior written notice of its intent to exercise this right to terminate. At the time Tenant gives it’s notice of its exercise of this
right, Tenant shall pay a termination fee equal to the unamortized total of the following: TI Allowance, leasing commissions and Base Monthly Rent abatement, calculated at an eight percent (8%) per annum interest rate. 

[Signature Pages to Follow] 

  
 23 

 IN WITNESS WHEREOF, Landlord and Tenant have executed and delivered this Lease as of
the day and year first above written. 
 SIGNATURES: 
  

									
	LANDLORD	 		 	WILMINGTON GARDENS GROUP L.L.C., a Utah limited liability company
				
		 		 	By:	 	WOODBURY CORPORATION, a Utah corporation Its Manager
					
		 		 		 	By:	 	 /s/ O. Randall Woodbury

		 		 		 		 	O. Randall Woodbury, President
					
		 		 		 	By:	 	 /s/ W. Richards Woodbury

		 		 		 		 	W. Richards Woodbury, Vice Chairman
			
	TENANT	 		 	TRAEGER PELLET GRILLS LLC., a Delaware limited liability company
				
		 		 	By:	 	 

  

		 		 		 	 Its: CEO
  

				
		 		 	By:	 	  

		 		 		 	Its:
                                         
                                       

 ACKNOWLEDGMENT OF LANDLORD 
  

			
	STATE OF UTAH	 	)
		 	: ss.
	COUNTY OF SALT LAKE	 	)

 On the 23rd day of January 2015, before me personally
appeared O. RANDALL WOODBURY and W. RICHARDS WOODBURY, to me personally known, who being by me duly sworn did say that they are the President and Vice Chairman of WOODBURY CORPORATION, known to be the Manager of WILMINGTON GARDENS GROUP L.L.C., a
Utah limited liability company, the company that executed the within instrument, known to me to be the persons who executed the within instrument on behalf of said company therein named, and acknowledged to me that such company executed the within
instrument pursuant to its Operating Agreement. 
  

			
	

	 	 

  

	 	Notary Public
	 	
	 	

  
 24 

 ACKNOWLEDGMENT OF TENANT 

 

			
	STATE OF Utah	 	)
		 	: ss.
	COUNTY OF Salt Lake	 	)

 On the 23rd day of January 2015, before me personally
appeared Jeremy Andrus and                     , to me personally known to be the CEO and
                     of TRAEGER GRILLS LLC., a Delaware limited liability company, the company that executed the within instrument, known to
me to be the persons who executed the within instrument on behalf of said corporation therein named, and acknowledged to me that such corporation executed the within instrument pursuant to its by-laws or a resolution of its board of directors. 

 

			
	

	 	 

  

	 	Notary Public
	 	
	 	

  
 25 

 FIRST AMENDMENT TO LEASE 

This First Amendment to Lease (hereinafter “First Amendment”) is entered into as of the 1st day of April 2015 (hereinafter “Effective
Date”), by and between WILMINGTON GARDENS GROUP L.L.C., a Utah limited liability company (hereinafter “Landlord”), and TRAEGER PELLET GRILLS LLC, a Delaware limited liability company (hereinafter “Tenant”). 

RECITALS 
 WHEREAS, Landlord and Tenant
entered into that certain Lease dated January 23, 2015 (hereinafter “Lease”), pursuant to which Landlord leased to Tenant that certain premises designated as Suite 200, consisting of approximately 28,740 gross rentable area, located
in Wilmington Gardens at 1215 East Wilmington Avenue in Salt Lake City, Utah (hereinafter “Leased Premises”); and 
 WHEREAS, Landlord and
Tenant desire to amend certain provisions of the Lease as follows: 
 AGREEMENT 

NOW, THEREFORE, in consideration and furtherance of the foregoing, the mutual covenants and agreements herein contained and other good and valuable
consideration, the receipt and sufficiency of which are acknowledged, Landlord and Tenant agree to the following terms and conditions: 
  

	1.	 From and after the Effective Date of this First Amendment, Section 1.01(H), BUILDING, of the Lease shall be amended
and modified as follows: 

 BUILDING (Section 2.01): Wilmington Gardens, consisting of one (1) building situated at 1215 East
Wilmington Avenue in Salt Lake City, County of Salt Lake, State of Utah (“Building”). The gross rentable area of the Building (as defined in Section 2.01) is approximately 84,033 square feet. The Building is part of a larger mixed use
development which is specifically described in Exhibit “B” and depicted in Exhibit “A” (the “Project”). 
  

	2.	 From and after the Effective Date of this First Amendment, Section 1.01(l), LEASED PREMISES, of the Lease shall be
amended and modified as follows: 

  
 1 

	 	 
LEASED PREMISES (Section 2.01): That portion of the Building (as defined in Section 2.01) at the approximate location outlined on Exhibit
“A-1” known as Suites 200 & 214, consisting of approximately 31,668 square feet of gross rentable area plus an adjacent outdoor patio depicted on Exhibit
“A-1”, attached hereto and by this reference incorporated herein, and further described in Section 1.01(AA) below. (“Leased Premises”). Approximately seven and five hundred thousandths
percent (7.500%) of such area is Tenant’s proportionate share of Common Area (as defined in Section 8.01) hallways, restrooms, etc. in the Building and Project. Outdoor patio area has been excluded from the calculation of Tenant’s pro-rata share. 

  

	3.	 From and after the Effective Date of this First Amendment, Exhibit
“A-1” of the Lease shall be stricken in its entirety and replaced with Exhibit “A-1” attached hereto and incorporated herein. 

 

	4.	 From and after the Effective Date of this First Amendment, Section 1.01(L), BASE MONTHLY RENT, of the Lease shall be
amended and modified as follows: 

 BASE MONTHLY RENT (Section 3.01): Commencing as of the 1st day of the Rental Term Commencement Date and continuing through the last day of the 9th month, Base Monthly Rent shall be Zero and 00/100 Dollars
($0.00) (“Base Monthly Rent”). 
  

	5.	 From and after the Effective Date of this First Amendment, Section 1.01(M), ESCALATIONS IN BASE MONTHLY RENT, of the
Lease shall be amended and modified as follows: 

 ESCALATIONS IN BASE MONTHLY RENT (Section 3.02): 

 

			
	 Escalation Timeline
	  	 Base Monthly Rent

	 Commencing the 1st day of the 10th month after the Rental Term Commencement Date
	  	$72,572.50
		
	 Commencing the 1st day of the 13th month after the Rental Term Commencement Date
	  	$74,749.68
		
	 Commencing the 1st day of the 25th month after the Rental Term Commencement Date
	  	$76,992.17
		
	 Commencing the 1st day of the 37th month after the Rental Term Commencement Date
	  	$79,301.93
		
	 Commencing the 1st day of the 49th month after the Rental Term Commencement Date
	  	$81,680.99

  
 2 

 
			
	 Commencing the 1st day of the 61nd month after the Rental Term Commencement Date
	  	$83,314.61
		
	 Commencing the 1st day of the 73th month after the Rental Term Commencement Date
	  	$84,980.90
		
	 Commencing the 1st day of the 85th month after the Rental Term Commencement Date
	  	$86,680.52
		
	 Commencing the 1st day of the 97th month after the Rental Term Commencement Date
	  	$88,414.13
		
	 Commencing the 1st day of the 109th month after the Rental Term Commencement Date
	  	$90,182.41
		
	 Commencing the 1st day of the 121nd month after the Rental Term Commencement Date
	  	$91,986.06

  

	6.	 From and after the Effective Date of this First Amendment, Section 1.01(N), LANDLORD’S SHARE OF BASE YEAR
OPERATING EXPENSES, of the Lease shall be amended and modified as follows: 

 LANDLORD’S SHARE OF BASE YEAR OPERATING EXPENSES
(Section 3.03): Landlord shall pay all Operating Expenses (as defined in Section 3.03) for the first twelve (12) months of the Rental Term for: (i) the Specified Project Area Base Year Operating Expenses (hereafter defined); (ii) the
Specified Building Area Base Year Operating Expenses (hereafter defined); and (iii) the Specified Office Area Base Year Operating Expenses (hereafter defined) (the Specified Project Area Base Year Operating Expenses, the Specified Building Area
Base Year Operating Expenses and the Specified Office Area Base Year Area Expenses are collectively referred to as the “Base Year Operating Expenses”). 
  

	 	(i)	 The term “Specified Project Area Base Year Operating Expenses” shall mean the Operating Expenses for the first
twelve (12) months of the Rental Term associated with the area depicted on Exhibit “G”, labeled as the “Specified Project Area” and containing approximately 220,642 square feet of gross rentable area. 

 

	 	(ii)	 The term “Specified Project Area Operating Expenses” shall mean the Operating Expenses for any Lease Year
following the first twelve (12) months of the Rental Term which are associated with the Specified Project Area. 

  
 3 

	 	(iii)	 The term “Specified Building Area Base Year Operating Expenses” shall mean the Operating Expenses for the first
twelve (12) months of the Rental Term associated with the area depicted on Exhibit “G”, labeled as the “Specified Building Area” and containing approximately 84,033 square feet of gross rentable area. 

 

	 	(iv)	 The term “Specified Building Area Operating Expenses” shall mean the Operating Expenses for any Lease Year
following the first twelve (12) months of the Rental Term which are associated with the Specified Building Area. 

  

	 	(v)	 The term “Specified Office Area Base Year Operating Expenses” shall mean the Operating Expenses for the first
twelve (12) months of the Rental Term associated with the area depicted on Exhibit “G”, labeled as the “Specified Office Area” and containing approximately 71,558 square feet of gross rentable area. 

 

	 	(vi)	 The term “Specified Office Area Operating Expenses” shall mean the Operating Expenses for any Lease Year
following the first twelve (12) months of the Rental Term which are associated with the Specified Office Area. 

  

	7.	 From and after the Effective Date of this First Amendment, Exhibit “G” of the Lease shall be stricken in its
entirety and replaced with Exhibit “G” attached herto and incorporated herein. 

  

	8.	 From and after the Effective Date of this First Amendment, Section 1.01(o), TENANT’S PRO-RATA SHARE OF SPECIFIED PROJECT AREA BASE YEAR OPERATING EXPENSES, SPECIFIED BUILDING AREA BASE YEAR OPERATING EXPENSES AND SPECIFIED OFFICE AREA BASE YEAR OPERATING EXPENSES, of the Lease shall be amended and
modified as follows: 

 TENANT’S PRO-RATA SHARE OF SPECIFIED PROJECT AREA BASE YEAR
OPERATING EXPENSES, SPECIFIED BUILDING AREA BASE YEAR OPERATING EXPENSES AND SPECIFIED OFFICE AREA BASE YEAR OPERATING EXPENSES (Section 3.03): 
  

	 	(i)	 As more particularly set forth in Section 3.03 of this Lease, to the extent the amount of the Specified Project Area
Operating Expenses for any Lease Year during the Rental Term exceed the amount of the Specified Project Area Base Year Operating Expenses, Tenant’s pro-rata share of the amount of such excess (if any)
shall be fourteen and five hundred thirty-seven thousandths percent (14.537%) (“Tenant’s Share of Project Area Operating Expenses”). 

  

	 	(ii)	 As more particularly set forth in Section 3.03 of this Lease, to the extent the amount of the Specified Building
Area Operating Expenses for any Lease Year during the Rental Term exceed the amount of the Specified Building Area Base 

  
 4 

	 	 
Year Operating Expenses, Tenant’s pro-rata share of the amount of such excess (if any) shall be thirty-seven and two hundred one thousandths percent
(37.201%) (“Tenant’s Share of Building Area Operating Expenses”). 

  

	 	(iii)	 As more particularly set forth in Section 3.03 of this Lease, to the extent the amount of the Specified Office Area
Operating Expenses for any Lease Year during the Rental Term exceed the amount of the Specified Office Area Base Year Operating Expenses, Tenant’s pro-rata share of the amount of such excess (if any)
shall be forty-four and two hundred fifty-five thousandths percent (44.255%) (“Tenant’s Share of Office Area Operating Expenses”). 

  

	 	(iv)	 If it at any time(s) during the Rental Term the gross rentable area of any of the following shall change, the percentages
set forth in this Section 1.01(O)(i)-(iii) and any other corresponding sections of this Lease shall be adjusted on a pro-rata basis to reflect such gross rentable area: (a) the Leased Premises,
(b) the Specified Project Area, (c) the Specified Building Area, or (d) the Specified Office Area. 

  

	9.	 From and after the Effective Date of this First Amendment, Section 1.01(T), PREPAID RENT, of the Lease shall be
amended and modified as follows: 

 PREPAID RENT: Seventy-Two Thousand Five Hundred Seventy-Two and 50/100 Dollars ($72,572.50), paid upon execution of this Lease to be applied to the first installment of Base Monthly Rent due hereunder. 

 

	10.	 From and after the Effective Date of this First Amendment, Section 1.01(CC), TENANT IMPROVEMENT ALLOWANCE, of the
Lease shall be amended and modified as follows: 

 TENANT IMPROVEMENT ALLOWANCE: Landlord shall provide Tenant an improvement
allowance of an amount not to exceed One Million Six Hundred Seventy-Eight Thousand Four Hundred and Four and 00/100 Dollars ($1,678,404.00) in accordance with Exhibit “C-1” (the “Tl
Allowance”). The Tl Allowance shall be used exclusively towards architectural, engineering, CDs and overall construction of the Leased Premises. In addition to the Tl Allowance, Landlord shall install the Snow Melt System, as outlined on
Exhibit “C”, on approximately 3,600 sf of the outdoor patio area (total outdoor patio area is approximately 6,160 sf). The west portion of the outdoor patio shall be heated and fifty percent (50%) of the balance of the unheated portion of
the outdoor patio shall be green scape. 
  

	11.	 Except as specifically modified, altered, or changed by this First Amendment; the Lease and any amendments or extensions
shall remain unchanged and in full force and effect throughout the Rental Term. Capitalized terms used in this First Amendment that are not defined herein shall have the meanings ascribed to them in the Lease. 

  
 5 

 [Signature Pages to Follow] 

  
 6 

 IN WITNESS THEREOF, the parties hereto have executed this First Amendment as of the date and
year first above written. 
  

							
	LANDLORD:	 	WILMINGTON GARDENS GROUP L.L.C., a Utah limited liability company
			
		 	By:	 	 WOODBURY CORPORATION, a Utah corporation,
 Its
Manager

				
		 		 	By:	 	 /s/ O. Randall Woodbury

		 		 		 	O. Randall Woodbury, President
				
		 		 	By:	 	 /s/ Jeffrey K. Woodbury

		 		 		 	Jeffrey K. Woodbury, Vice President
		
	TENANT:	 	TRAEGER PELLET GRILLS LLC, a Delaware limited liability company
			
		 	By:	 	 /s/ Jeremy Andrus

		 		 	Jeremy Andrus, CEO

 ACKNOWLEDGMENT OF LANDLORD 
  

			
	 STATE OF UTAH
	  	)
		  	 : ss.

	
COUNTY OF SALT LAKE            
	  	)

 On the 28th day of May 2015, before me personally appeared O.
RANDALL WOODBURY and JEFFREY K. WOODBURY, to me personally known, who being by me duly sworn did say that they are the President and Vice President of WOODBURY CORPORATION, known to be the Manager of WILMINGTON GARDENS GROUP L.L.C., a Utah limited
liability company, the company that executed the within instrument, known to me to be the persons who executed the within instrument on behalf of said company therein named, and acknowledged to me that such company executed the within instrument
pursuant to its Operating Agreement. 
  

			
	

	  	 

  

		  	Notary Public

 ACKNOWLEDGMENT OF TENANT 

  
 7 

 STATE OF UTAH         ) 

                           
               : ss. 
 COUNTY OF UTAH     ) 

On the 8th day of May 2015, before me personally appeared JEREMY ANDRUS, to me personally
known to be the CEO of TRAEGER PELLET GRILLS LLC, a Delaware limited liability company, the company that executed the within instrument, known to me to be the persons who executed the within instrument on behalf of said company therein named, and
acknowledged to me that such company executed the within instrument pursuant to its articles of organization. 
  

			
	

	  	 

  

	  	Notary Public

  
 8 

 

 
  
 

 
 EXHIBIT A-1 LEASE PLAN 

  
 9 

 

 
 EXHIBIT “G’ - COMMON AREA MAINTENANCE PLAN 

  
 10 

 SECOND AMENDMENT TO LEASE 

This Second Amendment to Lease (hereinafter “Second Amendment”) is entered into as of the 8 day of February 2016
(hereinafter “Effective Date”), by and between WILMINGTON GARDENS GROUP L.L.C., a Utah limited liability company (hereinafter “Landlord”), and TRAEGER PELLET GRILLS LLC, a Delaware limited liability
company, d/b/a TRAEGER GRILLS (hereinafter “Tenant”). 
 RECITALS 

WHEREAS, Landlord and Tenant entered into that certain Lease dated January 23, 2015 (hereinafter “Lease”), pursuant to
which Landlord leased to Tenant that certain premises designated as Suite 200, consisting of approximately 28,740 square feet of gross rentable area, located in the Wilmington Gardens in Salt Lake City, Utah (hereinafter “Original Leased
Premises”); 
 WHEREAS, on or about April 1, 2015, Landlord and Tenant entered into that First Amendment to Lease whereby the
Original Leased Premises were amended to include Suite 214, consisting of approximately 2,928 square feet of gross rentable area, for an amended total of approximately 31,668 square feet of gross rentable area plus an adjacent outdoor patio; 

WHEREAS, the Rental Term is set to expire of its own terms on August 31, 2026; and 

WHEREAS, Landlord and Tenant desire to amend certain provisions of the Lease as follows: 

AGREEMENT 
 NOW, THEREFORE, in
consideration and furtherance of the foregoing, the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are acknowledged, Landlord and Tenant hereby agree to the following
terms and conditions: 
  

	 	1.	 From and after the Effective Date of this Second Amendment, the Original Leased Premises shall be expanded by
approximately 6,678 square feet of gross rentable area (the “Expansion Premises”). 

  

			
		  	1

	 	2.	 From and after the Effective Date of this Second Amendment, Section 1.01(I), LEASED PREMISES, of the
Lease shall be amended and modified as follows: 

  

	 	  	 That portion of the Building (as defined in Section 2.01 of the Lease) known as Suites 200, 210 & 214,
consisting of approximately 39,684 square feet of gross rentable area plus an adjacent outdoor patio, (hereafter “Leased Premises”). 

  

	 	3.	 From and after the Effective Date of this Second Amendment, Tenant’s proportionate share of Common Area (as
defined in Section 8.01 of the Lease) hallways, restrooms, etc. in the Building and Project shall be adjusted to reflect the increase in of gross rentable area 

 

	 	4.	 From and after the Effective Date of this Second Amendment, Section 1.01(K), RENTAL TERM, COMMENCEMENT AND
EXPIRATION DATE, of the Lease shall be amended and modified as follows: 

  

	 	  	 The term of the Lease shall commence on the earlier to occur of (a) July 1, 2015 or (b) the date Tenant
opens for business at the Original Leased Premises (“Rental Term Commencement Date”) and shall be for a period of ten (10) full Lease Years (as defined in Section 2.02 of the Lease), ending March 31, 2026 (“Rental
Term”). 

  

	 	5.	 Base Monthly Rent during the Rental Term shall be amended as follows: 

 

					
	                        	 	Escalation Date	  	Base Monthly Rent
	 	 April 1, 2016
	  	    $ 75,638.75
	 	 July 1, 2016
	  	    $ 77,907.91
	 	 May 1, 2017
	  	    $ 93,211.66
	 	 July 1, 2017
	  	    $ 96,008.01
	 	 July 1, 2018
	  	    $ 98,888.25
	 	 July 1, 2019
	  	    $ 101,854.90
	 	 July 1, 2020
	  	    $ 103,892.00
	 	 July 1, 2021
	  	    $ 105,969.84
	 	 July 1, 2022
	  	    $ 108,089.24
	 	 July 1, 2023
	  	    $ 110,251.02
	 	 July 1, 2024
	  	    $ 112,456.04
	 	 July 1, 2025
	  	    $ 114,705.16

  

	 	6.	 From and after the Effective Date of this Second Amendment, Section 1.01(N), LANDLORD’S SHARE OF BASE YEAR
OPERATING EXPENSES, of the Lease shall be amended and modified as follows: 

  

			
		  	2

 Landlord shall pay all Operating Expenses (as defined in Section 3.03 of the Lease) for
the first twelve (12) months of the Rental Term for: (i) the Specified Project Area Base Year Operating Expenses (hereafter defined); (ii) the Specified Building Area Base Year Operating Expenses (hereafter defined); and (iii) the
Specified Office Area Base Year Operating Expenses (hereafter defined) (the Specified Project Area Base Year Operating Expenses, the Specified Building Area Base Year Operating Expenses and the Specified Office Area Base Year Operating Expenses are
collectively referred to as the “Base Year Operating Expenses”). 
  

	 	(i)	 The term “Specified Project Area Base Year Operating Expenses” shall mean the Operating Expenses
for the first twelve (12) months of the Rental Term associated with the area depicted on Exhibit “G”, labeled as the “Specified Project Area” and containing approximately 220,544 square feet of gross rentable area.

  

	 	(ii)	 The term “Specified Project Area Operating Expenses” shall mean the Operating Expenses for any
Lease Year following the first twelve (12) months of the Rental Term which are associated with the Specified Project Area. 

  

	 	(iii)	 The term “Specified Building Area Base Year Operating Expenses” shall
mean the Operating Expenses for the first twelve (12) months of the Rental Term associated with the area depicted on Exhibit “G”, labeled as the “Specified Building Area” and containing approximately 83,908 square
feet of gross rentable area. 

  

	 	(iv)	 The term “Specified Building Area Operating Expenses” shall mean the Operating Expenses for any
Lease Year following the first twelve (12) months of the Rental Term which are associated with the Specified Building Area. 

  

	 	(v)	 The term “Specified Office Area Base Year Operating Expenses” shall mean the Operating Expenses
for the first twelve (12) months of the Rental Term associated with the area depicted on Exhibit “G” (of the Lease), labeled as the “Specified Office Area” and containing approximately 58,665 square feet of gross
rentable area. 

  

	 	(vi)	 The term “Specified Office Area Operating Expenses” shall mean the Operating Expenses for any
Lease Year following the first twelve (12) months of the Rental Term which are associated with the Specified Office Area. 

  

			
		  	3

	 	7.	 From and after the Effective Date of this First Amendment, Section 1.01(O), TENANT’S PRO-RATA SHARE OF
SPECIFIED PROJECT AREA BASE YEAR OPERATING EXPENSES, SPECIFIED BUILDING AREA BASE YEAR OPERATING EXPENSES AND SPECIFIED OFFICE AREA BASE YEAR OPERATING EXPENSES, of the Lease shall be amended and modified as follows: 

 

	 	(i)	 As more particularly set forth in Section 3.03 of this Lease, to the extent the amount of the Specified
Project Area Operating Expenses for any Lease Year during the Rental Term exceed the amount of the Specified Project Area Base Year Operating Expenses, Tenant’s pro-rata share of the amount of such excess
(if any) shall be seventeen and nine hundred ninety-four thousandths percent (17.994%) (“Tenant’s Share of Project Area Operating Expenses”). 

 

	 	(ii)	 As more particularly set forth in Section 3.03 of this Lease, to the extent the amount of the Specified
Building Area Operating Expenses for any Lease Year during the Rental Term exceed the amount of the Specified Building Area Base Year Operating Expenses, Tenant’s pro-rata share of the amount of such
excess (if any) shall be forty-six and six hundred forty thousandths percent (46.640%) (“Tenant’s Share of Building Area Operating Expenses”). 

 

	 	(iii)	 As more particularly set forth in Section 3.03 of this Lease, to the extent the amount of the Specified
Office Area Operating Expenses for any Lease Year during the Rental Term exceed the amount of the Specified Office Area Base Year Operating Expenses, Tenant’s pro-rata share of the amount of such excess (if any) shall be sixty-seven and six
hundred forty-five thousandths percent (67.645%) (“Tenant’s Share of Office Area Operating Expenses”). 

  

	 	(iv)	 If it at any time(s) during the Rental Term the gross rentable area of any of the following shall change, the
percentages set forth in this Section 1.01 (O)(i)-(iii) and any other corresponding sections of this Lease shall be adjusted on a pro-rata basis to reflect such gross rentable area: (a) the Leased Premises, (b) the Specified Project
Area, (c) the Specified Building Area, or (d) the Specified Office Area. 

  

	 	8.	 As consideration for entering into this Second Amendment, Landlord shall provide Tenant an additional allowance
for improvements within Suite 210, the second floor entry area, and the outdoor patio in an amount not to exceed Three Hundred Twenty-Seven Thousand Two Hundred Twenty-Two and 00/100 Dollars ($327,222.00) (“Additional Tl Allowance”).
Such Additional 

  

			
		  	4

	 	 
Tl Allowance shall be paid in accordance with Landlord’s reimbursement procedure and shall be used exclusively towards architectural, engineering, CDs and overall construction within the
Leased Premises. Tenant shall have the right to install additional restrooms in the Leased Premises, and deduct the cost of such restrooms from the Additional Tl Allowance. 

 

	 	9.	 From and after the Effective Date of this Second Amendment, Tenant shall have the right, at the Landlord’s
sole cost and expense, to relocate its signage from the west-facing patio to the west facing corrugated metal panel on the k second floor under the window in Suite 210. The specific location of the relocated sign shall be coordinated with and
subject to the prior written approval of Landlord. 

  

	 	10.	 From and after the Effective Date of this Second Amendment, Tenant shall have the right, at its sole cost and
expense, to expand the concrete area of their outdoor patio subject to Landlord’s prior written approval. 

  

	 	11.	 From and after the Effective Date of this Second Amendment, Exhibit “G” of the Lease shall be
amended and replaced with Exhibit “G” attached hereto and incorporated herein. Any reference to Exhibit “G” in the Lease and any amendment thereto shall hereafter refer to the Exhibit “G” attached
hereto. 

  

	 	12.	 Except as specifically modified, altered, or changed by this Second Amendment; the Lease and any amendments or
extensions shall remain unchanged and in full force and effect throughout the Rental Term. Capitalized terms used in this Second Amendment that are not defined herein shall have the meanings ascribed to them in the Lease. 

[Signature Pages to Follow] 

  

			
		  	5

 IN WITNESS THEREOF, the parties hereto have executed this Second Amendment as of
the date and year first above written. 
  
  

											
	LANDLORD:	 	 WILMINGTON GARDENS GROUP L.L.C., a Utah limited

liability company

			
		 	By:	 	 WGG PARENT L.L.C., a Utah limited liability company, 

Its Member

				
		 		 	By:	 	 CASA DE AZUCAR L.L.C., a Utah limited

liability company, Its Member

					
		 		 		 	By:	 	 WOODBURY CORPORATION, a Utah

corporation, its Manager

						
		 		 		 		 	By:	 	 /s/ O. Randall Woodbury  

		 		 		 		 		 	O. Randall Woodbury, President
						
		 		 		 		 	 By:
	 	 /s/ Jeffery K. Woodbury  

		 		 		 		 		 	 Jeffery K. Woodbury, President

				
		 		 	By:	 	 DEE’S WILMINGTON, LLC, a Utah limited

liability company, Its Member

					
		 		 		 	 By:
	 	 /s/ Todd Olsen
                        

		 		 		 		 	Todd Olsen, Manager

													
			
	 TENANT:
	 	TRAEGER PELLET GRILLS LLC, a Delaware limited liability company	 	
				
		 	 By:
	 	 /s/ Jeremy Andrus  
	 	
		 		 	 Jeremy Andrus, Chief Executive Officer
	 	

  

			
		  	6

 ACKNOWLEDGMENT OF LANDLORD 

STATE OF UTAH                    ) 

                           
                      : ss. 
 COUNTY OF SALT LAKE
      ) 
 On the 2nd day of February
20     , before me personally appeared O. RANDALL WOODBURY and JEFFREY K. WOODBURY, to me personally known, who being by me duly sworn did say that they are the President and Vice President of WOODBURY CORPORATION, known to be
the Manager of CASA DE AZUCAR L.L.C., a Utah limited liability, the company that executed the within instrument, known to me to be the persons who executed the within instrument on behalf of such company therein named, and acknowledged to me that
such company executed the within instrument pursuant to its Operating Agreement. 
  

			
	 

	 	 

  

	 	Notary Public

 STATE OF
UTAH                    ) 

                           
                      : ss. 
 COUNTY OF SALT LAKE
      ) 
 On the 8th day of February 2016, before me
personally appeared TODD OLSEN, to me personally known, who being by me duly sworn did say that he is the Manager of DEE’S WILMINGTON, LLC, a Utah limited liability company, known to be the Manager of CASA DE AZUCAR L.L.C., a Utah limited
liability, the company that executed the within instrument, known to me to be the persons who executed the within instrument on behalf of such company therein named, and acknowledged to me that such company executed the within instrument pursuant to
its Operating Agreement. 
  

			
		 	 

  

		 	Notary Public

  

			
		  	7

 ACKNOWLEDGMENT OF TENANT 

STATE OF UTAH               ) 

                           
                : ss. 
 COUNTY OF SALT LAKE  ) 

On the 27th day of January 2016, before me personally appeared JEREMY ANDRUS, to me
personally known to be the CHIEF EXECUTIVE OFFICER of TRAEGER PELLET GRILLS LLC, a Delaware limited liability company, the company that executed the within instrument, known to me to be the persons who executed the within instrument on behalf of
said company therein named, and acknowledged to me that such company executed the within instrument pursuant to its articles of organization. 
  

			
		 	 

  

		 	Notary Public
		
		 	

  

			
		  	8

 EXHIBIT “G” 

COMMON AREA MAINTENANCE PLAN 
  

 
 COMIION AREA HAINTENANCE PI.AN 

  

			
		  	9

 THIRD AMENDMENT TO LEASE 

This Third Amendment to Lease (hereinafter “Third Amendment”) is entered into as of the 22 day of November 2016
(hereinafter “Effective Date”), by and between WILMINGTON GARDENS GROUP L.L.C., a Utah limited liability company (hereinafter “Landlord”), and TRAEGER PELLET GRILLS LLC, a Delaware
limited liability company (hereinafter “Tenant”). 
 RECITALS 

WHEREAS, Landlord and Tenant entered into that certain Lease dated January 23, 2015 (hereinafter “Lease”),
pursuant to which Landlord leased to Tenant that certain premises designated as 1215 East Wilmington Avenue, Suite 200, Salt Lake City, Utah, 84106 consisting of approximately 28,740 square feet of gross rentable area (hereinafter
“Old Leased Premises”); 
 WHEREAS, on or about April 1, 2015, Landlord and Tenant entered into that certain
First Amendment to Lease, whereby the Leased Premises were amended to include Suite 214, consisting of approximately 2,928 square feet of gross rentable area, for an amended total square footage of approximately 31,668 square feet of gross rentable
area, plus an adjacent outdoor patio; 
 WHEREAS, Landlord and Tenant agree that the approximate square footage of Suite 214 shall hereby be
corrected to consist of approximately 4,266 square feet of gross rentable area, for an amended total of approximately 33,006 square feet of gross rentable area; 

WHEREAS, on or about February 8, 2016, Landlord and Tenant entered into that certain Second Amendment to Lease, whereby the Leased Premises were
amended to include Suite 210, consisting of approximately 6,678 square feet of gross rentable area, for an amended total of approximately 39,684 square feet of gross rentable area, plus an adjacent outdoor patio “(Leased
Premises”); and 
 WHEREAS, the Rental Term is set to expire of its own terms on March 31, 2026; 

  

			
		  	1

 WHEREAS, Landlord and Tenant desire to amend the Rental Term and Base Monthly Rent; and 

WHEREAS, Landlord and Tenant desire to modify the Lease as follows: 

AGREEMENT 
 NOW, THEREFORE, in
consideration and furtherance of the foregoing, the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are acknowledged, Landlord and Tenant hereby agree to the following
terms and conditions: 
  

	 	1.	 Base Monthly Rent during the Rental Term shall be amended as follows: 

Commencing April 1, 2017 and continuing through June 30, 2017, Base Monthly Rent shall be Ninety-Three Thousand Six Hundred Seventy and 78/100
Dollars ($93,670.78) payable in equal consecutive monthly installments. 
  

	 	2.	 Escalations in Base Monthly Rent during the Rental Term shall occur as follows: 

 

									
	 	 	Escalation Date	  	Annual Rent	  	 Base

Monthly Rent
	  	 
	 	 July 1, 2017
	  	$1,157,770.80	  	          $ 96,480.90
	 	 July 1, 2018
	  	$1,192,503.96	  	          $ 99,375.33
	 	 July 1, 2019
	  	$1,228,278.96	  	          $102,356.58
	 	 July 1, 2020
	  	$1,252,844.64	  	          $104,403.72
	 	 July 1, 2021
	  	$1,277,901.48	  	          $106,491.79
	 	 July 1, 2022
	  	$1,303,459.56	  	          $108,621.63
	 	 July 1, 2023
	  	$1,329,528.72	  	          $110,794.06
	 	 July 1, 2024
	  	$1,356,119.28	  	          $113,009.94
	 	 July 1, 2025
	  	$1,383,241.68	  	          $115,270.14

  

			
		  	2

	 	3.	 Tenant shall continue to make its monthly payment toward Tenant’s Share of Operating Expenses.

  

	 	4.	 Landlord shall provide Tenant an additional allowance for improvements within the Leased Premises in an amount not
to exceed Seventy Thousand Nine Hundred Fourteen and 00/100 Dollars ($70,914.00) (“Additional TI Allowance”). Such Additional TI Allowance shall be paid in accordance with Landlord’s reimbursement procedure and shall be used
exclusively towards architectural, engineering, CDs and overall construction within the Leased Premises. 

  

	 	5.	 Except as specifically modified, altered, or changed by this Third Amendment; the Lease and any amendments or
extensions shall remain unchanged and in full force and effect throughout the Rental Term. Capitalized terms used in this Third Amendment that are not defined herein shall have the meanings ascribed to them in the Lease. 

[Signature Pages to Follow] 

  

			
		  	3

 IN WITNESS THEREOF, the parties hereto have executed this Third Amendment as of the date
and year first above written. 
  

									
	LANDLORD:	 	WILMINGTON GARDENS GROUP L.L.C., a Utah limited liability company
			
		 	 By:
	 	 WGG PARENT L.L.C., a Utah limited liability company, Its Member

	
	 WITH WGG MEMBER APPROVAL:

		 		 	 By:
	 	WOODBURY CORPORATION, a Utah Corporation, Its Manager
					
		 		 		 	By:	 	 /s/ O. Randall
Woodbury                                  

		 		 		 		 	Its:   O. Randall Woodbury, President
					
		 		 		 	By:	 	 /s/ W. Riohards
Woodbury                                

		 		 		 		 	Its:   W. Riohards Woodbury, Vice Chairman
				
	TENANT:	 		 		 	TRAEGER PELLET GRILLS LLC, a Delaware limited liability company
					
		 		 		 	 By:
	 	/s/Jeremy Andrus                           
                             
		 		 		 		 	Jeremy Andrus, Chief Executive Officer

  
 4 

 ACKNOWLEDGMENT OF TENANT 

 

					
	 STATE OF UTAH
	 	 )
	 	
		 	 : ss.
	 	
	 COUNTY OF SALT LAKE
	 	 )
	 	

 On the 22nd day of NOVEMBER 2016, before me personally
appeared JEREMY ANDRUS, to me personally known to be the CHIEF EXECUTIVE OFFICER of TRAEGER PELLET GRILLS LLC, a Delaware limited liability company, the company that executed the within instrument, known to me to be the persons who executed the
within instrument on behalf of such company therein named, and acknowledged to me that such company executed the within instrument pursuant to its articles of organization. 

 

			
	 

  
	 	    
	Notary Public	 	
		
	

	 	

  
 5 

 ACKNOWLEDGMENT OF LANDLORD 

 

			
	 STATE OF UTAH
	  	)
		  	 : ss.

	 COUNTY OF SALT LAKE
	  	)

 On the 5 day of December 2016, before me personally appeared O. Randall Woodbury and W. Richards Woodbury, to me
personally known, who being by me duly sworn did say that they are the President and Vice Chairman of WOODBURY CORPORATION, known to be the Manager of WGG PARENT L.L.C., a Utah limited liability company, known to be a member of WILMINGTON GARDENS
GROUP L.L.C., a Utah limited liability company, the company that executed the within instrument, known to me to be the persons who executed the within instrument on behalf of such company therein named, and acknowledged to me that such company
executed the within instrument pursuant to its Operating Agreement. 
  

							
	    

	 	                        	 	 

                          
                                         
                                         
                                         
       
                                         
                                         
                          
                        
  

Notary Public
	 	

  
 6 

 FOURTH AMENDMENT TO LEASE 

This Fourth Amendment to Lease (hereinafter “Fourth Amendment”) is entered into as of the 4 day of December 2017 (hereinafter
“Effective Date”), by and between WILMINGTON GARDENS GROUP L.L.C., a Utah limited liability company (hereinafter “Landlord”), and TRAEGER PELLET GRILLS LLC, a Delaware limited liability
company (hereinafter “Tenant”). 
 RECITALS 

WHEREAS, Landlord and Tenant entered into that certain Lease dated January 23, 2015 (hereinafter “Lease”),
pursuant to which Landlord leased to Tenant that certain premises located at 1215 East Wilmington Avenue, Suite 200, Salt Lake City, Utah (“Leased Premises”), located in Wilmington Gardens; 

WHEREAS, on or about April 1, 2015, Landlord and Tenant entered into that certain First Amendment to Lease; 

WHEREAS, on or about February 8, 2016, Landlord and Tenant entered into that certain Second Amendment to Lease; 

WHEREAS, on or about November 22, 2016, Landlord and Tenant entered into that certain Third Amendment to Lease; 

WHEREAS, the Rental Term is set to expire of its own terms on March 31, 2026; 

WHEREAS, Landlord and Tenant desire to expand the Leased Premises; and 

WHEREAS, Landlord and Tenant desire to modify the Lease as follows: 

AGREEMENT 
 NOW, THEREFORE, in
consideration and furtherance of the foregoing, the mutual covenants and agreement herein contained and other good and valuable consideration, the receipt and sufficiency of which are acknowledged, Landlord and Tenant hereby agree to the following
terms and conditions: 
  

	 	1.	 From and after the Effective Date of this Fourth Amendment, the Leased Premises shall be expanded to include Suite
170, consisting of approximately 11,467 square feet of gross rentable area, as depicted on Exhibit “A-1”. Tenant shall accept Suite 170 in “as is” condition. 

  
 1 

	 	2.	 From and after the Effective Date of this Fourth Amendment, Section 1.01 (I), LEASED PREMISES, of the Lease
shall be amended and restated as follows: 

 “That portion of the Building (as defined in Section 2.01 of the
Lease) known as Suites 170 and 200, consisting of approximately 51,151 square feet of gross rentable area plus an adjacent outdoor patio (“Leased Premises”), as substantially depicted on Exhibit “A-1”. 
  

	 	3.	 From and after the Effective Date of this Fourth Amendment, all references to Exhibit “A-1” in the Lease, and any amendments or extensions thereto, shall refer to the Exhibit “A-1” attached hereto and by this reference incorporated herein.

  

	 	4.	 Base Monthly Rent during the Rental Term shall be amended to occur as follows: 

Commencing January 1, 2018 and continuing through June 30, 2018, annual Base Monthly Rent shall be One Million Four Hundred Ninety-Two Thousand Three Hundred Seventeen and 60/100 Dollars ($1,492,317.60), payable in equal consecutive monthly installments of One Hundred Twenty-Four Thousand Three Hundred Fifty-Nine and 80/100 Dollars
($124,359.80). 
  

	 	5.	 Escalations in Base Monthly Rent during the Rental Term shall occur as follows: 

 

									
	 Escalation Date
	  	Annual Base
Monthly Rent	 	  	Base
Monthly Rent	 
	 July 1, 2018
	  	$	1,537,087.20	 	  	$	128,090.60	 
	 July 1, 2019
	  	$	1,583,199.84	 	  	$	131,933.32	 
	 July 1, 2020
	  	$	1,614,863.76	 	  	$	134,571.98	 
	 July 1, 2021
	  	$	1,647,161.04	 	  	$	137,263.42	 
	 July 1, 2022
	  	$	1,680,104.28	 	  	$	140,008.69	 
	 July 1, 2023
	  	$	1,713,706.32	 	  	$	142,808.86	 
	 July 1, 2024
	  	$	1,747,980.48	 	  	$	145,665.04	 
	 July 1, 2025
	  	$	1,782,940.08	 	  	$	148,578.34	 

  

	 	6.	 From and after the Effective Date of this Fourth Amendment, Tenant’s proportionate share of Operating
Expenses (as defined in Section 3.03 of the Lease) hallways, restrooms, etc. in the Building and Project shall be adjusted to reflect the increase of gross rentable area. 

 

	 	7.	 Tenant shall be permitted to use Suite 170 for the operation of a retail show room, demonstration kitchen, hosting
“Traeger Shop Classes”, general office use, and for no other use without Landlord’s consent. “Traeger Shop Classes” shall be defined as a regularly scheduled class open to the public demonstrating food preparation and
cooking techniques. 

  

	 	8.	 As consideration for entering into this Fourth Amendment, Tenant shall, upon execution of this Fourth Amendment
pay to Landlord Thirty Thousand and 00/100 Dollars ($30,000.00) as additional Security Deposit for a combined total of One 

  
 2 

	 	 
Hundred Fifteen Thousand and 00/100 Dollars ($115,000.00) as Security Deposit under the Lease. 

  

	 	9.	 At the end of the Rental Term, or any Rental Term extension or renewal thereof, or in the event Landlord or Tenant
terminates the Lease, Tenant shall remove all signage on or within the Leased Premises prior to vacating the Leased Premises. In the event Tenant fails to remove its signage within ten (10) days of the expiration or earlier termination of the
Lease, Tenant shall pay to Landlord a fee of Fifty and 00/100 Dollars ($50.00) per day for each day Tenant fails to remove its signage from the Leased Premises. Tenant shall, at Tenant’s sole cost and expense, repair any and all damage from the
removal of any Tenant signage. 

  

	 	10.	 Tenant may, at its sole cost and expense, add signage to the signage band in front of Suite 170. Tenant may also,
at its sole cost and expense, move existing signage that faces the plaza to a location over the main entrance of the building in a location designated by Landlord. In addition, at its sole cost and expense, Tenant may replace prior tenant’s
sign on the signage tower located at the southwest end of the plaza. All signage must be approved by Landlord in writing pursuant to Section 9.02 of the Lease. 

 

	 	11.	 All notices to be given under this Fourth Amendment and the Lease shall be in writing and sent by United States
certified mail, return receipt requested with postage prepaid, or by a nationally recognized overnight courier or expedited mail service, and addressed as follow: 

 

			
	If to Tenant at:	  	Traeger Grills
		  	Attn:     Jeremy Andrus
		  	1215 East Wilmington Avenue, Suite 200
		  	Salt Lake City, Utah 84106
		
	With a copy to:	  	Jones Waldo Holbrook & McDonough, PC
		  	Attn:     Keven M. Rowe
		  	170 South Main Street, Suite 1500
		  	Salt Lake City, Utah 84101
		
	If to Landlord at:	  	Wilmington Gardens Group L.L.C.
		  	c/o Woodbury Corporation
		  	 Attn:     Lease Administration

2733 East Parleys Way, Suite 300

		  	Salt Lake City, Utah 84109
		  	Ref:     2250 – Traeger Pellet Grills, Space 170

  
 3 

			
	With a copy to:	  	 Wilmington Gardens Group L.L.C,
 c/o
Woodbury Corporation
 Attn: Legal Department
 2733 East Parleys Way,
Suite 300
 Salt Lake City, Utah 84109
 Ref: 2250 – Traeger
Pellet Grills, Space 170

 In order for notices to be deemed received by Landlord, Tenant must include the reference details as
outlined above. 
  

	 	12.	 Except as specifically modified, altered, or changed by this Fourth Amendment; the Lease and any amendments or
extensions shall remain unchanged and in full force and effect throughout the Rental Term. Capitalized terms used in this Fourth Amendment that are not defined herein shall have the meanings ascribed to them in the Lease. 

[Signature Pages to Follow] 

  
 4 

 IN WITNESS THEREOF, the parties hereto have executed this Fourth Amendment as of the
date and year first above written. 
  

							
	LANDLORD:	 	WILMINGTON GARDENS GROUP L.L.C., a Utah limited liability company
			
		 	By:	 	WGG PARENT L.L.C., a Utah limited liability company, Its Member
				
		 		 	By:	  	WOODBURY CORPORATION, a Utah corporation, Its Manager
				
		 		 	By:	  	 /s/ O. Randall Woodbury, President

		 		 		  	O. Randall Woodbury, President
				
		 		 	By:	  	 /s/ W. Richards Woodbury

		 		 		  	W. Richards Woodbury, Chairman
		
	TENANT:	 	TRAEGER PELLET GRILLS, LLC, a Delaware limited liability company
			
		 	By:	 	 /s/ Jeremy Andrus

		 		 	Jeremy Andrus, Chief Executive Officer

  
 5 

 ACKNOWLEDGMENTS OF LANDLORD 

 

			
	STATE OF UTAH	 	)
		 	: ss.
	COUNTY OF SALT LAKE	 	)

 On the 1st day of Dec. 2017, before me personally appeared
O. RANDALL WOODBURY, to me personally known, who being by me duly sworn did say that he is the President of WOODBURY CORPORATION, a Utah corporation, known to be the Manager of WGG PARENT L.L.C., a Utah limited liability company, known to be a
Member of WILMINGTON GARDENS GROUP L.L.C., a Utah limited liability company, the company that executed the within instrument, known to me to be the person who executed the within instrument on behalf of such company therein named, and acknowledged
to me that such company executed the within instrument pursuant to its Operating Agreement. 
  

			
	

	  	 

  

	  	Notary Public

  

			
	STATE OF UTAH	 	)
		 	: ss.
	COUNTY OF SALT LAKE	 	)

 On the 4th day of Dec. 2017, before me personally appeared
W. RICHARDS WOODBURY, to me personally known, who being by me duly sworn did say that he is the Chairman of WOODBURY CORPORATION, a Utah corporation, known to be the Manager of WGG PARENT L.L.C., a Utah limited liability company, known to be a
Member of WILMINGTON GARDENS GROUP L.L.C., a Utah limited liability company, the company that executed the within instrument, know to me to be the person who executed the within instrument on behalf of such company therein named, and acknowledged to
me that such company executed the within instrument pursuant to its Operating Agreement. 
  

			
	    

	  	 

  

	  	Notary Public

  
 6 

 ACKNOWLEDGMENT OF TENANT 

 

			
	 STATE OF UTAH
	 	)
		 	 : ss.

	 COUNTY OF SALT LAKE
	 	)

 On the 17TH day of NOVEMBER 2017, before me personally
appeared JEREMY ANDRUS, to me personally known to be the Chief Executive Officer of TRAEGER PELLET GRILLS, LLC, a Delaware limited liability company, the company that executed the within instrument, known to me to be the persons who executed the
within instrument on behalf of such company therein named, and acknowledged to me that such company executed the within instrument pursuant to its articles of organization. 
  

			
		 	 

  

		 	Notary Public
		
		 	

  
 7 

 EXHIBIT “A-1” 

LEASED PREMISES 
  

 

  
 8 

 

 

  
 9 

 FIFTH AMENDMENT TO LEASE 

This Fifth Amendment to Lease (“Fifth Amendment”) is entered into as of the
28th day of August 2018 (“Effective Date”), by and between WILMINGTON GARDENS GROUP L.L.C., a Utah limited liability company (“Landlord”), and TRAEGER PELLET
GRILLS LLC, a Delaware limited liability company (“Tenant”). 
 RECITALS 

WHEREAS, Landlord and Tenant entered into that certain Lease dated January 23, 2015 (“Lease”), pursuant to which Landlord
leased to Tenant that certain premises located at 1215 East Wilmington Avenue, known as Suite 200 which includes an adjacent outdoor patio, Salt Lake City, County of Salt Lake, State of Utah 84106 (“Leased Premises”), currently
consisting of approximately 51,151 square feet of gross rentable area, located in Wilmington Gardens; 
 WHEREAS, on or about April 1 ,2015,
Landlord and Tenant entered into that certain First Amendment to Lease; 
 WHEREAS, on or about February 8,2016, Landlord and Tenant entered
into that certain Second Amendment to Lease; 
 WHEREAS, on or about November 22,2016, Landlord and Tenant entered into that certain Third
Amendment to Lease; 
 WHEREAS, on or about December 4,2017, Landlord and Tenant entered into that certain Fourth Amendment to Lease; 

WHEREAS, the Rental Term is set to expire of its own terms on June 30, 2O26; and 

WHEREAS, Landlord and Tenant desire to modify the Lease as follows: 

AGREEMENT 
 NOW, THEREFORE, in
consideration and furtherance of the foregoing, the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are acknowledged, Landlord and Tenant hereby agree to the following
terms and conditions: 
  

	 	1.	 From and after the Effective Date of this Fifth Amendment, Exhibit “B” of the Lease shall be stricken in
its entirety and replaced with Exhibit “B” attached hereto. All references to Exhibit “B” in the Lease, and any amendments or extensions thereto, shall refer to Exhibit “B” attached hereto and by this reference
incorporated herein. 

  
 1 

	 	2.	 In lieu of any other provisions in the Lease and this Fifth Amendment, all notices, demands, requests, consents,
approval and other communications required or permitted to be given pursuant to the Lease and this Fifth Amendment (collectively “Notices”) shall be in writing and shall be sent by certified mail with return receipt requested, or by
nationally known courier service with verification of receipt or refusal (including date of delivery or refusal), in each case with postage or delivery fees prepaid and addressed to a party at the addresses set forth below: 

 

			
	If to Tenant at:	  	 Traeger Pellet Grills LLC
 Attn: Jeremy Andrus

1215 East Wilmington Avenue, Suite 200
 Salt Lake City, UT
84106

		
	With a copy to:	  	 Jones Waldo Holbrook & McDonough, PC
 Attn:
Keven M. Rowe
 170 South Main Street, Suite 1500
 Salt Lake City, UT
84101

		
	If to Landlord at:	  	 Wilmington Gardens Group L.L.C.
 c/o Woodbury
Corporation
 Attn: Lease Administration
 2733 East Parleys Way, Suite
300
 Salt Lake City, UT 84109
 Ref: #2250 – Traeger Pellet
Grills, Space 200

		
	With a copy to:	  	 Wilmington Gardens Group L.L.C.
 c/o Woodbury
Corporation
 Attn: Legal Department
 2733 East Parleys Way, Suite
300
 Salt Lake City, UT 84109
 Ref: #2250 – Traeger Pellet
Grills, Space 200

 Notices are deemed given upon receipt or refusal of delivery. From time to time a party may specify any other
address in the United States of America upon twenty (20) days’ advance notice thereof, similarly given, to the other party hereto. Notices sent by facsimile transmission, electronic mail or any other method not specifically mentioned
herein shall not satisfy the requirements of this Section 2. No party may have more than three (3) addresses for Notices at any time. 
  

	 	3.	 Except as specifically modified, altered, or changed by this Fifth Amendment; the Lease and any amendments or
extensions shall remain unchanged and in full force and effect throughout the Rental Term. Capitalized terms used in this Fifth Amendment that are not defined herein shall have the meanings ascribed to them in the Lease. 

  
 2 

 IN WITNESS THEREOF, the parties hereto have executed this Fifth Amendment as of the date
and year first above written. 
  

									
	LANDLORD:	 	WILMINGTON GARDENS GROUP L.L.C., a Utah limited liability company
			
		 	By:	 	WGG PARENT L.L.C., a Utah limited liability company, Its Member
				
		 		 	By:	 	WOODBURY CORPORATION, a Utah corporation, Its Manager
					
		 		 		 	By:	 	 /s/ O. Randall Woodbury

		 		 		 		 	O. Randall Woodbury, President
					
		 		 		 	By:	 	 /s/ W. Richards Woodbury

		 		 		 		 	W. Richards Woodbury, Chairman
		
	TENANT:	 	TRAEGER PELLET GRILLS LLC, a Delaware limited liability company
			
		 	By:	 	 /s/ Jeremy Andrus

		 		 	Jeremy Andrus, Chief Executive Officer

  
 3 

 ACKNOWLEDGMENTS OF LANDLORD 

 

			
	STATE OF UTAH	  	)
		  	: ss.
	COUNTY OF SALT LAKE	  	)

 On the 27th day of August 2018, before me personally
appeared O. RANDALL WOODBURY to me Personally known, who being by me duly sworn did say that they are the President of WOODBURY CORPORATION, a Utah corporation, known to be the Manager of WGG PARENT L.L.C., a Utah limited liability company, known to
be a Member of WILMINGTON GARDENS GROUP L.L.C., a Utah limited liability company, the company that executed the within instrument, known to me to be the person who executed the within instrument on behalf of such company therein named, and
acknowledged to me that such company executed the within instrument pursuant to its Operating Agreement. 
  

			
	

	  	 

  

	  	Notary Public

  

			
	STATE OF UTAH	  	)
		  	: ss.
	COUNTY OF SALT LAKE	  	)

 On the 28th day of August 2018, before me personally
appeared W. RICHARDS WOODBURY, to me personally known, who being by me duly sworn did say that they are the Chairman of WOODBURY CORPORATION, a Utah corporation, known to be the Manager of WGG PARENT L.L.C., a Utah limited liability company, known
to be a Member of WILMINGTON GARDENS GROUP L.L.C., a Utah limited liability company, the company that executed the within instrument, known to me to be the person who executed the within instrument on behalf of such company therein named, and
acknowledged to me that such company executed the within instrument pursuant to its Operating Agreement. 
  

			
	

	  	 

  

	  	Notary Public

  
 4 

 ACKNOWLEDGMENT OF TENANT 

STATE OF UTAH                      ) 

                           
                       : ss. 
 COUNTY OF SALT
LAKE         ) 
 On the 21ST day of AUGUST 2018,
before me personally appeared JEREMY ANDRUS, to me personally known to be the Chief Executive Officer of TRAEGER PELLET GRILL, LLC, a Delaware limited liability company, the company that executed the within instrument, known to me to be the persons
who executed the within instrument on behalf of such company therein named, and acknowledged to me that such company executed the within instrument pursuant to its articles of organization. 

 

	
	 

  

	Notary Public
	
	

  
 5 

 EXHIBIT “B” 

LEGAL DESCRIPTION 
 II

 Unit 1C contained within Wilmington Gardens Condominium, a Utah mixed use condominium project, as the same is identified in the
Declaration of Condominium and Bylaws recorded September 18, 2015 as Entry No. 12134565 in Book 10362 at Page 6416 of the official records of the Salt Lake County, Utah Recorder (as said Declaration may heretofore have been amended or
supplemented), and in the Condominium Plat recorded September 18 2015 as Entry No. 12134564, in Book 2015P of Plats at Page 220 of the official records of the Salt Lake County, Utah Recorder (as said Condominium Plat may heretofore have been
amended or supplemented). 

  
 6

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