Document:

EX-10.1

 Exhibit 10.1 
  

 
 JPMorgan Chase Bank, National Association     

New York Branch 
 383 Madison Avenue 

New York, NY, 10179 
 December 21,
2021                                         

 

	To:	 Magnachip Semiconductor 

V-PLEX Bldg., 15th Fl. 

501, Teheran-ro, Gangnam-gu 

Seoul, 06168, Republic of Korea 

Attention: Theodore S. Kim, Chief Compliance Officer and General Counsel 

 

	Re:	 Master Confirmation—Uncollared Accelerated Share Repurchase 

This master confirmation (this “Master Confirmation”), dated as of December 21, 2021, is intended to set forth certain
terms and provisions of certain Transactions (each, a “Transaction”) entered into from time to time between JPMorgan Chase Bank, National Association (“JPMorgan”) and Magnachip Semiconductor Corporation, a Delaware
corporation (“Counterparty”). This Master Confirmation, taken alone, is neither a commitment by either party to enter into any Transaction nor evidence of a Transaction. The additional terms of any particular Transaction shall be
set forth in a Supplemental Confirmation in the form of Schedule A hereto (a “Supplemental Confirmation”), which shall reference this Master Confirmation and supplement, form a part of, and be subject to this Master Confirmation.
This Master Confirmation and each Supplemental Confirmation together shall constitute a “Confirmation” as referred to in the Agreement specified below. 

The definitions and provisions contained in the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”), as
published by the International Swaps and Derivatives Association, Inc., are incorporated into this Master Confirmation. This Master Confirmation and each Supplemental Confirmation evidence a complete binding agreement between Counterparty and
JPMorgan as to the subject matter and terms of each Transaction to which this Master Confirmation and such Supplemental Confirmation relate and shall supersede all prior or contemporaneous written or oral communications with respect thereto. 

This Master Confirmation and each Supplemental Confirmation supplement, form a part of, and are subject to an agreement in the form of the
ISDA 2002 Master Agreement (the “Agreement”) as if JPMorgan and Counterparty had executed the Agreement on the date of this Master Confirmation (but without any Schedule except for (i) the election of New York law as the
governing law (without reference to its choice of law provisions), (ii) the election of US Dollars as the Termination Currency and (iii) the election that subparagraph (ii) of Section 2(c) will not apply to the Transactions). 

The Transactions shall be the sole Transactions under the Agreement. If there exists any ISDA Master Agreement between JPMorgan and
Counterparty or any confirmation or other agreement between JPMorgan and Counterparty pursuant to which an ISDA Master Agreement is deemed to exist between JPMorgan and Counterparty, then notwithstanding anything to the contrary in such ISDA Master
Agreement, such confirmation or agreement or any other agreement to which JPMorgan and Counterparty are parties, the Transactions shall not be considered Transactions under, or otherwise governed by, such existing or deemed ISDA Master Agreement,
and the occurrence of any Event of Default or Termination Event under the Agreement with respect to either party or any Transaction shall not, by itself, give rise to any right or obligation under any such other agreement or deemed agreement.
Notwithstanding anything to the contrary in any other agreement between the parties or their Affiliates, the Transactions shall not be “Specified Transactions” (or similarly treated) under any other agreement between the parties or their
Affiliates. 
 All provisions contained or incorporated by reference in the Agreement shall govern this Master Confirmation and each
Supplemental Confirmation except as expressly modified herein or in the related Supplemental Confirmation. 

 If, in relation to any Transaction to which this Master Confirmation and a Supplemental
Confirmation relate, there is any inconsistency between the Agreement, this Master Confirmation, such Supplemental Confirmation and the Equity Definitions, the following will prevail for purposes of such Transaction in the order of precedence
indicated: (i) such Supplemental Confirmation; (ii) this Master Confirmation; (iii) the Equity Definitions; and (iv) the Agreement. 
  

	1.	 Each Transaction constitutes a Share Forward Transaction for the purposes of the Equity Definitions. Set forth
below are the terms and conditions that, together with the terms and conditions set forth in the Supplemental Confirmation relating to any Transaction, shall govern such Transaction. 

 

			
	 General Terms.
	  	
		
	 Trade Date:
	  	For each Transaction, as set forth in the related Supplemental Confirmation.
		
	 Buyer:
	  	Counterparty
		
	 Seller:
	  	JPMorgan
		
	 Shares:
	  	The common stock of Counterparty, par value USD 0.01 per share (Exchange symbol “MX”).
		
	 Exchange:
	  	The New York Stock Exchange
		
	 Related Exchange(s):
	  	All Exchanges.
		
	 Prepayment/Variable Obligation:
	  	Applicable
		
	 Prepayment Amount:
	  	For each Transaction, as set forth in the related Supplemental Confirmation.
		
	 Prepayment Date:
	  	For each Transaction, as set forth in the related Supplemental Confirmation.
		
	 Contract Fee:
	  	For each Transaction, as set forth in the related Supplemental Confirmation. On the Prepayment Date, Buyer shall pay Seller an amount in USD equal to the Contract Fee in immediately available funds by wire transfer to an account
specified by Seller.
		
	 Valuation.
	  	
		
	 VWAP Price:
	  	For any Exchange Business Day, the volume-weighted average price at which the Shares trade as reported in the composite transactions for United States exchanges and quotation systems, during the regular trading session for the
Exchange on such Exchange Business Day, excluding (i) trades that do not settle regular way, (ii) opening (regular way) reported trades in the consolidated system on such Exchange Business Day, (iii) trades that occur in the last ten
minutes before the scheduled close of trading on the Exchange on such Exchange Business Day and ten minutes before the scheduled close of the primary trading in the market where the trade is effected, and (iv) trades on such Exchange Business
Day that do not satisfy the requirements of Rule 10b-18(b)(3) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as determined in good faith by the Calculation Agent
(all such trades other than any trades described in clauses (i) to (iv) above, “Rule 10b-18 Eligible Transactions”). Counterparty acknowledges that the Calculation Agent may refer to the
Bloomberg Page “MX US <Equity> AQR SEC” (or any successor thereto), in its judgment, for such Exchange Business Day to determine the VWAP Price.

  
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	 Forward Price:
	  	For each Transaction, the arithmetic average of the VWAP Prices for all of the Exchange Business Days in the Calculation Period for such Transaction, subject to “Valuation Disruption” below.
		
	 Forward Price Adjustment Amount:
	  	For each Transaction, as set forth in the related Supplemental Confirmation.
		
	 Calculation Period:
	  	For each Transaction, the period from, and including, the Calculation Period Start Date for such Transaction to, and including, the Termination Date for such Transaction.
		
	 Calculation Period Start Date:
	  	For each Transaction, as set forth in the related Supplemental Confirmation.
		
	 Termination Date:
	  	For each Transaction, the Scheduled Termination Date for such Transaction; provided that JPMorgan shall have the right to designate any Exchange Business Day on or after the First Acceleration Date to be the Termination Date for all
or any part of such Transaction (an “Accelerated Termination Date”) by delivering notice (an “Acceleration Notice”) to Counterparty of any such designation prior to 6:00 p.m. (New York City time) on the Exchange
Business Day immediately following the designated Accelerated Termination Date; provided that for each Transaction, JPMorgan shall specify in each Acceleration Notice the portion of the Prepayment Amount that is subject to acceleration (which amount
shall not be less than 50% of the Prepayment Amount as of the Prepayment Date (or, if less, the remainder of the Prepayment Amount for which an Acceleration Notice has yet to be delivered) and JPMorgan shall not deliver more than two
(2) Acceleration Notices for each Transaction). If the portion of the Prepayment Amount that is subject to acceleration is less than the full Prepayment Amount, then the Calculation Agent shall in good faith and in a commercially reasonable
manner make such mechanical and administrative adjustments to the terms of the Transaction as appropriate to account for the occurrence of such Accelerated Termination Date (including cumulative adjustments to account for all prior Accelerated
Termination Dates).
		
	 Scheduled Termination Date:
	  	For each Transaction, as set forth in the related Supplemental Confirmation, subject to postponement as provided in “Valuation Disruption” below.
		
	 First Acceleration Date:
	  	For each Transaction, as set forth in the related Supplemental Confirmation.
		
	 Valuation Disruption:
	  	The definition of “Market Disruption Event” in Section 6.3(a) of the Equity Definitions is hereby amended by deleting the words “at any time during the one-hour period that
ends at the relevant Valuation Time, Latest Exercise Time, Knock-in Valuation Time or Knock-out Valuation Time, as the case may be” and inserting the words “at
any time on any Scheduled Trading Day during the Calculation Period or Settlement Valuation Period” after the word “material,” in the third line thereof.

  
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		  	Section 6.3(d) of the Equity Definitions is hereby amended by deleting the remainder of the provision following the term “Scheduled Closing Time” in the fourth line thereof.
		
		  	Notwithstanding anything to the contrary in the Equity Definitions, if a Disrupted Day occurs (i) in the Calculation Period, the Calculation Agent may, in its good faith and commercially reasonable discretion, postpone the
Scheduled Termination Date by no more than a number of Scheduled Trading Days equal to the number of Disrupted Days during the Calculation Period, or (ii) in the Settlement Valuation Period, the Calculation Agent may extend the Settlement
Valuation Period by no more than a number of Scheduled Trading Days equal to the number of Disrupted Days during the Settlement Valuation Period. The Calculation Agent may also determine that (i) such Disrupted Day is a Disrupted Day in full,
in which case the VWAP Price for such Disrupted Day shall not be included for purposes of determining the Forward Price or the Settlement Price, as the case may be, or (ii) such Disrupted Day is a Disrupted Day only in part, in which case the
VWAP Price for such Disrupted Day shall be determined by the Calculation Agent based on Rule 10b-18 Eligible Transactions in the Shares on such Disrupted Day taking into account the nature and duration of the
relevant Market Disruption Event, and the weighting of the VWAP Price for the relevant Exchange Business Days during the Calculation Period or the Settlement Valuation Period, as the case may be, shall be adjusted in a commercially reasonable manner
by the Calculation Agent for purposes of determining the Forward Price or the Settlement Price, as the case may be, with such adjustments based on, among other factors, the duration of any Market Disruption Event and the volume, historical trading
patterns and price of the Shares. Any Exchange Business Day on which, as of the date hereof, the Exchange is scheduled to close prior to its normal close of trading shall be deemed not to be an Exchange Business Day; if a closure of the Exchange
prior to its normal close of trading on any Exchange Business Day is scheduled following the date hereof, then such Exchange Business Day shall be deemed to be a Disrupted Day in full.
		
		  	If a Disrupted Day occurs during the Calculation Period for any Transaction or the Settlement Valuation Period for any Transaction, as the case may be, and each of the nine immediately following Scheduled Trading Days is a Disrupted
Day (a “Disruption Event”), then the Calculation Agent, in its good faith and commercially reasonable discretion, may deem such Disruption Event (and each consecutive Disrupted Day thereafter) to be either (x) a Potential
Adjustment Event in respect of such Transaction or (y) an Additional Termination Event in respect of such Transaction, with Counterparty as the sole Affected Party and such Transaction as the sole Affected
Transaction.

  
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	 Settlement Terms.
	  	
		
	 Settlement Procedures:
	  	For each Transaction:
		
		  	 (i) if the Number of Shares to be Delivered for such Transaction is positive, Physical
Settlement shall be applicable to such Transaction; provided that JPMorgan does not, and shall not, make the agreement or the representations set forth in Section 9.11 of the Equity Definitions related to the restrictions imposed by
applicable securities laws with respect to any Shares delivered by JPMorgan to Counterparty under any Transaction arising as a result of the fact that Counterparty is the Issuer of the Shares; or

		
		  	 (ii)  if the Number of Shares to be Delivered for such Transaction is negative, then
the Counterparty Settlement Provisions in Annex A hereto shall apply to such Transaction.

		
	 Number of Shares to be Delivered:
	  	For each Transaction, a number of Shares (rounded down to the nearest whole number) equal to (a)(i) the Prepayment Amount for such Transaction, divided by (ii)(A) the Forward Price for such Transaction minus
(B) the Forward Price Adjustment Amount for such Transaction, minus (b) the number of Initial Shares for such Transaction; provided that if the result of the calculation in clause (a)(ii) is equal to or less than the Floor
Price for such Transaction, then the Number of Shares to be Delivered for such Transaction shall be determined as if clause (a)(ii) were replaced with “(ii) the Floor Price for such Transaction”. For the avoidance of doubt, if the Forward
Price Adjustment Amount for any Transaction is a negative number, clause (a)(ii) of the immediately preceding sentence shall be equal to (A) the Forward Price for such Transaction, plus (B) the absolute value of the Forward Price
Adjustment Amount.
		
	 Floor Price:
	  	For each Transaction, as set forth in the related Supplemental Confirmation.
		
	 Excess Dividend Amount:
	  	For the avoidance of doubt, all references to the Excess Dividend Amount shall be deleted from Section 9.2(a)(iii) of the Equity Definitions.
		
	 Settlement Date:
	  	For each Transaction, if the Number of Shares to be Delivered for all or such portion of such Transaction is positive (x) in the case of an Accelerated Termination Date, the date that is one Settlement Cycle immediately
following the date on which JPMorgan delivers the relevant Acceleration Notice and (y) in the case of a Termination Date occurring on the Scheduled Termination Date, the date that is one Settlement Cycle immediately following the Termination
Date, in either case, for all or such portion of such Transaction (the final Settlement Date, the “Final Settlement Date”).

  
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	 Settlement Currency:
	  	USD
		
	 Initial Share Delivery:
	  	For each Transaction, JPMorgan shall deliver a number of Shares equal to the Initial Shares for such Transaction to Counterparty on the Initial Share Delivery Date for such Transaction in accordance with Section 9.4 of the
Equity Definitions, with such Initial Share Delivery Date deemed to be a “Settlement Date” for purposes of such Section 9.4.
		
	 Initial Share Delivery Date:
	  	For each Transaction, as set forth in the related Supplemental Confirmation.
		
	 Initial Shares:
	  	For each Transaction, as set forth in the related Supplemental Confirmation.
		
	 Share Adjustments.
	  	
		
	 Potential Adjustment Event:
	  	In addition to the events described in Section 11.2(e) of the Equity Definitions, it shall constitute an additional Potential Adjustment Event if (x) the Scheduled Termination Date for any Transaction is postponed pursuant
to “Valuation Disruption” above (including, for the avoidance of doubt, pursuant to Section 7 hereof), (y) a Regulatory Disruption as described in Section 7 hereof occurs or (z) a Disruption Event occurs. In the case
that any event described in clause (x), (y) or (z) above occurs, the Calculation Agent may, in its commercially reasonable discretion, adjust any relevant terms of such Transaction as necessary to preserve as nearly as practicable the fair
value of such Transaction to JPMorgan prior to such postponement, Regulatory Disruption or Disruption Event, as the case may be.
		
	 Excess Dividend:
	  	Any dividend or distribution on the Shares (other than any dividend or distribution of the type described in Section 11.2(e)(i) or Section 11.2(e)(ii)(A) of the Equity Definitions or any Extraordinary Dividend).
“Extraordinary Dividend” means the per Share cash dividend or distribution, or a portion thereof, declared by Counterparty on the Shares that is classified by the board of directors of Counterparty as an “extraordinary”
dividend.
		
	 Consequences of Excess Dividend:
	  	The declaration by the Issuer of any Excess Dividend, the ex-dividend date for which occurs or is scheduled to occur during the Relevant Dividend Period for any Transaction, may, at
JPMorgan’s election in its sole discretion, either (x) constitute an Additional Termination Event in respect of such Transaction, with Counterparty as the sole Affected Party and such Transaction as the sole Affected Transaction or
(y) result in an adjustment, by the Calculation Agent, to the Floor Price as the Calculation Agent determines appropriate to preserve the fair value of such Transaction after taking into account such Excess
Dividend.

  
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	 Method of Adjustment:
	  	Calculation Agent Adjustment
		
	 Relevant Dividend Period:
	  	For each Transaction, the period from, and including, the Trade Date for such Transaction to, and including, the Relevant Dividend Period End Date for such Transaction.
		
	 Relevant Dividend Period End Date:
	  	For each Transaction, if the Number of Shares to be Delivered for such Transaction is negative, the last day of the Settlement Valuation Period; otherwise, the Termination Date for such Transaction.
		
	 Extraordinary Events.
	  	
		
	 Consequences of Merger Events:
	  	
		
	     (a)
Share-for-Share:
	  	Cancellation and Payment
		
	     (b)
Share-for-Other:
	  	Cancellation and Payment
		
	     (c)
Share-for-Combined:
	  	Cancellation and Payment
		
	 Tender Offer:
	  	Applicable; provided that (a) Section 12.1(l) of the Equity Definitions shall be amended by (i) deleting the parenthetical in the fifth line thereof, (ii) replacing “that” in the fifth line
thereof with “whether or not such announcement” and (iii) adding immediately after the words “Tender Offer” in the fifth line thereof “, and any publicly announced change or amendment to such an announcement (including,
without limitation, the announcement of an abandonment of such intention)”; and (b) Sections 12.3(a) and 12.3(d) of the Equity Definitions shall each be amended by replacing each occurrence of the words “Tender Offer Date” by
“Announcement Date.”
		
	 Consequences of Tender Offers:
	  	
		
	     (a)
Share-for-Share:
	  	Cancellation and Payment
		
	     (b)
Share-for-Other:
	  	Cancellation and Payment
		
	     (c)
Share-for-Combined:
	  	Cancellation and Payment
		
	 Nationalization, Insolvency or Delisting:
	  	Cancellation and Payment; provided that in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it shall also constitute a Delisting if the Exchange is located in the United States and the Shares
are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select Market or
The NASDAQ Global Market (or their respective successors); if the Shares are immediately re-listed, re-traded or re-quoted on any
such exchange or quotation system, such exchange or quotation system shall be deemed to be the Exchange.

  
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	 Additional Disruption Events:
	  	
		
	     (a) Change in Law:
	  	Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the phrase “the interpretation” in the third line thereof with the phrase “, or public
announcement of, the formal or informal interpretation”, (ii) replacing the word “Shares” where it appears in clause (X) thereof with the words “Hedge Positions” and (iii) immediately following the word
“Transaction” in clause (X) thereof, adding the phrase “in the manner contemplated by the Hedging Party on the Trade Date”; provided further that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by
replacing the parenthetical beginning after the word “regulation” in the second line thereof with the words “(including, for the avoidance of doubt and without limitation, (x) any tax law or (y) adoption or promulgation of
new regulations authorized or mandated by existing statute)”.
		
	     (b) Failure to Deliver:
	  	Applicable
		
	     (c) Insolvency Filing:
	  	Applicable
		
	     (d) Loss of Stock Borrow:
	  	Applicable
		
	           Maximum Stock Loan Rate:
	  	For each Transaction, as set forth in the related Supplemental Confirmation.
		
	           Hedging Party:
	  	JPMorgan
		
	           Determining Party:
	  	JPMorgan
		
	     (e) Hedging Disruption:
	  	Applicable
		
	           Hedging Party:
	  	JPMorgan
		
	           Determining Party:
	  	JPMorgan
		
	     (f) Increased Cost of Hedging:
	  	Applicable
		
	           Hedging Party:
	  	JPMorgan
		
	           Determining Party:
	  	JPMorgan
		
	     (g) Increased Cost of Stock Borrow:
	  	Applicable
		
	           Initial Stock Loan Rate:
	  	For each Transaction, as set forth in the related Supplemental Confirmation.
		
	           Hedging Party:
	  	JPMorgan
		
	           Determining Party:
	  	JPMorgan; provided that the Determining Party shall make determinations and calculations in good faith and in a commercially reasonable manner, and any such determinations and calculations shall be subject to the provisions
specified in Section 2 (“Calculation Agent”) below.

  
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	 Hedging Adjustments:
	  	For the avoidance of doubt, whenever the Calculation Agent is called upon to make an adjustment pursuant to the terms of this Master Confirmation or the Equity Definitions to take into account the effect of an event, the Calculation
Agent shall make such adjustment by reference to the effect of such event on JPMorgan, assuming that JPMorgan maintains a commercially reasonable Hedge Position.
	 Non-Reliance/Agreements and
	  	
	 Acknowledgements Regarding
	  	
	 Hedging Activities/Additional
	  	
	 Acknowledgements:
	  	Applicable
	 2.  Calculation Agent.
	  	JPMorgan. Whenever the Calculation Agent is required to act or to exercise judgment in any way with respect to any Transaction hereunder, it will do so in good faith and in a commercially reasonable manner. Following any
determination or calculation by the Calculation Agent hereunder, the Calculation Agent will, upon written request from Counterparty and in no event later than five Exchange Business Days following such request, provide to Counterparty promptly
following such request a report (in a commonly used file format for the storage and manipulation of financial data without disclosing any proprietary or confidential models or other information that is proprietary or confidential) displaying in
reasonable detail the basis for such determination or calculation, as the case may be. If an Event of Default described in Section 5(a)(vii) of the Agreement with respect to which JPMorgan is the Defaulting Party has occurred and is continuing,
Counterparty may designate a nationally recognized third-party dealer with expertise in over-the-counter corporate equity derivatives to act as substitute Calculation
Agent for so long as such Event of Default is continuing.

  

	3.	 Account Details. 

 

	 	(a)	 Account for payments to Counterparty: 

Bank Name:                  WELLS FARGO BANK 

Bank Address:              121 South Market Street, 2rd Floor, San Jose, CA 95113

 ABA number:               121000248 

Credit A/C Name:         MAGNACHIP SEMICONDUCTOR CORPORATION 

Credit A/C #:                 4124815044 

Account for delivery of Shares to Counterparty: 

To be provided by Counterparty. 
  

	 	(b)	 Account for payments to JPMorgan: 

Bank:                JPMorgan Chase Bank, N.A. 

ABA#:              021000021 

Acct No.:          099997979 

Beneficiary:     JPMorgan Chase Bank, N.A. New York 

Ref:                 Derivatives 

Account for delivery of Shares to JPMorgan: 

DTC 0352 

  
 9 

	4.	 Offices. 

 

	 	(a)	 The Office of Counterparty for each Transaction is: Inapplicable, Counterparty is not a Multibranch Party.

  

	 	(b)	 The Office of JPMorgan for each Transaction is: New York 

JPMorgan Chase Bank, National Association 

New York Branch 
 383 Madison
Avenue 
 New York, NY, 10179 
  

	5.	 Notices. 

 

	 	(a)	 Address for notices or communications to Counterparty: 

Magnachip Semiconductor 
 V-PLEX Bldg., 15th Fl. 
 501, Teheran-ro, Gangnam-gu 
 Seoul, 06168, Republic of Korea 

Attention:             Theodore S. Kim, Chief Compliance Officer and General
Counsel 
 Telephone No.:    +82 (2) 6903-3666 

Email Address:    theodore.kim@magnachip.com 
  

	 	(b)	 Address for notices or communications to JPMorgan: 

JPMorgan Chase Bank, National Association 

EDG Marketing Support 

Email:    edg_notices@jpmorgan.com 

              edg_ny_corporate_sales_support@jpmorgan.com 

With a copy to: 

Attention:            Brett Chalmers 

Title:                    Vice President 

Telephone No.:    (212) 622-2252 

Email Address:    brett.chalmers@jpmorgan.com 
  

	6.	 Representations, Warranties and Agreements. 

 

	 	(a)	 Additional Representations, Warranties and Covenants of Each Party. In addition to the representations,
warranties and covenants in the Agreement, each party represents, warrants and covenants to the other party that: 

  

	 	(i)	 It is an “eligible contract participant” (as such term is defined in the Commodity Exchange Act, as
amended). 

  

	 	(ii)	 The offer and sale of each Transaction to it is intended to be exempt from registration under the Securities
Act of 1933, as amended (the “Securities Act”), by virtue of Section 4(a)(2) thereof. Accordingly, each party represents and warrants to the other that (A) it has the financial ability to bear the economic risk of its
investment in each Transaction and is able to bear a total loss of its investment, (B) it is an “accredited investor” as that term is defined under Regulation D under the Securities Act and (C) the disposition of each Transaction
is restricted under this Master Confirmation, the Securities Act and state securities laws. 

  
 10 

	 	(b)	 Additional Representations, Warranties and Covenants of Counterparty. In addition to the
representations, warranties and covenants in the Agreement, Counterparty represents, warrants and covenants to JPMorgan that: 

  

	 	(i)	 [reserved.] 

  

	 	(ii)	 [reserved.] 

  

	 	(iii)	 [reserved.] 

  

	 	(iv)	 As of the Trade Date for each Transaction hereunder, (A) such Transaction is being entered into pursuant
to a publicly disclosed Share buy-back program and its Board of Directors has approved the use of derivatives to effect the Share buy-back program and (B) there is
no internal policy of Counterparty, whether written or oral, that would prohibit Counterparty from entering into any aspect of such Transaction including, without limitation, the purchases of Shares to be made pursuant to such Transaction.

  

	 	(v)	 As of the Trade Date of each Transaction, Counterparty is not, and, during the term of any Transaction, will
not be, engaged in any “issuer tender offer” within the meaning of Rule 13e-4 under the Exchange Act, and it is not aware of any third party tender offer with respect to the Shares within the meaning
of Rule 13e-1 under the Exchange Act. 

  

	 	(vi)	 As of the Trade Date for each Transaction hereunder, it is not entering into such Transaction, and as of the
date of any election with respect to any Transaction hereunder, it is not making such election, in each case (A) on the basis of, and is not aware of, any material non-public information regarding
Counterparty or the Shares, (B) in anticipation of, in connection with, or to facilitate, a distribution of its securities, a self tender offer or a third-party tender offer in violation of the Exchange Act or (C) to create actual or
apparent trading activity in the Shares (or any security convertible into or exchangeable for the Shares) or to raise or depress or otherwise manipulate the price of the Shares (or any security convertible into or exchangeable for the Shares).

  

	 	(vii)	 Counterparty (A) is capable of evaluating investment risks independently, both in general and with regard
to all transactions and investment strategies involving a security or securities; (B) will exercise independent judgment in evaluating the recommendations of any broker-dealer or its associated persons, unless it has otherwise notified the
broker-dealer in writing; and (C) has total assets of at least USD 50,000,000 as of the date hereof. 

  

	 	(viii)	 As of the Trade Date for each Transaction hereunder, and as of the date of any election with respect to any
Transaction hereunder, Counterparty is in compliance with its reporting obligations under the Exchange Act and its most recent Annual Report on Form 10-K, together with all reports subsequently filed by it
pursuant to the Exchange Act, taken together and as amended and supplemented to the date of this representation, do not, as of their respective filing dates, contain any untrue statement of a material fact or omit to state any material fact required
to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

  

	 	(ix)	 Counterparty has made, and will make, all filings required to be made by it with the Securities and Exchange
Commission and pursuant to the federal securities laws and the rules and regulations promulgated thereunder with respect to each Transaction. 

  

	 	(x)	 (A) The Shares are not, as of the Calculation Period Start Date, and (B) Counterparty will not, at any
time during any Regulation M Period (as defined below) for any Transaction, cause the Shares to be, subject to a “restricted period” (as defined in Regulation M promulgated under the Exchange Act) unless, in the case of clause (B),
Counterparty has 

  
 11 

	 	
provided written notice to JPMorgan of such restricted period not later than the Scheduled Trading Day immediately preceding the first day of such “restricted period”; Counterparty
acknowledges that any such notice may cause a Disrupted Day to occur pursuant to Section 7 hereof; accordingly, Counterparty acknowledges that its delivery of such notice must comply with the standards set forth in Section 8 hereof.
Counterparty is not currently contemplating any “distribution” (as defined in Regulation M promulgated under the Exchange Act) of Shares, or any security for which Shares are a “reference security” (as defined in Regulation M
promulgated under the Exchange Act). “Regulation M Period” means, for any Transaction, (A) the Relevant Period (as defined below) for such Transaction, (B) the Settlement Valuation Period, if any, for such Transaction and
(C) the Seller Termination Purchase Period (as defined below), if any, for such Transaction. “Relevant Period” means, for any Transaction, the period commencing on the Calculation Period Start Date for such Transaction and
ending on the later of (1) the earlier of (x) the Scheduled Termination Date and (y) the last Additional Relevant Day (as specified in the related Supplemental Confirmation) for such Transaction, or such earlier day as elected by
JPMorgan and communicated to Counterparty on such day (or, if later, the First Acceleration Date without regard to any acceleration thereof pursuant to “Special Provisions for Acquisition Transaction Announcements” below) and (2) if
Section 15 hereof is applicable to such Transaction, the date on which all deliveries owed pursuant to such Section 15 have been made. 

  

	 	(xi)	 As of the Trade Date, the Prepayment Date, the Initial Share Delivery Date, the Settlement Date, any Cash
Settlement Payment Date and any Settlement Method Election Date for each Transaction, Counterparty is not, and will not be, “insolvent” (as such term is defined under Section 101(32) of the U.S. Bankruptcy Code (Title 11 of the United
States Code) (the “Bankruptcy Code”)) and Counterparty would be able to purchase a number of Shares with a value equal to the Prepayment Amount in compliance with the laws of the jurisdiction of Counterparty’s incorporation.

  

	 	(xii)	 Counterparty is not, and after giving effect to each Transaction will not be, required to register as an
“investment company” as such term is defined in the Investment Company Act of 1940, as amended. 

  

	 	(xiii)	 [reserved]. 

  

	 	(xiv)	 Except with JPMorgan or its affiliates, Counterparty has not entered, and will not enter, into any repurchase
transaction with respect to the Shares (or any security convertible into or exchangeable for the Shares) (including, without limitation, any agreements similar to the Transactions described herein) where any initial hedge period, calculation period,
relevant period, settlement valuation period or seller termination purchase period (each however defined) in such other transaction will overlap at any time (including, without limitation, as a result of extensions in such initial hedge period,
calculation period, relevant period, settlement valuation period or seller termination purchase period as provided in the relevant agreements) with any Relevant Period, any Settlement Valuation Period (if applicable) or any Seller Termination
Purchase Period (if applicable) under this Master Confirmation. In the event that the initial hedge period, relevant period, calculation period or settlement valuation period in any other transaction overlaps with any Relevant Period, any Settlement
Valuation Period (if applicable) or any Seller Termination Purchase Period (if applicable) under this Master Confirmation as a result of any postponement of the Scheduled Termination Date or extension of the Settlement Valuation Period pursuant to
“Valuation Disruption” above or any analogous provision in such other transaction, Counterparty shall promptly amend such other transaction to avoid any such overlap. 

 

	 	(xv)	 Upon request of JPMorgan, Counterparty shall, at least one day prior to the first day of the Calculation
Period, the Settlement Valuation Period, if any, or the Seller Termination Purchase Period, if any, for any Transaction, notify JPMorgan of the total number of Shares purchased in Rule 10b-18 purchases of
blocks pursuant to the once-a-week block 

  
 12 

	 	
exception set forth in paragraph (b)(4) of Rule 10b-18 under the Exchange Act (“Rule 10b-18”) by
or for Counterparty or any of its “affiliated purchasers” (as defined in Rule 10b-18) during each of the four calendar weeks preceding such day and during the calendar week in which such day occurs
(“Rule 10b-18 purchase” and “blocks” each being used as defined in Rule 10b-18), which notice shall be substantially in the form set forth in
Schedule B hereto. 

  

	 	(xvi)	 [reserved]. 

  

	 	(xvii)	 The assets of Counterparty do not constitute “plan assets” under the Employee Retirement Income
Security Act of 1974, as amended, the Department of Labor Regulations promulgated thereunder or similar law. 

(c)    Additional Representations, Warranties and Covenants of JPMorgan. In addition to the
representations, warranties and covenants in the Agreement, JPMorgan. represents, warrants and covenants to Counterparty that: 
  

	 	(i)	 Material Nonpublic Information. JPMorgan has implemented policies and procedures, taking into
consideration the nature of its business, reasonably designed to ensure that individuals making investment decisions related to each Transaction and the hedging thereof do not violate laws prohibiting trading on the basis of material non-public information. 

  

	 	(ii)	 [reserved.] 

  

	 	(iii)	 Rule 10b-18. JPMorgan shall, and shall cause its applicable
affiliates (if any) to, use commercially reasonable efforts, during the Calculation Period and any Settlement Valuation Period for each Transaction hereunder, to make all purchases of Shares in connection with such Transaction in a manner that would
comply with the limitations set forth in clauses (b)(1), (b)(2), (b)(3) and (b)(4) and (c) of Rule 10b-18 under the Exchange Act, as if such rule were applicable to such purchases and taking into account
any applicable Securities and Exchange Commission no-action letters as appropriate, and subject to any delays between the execution and reporting of a trade of the Shares on the Exchange and other
circumstances reasonably beyond JPMorgan’s (or such affiliate’s (if any)) control; provided that, during a Calculation Period, the foregoing agreement shall not apply to purchases made to dynamically hedge for JPMorgan’s own
account or the account of its affiliate(s) the optionality arising under a Transaction (including, for the avoidance of doubt, timing optionality). Notwithstanding the foregoing, JPMorgan shall not be responsible for any failure to comply with Rule 10b-18(b)(3) to the extent any transaction that was executed (or deemed to be executed) by or on behalf of the Counterparty or an affiliated purchaser pursuant to a separate agreement is not deemed to be an
“independent bid” or an “independent person” for purposes of Rule 10b-18(b)(3). 

  

	7.	 Regulatory Disruption. In the event that JPMorgan concludes, in its sole discretion, that it is
appropriate with respect to any legal, regulatory or self-regulatory requirements or related policies and procedures (whether or not such requirements, policies or procedures are imposed by law or have been voluntarily adopted by JPMorgan) as long
as such policies or procedures are generally applicable in similar situations and applied in a non-discriminatory manner, for it to refrain from or decrease any market activity on any Scheduled Trading Day or
Days during the Calculation Period or, if applicable, the Settlement Valuation Period, JPMorgan may by written notice to Counterparty elect to deem that a Market Disruption Event has occurred and will be continuing on such Scheduled Trading Day or
Days. 

  
 13 

	8.	 10b5-1 Plan. Counterparty represents,
warrants and covenants to JPMorgan that: 

  

	 	(a)	 Counterparty is entering into this Master Confirmation and each Transaction hereunder in good faith and not as
part of a plan or scheme to evade the prohibitions of Rule 10b5-1 under the Exchange Act (“Rule 10b5-1”) or any other antifraud or anti-manipulation
provisions of the federal or applicable state securities laws and that it has not entered into or altered and will not enter into or alter any corresponding or hedging transaction or position with respect to the Shares. Counterparty acknowledges
that it is the intent of the parties that each Transaction entered into under this Master Confirmation comply with the requirements of paragraphs (c)(1)(i)(A) and (B) of Rule 10b5-1 and each Transaction
entered into under this Master Confirmation shall be interpreted to comply with the requirements of Rule 10b5-1(c). 

  

	 	(b)	 During the Calculation Period and the Settlement Valuation Period, if any, for any Transaction and in
connection with the delivery of any Alternative Delivery Units for any Transaction, JPMorgan (or its agent or Affiliate) may effect transactions in Shares in connection with such Transaction. The timing of such transactions by JPMorgan, the price
paid or received per Share pursuant to such transactions and the manner in which such transactions are made, including, without limitation, whether such transactions are made on any securities exchange or privately, shall be within the sole judgment
of JPMorgan. Counterparty acknowledges and agrees that all such transactions shall be made in JPMorgan’s sole judgment and for JPMorgan’s own account. 

 

	 	(c)	 Counterparty does not have, and shall not attempt to exercise, any control or influence over how, when or
whether JPMorgan (or its agent or Affiliate) makes any “purchases or sales” (within the meaning of Rule 10b5-1(c)(1)(i)(B)(3)) in connection with any Transaction, including, without limitation, over
how, when or whether JPMorgan (or its agent or Affiliate) enters into any hedging transactions. Counterparty represents and warrants that it has consulted with its own advisors as to the legal aspects of its adoption and implementation of this
Master Confirmation and each Supplemental Confirmation under Rule 10b5-1. 

  

	 	(d)	 Counterparty acknowledges and agrees that any amendment, modification, waiver or termination of this Master
Confirmation or any Supplemental Confirmation must be effected in accordance with the requirements for the amendment or termination of a “plan” as defined in Rule 10b5-1(c). Without limiting the
generality of the foregoing, any such amendment, modification, waiver or termination shall be made in good faith and not as part of a plan or scheme to evade the prohibitions of Rule 10b-5, and no such
amendment, modification or waiver shall be made at any time at which Counterparty or any officer, director, manager or similar person of Counterparty is aware of any material non-public information regarding
Counterparty or the Shares. 

  

	 	(e)	 Counterparty shall not, directly or indirectly, communicate any information relating to the Shares or any
Transaction (including, without limitation, any notices required by Section 10(a) hereof) to any employee of JPMorgan, other than as set forth in the Communications Procedures attached as Annex B hereto. 

 

	9.	 Counterparty Purchases. Counterparty (or any “affiliate” or
“affiliated purchaser” as defined in Rule 10b-18) shall not, without the prior written consent of JPMorgan, directly or indirectly (including, without limitation, by means of a derivative instrument)
purchase, offer to purchase, place any bid or limit order that would effect a purchase of, or commence any tender offer relating to, any Shares (or equivalent interest, including, without limitation, a unit of beneficial interest in a trust or
limited partnership or a depository share), listed contracts on the Shares or securities that are convertible into, or exchangeable or exercisable for Shares (including, without limitation, any Rule 10b-18
purchases of blocks (as defined in Rule 10b-18)) during any Relevant Period, any Settlement Valuation Period (if applicable) or any Seller Termination Purchase Period (if applicable), under this Master
Confirmation; provided that, Counterparty (or any “affiliate” or “affiliated purchaser” as defined in Rule 10b-18) may purchase Shares on any Exchange Business Day pursuant to any
Rule 10b5-1 or Rule 10b-18 repurchase plan entered into with Dealer or an Affiliate of Dealer (each, a “Permitted OMR Transaction”), so long as, on any
Exchange Business Day purchases under all Permitted OMR Transactions do not, in the aggregate, exceed the Designated OMR Threshold specified in the Supplemental Confirmation for such Transaction on such Exchange Business Day; provided,
further, that this Section 9 shall not limit Counterparty’s ability (or the ability of any “affiliate” or “affiliated purchaser” of Counterparty), without JPMorgan’s consent, (i) to acquire
Shares or other securities in connection with the exercise, conversion, exchange or surrender by a holder of stock options, warrants, other securities awards, convertible securities or exchangeable securities in accordance with their terms pursuant
to its employee incentive plans, (ii) to withhold Shares or other securities to cover 

  
 14 

	 	
exercise price and/or tax liabilities associated with such exercise or vesting of stock options, warrants or other securities awards or (iii) to grant stock and options to “affiliated
purchasers” (as defined in Rule 10b-18), or the ability of such affiliated purchasers to acquire such stock or options, in connection with Counterparty’s compensatory plans for directors, officers
and employees or any agreements with respect to the compensation of directors, officers or employees of any entities that are acquisition targets of the Issuer. 

  

	10.	 Special Provisions for Merger Transactions. Notwithstanding anything to the
contrary herein or in the Equity Definitions: 

  

	 	(a)	 Counterparty agrees that it: 

 

	 	(i)	 will not during the period commencing on the Trade Date for any Transaction and ending on the last day of the
Relevant Period or, if applicable, the later of the last day of the Settlement Valuation Period and the last day of the Seller Termination Purchase Period, for such Transaction make, or, to the extent within its reasonable control, permit to be
made, any public announcement (as defined in Rule 165(f) under the Securities Act) of any Merger Transaction or potential Merger Transaction (a “Merger Announcement”) unless such Merger Announcement is made prior to the opening or
after the close of the regular trading session on the Exchange for the Shares; 

  

	 	(ii)	 shall promptly (but in any event prior to the next opening of the regular trading session on the Exchange)
notify JPMorgan following any such Merger Announcement that such Merger Announcement has been made; and 

  

	 	(iii)	 shall promptly (but in any event prior to the next opening of the regular trading session on the Exchange)
provide JPMorgan with written notice specifying (i) Counterparty’s average daily Rule 10b-18 Purchases (as defined in Rule 10b-18) during the three full
calendar months immediately preceding the announcement date of any Merger Transaction or potential Merger Transaction that were not effected through JPMorgan or its Affiliates and (ii) the number of Shares purchased pursuant to the proviso in
Rule 10b-18(b)(4) under the Exchange Act for the three full calendar months preceding the announcement date of any Merger Transaction or potential Merger Transaction. Such written notice shall be deemed to be
a certification by Counterparty to JPMorgan that such information is true and correct. In addition, Counterparty shall promptly notify JPMorgan of the earlier to occur of the completion of such transaction and the completion of the vote by target
shareholders. 

  

	 	(b)	 Counterparty acknowledges that any such Merger Announcement or delivery of a notice with respect thereto may
cause the terms of any Transaction to be adjusted or such Transaction to be terminated; accordingly, Counterparty acknowledges that its delivery of such notice must comply with the standards set forth in Section 8 hereof. 

 

	 	(c)	 Upon the occurrence of any Merger Announcement (whether made by Counterparty or a third party), JPMorgan in its
sole discretion may (i) make adjustments to the terms of any Transaction, including, without limitation, the Scheduled Termination Date or the Forward Price Adjustment Amount, and/or suspend the Calculation Period and/or any Settlement
Valuation Period or (ii) treat the occurrence of such Merger Announcement as an Additional Termination Event with Counterparty as the sole Affected Party and the Transactions hereunder as the Affected Transactions and with the amount under
Section 6(e) of the Agreement determined taking into account the fact that the Calculation Period or Settlement Valuation Period, as the case may be, had fewer Scheduled Trading Days than originally anticipated. 

“Merger Transaction” means any merger, acquisition or similar transaction involving a recapitalization as contemplated by Rule
10b-18(a)(13)(iv) under the Exchange Act. 

  
 15 

	11.	 Special Provisions for Acquisition Transaction Announcements. Notwithstanding
anything to the contrary herein or in the Equity Definitions: 

  

	 	(a)	 If an Acquisition Transaction Announcement occurs on or prior to the Final Settlement Date for any Transaction,
then the Calculation Agent shall make such adjustments to the exercise, settlement, payment or any other terms of such Transaction as the Calculation Agent determines appropriate (including, without limitation and for the avoidance of doubt,
adjustments that would allow the Number of Shares to be Delivered to be less than zero), at such time or at multiple times as the Calculation Agent determines appropriate, to account for the economic effect on such Transaction of such event
(including adjustments to account for changes in volatility, expected dividends, stock loan rate, value of any commercially reasonable Hedge Positions in connection with the Transaction and liquidity relevant to the Shares or to such Transaction).
If an Acquisition Transaction Announcement occurs after the Trade Date, but prior to the First Acceleration Date of any Transaction, the First Acceleration Date shall be the date of such Acquisition Transaction Announcement. If the Number of Shares
to be Delivered for any settlement of any Transaction is a negative number, then the terms of the Counterparty Settlement Provisions in Annex A hereto shall apply. 

 

	 	(b)	 “Acquisition Transaction Announcement” means (i) the announcement of an Acquisition
Transaction or an event that, if consummated, would result in an Acquisition Transaction, (ii) an announcement that Counterparty or any of its subsidiaries has entered into an agreement, a letter of intent or an understanding designed to result
in an Acquisition Transaction, (iii) the announcement of the intention to solicit or enter into, or to explore strategic alternatives or other similar undertaking that may include, an Acquisition Transaction, (iv) any other announcement
that in the reasonable judgment of the Calculation Agent may result in an Acquisition Transaction, or (v) any announcement of any change or amendment to any previous Acquisition Transaction Announcement (including any announcement of the
abandonment of any such previously announced Acquisition Transaction, agreement, letter of intent, understanding or intention). For the avoidance of doubt, announcements as used in the definition of Acquisition Transaction Announcement refer to any
public announcement whether made by the Issuer or a third party. 

  

	 	(c)	 “Acquisition Transaction” means
(i) any Merger Event (for purposes of this definition the definition of Merger Event shall be read with the references therein to “100%” being replaced by “15%” and references to “50%” being replaced by
“75%” and without reference to the clause beginning immediately following the definition of Reverse Merger therein to the end of such definition), Tender Offer or Merger Transaction or any other transaction involving the merger of
Counterparty with or into any third party, (ii) the sale or transfer of all or substantially all of the assets of Counterparty, (iii) a recapitalization, reclassification, binding share exchange or other similar transaction with respect to
Counterparty, (iv) any acquisition by Counterparty or any of its subsidiaries where the aggregate consideration transferable by Counterparty or its subsidiaries exceeds 15% of the market capitalization of Counterparty, (v) any lease,
exchange, transfer, disposition (including, without limitation, by way of spin-off or distribution) of assets (including, without limitation, any capital stock or other ownership interests in subsidiaries) or
other similar event by Counterparty or any of its subsidiaries where the aggregate consideration transferable or receivable by or to Counterparty or its subsidiaries exceeds 15% of the market capitalization of Counterparty or (vi) any
transaction in which Counterparty or its board of directors has a legal obligation to make a recommendation to its shareholders in respect of such transaction (whether pursuant to Rule 14e-2 under the Exchange
Act or otherwise). 

  

	12.	 Acknowledgments. 

 

	 	(a)	 The parties hereto intend for: 

 

	 	(i)	 each Transaction to be a “securities contract” as defined in Section 741(7) of the Bankruptcy
Code and a “forward contract” as defined in Section 101(25) of the Bankruptcy Code, and the parties hereto to be entitled to the protections afforded by, among other Sections, Sections 362(b)(6), 362(b)(27), 362(o), 546(e), 546(j),
555, 556, 560 and 561 of the Bankruptcy Code; 

  

	 	(ii)	 the Agreement to be a “master netting agreement” as defined in Section 101(38A) of the
Bankruptcy Code; 

  
 16 

	 	(iii)	 a party’s right to liquidate, terminate or accelerate any Transaction, net out or offset termination
values or payment amounts, and to exercise any other remedies upon the occurrence of any Event of Default or Termination Event under the Agreement with respect to the other party or any Extraordinary Event that results in the termination or
cancellation of any Transaction to constitute a “contractual right” (as defined in the Bankruptcy Code); and 

  

	 	(iv)	 all payments for, under or in connection with each Transaction, all payments for the Shares (including, for the
avoidance of doubt, payment of the Prepayment Amount) and the transfer of such Shares to constitute “settlement payments” and “transfers” (as defined in the Bankruptcy Code). 

 

	 	(b)	 Counterparty acknowledges that: 

 

	 	(i)	 during the term of any Transaction, JPMorgan and its Affiliates may buy or sell Shares or other securities or
buy or sell options or futures contracts or enter into swaps or other derivative securities in order to establish, adjust or unwind its hedge position with respect to such Transaction; 

 

	 	(ii)	 JPMorgan and its Affiliates may also be active in the market for the Shares and Share-linked transactions other
than in connection with hedging activities in relation to any Transaction; 

  

	 	(iii)	 JPMorgan shall make its own determination as to whether, when or in what manner any hedging or market
activities in Counterparty’s securities shall be conducted and shall do so in a manner that it deems appropriate to hedge its price and market risk with respect to the Forward Price and the VWAP Price; 

 

	 	(iv)	 any market activities of JPMorgan and its Affiliates with respect to the Shares may affect the market price and
volatility of the Shares, as well as the Forward Price, the VWAP Price and the Settlement Price, each in a manner that may be adverse to Counterparty; and 

  

	 	(v)	 each Transaction is a derivatives transaction in which it has granted JPMorgan an option; JPMorgan may purchase
shares for its own account at an average price that may be greater than, or less than, the price paid by Counterparty under the terms of the related Transaction. 

 

	13.	 No Collateral, Netting or Setoff. Notwithstanding any provision of the Agreement or
any other agreement between the parties to the contrary, the obligations of Counterparty hereunder are not secured by any collateral. Obligations under any Transaction shall not be netted, recouped or set off (including pursuant to Section 6 of
the Agreement) against any other obligations of the parties, whether arising under the Agreement, this Master Confirmation or any Supplemental Confirmation, or under any other agreement between the parties hereto, by operation of law or otherwise,
and no other obligations of the parties shall be netted, recouped or set off (including pursuant to Section 6 of the Agreement) against obligations under any Transaction, whether arising under the Agreement, this Master Confirmation or any
Supplemental Confirmation, or under any other agreement between the parties hereto, by operation of law or otherwise, and each party hereby waives any such right of setoff, netting or recoupment. 

 

	14.	 Delivery of Shares. Notwithstanding anything to the contrary herein, JPMorgan may,
by prior notice to Counterparty, satisfy its obligation to deliver any Shares or other securities on any date due (an “Original Delivery Date”) by making separate deliveries of Shares or such securities, as the case may be, at more
than one time on or prior to such Original Delivery Date, so long as the aggregate number of Shares and other securities so delivered on or prior to such Original Delivery Date is equal to the number required to be delivered on such Original
Delivery Date. 

  
 17 

	15.	 Alternative Termination Settlement. In the event that (a) an Early Termination
Date (whether as a result of an Event of Default or a Termination Event) occurs or is designated with respect to any Transaction or (b) any Transaction is cancelled or terminated upon the occurrence of an Extraordinary Event (except as a result
of (i) a Nationalization, Insolvency or Merger Event in which the consideration to be paid to holders of Shares consists solely of cash, (ii) a Merger Event or Tender Offer that is within Counterparty’s control, or (iii) an Event
of Default in which Counterparty is the Defaulting Party or a Termination Event in which Counterparty is the Affected Party other than an Event of Default of the type described in Section 5(a)(iii), (v), (vi), (vii) or (viii) of the
Agreement or a Termination Event of the type described in Section 5(b) of the Agreement, in each case that resulted from an event or events outside Counterparty’s control), if either party would owe any amount to the other party pursuant
to Section 6(d)(ii) of the Agreement or any Cancellation Amount pursuant to Article 12 of the Equity Definitions (any such amount, a “Payment Amount”), then Counterparty may elect, no later than the Early Termination Date or
the date on which such Transaction is terminated or cancelled, that Counterparty or JPMorgan, as the case may be, shall deliver to the other party a number of Shares (or, in the case of a Nationalization, Insolvency or Merger Event, a number of
units, each comprising the number or amount of the securities or property that a hypothetical holder of one Share would receive in such Nationalization, Insolvency or Merger Event, as the case may be (each such unit, an “Alternative Delivery
Unit”)) with a value equal to the Payment Amount, as determined by the Calculation Agent over a commercially reasonable period of time (and the parties agree that, in making such determination of value, the Calculation Agent may take into
account a number of factors, including, without limitation, the market price of the Shares or Alternative Delivery Units on the Early Termination Date or the date of early cancellation or termination, as the case may be, and, if such delivery is
made by JPMorgan, the prices at which JPMorgan purchases Shares or Alternative Delivery Units in a commercially reasonable manner and within a commercially reasonable time period to fulfill its delivery obligations under this Section 15);
provided that in determining the composition of any Alternative Delivery Unit, if the relevant Nationalization, Insolvency or Merger Event involves a choice of consideration to be received by holders, such holder shall be deemed to have
elected to receive the maximum possible amount of cash; and provided further that Counterparty may elect that the provisions of this Section 15 above providing for the delivery of Shares or Alternative Delivery Units, as the case may be,
shall apply only if Counterparty represents and warrants to JPMorgan, in writing on the date it notifies JPMorgan of such election, that, as of such date, Counterparty is not aware of any material non-public
information regarding Counterparty or the Shares and is making such election in good faith and not as part of a plan or scheme to evade compliance with the federal securities laws. If delivery of Shares or Alternative Delivery Units, as the case may
be, pursuant to this Section 15 is to be made by Counterparty, paragraphs 2 through 7 of Annex A hereto shall apply as if (A) such delivery were a settlement of such Transaction to which Net Share Settlement applied, (B) the Cash
Settlement Payment Date were the Early Termination Date or the date of early cancellation or termination, as the case may be, and (C) the Forward Cash Settlement Amount were equal to (x) zero minus (y) the Payment Amount owed
by Counterparty. For the avoidance of doubt, if Counterparty does not validly elect for the provisions of this Section 15 relating to the delivery of Shares or Alternative Delivery Units, as the case may be, to apply to any Payment Amount, the
provisions of Article 12 of the Equity Definitions, or the provisions of Section 6(d)(ii) of the Agreement, as the case may be, shall apply. If delivery of Shares or Alternative Delivery Units, as the case may be, is to be made by JPMorgan
pursuant to this Section 15, the period during which JPMorgan purchases Shares or Alternative Delivery Units to fulfill its delivery obligations under this Section 15 shall be referred to as the “Seller Termination Purchase
Period.” 

  

	16.	 Calculations and Payment Date upon Early Termination. The parties acknowledge and
agree that in calculating (a) the Close-Out Amount pursuant to Section 6 of the Agreement and (b) the amount due upon cancellation or termination of any Transaction (whether in whole or in part)
pursuant to Article 12 of the Equity Definitions as a result of an Extraordinary Event, JPMorgan may (but need not) determine such amount based on (i) expected losses assuming a commercially reasonable (including, without limitation, with
regard to reasonable legal and regulatory guidelines) risk bid were used to determine loss or (ii) the price at which the Seller is able to purchase from one or more market participants a block of Shares equal in number to the Seller’s
hedge position in relation to the Transaction. Notwithstanding anything to the contrary in Section 6(d)(ii) of the Agreement or Article 12 of the Equity Definitions, all amounts calculated as being due in respect of an Early Termination Date
under Section 6(e) of the Agreement or upon cancellation or termination of the relevant Transaction under Article 12 of the Equity Definitions will be payable on the day that notice of the amount payable is effective; provided that if
Counterparty elects to receive or deliver Shares or Alternative Delivery Units in accordance with Section 15 hereof, such Shares or Alternative Delivery Units shall be delivered on a date selected by JPMorgan as promptly as practicable.

  
 18 

	17.	 Limit on Beneficial Ownership. Notwithstanding any other provisions hereof,
JPMorgan may not be entitled to take delivery of any Shares deliverable hereunder to the extent (but only to the extent) that, after such receipt of any Shares hereunder, the Equity Percentage would exceed 7.5%. Any purported delivery hereunder
shall be void and have no effect to the extent (but only to the extent) that, after such delivery the Equity Percentage would exceed 7.5%. If any delivery owed to JPMorgan hereunder is not made, in whole or in part, as a result of this provision,
Counterparty’s obligation to make such delivery shall not be extinguished and Counterparty shall make such delivery as promptly as practicable after, but in no event later than one Business Day after, JPMorgan gives notice to Counterparty that,
after such delivery, the Equity Percentage would not exceed 7.5%. The “Equity Percentage” as of any day is the fraction, expressed as a percentage, (A) the numerator of which is the number of Shares that JPMorgan and any of its
affiliates or any other person subject to aggregation with JPMorgan for purposes of the “beneficial ownership” test under Section 13 of the Exchange Act, or any “group” (within the meaning of Section 13) of which
JPMorgan is or may be deemed to be a part beneficially owns (within the meaning of Section 13 of the Exchange Act), without duplication, on such day (or, to the extent that for any reason the equivalent calculation under Section 16 of the
Exchange Act and the rules and regulations thereunder results in a higher number, such higher number) and (B) the denominator of which is the number of Shares outstanding on such day. 

 

	18.	 Maximum Share Delivery. Notwithstanding anything to the contrary in this Master
Confirmation, in no event shall JPMorgan be required to deliver any Shares, or any Shares or other securities comprising Alternative Delivery Units, in respect of any Transaction in excess of the Maximum Number of Shares set forth in the
Supplemental Confirmation for such Transaction. 

  

	19.	 Additional Termination Events. 

 

	 	(a)	 The occurrence of an event described in paragraph III of Annex B hereto will constitute an Additional
Termination Event, with Counterparty as the sole Affected Party and the Transactions specified in such paragraph III as the Affected Transactions. 

  

	 	(b)	 Notwithstanding anything to the contrary in Section 6 of the Agreement, if a Termination Price is
specified in the Supplemental Confirmation for any Transaction, then an Additional Termination Event will occur without any notice or action by JPMorgan or Counterparty if the closing price of the Shares on the Exchange is below such Termination
Price for two consecutive Exchange Business Days, with Counterparty as the sole Affected Party and such Transaction as the sole Affected Transaction. 

  

	20.	 Delivery of Cash. For the avoidance of doubt, nothing in this Master Confirmation
shall be interpreted as requiring Counterparty to deliver cash in respect of the settlement of the Transactions contemplated by this Master Confirmation following payment by Counterparty of the relevant Prepayment Amount, except in circumstances
where the required cash settlement thereof is permitted for classification of the contract as equity by ASC 815-40, Derivatives and Hedging – Contracts in Entity’s Own Equity, as
in effect on the relevant Trade Date (including, without limitation, where Counterparty so elects to deliver cash or fails timely to elect to deliver Shares or Alternative Delivery Property in respect of the settlement of such Transactions).

  

	21.	 Counterparty Indemnification. Counterparty agrees to indemnify and hold harmless
JPMorgan and its officers, directors, employees, Affiliates, advisors, agents and controlling persons (each, an “Indemnified Person”) from and against any and all losses, claims, damages and liabilities, joint or several
(collectively, “Obligations”), to which an Indemnified Person may become subject to as a result of a breach of this Master Confirmation or any Supplemental Confirmation by Counterparty, or any claim, litigation, investigation or
proceeding relating thereto, regardless of whether any of such Indemnified Person is a party thereto, in each case, as finally determined by a court of competent jurisdiction, and to reimburse, upon written request, each such Indemnified Person for
any reasonable and out-of-pocket legal or other expenses incurred in connection with investigating, preparation for, providing evidence for or defending any of the
foregoing; provided, however, that Counterparty shall not have any liability to any Indemnified Person to the extent that such Obligations (a) are finally determined by a court of competent jurisdiction to have resulted from the gross
negligence or willful misconduct of such Indemnified Person (and in such case, such Indemnified Person shall promptly return to Counterparty any amounts previously expended by Counterparty hereunder) or (b) are trading losses incurred by
JPMorgan as part of its purchases or sales of Shares pursuant to this Master Confirmation or any Supplemental Confirmation (unless such trading losses are related to the breach of any agreement, term or covenant herein). 

  
 19 

	22.	 Assignment and Transfer. Notwithstanding anything to the contrary in the Agreement,
JPMorgan may assign any Transaction hereunder (in whole and not in part) to any one or more of its Affiliates who has at least the same credit rating as JPMorgan without the prior written consent of Counterparty. Notwithstanding any other provision
in this Master Confirmation to the contrary requiring or allowing JPMorgan to purchase, sell, receive or deliver any Shares or other securities to or from Counterparty, JPMorgan may designate any of its Affiliates to purchase, sell, receive or
deliver such Shares or other securities and otherwise to perform JPMorgan’s obligations in respect of any Transaction and any such designee may assume such obligations. JPMorgan may assign the right to receive Settlement Shares to any third
party who may legally receive Settlement Shares. JPMorgan shall be discharged of its obligations to Counterparty only to the extent of any such performance. For the avoidance of doubt, JPMorgan hereby acknowledges that notwithstanding any such
designation hereunder, to the extent any of JPMorgan’s obligations in respect of any Transaction are not completed by its designee, JPMorgan shall be obligated to continue to perform or to cause any other of its designees to perform in respect
of such obligations. 

  

	23.	 Amendments to the Equity Definitions, Agreement. 

 

	 	(a)	 Section 11.2(a) of the Equity Definitions is hereby amended by deleting the words “a diluting or
concentrative” and replacing them with the word “a material”; and adding the phrase “or such Transaction” at the end of the sentence. 

 

	 	(b)	 Section 11.2(c) of the Equity Definitions is hereby amended by (i) replacing the words “a
diluting or concentrative” with “an” in the fifth line thereof, (ii) adding the phrase “or such Transaction” after the words “the relevant Shares” in the same sentence, (iii) deleting the words
“diluting or concentrative” in the sixth to last line thereof, and (iv) deleting the phrase “(provided that no adjustments will be made to account solely for changes in volatility, expected dividends, stock loan rate or liquidity
relative to the relevant Shares)” and replacing it with the phrase “(and, for the avoidance of doubt, adjustments may be made to account solely for changes in volatility, expected dividends, stock loan rate or liquidity relative to the
relevant Shares).” 

  

	 	(c)	 Section 11.2(e)(vii) of the Equity Definitions is hereby amended by deleting the words “a diluting or
concentrative” and replacing them with the words “a material”; and adding the phrase “or the relevant Transaction” at the end of the sentence. 

 

	 	(d)	 Section 12.6(a)(ii) of the Equity Definitions is hereby amended by (i) deleting from the fourth line
thereof the word “or” after the word “official” and inserting a comma therefor, and (ii) deleting the semi-colon at the end of subsection (B) thereof and inserting the following words therefor “or (C) at
JPMorgan’s option, the occurrence of any of the events specified in Section 5(a)(vii) (1) through (9) of the ISDA Master Agreement with respect to that Issuer.” 

 

	 	(e)	 Section 12.9(b)(iv) of the Equity Definitions is hereby amended by: 

 

	 	(i)	 deleting (1) subsection (A) in its entirety, (2) the phrase “or (B)” following subsection
(A) and (3) the phrase “in each case” in subsection (B); and 

  

	 	(ii)	 replacing the phrase “neither the Non-Hedging Party nor the
Lending Party lends Shares” with the phrase “such Lending Party does not lend Shares” in the penultimate sentence. 

  

	 	(f)	 Section 12.9(b)(v) of the Equity Definitions is hereby amended by: 

 

	 	(i)	 adding the word “or” immediately before subsection “(B)” and deleting the comma at the end
of subsection (A); and 

  
 20 

	 	(ii)	 (1) deleting subsection (C) in its entirety, (2) deleting the word “or” immediately
preceding subsection (C), (3) deleting the penultimate sentence in its entirety and replacing it with the sentence “The Determining Party will determine the Cancellation Amount payable by one party to the other” and (4) deleting
clause (X) in the final sentence. 

  

	 	(g)	 Section 12.9(b)(vi) of the Equity Definitions is hereby amended by: 

 

	 	(i)	 adding the word “or” immediately before subsection “(B)” and deleting the comma at the end
of subsection (A); and 

  

	 	(ii)	 (1) deleting subsection (C) in its entirety, (2) deleting the word “or” immediately
preceding subsection (C) and (3) deleting the final sentence in its entirety and replacing it with the sentence “The Determining Party will determine the Cancellation Amount payable by one party to the other”. 

 

	 	(h)	 Section 12(a) of the Agreement is hereby amended by (1) deleting the phrase “or email” in
the third line thereof and (2) deleting the phrase “or that communication is delivered (or attempted) or received, as applicable, after the close of business on a Local Business Day” in the final clause thereof. 

 

	24.	 Extraordinary Dividend. If Counterparty declares any Extraordinary Dividend that
has an ex-dividend date during the period commencing on the Trade Date for any Transaction and ending on the last day of the Relevant Period or, if applicable, the later of the last day of the Settlement
Valuation Period and the last day of the Seller Termination Purchase Period, for such Transaction, then prior to or on the date on which such Extraordinary Dividend is paid by Counterparty to holders of record, Counterparty shall pay to JPMorgan,
for each Transaction under this Master Confirmation, an amount in cash equal to the product of (i) the amount of such Extraordinary Dividend and (ii) the theoretical short delta number of shares as of the opening of business on the related
ex-dividend date, as determined by the Calculation Agent, required for JPMorgan to hedge its exposure to such Transaction. 

 

	25.	 Status of Claims in Bankruptcy. JPMorgan acknowledges and agrees that neither this
Master Confirmation nor any Supplemental Confirmation is intended to convey to JPMorgan rights against Counterparty with respect to any Transaction that are senior to the claims of common stockholders of Counterparty in any United States bankruptcy
proceedings of Counterparty; provided that nothing herein shall limit or shall be deemed to limit JPMorgan’s right to pursue remedies in the event of a breach by Counterparty of its obligations and agreements with respect to any
Transaction; provided further that nothing herein shall limit or shall be deemed to limit JPMorgan’s rights in respect of any transactions other than any Transaction. 

 

	26.	 Wall Street Transparency and Accountability Act. In connection with
Section 739 of the Wall Street Transparency and Accountability Act of 2010 (“WSTAA”), the parties hereby agree that neither the enactment of WSTAA or any regulation under the WSTAA, nor any requirement under WSTAA or an
amendment made by WSTAA, nor any similar legal certainty provision in any legislation enacted, or rule or regulation promulgated, on or after the date of this Master Confirmation, shall limit or otherwise impair either party’s otherwise
applicable rights to terminate, renegotiate, modify, amend or supplement any Supplemental Confirmation, this Master Confirmation or the Agreement, as applicable, arising from a termination event, force majeure, illegality, increased costs,
regulatory change or similar event under any Supplemental Confirmation, this Master Confirmation, the Equity Definitions incorporated herein, or the Agreement (including, without limitation, rights arising from Change in Law, Loss of Stock Borrow,
Increased Cost of Stock Borrow, Hedging Disruption, Increased Cost of Hedging, or Illegality). 

  

	27.	 Communications with Employees of J.P. Morgan Securities LLC. If Counterparty
interacts with any employee of J.P. Morgan Securities LLC with respect to any Transaction, Counterparty is hereby notified that such employee will act solely as an authorized representative of JPMorgan Chase Bank, N.A. (and not as a representative
of J.P. Morgan Securities LLC) in connection with such Transaction. 

  
 21 

	28.	 Waiver of Jury Trial. EACH PARTY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING RELATING TO THE AGREEMENT, THIS MASTER CONFIRMATION, EACH SUPPLEMENTAL CONFIRMATION, THE TRANSACTIONS HEREUNDER AND ALL MATTERS ARISING IN
CONNECTION WITH THE AGREEMENT, THIS MASTER CONFIRMATION AND ANY SUPPLEMENTAL CONFIRMATION AND THE TRANSACTIONS HEREUNDER. EACH PARTY (I) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR
OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF SUCH A SUIT, ACTION OR PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER AND (II) ACKNOWLEDGES THAT IT AND THE OTHER PARTY HAVE BEEN INDUCED TO ENTER INTO THE TRANSACTIONS, AS
APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS PROVIDED HEREIN. 

  

	29.	 Counterparts. This Master Confirmation may be executed in any number of
counterparts, all of which shall constitute one and the same instrument, and any party hereto may execute this Master Confirmation by signing and delivering one or more counterparts. 

 

	30.	 Non-Confidentiality. Notwithstanding any provision in this
Master Confirmation to the contrary, in connection with Section 1.6011-4 of the Treasury Regulations, the parties hereby agree that each party (and each employee, representative, or other agent of such
party) may disclose to any and all persons, without limitation of any kind, the U.S. tax treatment and U.S. tax structure of any Transaction and all materials of any kind (including opinions or other tax analyses) that are provided to such party
relating to such U.S. tax treatment and U.S. tax structure, other than any information for which nondisclosure is reasonably necessary in order to comply with applicable securities laws. 

 

	31.	 U.S. Resolution Stay Protocol. The parties acknowledge and agree that (i) to
the extent that prior to the date hereof both parties have adhered to the 2018 ISDA U.S. Resolution Stay Protocol (the “Protocol”), the terms of the Protocol are incorporated into and form a part of the Agreement, and for such
purposes the Agreement shall be deemed a Protocol Covered Agreement, JPMorgan shall be deemed a Regulated Entity and Counterparty shall be deemed an Adhering Party; (ii) to the extent that prior to the date hereof the parties have executed a
separate agreement the effect of which is to amend the qualified financial contracts between them to conform with the requirements of the QFC Stay Rules (the “Bilateral Agreement”), the terms of the Bilateral Agreement are
incorporated into and form a part of the Agreement, and for such purposes the Agreement shall be deemed a Covered Agreement, JPMorgan shall be deemed a Covered Entity and Counterparty shall be deemed a Counterparty Entity; or (iii) if clause
(i) and clause (ii) do not apply, the terms of Section 1 and Section 2 and the related defined terms (together, the “Bilateral Terms”) of the form of bilateral template entitled “Full-Length Omnibus (for use
between U.S. G-SIBs and Corporate Groups)” published by ISDA on November 2, 2018 (currently available on the 2018 ISDA U.S. Resolution Stay Protocol page at www.isda.org and, a copy of which is
available upon request), the effect of which is to amend the qualified financial contracts between the parties thereto to conform with the requirements of the QFC Stay Rules, are hereby incorporated into and form a part of the Agreement, and for
such purposes the Agreement shall be deemed a “Covered Agreement,” JPMorgan shall be deemed a “Covered Entity” and Counterparty shall be deemed a “Counterparty Entity.” In the event that, after the date of the
Agreement, both parties hereto become adhering parties to the Protocol, the terms of the Protocol will replace the terms of this paragraph. In the event of any inconsistencies between the Agreement and the terms of the Protocol, the Bilateral
Agreement or the Bilateral Terms (each, the “QFC Stay Terms”), as applicable, the QFC Stay Terms will govern. Terms used in this paragraph without definition shall have the meanings assigned to them under the QFC Stay Rules. For
purposes of this paragraph, references to “the Agreement” include any related credit enhancements entered into between the parties or provided by one to the other. In addition, the parties agree that the terms of this paragraph shall be
incorporated into any related covered affiliate credit enhancements, with all references to JPMorgan replaced by references to the covered affiliate support provider. 

“QFC Stay Rules” means the regulations codified at 12 C.F.R. 252.2, 252.81–8, 12 C.F.R.
382.1-7 and 12 C.F.R. 47.1-8, which, subject to limited exceptions, require an express recognition of the
stay-and-transfer powers of the FDIC under the Federal Deposit Insurance Act and the Orderly Liquidation Authority under Title II of the Dodd Frank Wall Street Reform
and Consumer Protection Act and the override of default rights related directly or indirectly to the entry of an affiliate into certain insolvency proceedings and any restrictions on the transfer of any covered affiliate credit enhancements. 

  
 22 

	32.	 CARES Act. Counterparty represents and warrants that it has not applied, and
throughout the term of any Transaction shall not apply, for a loan, loan guarantee, direct loan (as that term is defined in the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”)) or other investment, or to receive
any financial assistance or relief (howsoever defined) under any program or facility that (a) is established under applicable law (whether in existence as of the Trade Date for such Transaction or subsequently enacted, adopted or amended),
including without limitation the CARES Act and the Federal Reserve Act, as amended, and (b) requires under applicable law (or any regulation, guidance, interpretation or other pronouncement thereunder), as a condition of such loan, loan
guarantee, direct loan (as that term is defined in the CARES Act), investment, financial assistance or relief, that Counterparty agree, attest, certify or warrant that it has not, as of the date specified in such condition, repurchased, or will not
repurchase, any equity security of Counterparty, and that it has not, as of the date specified in such condition, made a capital distribution or will not make a capital distribution. Counterparty further represents and warrants that the Prepayment
Amount for any Transaction is not being paid, in whole or in part, directly or indirectly, with funds received under or pursuant to any program or facility, including the U.S. Small Business Administration’s “Paycheck Protection
Program”, that (a) is established under applicable law (whether in existence as of the Trade Date for such Transaction or subsequently enacted, adopted or amended), including without limitation the CARES Act and the Federal Reserve Act, as
amended, and (b) requires under such applicable law (or any regulation, guidance, interpretation or other pronouncement of a governmental authority with jurisdiction for such program or facility) that such funds be used for specified or
enumerated purposes that do not include the purchase of Shares pursuant to any Transaction (either by specific reference thereto or by general reference to transactions with the attributes thereof in all relevant respects). 

  
 23 

 

 
  

 Please confirm that the foregoing correctly sets forth the terms of our agreement by
executing this Master Confirmation and returning it to us. 
  

			
	Very truly yours,
	
	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Brett Chalmers

	Authorized Signatory
	Name: Brett Chalmers

 Accepted and confirmed 
 as
of the date first set 
 forth above: 
  

			
	MAGNACHIP SEMICONDUCTOR CORPORATION
		
	By:	 	 /s/ Theodore S. Kim

	Authorized Signatory
	Name: Theodore S. Kim

  

  
 Master Confirmation
– Signature Page 

 

 
  

 SCHEDULE A 

FORM OF SUPPLEMENTAL CONFIRMATION 

JPMorgan Chase Bank, National Association 
 New York Branch 

383 Madison Avenue 
 New York, NY, 10179 

[__________],
20[__]                         
  

	To:	 Magnachip Semiconductor 

V-PLEX Bldg., 15th Fl. 

501, Teheran-ro, Gangnam-gu 

Seoul, 06168, Republic of Korea 

Attention: Theodore S. Kim, Chief Compliance Officer and General Counsel 

 

	Re:	 Supplemental Confirmation—Uncollared Accelerated Share Repurchase 

The purpose of this Supplemental Confirmation is to confirm the terms and conditions of the Transaction entered into between JPMorgan Chase
Bank, National Association (“JPMorgan”) and Magnachip Semiconductor Corporation, a Delaware corporation (“Counterparty”) on the Trade Date specified below. This Supplemental Confirmation is a binding contract
between JPMorgan and Counterparty as of the relevant Trade Date for the Transaction referenced below. 
 1. This Supplemental Confirmation supplements,
forms part of, and is subject to the Master Confirmation, dated as of December 21, 2021 (the “Master Confirmation”), between JPMorgan and Counterparty, as amended and supplemented from time to time. All provisions contained in
the Master Confirmation govern this Supplemental Confirmation except as expressly modified below. 
 2. The terms of the Transaction to which this
Supplemental Confirmation relates are as follows: 
  

			
	Trade Date:	  	[__________], 20[__]
		
	Forward Price Adjustment Amount:	  	USD [___]
		
	Calculation Period Start Date:	  	[__________], 20[__]
		
	Scheduled Termination Date:	  	[__________], 20[__]
		
	First Acceleration Date:	  	[__________], 20[__]
		
	Prepayment Amount:	  	USD [___]
		
	Prepayment Date:	  	[__________], 20[__]
		
	Initial Shares:	  	[___] Shares; provided that if, in connection with the Transaction, JPMorgan is unable to borrow or otherwise acquire a number of Shares equal to the Initial Shares for delivery to Counterparty on the Initial Share Delivery
Date, the Initial Shares delivered on the Initial Share Delivery Date shall be reduced to such number of Shares that JPMorgan is able to so borrow or otherwise acquire. All Shares delivered to Counterparty in respect of the Transaction pursuant to
this paragraph shall be the “Initial Shares” for purposes of “Number of Shares to be Delivered” in the Master Confirmation; and thereafter JPMorgan shall continue to
use

  
 A-1 

			
		  	commercially reasonable efforts to borrow or otherwise acquire a number of Shares, at a stock borrow cost no greater than the Initial Stock Loan Rate, equal to the shortfall in the Initial Share Delivery and to deliver such
additional Shares to Counterparty as soon as reasonably practicable (it being understood, for the avoidance of doubt, that in using such commercially reasonable efforts JPMorgan shall act in good faith and in accordance with its then current
policies and procedures (including without limitation any policies, practices or procedures relating to counterparty risk, market risk, reputational risk, credit, documentation, legal, regulatory capital, compliance and collateral), and shall not be
required to enter into any securities lending transaction or transact with any potential securities lender if such transaction would not be in accordance with such policies, practices and procedures) as long as such policies or procedures are
generally applicable in similar situations and applied in a non-discriminatory manner. For the avoidance of doubt, the aggregate of all shares delivered to Counterparty in respect of the Transaction pursuant
to this paragraph shall be the “number of Initial Shares” for purposes of “Number of Shares to be Delivered” in the Master Confirmation.
		
	Initial Share Delivery Date:	  	[__________], 20[__]
		
	Maximum Stock Loan Rate:	  	[__] basis points per annum
		
	Initial Stock Loan Rate:	  	[__] basis points per annum
		
	Maximum Number of Shares:	  	[___]1 Shares
		
	Floor Price:	  	USD 0.01 per Share
		
	Contract Fee:	  	USD [___]
		
	Termination Price:	  	USD [___] per Share
		
	Additional Relevant Days:	  	The [___] Exchange Business Days immediately following the Calculation Period.
		
	Reserved Shares:	  	Notwithstanding anything to the contrary in the Master Confirmation, as of the date of this Supplemental Confirmation, the Reserved Shares shall be equal to [___] Shares.
		
	Designated OMR Threshold:	  	[ ]% of the ADTV (as defined in Rule 10b-18(a)(1))

 3. Counterparty represents and warrants to JPMorgan that neither it nor any “affiliated purchaser” (as defined in
Rule 10b-18 under the Exchange Act) has made any purchases of blocks pursuant to the proviso in Rule 10b-18(b)(4) under the Exchange Act during either (i) the four
full calendar weeks immediately preceding the Trade Date or (ii) during the calendar week in which the Trade Date occurs, except as set forth in any notice delivered pursuant to Section 6(b)(xv) of the Master Confirmation. 

 

	1 	 To be approximately 50% of the total number of Shares outstanding on the Trade Date. 

  
 A-2 

 4. This Supplemental Confirmation may be executed in any number of counterparts, all of which shall
constitute one and the same instrument, and any party hereto may execute this Supplemental Confirmation by signing and delivering one or more counterparts. 

  
 A-3 

 

 
  

 Please confirm that the foregoing correctly sets forth the terms of our agreement by
executing this Supplemental Confirmation and returning it to us. 
  

			
	Very truly yours,
	
	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION
		
	By:	 	
                 

	Authorized Signatory
	Name:

 Accepted and confirmed 
 as
of the Trade Date: 
  

			
	MAGNACHIP SEMICONDUCTOR CORPORATION
		
	By:	 	
                 

	Authorized Signatory
	Name:

  
 A-4 

 SCHEDULE B 

FORM OF CERTIFICATE OF RULE 10B-18 PURCHASES 

[Letterhead of Counterparty] 
 JPMorgan Chase
Bank, National Association 
 New York Branch 
 383 Madison
Avenue 
 New York, NY, 10179 
 Re: Uncollared Accelerated
Share Repurchase 
 Ladies and Gentlemen: 
 In
connection with our entry into the Master Confirmation, dated as of December 21, 2021, between JPMorgan Chase Bank, National Association and Magnachip Semiconductor Corporation, a Delaware corporation, as amended and supplemented from time to
time (the “Master Confirmation”) and the Supplemental Confirmation thereto, dated as of [__________], 20[__], we hereby represent that set forth below is the total number of shares of our common stock purchased by or for us or any
of our affiliated purchasers in Rule 10b-18 purchases of blocks (all as defined in Rule 10b-18 under the Securities Exchange Act of 1934) pursuant to the once-a-week block exception set forth in Rule 10b-18(b)(4) during the four full calendar weeks immediately preceding the first day of
the [Calculation Period][Settlement Valuation Period][Seller Termination Purchase Period] (as defined in the Master Confirmation) and the week during which the first day of such [Calculation Period][Settlement Valuation Period][Seller Termination
Purchase Period] occurs. 
 Number of Shares:    __________________ 

We understand that you will use this information in calculating trading volume for purposes of Rule 10b-18. 

Very truly yours, 
  

			
	MAGNACHIP SEMICONDUCTOR CORPORATION
		
	By:	 	
                     
    

	Authorized Signatory
	Name:

  
 B-1 

 ANNEX A 

COUNTERPARTY SETTLEMENT PROVISIONS 

1. The following Counterparty Settlement Provisions shall apply to any Transaction to the extent indicated under the Master Confirmation: 

 

			
	Settlement Currency:	  	USD
		
	Settlement Method Election:	  	Applicable; provided that (i) Section 7.1 of the Equity Definitions is hereby amended by deleting the word “Physical” in the sixth line thereof and replacing it with the words “Net Share” and
(ii) the Electing Party may make a settlement method election only if the Electing Party represents and warrants to JPMorgan in writing on the date it notifies JPMorgan of its election that, as of such date, the Electing Party is not aware of
any material non-public information regarding Counterparty or the Shares and is electing the settlement method in good faith and not as part of a plan or scheme to evade compliance with the federal securities
laws.
		
	Electing Party:	  	Counterparty
		
	Settlement Method Election Date:	  	The earlier of (i) the Scheduled Termination Date and (ii) the second Exchange Business Day immediately following the Accelerated Termination Date (in which case the election under Section 7.1 of the Equity
Definitions shall be made no later than 10 minutes prior to the open of trading on the Exchange on such second Exchange Business Day), as the case may be.
		
	Default Settlement Method:	  	Cash Settlement
		
	Forward Cash Settlement Amount:	  	An amount equal to (a) the Number of Shares to be Delivered, multiplied by (b) the Settlement Price.
		
	Settlement Price:	  	An amount equal to the average of the VWAP Prices for the Exchange Business Days in the Settlement Valuation Period, subject to Valuation Disruption as specified in the Master Confirmation.
		
	Settlement Valuation Period:	  	A number of Scheduled Trading Days selected by JPMorgan in its reasonable discretion, based on the number of Scheduled Trading Days that would be appropriate to unwind a commercially reasonable hedge position as determined by
JPMorgan, beginning on the Scheduled Trading Day immediately following the earlier of (i) the Scheduled Termination Date or (ii) the Exchange Business Day immediately following the Termination Date.
		
	Cash Settlement:	  	If Cash Settlement is applicable, then Buyer shall pay to JPMorgan the absolute value of the Forward Cash Settlement Amount on the Cash Settlement Payment Date.
		
	Cash Settlement Payment Date:	  	The Exchange Business Day immediately following the last day of the Settlement Valuation Period.

  
 Annex A-1 

			
	Net Share Settlement Procedures:	  	If Net Share Settlement is applicable, Net Share Settlement shall be made in accordance with paragraphs 2 through 7 below.

 2. Net Share Settlement shall be made by delivery on the Cash Settlement Payment Date of a number of Shares
satisfying the conditions set forth in paragraph 3 below (the “Registered Settlement Shares”), or a number of Shares not satisfying such conditions (the “Unregistered Settlement Shares”), in either case with a value
equal to the absolute value of the Forward Cash Settlement Amount, with such Shares’ value based on the value thereof to JPMorgan (which value shall, in the case of Unregistered Settlement Shares, take into account a commercially reasonable
illiquidity discount, which discount shall only take into account the illiquidity resulting from the fact that the Unregistered Settlement Shares will not be registered for resale and any commercially reasonable fees and expenses of JPMorgan (and
any affiliate thereof) in connection with any resale of such Shares), in each case as determined by the Calculation Agent. If all of the conditions for delivery of either Registered Settlement Shares or Unregistered Settlement Shares have not been
satisfied, Cash Settlement shall be applicable in accordance with paragraph 1 notwithstanding Counterparty’s election of Net Share Settlement. 

3. Counterparty may only deliver Registered Settlement Shares pursuant to paragraph 2 above if: 

(a) a registration statement covering public resale of the Registered Settlement Shares by JPMorgan (the “Registration
Statement”) shall have been filed with the Securities and Exchange Commission under the Securities Act and been declared or otherwise become effective on or prior to the date of delivery, and no stop order shall be in effect with respect to
the Registration Statement; a printed prospectus relating to the Registered Settlement Shares (including, without limitation, any prospectus supplement thereto, the “Prospectus”) shall have been delivered to JPMorgan, in such
quantities as JPMorgan shall reasonably have requested, on or prior to the date of delivery; 
 (b) the form and content of the Registration
Statement and the Prospectus (including, without limitation, any sections describing the plan of distribution) shall be satisfactory to JPMorgan; 

(c) as of or prior to the date of delivery, JPMorgan and its agents shall have been afforded a reasonable opportunity to conduct a due
diligence investigation with respect to Counterparty customary in scope for underwritten offerings of equity securities by issuers of similar size in a similar industry and the results of such investigation are satisfactory to JPMorgan, in its
discretion; and 
 (d) as of the date of delivery, an agreement (the “Underwriting Agreement”) shall have been entered into
with JPMorgan in connection with the public resale of the Registered Settlement Shares by JPMorgan substantially similar to underwriting agreements customary for underwritten offerings of equity securities by issuers of similar size in a similar
industry, in form and substance satisfactory to JPMorgan, which Underwriting Agreement shall include, without limitation, provisions substantially similar to those contained in such underwriting agreements relating, without limitation, to the
indemnification of, and contribution in connection with the liability of, JPMorgan and its Affiliates and the provision of customary opinions, accountants’ comfort letters and lawyers’ negative assurance letters. 

4. If Counterparty delivers Unregistered Settlement Shares pursuant to paragraph 2 above: 

(a) all Unregistered Settlement Shares shall be delivered to JPMorgan (or any Affiliate of JPMorgan designated by JPMorgan) pursuant to the
exemption from the registration requirements of the Securities Act provided by Section 4(a)(2) thereof; 
 (b) as of or prior to the
date of delivery, JPMorgan and any potential purchaser of any such shares from JPMorgan (or any Affiliate of JPMorgan designated by JPMorgan) identified by JPMorgan shall be afforded a commercially reasonable opportunity to conduct a due diligence
investigation with respect to Counterparty customary in scope for private placements of equity securities by issuers of similar size in a similar industry (including, without limitation, the right to have made available to them for inspection all
financial and other records, pertinent corporate documents and other information reasonably requested by them); provided that any such potential purchaser may be required by Counterparty to enter into a customary non-disclosure agreement with Counterparty in respect of such due diligence investigation; 

  
 Annex A-2 

 (c) as of the date of delivery, Counterparty shall enter into an agreement (a
“Private Placement Agreement”) with JPMorgan (or any Affiliate of JPMorgan designated by JPMorgan) in connection with the private placement of such shares by Counterparty to JPMorgan (or any such Affiliate) and the private resale of
such shares by JPMorgan (or any such Affiliate), substantially similar to private placement purchase agreements customary for private placements of equity securities, in form and substance commercially reasonably satisfactory to JPMorgan, which
Private Placement Agreement shall include, without limitation, provisions substantially similar to those contained in such private placement purchase agreements relating, without limitation, to the indemnification of, and contribution in connection
with the liability of, JPMorgan and its Affiliates and the provision of customary opinions, accountants’ comfort letters and lawyers’ negative assurance letters, and shall provide for the payment by Counterparty of all reasonable fees and
actual documented out-of-pocket expenses of JPMorgan (and any such Affiliate) in connection with such resale, including, without limitation, all fees and expenses of
counsel for JPMorgan, and shall contain representations, warranties, covenants and agreements of Counterparty reasonably necessary or advisable to establish and maintain the availability of an exemption from the registration requirements of the
Securities Act for such resales; and 
 (d) in connection with the private placement of such shares by Counterparty to JPMorgan (or any such
Affiliate) and the private resale of such shares by JPMorgan (or any such Affiliate), Counterparty shall, if so requested by JPMorgan, prepare, in cooperation with JPMorgan, a private placement memorandum in form and substance reasonably
satisfactory to JPMorgan and customary for private placements of equity securities of similar companies. 
 5. JPMorgan, itself or through an
Affiliate (the “Selling Agent”) or any underwriter(s), will sell all, or such lesser portion as may be required hereunder, of the Registered Settlement Shares or Unregistered Settlement Shares and any Makewhole Shares (as defined
below) (together, the “Settlement Shares”) delivered by Counterparty to JPMorgan pursuant to paragraph 6 below commencing on the Cash Settlement Payment Date and continuing until the date on which the aggregate Net Proceeds (as such
term is defined below) of such sales, as determined by JPMorgan, is equal to the absolute value of the Forward Cash Settlement Amount (such date, the “Final Resale Date”). If the proceeds of any sale(s) made by JPMorgan, the Selling
Agent or any underwriter(s), net of any fees and commissions (including, without limitation, underwriting or placement fees) customary for similar transactions by issuers of similar size in a similar industry under the circumstances at the time of
the offering, together with carrying charges and expenses incurred in connection with the offer and sale of the Shares (including, without limitation, the covering of any over-allotment or short position (syndicate or otherwise)) (the “Net
Proceeds”) exceed the absolute value of the Forward Cash Settlement Amount, JPMorgan will refund, in USD, such excess to Counterparty on the date that is three (3) Currency Business Days following the Final Resale Date, and, if any
portion of the Settlement Shares remains unsold, JPMorgan shall return to Counterparty on that date such unsold Shares. 
 6. If the
Calculation Agent determines that the Net Proceeds received from the sale of the Registered Settlement Shares or Unregistered Settlement Shares or any Makewhole Shares, if any, pursuant to this paragraph 6 are less than the absolute value of the
Forward Cash Settlement Amount (the amount in USD by which the Net Proceeds are less than the absolute value of the Forward Cash Settlement Amount being the “Shortfall” and the date on which such determination is made, the
“Deficiency Determination Date”), Counterparty shall on the Exchange Business Day next succeeding the Deficiency Determination Date (the “Makewhole Notice Date”) deliver to JPMorgan, through the Selling Agent, a
notice of Counterparty’s election that Counterparty shall either (i) pay an amount in cash equal to the Shortfall on the day that is one Currency Business Day after the Makewhole Notice Date, or (ii) deliver additional Shares. If
Counterparty elects to deliver to JPMorgan additional Shares, then Counterparty shall deliver additional Shares in compliance with the terms and conditions of paragraph 3 or paragraph 4 above, as the case may be (the “Makewhole
Shares”), on the first Clearance System Business Day which is also an Exchange Business Day following the Makewhole Notice Date in such number as the Calculation Agent reasonably believes would have a market value on that Exchange Business
Day equal to the Shortfall. Such Makewhole Shares shall be sold by JPMorgan in accordance with the provisions above; provided that if the sum of the Net Proceeds from the sale of the originally delivered Shares and the Net Proceeds from the
sale of any Makewhole Shares is less than the absolute value of the Forward Cash Settlement Amount then Counterparty shall, at its election, either make such cash payment or deliver to JPMorgan further Makewhole Shares until such Shortfall has been
reduced to zero. 

  
 Annex A-3 

 7. Notwithstanding the foregoing, in no event shall the aggregate number of Settlement
Shares for any Transaction be greater than the Reserved Shares minus the amount of any Shares actually delivered by Counterparty under any other Transaction under this Master Confirmation (the result of such calculation, the “Capped
Number”). Counterparty represents and warrants (which shall be deemed to be repeated on each day that a Transaction is outstanding) that the Capped Number is equal to or less than the number of Shares determined according to the following
formula: 
 A – B 
  

					
	Where	 	A =	  	the number of authorized but unissued shares of Counterparty that are not reserved for future issuance on the date of the determination of the Capped Number; and
		 	B =	  	the maximum number of Shares required to be delivered to third parties if Counterparty elected Net Share Settlement of all transactions in the Shares (other than Transactions in the Shares under this Master Confirmation) with all
third parties that are then currently outstanding and unexercised.

 “Reserved Shares” means initially, 5,920,000 Shares. The Reserved Shares may be
increased or decreased in a Supplemental Confirmation. 
 If at any time, as a result of this paragraph 7, Counterparty fails to deliver to
JPMorgan any Settlement Shares, Counterparty shall, to the extent that Counterparty has at such time authorized but unissued Shares not reserved for other purposes, promptly notify JPMorgan thereof and deliver to JPMorgan a number of Shares not
previously delivered as a result of this paragraph 7. Counterparty agrees to use its best efforts to cause the number of authorized but unissued Shares to be increased, if necessary, to an amount sufficient to permit Counterparty to fulfill its
obligation to deliver any Settlement Shares. 

  
 Annex A-4 

 ANNEX B 

COMMUNICATIONS PROCEDURES 

December 21, 2021                    

  

	 	I.	 Introduction 

Magnachip Semiconductor Corporation (“Counterparty”) and JPMorgan Chase Bank, National Association
(“JPMorgan”) have adopted these communications procedures (the “Communications Procedures”) in connection with entering into the Master Confirmation (the “Master Confirmation”), dated as of
December 21, 2021, between JPMorgan and Counterparty relating to Uncollared Accelerated Share Repurchase transactions. These Communications Procedures supplement, form part of, and are subject to the Master Confirmation. 

 

	 	II.	 Communications Rules 

For each Transaction, from the Trade Date for such Transaction until the date all payments or deliveries of Shares have been made with respect
to such Transaction, Counterparty and its Employees and Designees shall not engage in any Program-Related Communication with, or disclose any Material Non-Public Information to, any EDG Trading Personnel.
Except as set forth in the preceding sentence, the Master Confirmation shall not limit Counterparty and its Employees and Designees in their communication with Affiliates and Employees of JPMorgan, including, without limitation, Employees who are
EDG Permitted Contacts. 
  

	 	III.	 Termination 

If, in the sole judgment of any EDG Trading Personnel or any Affiliate or Employee of JPMorgan participating in any Communication with
Counterparty or any Employee or Designee of Counterparty, such Communication would not be permitted by these Communications Procedures, such EDG Trading Personnel or Affiliate or Employee of JPMorgan shall immediately terminate such Communication.
In such case, or if such EDG Trading Personnel or Affiliate or Employee of JPMorgan determines following completion of any Communication with Counterparty or any Employee or Designee of Counterparty that such Communication was not permitted by these
Communications Procedures, such EDG Trading Personnel or such Affiliate or Employee of JPMorgan shall promptly consult with his or her supervisors and with counsel for JPMorgan regarding such Communication. If, in the reasonable judgment of
JPMorgan’s counsel following such consultation, there is a more than insignificant risk that such Communication could materially jeopardize the availability of the affirmative defenses provided in Rule
10b5-1 under the Exchange Act with respect to any ongoing or contemplated activities of JPMorgan or its Affiliates in respect of any Transaction pursuant to the Master Confirmation, it shall be an Additional
Termination Event pursuant to Section 19(a) of the Master Confirmation, with Counterparty as the sole Affected Party and all Transactions under the Master Confirmation as Affected Transactions. 

 

	 	IV.	 Definitions 

Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to them in the Master Confirmation. As used herein,
the following words and phrases shall have the following meanings: 
 “Communication” means any contact or communication
(whether written, electronic, oral or otherwise) between Counterparty or any of its Employees or Designees, on the one hand, and JPMorgan or any of its Affiliates or Employees, on the other hand. 

“Designee” means a person designated, in writing or orally, by Counterparty to communicate with JPMorgan on behalf of
Counterparty. 
 “EDG Permitted Contact” means any of Mr. David Aidelson, Mr. Elliot Chalom, Ms. Yana
Chernobilsky, Mr. Ganaraj S. Hegde, Mr. Noah L. Wynkoop, Mr. Brett Chalmers and Mr. Sanjeet Dewal or any of their designees; provided that JPMorgan may amend the list of EDG Permitted Contacts by delivering a
revised list of EDG Permitted Contacts to Counterparty. 

  
 Annex B-1 

 “EDG Trading Personnel” means Mr. Derek Brown, Mr. Michael
Captain, Mr. Spyros Kallipolitis, Ms. Alexandra Molino, Mr. Michael Tatro and any other Employee of the public side of the Equity Derivatives Group of JPMorgan Chase & Co.; provided that JPMorgan may amend the list of
EDG Trading Personnel by delivering a revised list of EDG Trading Personnel to Counterparty; and provided further that, for the avoidance of doubt, the persons listed as EDG Permitted Contacts are not EDG Trading Personnel. 

“Employee” means, with respect to any entity, any owner, principal, officer, director, employee or other agent or
representative of such entity, and any Affiliate of any of such owner, principal, officer, director, employee, agent or representative. 

“Material Non-Public Information” means information relating to Counterparty or the
Shares that (a) has not been widely disseminated by wire service, in one or more newspapers of general circulation, by communication from Counterparty to its shareholders or in a press release, or contained in a public filing made by
Counterparty with the Securities and Exchange Commission and (b) a reasonable investor might consider to be of importance in making an investment decision to buy, sell or hold Shares. For the avoidance of doubt and solely by way of
illustration, information should be presumed “material” if it relates to such matters as dividend increases or decreases, earnings estimates, changes in previously released earnings estimates, significant expansion or curtailment of
operations, a significant increase or decline of orders, significant merger or acquisition proposals or agreements, significant new products or discoveries, extraordinary borrowing, major litigation, major liquidity problems, extraordinary
management developments, or purchase or sale of substantial assets and similar matters. 
 “Program-Related Communication”
means any Communication the subject matter of which relates to the Master Confirmation or any Transaction under the Master Confirmation or any activities of JPMorgan (or any of its Affiliates) in respect of the Master Confirmation or any Transaction
under the Master Confirmation. 

  
 Annex B-2Exhibit 10.1

 

construction

LOAN AGREEMENT

 

THIS CONSTRUCTION LOAN AGREEMENT
(this “Loan Agreement”) is made and entered into as of this 22nd day of December, 2021, by and between _________,
LLC, a Delaware limited liability company (“Borrower”), and ____________, LLC, a Delaware limited
liability company (“Lender”).

 

W I T N E s S E T
H :

 

WHEREAS, Borrower desires
financing on certain land located in Middleton, Dane County, Wisconsin, more particularly described in Exhibit “A”
attached hereto and by this reference made a part hereof (“Land”) and the improvements located thereon (the
“Improvements”) (together with the Land and the Improvements, the “Property”) for
a loan of up to ____________ AND NO/100 DOLLARS ($____________) (the “Loan”);

 

WHEREAS, in order to make
the Loan to Borrower, Lender enters into this Loan Agreement with Borrower for the purposes herein contained;

 

WHEREAS, the Loan made hereunder
is secured in part by a first priority security interest in the Property and other collateral as set forth in the Security Instrument
(as hereinafter defined) (collectively, the “Secured Property”); and

 

WHEREAS, certain obligations
of Borrower under the Loan are guaranteed, jointly and severally, by AULT ALLIANCE, INC., a Delaware corporation, and JOSHUA
CASPI, an individual resident of the State of Connecticut (collectively and individually, the “Guarantor”);

 

WHEREAS, concurrently with
this Loan, ____________, LLC, a Delaware limited liability company, and affiliate of Lender (“Lender B”),
has made a loan in an amount up to ____________AND NO/100 DOLLARS ($____________) (“Loan B”) to
____________, LLC, a Delaware limited liability company (“Borrower B”), pursuant to that certain Construction
Loan Agreement dated of even date herewith, by and between Borrower B and Lender B (the “Loan B Loan Agreement”).
Loan B is secured pursuant to a security instrument (the “Loan B Security Instrument”) by certain land located
in ____________, having an address of ____________, and more particularly described in that certain the Loan B Loan Agreement,
and the improvements located thereon, including a ____________ (“Loan B Secured Property”). The Loan
B Loan Agreement and the documents described in Section 3.1(a) of the Loan B Loan Agreement are the “Loan A Documents”);
and

 

WHEREAS, concurrently with
this Loan, ____________, LLC, a Delaware limited liability company, and affiliate of Lender (“Lender C”),
has made a loan in an amount up to ____________ AND NO/100 DOLLARS ($____________) (“Loan C”)
to ____________, LLC, a Delaware limited liability company (“Borrower C”), pursuant to that certain Construction
Loan Agreement dated of even date herewith, by and between Borrower C and Lender C (the “Loan C Loan Agreement”).
Loan C is secured pursuant to a security instrument (the “Loan C Security Instrument”) by certain land located
in ____________, having an address of ____________, and more particularly described in the Loan C Loan Agreement, and the
improvements located thereon, including a ____________ (“Loan C Secured Property”). The Loan C Loan Agreement
and the documents described in Section 3.1(a) of the Loan C Loan Agreement are the “Loan C Documents”);
and

 

    	 	1	 

    	 

    

 

WHEREAS, concurrently with
this Loan, ____________, LLC, a Delaware limited liability company, and affiliate of Lender (“Lender D”;
Lender, Lender B, Lender C and Lender D, collectively, “Lender Group”), has made a loan in an amount up to ____________
AND NO/100 DOLLARS ($____________) (“Loan D”; this Loan, Loan B, Loan C and Loan D, collectively,
the “Aggregate Loan”) to ____________, LLC, a Delaware limited liability company (“Borrower
D”; Borrower, Borrower B, Borrower C and Borrower D, collectively, “Borrower Group”), pursuant
to that certain Loan Agreement dated of even date herewith, by and between Borrower D and Lender D (the “Loan D Loan Agreement”).
Loan D is secured pursuant to a security instrument (the “Loan D Security Instrument”; the Security Instrument,
the Loan B Security Instrument, Loan C Security Instrument and the Loan D Security Instrument, collectively, the “Aggregate
Security Instruments”) by certain land located in ____________, having an address of ____________, and more
particularly described in the Loan D Loan Agreement and the improvements located thereon, including the ____________ (“Loan
D Secured Property”). The Loan D Loan Agreement and the documents described in Section 3.1(a) of the Loan D Loan
Agreement are the “Loan D Documents”; the Loan Documents (as defined herein), the Loan B Documents, the Loan
C Documents and the Loan D Documents, collectively, the “Aggregate Loan Documents”).

 

NOW, THEREFORE, for and in
consideration of the covenants contained herein, the sum of Ten Dollars ($10.00) and other good and valuable consideration the receipt
and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

ARTICLE I

TERMS AND CONDITIONS

 

In addition to the other terms
hereinafter defined, the following terms shall have the meanings set forth in this Article I.

 

1.1       Architect .
The architect hired by Borrower with respect to the construction of the Improvements.

 

1.2       Architect’s
Contract . That certain contract for architectural services between Borrower and Architect related to the Property.

 

1.3       Closing Date .
The first date on which all of the conditions set forth in Section 3.1 have been satisfied or waived by Lender.

 

1.4       Completion Date .
Eighteen (18) months from the date hereof.

 

1.5       Contractor.
The contractor hired by Borrower and approved by Lender with respect to the construction of the Work.

 

1.6       Contractor’s
Agreement. That certain contractor’s agreement between Contractor and Borrower relating to the Work.

 

    	 	2	 

    	 

    

 

1.7       Cost Breakdown .
The document detailing the costs associated with the Work, a copy of which is attached hereto as Exhibit “C”.

 

1.8       Draw Request .
As defined in Article VI hereof.

 

1.9       Engineer.
The engineer hired by Borrower with respect to the construction of the Improvements.

 

1.10       Engineer’s
Agreement. That certain contract for engineering services between Borrower and Engineer related to the Property.

 

1.10       Environmental
Laws . As defined in the Indemnity Agreement.

 

1.11       Event
of Default . As defined in Article VII hereof.

 

1.12       Franchise
Agreement. That certain ____________ Franchise Agreement dated on or about the date hereof, between, ____________
a Delaware ____________ (the “Franchisor”) and Borrower, as amended.

 

1.13       Gross
Hotel Revenues. The total amount of all income and receipts whatsoever received by Borrower or its agents from the use and operation
of the Property.

 

1.14       Inspecting
Engineer . The party designated by Lender from time to time.

 

1.15       Management
Agreement. That certain Management Agreement by and between Borrower and ____________, a ____________
limited liability company (“Manager”), dated on or about the date hereof.

 

1.16       Minor
Deviations. Minor deviations from the Plans that do not materially affect the aesthetics or functionality of the Property and result
from workmanship that is within normal construction tolerances for high quality hospitality buildings recently built by skilled, experienced
and reputable contractors, and are in compliance with applicable law and are in compliance with the Franchise Agreement. By way of example,
and not limitation, variations in the placement, but not the type or number, of electrical outlets, and variations in the location of
interior walls by a few inches that do not adversely affect the mechanical systems or floor plan are Minor Deviations.

 

1.17       Permitted
Transfer. A Permitted Transfer shall mean any of the following:

 

(a)       The
transfer by any member of Borrower of its membership interest in Borrower, in whole or in part, to a Person that is owned or controlled
by, is under common ownership and control with or owns and controls the original member; provided that such transfer does not result in
a change in control of Borrower;

 

(b)       The
transfer constitutes a Permitted Encumbrance at the time such Transfer occurs;

 

(c)       Leases
in the ordinary course of Borrower’s business;

 

    	 	3	 

    	 

    

 

(d)        Exercise
of any rights by Franchisor pursuant to the Franchise Agreement;

 

(e)       The
sale or disposition of equipment that is worn out, undesirable, obsolete, disused, or unnecessary for use in the operation of the Property
upon replacing the same by, or substituting for the same (unless no longer necessary), other equipment not necessarily of the same character,
but of at least equal utility to Borrower, which shall forth-with become, without further action, subject to the lien and security interest
of the Security Instrument;

 

(f)       The
grant of an easement, covenants, conditions and restrictions if the easement shall not materially affect the value of the Property, the
operation of the Property or Lender's interest in the Property, or violate the terms of the Franchise Agreement;

 

(g)       The
transfer of any membership interests of Borrower in one or a series of transactions by which an aggregate of less than forty-nine percent
(49%) of such membership interests shall be vested in a party or parties who are not now interest holders; provided that such transfer
does not result in a change in control of Borrower;

 

(h)       Any
involuntary transfer caused by the death or legal incapacity of any individual; and

 

(i)        Transfers
for estate planning purposes of any individual’s direct or indirect interests in any entity to the spouse or any lineal descendant
(which includes natural or adopted issue, siblings and parents) of such individual, or to a trust for the benefit of any one or more of
such individual, spouse or lineal descendant.

 

(j)       The
successor of BitNile Holdings, Inc. as Ault Alliance, Inc.’s sole shareholder.

 

(k)       The
transfer of Ault Alliance, Inc.’s membership interests in Agree Madison, LLC to AGREE, Inc., a wholly owned subsidiary of Ault Alliance,
Inc., subject to Lender’s successful underwriting and search of AGREE, Inc., as providing in the following paragraph.

 

Notwithstanding the foregoing,
if any transfer (individually or in the aggregate) permitted hereunder (excluding any transfer of an interest in subsections (h) or (i)
above) results in any single entity or individual obtaining direct or indirect ownership in Borrower in an amount equal to or greater
than 20%, then prior to such transfer, Lender shall have the right to conduct a background search, including any OFAC-related search,
and require delivery of any information (including, without limitation, driver’s licenses, passports, and social security numbers),
necessary to determine if such entity or individual is reasonably acceptable to Lender. If Lender determines that such entity or individual
obtaining direct or indirect ownership in Borrower is not reasonably acceptable, then such transfer shall not be permitted.

 

    	 	4	 

    	 

    

 

1.18       Person.
Any individual, corporation, partnership, joint venture, association, trust, unincorporated organization, and any governmental authority.

 

1.19       Plans.
The plans and specifications for the construction of the Work described in the Contractor’s Agreement and more particularly described
on Exhibit “B” attached hereto and by this reference incorporated herein.

 

1.20       Project
Documents . Collectively, the Contractor’s Agreement, the Architect’s Agreement, the Engineer’s Agreement,
the Plans and all other documents related to the Work.

 

1.21       REA.
Collectively, that certain Declaration of Reciprocal Easements, Covenants and Restrictions recorded on ____________.

 

1.22       Requirement.
Any law, ordinance, order, rule or regulation pertaining to the use, development and operation of the Property and issued by the United
States, the state in which the Property is situated, and/or any political subdivision thereof and/or any agency, department, commission,
board, bureau or instrumentality of any of them, including but not limited to the Environmental Laws, applicable zoning laws, and the
Flood Disaster Protection Act of 1973 (42 U.S.C. §4001).

 

1.23       Single
Purpose Entity. A corporation, limited partnership, or limited liability company which, at all times since its formation and thereafter
satisfies the requirements of Section 4.21.

 

1.24       SPE
Equity Owner. The Single Purpose Entity that is (a) the general partner of Borrower, if Borrower is a limited partnership or (b) the
managing member of Borrower if Borrower is a limited liability company.

 

1.25       Work.
The work described in the Cost Breakdown and in the Plans.

 

ARTICLE II

AMOUNT AND
TERMS OF LOAN

 

2.1       Recitals.
Each of the above recitals are hereby incorporated into and made a part of this Loan Agreement by this reference.

 

2.2       Commitment
to Lend the Loan Proceeds. Subject to the terms and conditions set forth
in this Loan Agreement, Lender agrees to lend to Borrower on the Closing Date the Loan, with an initial advance of ____________
AND NO/100 DOLLARS ($____________)
made from Lender to Borrower on the Closing Date pursuant to a loan closing statement executed by Borrower and approved by Lender for
the purposes of acquiring the Land and existing Improvements, and the remaining amount of the Loan (the “Development Reserve”)
to be advanced from Lender to Borrower thereafter and in accordance with Section 3.2 for the purpose of completing the Work.

 

2.3       Loan
and Note. The Loan is evidenced by that certain Real Estate Note dated as of the date hereof in the original principal amount of ____________
AND NO/100 DOLLARS ($____________) from Borrower to Lender (the “Note”) and having a maturity
date of January 1, 2025 (the “Maturity Date”).

 

    	 	5	 

    	 

    

 

ARTICLE III

CONDITIONS
OF LENDING

 

3.1       Conditions
Precedent To The Loan.

 

(a)       Loan
Documents. As a condition precedent to Lender making the Loan, Borrower and Guarantor, as applicable, shall deliver to or for the
benefit of Lender, as applicable, on or before the date of the Loan closing, the following, in form and substance satisfactory to Lender
(collectively, the “Loan Documents”) Subject to Section 5.25(c) of this Loan Agreement, Lender’s
making the Loan shall be evidence of Borrower’s and Guarantor’s delivery of the same to Lender’s satisfaction or Lender’s
waiver of such requirement:

 

(i)       The
Note;

 

(ii)       The
Construction Mortgage, Assignment of Rents and Leases, Security Agreement and Fixture Filing (the “Security Instrument”);

 

(iii)       The
Assignment of Project Documents made by Borrower in favor of Lender (the “Secured Property Assignment”);

 

(iv)        The
Construction Completion Guaranty from Borrower and Guarantor (the “Completion Guaranty”);

 

(v)       UCC
Financing Statements;

 

(vi)       Evidence
satisfactory to Lender of ownership of the Secured Property by Borrower free and clear of encumbrances of any kind, except for the Permitted
Encumbrances (as defined in the Security Instrument);

 

(vii)       The
Assignment of Leases, Rents and Profits;

 

(viii)       The
Indemnity Agreement Regarding Hazardous Materials from Borrower and Guarantor (the “Indemnity Agreement”);

 

(viii)        The
Guaranty from Guarantor (together with the Completion Guaranty and Indemnity Agreement, the “Guaranty”);

 

(ix)       The
Assignment and Subordination of Management Agreement;

 

(x)       The
Assignment of Licenses, Permits and Contracts; and

 

(xi)       Such
other documents executed in connection with the Loan as reasonably may be required by Lender or Lender's counsel.

 

(b)       Borrower’s
Authorization. Borrower shall have provided (1) copies of Borrower’s articles of organization and operating agreement and certificates
of good standing in all applicable jurisdictions, and (2) properly certified resolutions or consents duly authorizing the execution and
delivery of this Loan Agreement, the Note and the documents described in Section 3.1(a) above (collectively, the “Loan
Documents”). In addition, Borrower shall have provided such other resolutions, authorizations, opinions of counsel, documents
and instruments as Lender or its counsel, may require.

 

    	 	6	 

    	 

    

 

(c)       Title
Insurance. A paid title insurance policy or marked commitment or proforma policy in form and content, and with a company reasonably
acceptable to Lender, insuring that the Loan Documents constitute a valid first security title in the Property, free and clear of all
defects and encumbrances except for Permitted Encumbrances, including without limitation the following:

 

(i)       full
coverage against liens of mechanics, materialmen, laborers and any other parties who might claim statutory or common law liens;

 

(ii)       no
survey exceptions other than those theretofore approved by Lender and Lender's counsel; and

 

(iii)       a
“pending disbursement clause” in form and substance reasonably satisfactory to Lender's counsel;

 

(d)       Survey.
Borrower shall have delivered a survey of the Land dated on or before the Closing Date that complies with ALTA requirements and is certified
to Lender and the title company.

 

(e)       Insurance
Policies. Borrower shall have delivered current evidence of insurance for the Property as required under the Security Instrument.

 

(f)       Environmental
Report. Lender shall have received a current Phase I Environmental Site Assessment certified to Lender.

 

(g)       Soil
Report. If requested by Lender, Borrower shall have furnished to Lender a survey of recent date, prepared by a registered engineer
satisfactory to Lender stating that the Land is free from soil or other geologic conditions that would preclude its use or development
as contemplated without extra expense for precautionary, corrective or remedial measures.

 

(h)       Zoning.
Lender shall have received evidence satisfactory to Lender that the Land is duly and validly zoned for the construction, maintenance,
and operation of the Improvements in accordance with the Plans and the intended use thereof as a hotel;

 

(i)       Appraisal.
Lender shall have received an MAI appraisal in form and substance satisfactory to Lender.

 

(j)       Property
Condition Report. Lender shall have received a Property Conditions Assessment Report in form satisfactory to Lender.

 

(k)       Franchise
Documents. Borrower shall have delivered, at Borrower’s sole cost and expense, a copy of the Franchise Agreement
and a comfort letter from Franchisor to and in favor of Lender.

 

    	 	7	 

    	 

    

 

(l)       Project
Documents. True and correct copies of the Project Documents entered into as of the Closing Date, together with the consent of any
counterparties to any Project Documents then assigned to Lender pursuant to the Secured Property Assignment.

 

(m)       Plans.
A complete set of the Plans acceptable to Lender and its Inspecting Engineer.

 

(n)       Intentionally
deleted.

 

(o)        Payment
of Fees and Expenses.

 

(i)       Borrower
shall have paid on or before the Closing Date (i) to Lender a loan commitment fee in an amount equal to one percent (1.00%) of the amount
of the Loan (“Loan Commitment Fee”) and (ii) to Lender, all other fees, charges, and other expenses which are
then due and payable as specified in this Loan Agreement or any other Loan Document. The Loan Commitment Fee shall be fully earned when
paid and shall not be refundable for any reason.

 

(ii)       In
addition to the Loan Commitment Fee, Borrower shall pay to Lender an exit fee in an amount equal to one-half percent (0.50%) of the amount
of the Loan (“Exit Fee”). The Exit Fee shall be fully earned on the Closing Date; however, it shall be paid
by Borrower on the earlier to occur of (x) the date of payment in full of the Loan or (y) the Maturity Date. The Exit Fee will be waived
if Lender, or an affiliate of Lender, provides permanent financing or other refinancing of the Loan.

 

(p)       Representations
and Warranties. The representations and warranties set forth in this Loan Agreement, in the other Loan Documents, and in any document
or certificate delivered to Lender under this Loan Agreement are true and correct.

 

(q)       No
Event of Default. There shall not exist on the Closing Date a condition which would constitute an Event of Default (as hereinafter
defined) under this Loan Agreement or under any other Loan Document.

 

(r)       Intentionally
deleted.

 

(s)       Maximum
Loan-to-Value Ratio. The Loan-to-Value Ratio shall not exceed seventy-five percent (75%). “Loan-to-Value Ratio”
means, as of any date of determination, the quotient (expressed as a percentage) of (i) the then-current outstanding principal balance
of the Loan on such date of determination, divided by (ii) the as completed appraised value of the Property as determined by an Appraisal
dated not more than thirty (30) days prior such date of determination and otherwise reasonably acceptable to Lender.

 

(t)       Maximum
Loan-to-Cost Ratio. The Loan-to-Cost Ratio shall not exceed seventy-five percent (75%). “Loan-to-Cost Ratio”
means, as of any date of determination, the quotient (expressed as a percentage) of (i) the then-current outstanding principal balance
of the Loan on such date of determination, divided by (ii) the total cost to complete the Work in accordance with the Plans, as determined
by Lender.

 

    	 	8	 

    	 

    

 

(u)       Equity.
Borrower shall have shall have delivered to Lender evidence it has funded $____________ as equity into the project (“Equity
Contribution”).

 

3.2       Subsequent
Advances. Lender's obligation to make any advance under the Loan after the first advance thereunder shall be subject to the following
conditions:

 

(a)       Prior
Conditions Satisfied. All conditions precedent to the first advance shall have been satisfied as of the date of such subsequent advance.

 

(b)       No
Default. There shall be no Event of Default and no state of facts in existence which constitute or, with notice or passage of time
or both would constitute an Event of Default under this Loan Agreement or any of the Loan Documents.

 

(c)       No
Damage. The Work shall not have been injured or damaged by fire or other casualty, unless Lender shall have received insurance proceeds
sufficient in the judgment of Inspecting Engineer to effect the satisfactory restoration of the Improvements and to permit the completion
thereof not later than the Completion Date.

 

(d)       Receipt
by Lender. Lender shall have received:

 

(i)       Draw
Request. A Draw Request complying with the requirements hereof, including those set forth in Section 6.1 below;

 

(ii)       Endorsement
to Title Policy. If requested by Lender, an updated title search and, in connection with the final Draw, together with an endorsement,
as described in Section 5.31 below, to the title insurance policy theretofore delivered, which report shall indicate that there
has been no change in the state of title and containing no survey exceptions not theretofore approved by Lender, which endorsement shall
expressly or by virtue of a proper “pending disbursements” clause increase the amount of coverage to the total amount of Loan
proceeds theretofore advanced; and

 

(iii)       Certificates.
If requested by Lender, a certificate from the Inspecting Engineer to the effect that in its opinion, the construction of the Work theretofore
performed was performed in accordance with the Plans, stating the estimated total costs of construction of the Work, stating the percentage
of in-place construction of the Work attained by Borrower as of the date of the Draw Request mentioned in Subparagraph (d)(i) hereof,
and stating that the remaining non-disbursed portion of the Loan allocated for such purpose is adequate to complete the construction of
the Work.

 

(e)       Payment
of Costs. Evidence satisfactory to Lender that all sums due in connection with the construction of the Improvements have been paid
in full (or will be paid out of the funds requested to be advanced) and that no party claims or has (or will have, after payment from
the requested funds) a right to claim any statutory or common law lien arising out of the Work or the supplying of labor, material and/or
services in connection therewith.

 

    	 	9	 

    	 

    

 

(f)       Final
Disbursement. In addition to all other conditions to a disbursement in this Section 3.2, the final advance of funds from the
Development Reserve shall not be made until such time as (i) to the extent required, Borrower shall have received and delivered to Lender
a final certificate of occupancy issued by all applicable governmental authorities for the Improvements, permitting the Property and all
buildings and structures erected thereon to be occupied and used as a hotel; (ii) Borrower shall have delivered an as-built survey of
the Property; (iii) Borrower shall have delivered to Lender paid invoices and final lien waivers from persons supplying any labor, materials
or supplies to the Property; and (iv) Franchisor shall have approved the Work; provided, that, any funds remaining in the Development
Reserve upon Lender’s disbursement of the Final Disbursement shall be deposited into the Interest Reserve.

 

3.3       Unfunded
Development Reserve. Beginning on July 1, 2023, any unfunded Loan proceeds remaining in the Development Reserve will accrue interest
payable to Lender at the Interest Rate. Upon Borrower’s written notice to Lender, together with evidence satisfactory to Lender,
that any portion of the Development Reserve is not required to complete the Work, Lender shall deposit the balance into the Interest Reserve.

 

 

ARTICLE IV

REPRESENTATIONS
AND WARRANTIES OF BORROWER

 

The Borrower represents and
warrants to and agrees with the Lender as follows:

 

4.1       Organization.
Borrower is a limited liability company, which is, and at all times shall be, duly organized, validly existing, and in good standing under
and by virtue of the laws of the State of Delaware. Borrower is duly authorized to transact business in all states in which Borrower is
doing business, having obtained all necessary filings, governmental licenses and approvals for each state in which Borrower is doing business.
Borrower has the full power and authority to own its properties and to transact the business in which it is presently engaged or presently
proposes to engage. Borrower maintains an office at 940 South Coast Drive, Suite 200, Costa Mesa, CA 92626, Attn: David J. Katzoff. Unless
Borrower has designated otherwise in writing, the principal office is the office at which Borrower keeps its books and records including
its records concerning the Property. Borrower will notify Lender prior to any change in the location of Borrower’s state or organization
or any change in Borrower’s name. Borrower shall do all things necessary to preserve and to keep in full force and effect its existence,
rights and privileges, and shall comply with all regulations, rules, ordinances, statutes, orders and decrees of any governmental or quasi-governmental
authority or court applicable to Borrower and Borrower’s business activities.

 

4.2       Power
and Authorization.

 

(a)       Borrower
has authorized the execution and delivery of the Loan Documents, and such execution and delivery will not violate any law, or any other
agreement to which Borrower is a party.

 

(b)       This
Loan Agreement constitutes, and upon execution and delivery thereof, the Note, the Security Instrument, and the other Loan Documents will
constitute, legal, valid and binding obligations of the Borrower enforceable against the Borrower.

 

    	 	10	 

    	 

    

 

4.3       Financial
Condition. The reports and financial statements of Borrower and Guarantor submitted to Lender in connection with the Loan have been
prepared from Borrower's or Guarantor’s books and records in accordance with standard accounting principles and practices, consistently
applied, and fairly reflect the financial condition of Borrower and Guarantor for the periods therein defined. No material adverse changes
have since occurred.

 

Except as disclosed in the
aforesaid reports and financial statements, Borrower and Guarantor:

 

(a)       Have
not incurred any debts, liabilities or other obligations nor committed to incur any debts, liabilities or obligations;

 

(b)       Have
no liabilities, direct or contingent;

 

(c)       Have
made no investments in, advances to, or guaranties or obligations of any other company, person, firm, corporation, or other entity; and

 

(d)       Are
not subject to any judgment, nor are there any liens, encumbrances or security interests outstanding against Borrower or any of its properties.

 

4.4       Litigation.
There is no litigation, proceeding, claim or dispute pending or threatened against Borrower, Guarantor or the Property, the adverse determination
of which would materially affect Borrower's or Guarantor’s ability to repay the Loan or otherwise perform hereunder.

 

4.5       Taxes.
All of Borrower’s and Guarantor’s tax returns and reports that are or were required to be filed, have been filed, and all
taxes, assessments and other governmental charges have been paid in full, except those presently being or to be contested by Borrower
or Guarantor in good faith in the ordinary course of business and for which adequate reserves have been provided. Borrower has filed all
required federal, state, county and municipal tax returns and has paid all taxes and assessments owed and payable with respect to the
Property, and Borrower has no knowledge of any basis for any additional payment with respect to any such taxes and assessments. No portion
of the Property is exempt from taxation or constitutes an “omitted” tax parcel. The Property constitutes one or more separate
tax lots, with separate tax assessments, independent of any other land or improvements not constituting a part of such portions of the
Property and no other land or improvements is assessed and taxed together with any portion of such Property.

 

4.6.       Lien
Priority. Borrower has not entered into or granted any security agreements, or permitted the filing or attachment of any security
interests on or affecting any of the Secured Property directly or indirectly securing repayment of Borrower’s Loan and Note, that
would be prior or that may in any way be superior to Lender’s security interests and rights in and to the Secured Property except
for the Permitted Encumbrances and such rights as are granted to others thereunder without Borrower’s discretionary consent.

 

4.7       Binding
Effect. This Loan Agreement, the Note and all other Loan Documents are binding upon the signers thereof, as well as upon their successors,
representatives and assigns, and are legally enforceable in accordance with their respective terms.

 

4.8       Commercial
Purposes. Borrower intends to use the Loan proceeds solely for business or commercially related purposes.

 

    	 	11	 

    	 

    

 

4.9       Violations
of Requirements. Borrower has no knowledge of any violations or notices of violations of any Requirement relating to the Property.

 

4.10       Plans.
The Plans, true and correct copies of which have been furnished to Lender, are satisfactory to Borrower and have been approved by Lender.
The Plans and the anticipated use of the Property comply with all applicable Requirements and restrictive covenants affecting the Property.
Except for Minor Deviations, no change to any of the Plans shall be made without the prior written approval of Lender first having been
obtained.

 

4.11       Availability
of Utilities. All utility services necessary for the occupancy and operation of the Property are available (in size, capacity and
quantity sufficient to serve the needs of the Property) through public or private easements or rights-of-way (which would inure to the
benefit of Lender in the event of the foreclosure of, or sale under the powers contained in, the Security Instrument) at the boundaries
of the Land, including but not limited to, water supply, storm and sanitary sewer, gas, electric and telephone facilities. Borrower has
no knowledge that any such utility services may be suspended or interrupted or that any moratorium thereon may be imposed.

 

4.12       Access.
Access to the Property is provided by way of public rights of way which abut the Land, or by way of private roads built upon easements
which would inure to the benefit of Lender upon foreclosure. All curb cut permits and other licenses, permits and approvals for the driveways,
roadways and other means of pedestrian and vehicular traffic to and from the Property have been lawfully obtained, are in effect, and
are irrevocable.

 

4.13       Conditions
of Property. Except as noted in that certain Property Condition Report dated December 6, 2021, prepared by EBI Consulting as EBI Project
No. ____________, the Property is not now damaged or injured as a result of any fire, explosion, accident, flood or other casualty.

 

4.14       Brokerage
Commission. Any brokerage commission or similar compensation due in connection with the purchase of the Property and in connection
with the transactions contemplated hereby have been paid in full and any such commissions coming due in the future will promptly be paid
by Borrower. Borrower agrees to and shall indemnify Lender from any actual liability, claims or losses (including actually incurred reasonable
attorneys' fees and expenses) incurred by Lender and arising by reason of any claim for any such brokerage commission. This provision
shall survive the repayment of the Loan and shall continue in full force and effect so long as the possibility of such liability, claims
or losses exists.

 

4.15       Quality
of Work and Materials. The Improvements, as-built, shall conform to the Plans, shall be free of defects, shall be performed in a good
and workmanlike manner, shall make use of materials of quality typical for projects similar in location, intended use, size, and type
to the Property, and shall be performed in accordance with the Plans and in compliance with all Requirements. Both Borrower and Contractor
are in full compliance with their respective obligations under the Project Documents. The work to be performed by Contractor under the
Project Documents is the work called for by the Plans.

 

    	 	12	 

    	 

    

 

4.16       Contracts.
Borrower has made no contract or arrangement of any kind or type whatsoever (whether oral or written, formal or informal) which require
Borrower to pay sums in excess of $75,000.00 in any year, the performance of which by the other party thereto could give rise to a lien
on the Property, except for its contracts (all of which have been disclosed in writing to Lender) made by Borrower with parties who have
or shall agree to execute and deliver lien waivers to Borrower, and which, in the reasonable opinion of Lender's counsel, will not create
rights in existing or future lien claimants which may be superior to the Security Instrument.

 

4.17       Effect
of Draw Request. Each draw request shall constitute an affirmation that the representations and warranties of this Article IV remain
true and correct as of the date thereof, and, unless Lender is notified to the contrary prior to the disbursement of the requested advance
(or any portion thereof), shall constitute an affirmation that the same remain true and correct on the date of such disbursement.

 

4.18       Non-Commencement
of Work. There has been no commencement of work by or on behalf of Borrower (including demolition or grading work) or delivery of
materials or services (including, without limitation, architectural, engineering, surveying, or other planning or design services) on
or before the date hereof that would or might give rise to any statutory or common law lien against the Property or any part thereof.

 

4.19       No Untrue or Undisclosed
Adverse Matters. To the best of the Borrower’s knowledge, no statement of fact made by or on behalf of Borrower in this Loan
Agreement or in any of the other Loan Documents contains any untrue statement of a material fact or omits to state any material fact necessary
to make statements contained herein or therein not misleading. There is no information presently known to Borrower which has not been
disclosed to Lender which adversely affects, nor as far as Borrower can reasonably foresee, might adversely affect, the Secured Property
or the business, operations or conditions (financial or otherwise) of Borrower.

 

4.20       Franchise
Agreement. Borrower has made available to Lender a correct and complete copy of the Franchise Agreement, all amendments thereto and
any other written agreements or summaries of oral agreements with any Franchisor. The Franchise Agreement is unmodified and is in full
force and effect. Neither Borrower, nor to Borrower’s knowledge, Franchisor, is not in default under any of the provisions of the
Franchise Agreement including, without limitation, the quality assurance standards set forth therein.

 

4.21       Special
Purpose Entity. Borrower and any SPE Equity Owner has and will remain a “Single Purpose Entity,” which means at all times
since its formation and thereafter it has and will satisfy each of the following conditions subject to the following disclosed facts and
circumstances: (i) that each entity in the Borrower Group, Agree Madison, LLC, its sole member from time to time, Ault Alliance, Inc.,
and prior to a spinout, BitNile Holdings, Inc., shall be reported as consolidated in the public filings and disclosures of BitNile Holdings,
Inc., and/or Ault Alliance, Inc., while such company is an indirect beneficial owner of any Borrower and a publicly traded company, the
“Consolidated Reporting Condition”; (ii) SPE Equity Owner (i.e., Agree Madison, LLC'’s simultaneous ownership
of all membership interests in each borrower within the Borrower Group, the “Co-Ownership Condition”; and (iii)
the cross-collateralization and cross default of each of the Loans with each of the other Loans as provided in the Loan Documents, the
“Cross-Collateralization and Cross-Default Condition”:

 

    	 	13	 

    	 

    

 

(a)       It
will not engage in any business or activity, other than the ownership, operation and maintenance of the Secured Property and activities
incidental thereto.

 

(b)       It
will not acquire, own, hold, lease, operate, manage, maintain, develop or improve any assets other than the Secured Property and such
personal property as may be necessary for the operation of the Secured Property and will conduct and operate its business as presently
conducted and operated.

 

(c)       It
will preserve its existence as an entity duly organized, validly existing and in good standing (if applicable) under the laws of the jurisdiction
of its formation or organization and will do all things necessary to observe organizational formalities.

 

(d)       It
will not merge or consolidate with any other any Person.

 

(e)       It
will not take any action to dissolve, divide or create divisions, wind-up, terminate or liquidate in whole or in part; to sell, transfer
or otherwise dispose of all or substantially all of its assets (provided, that Borrower’s entering into an executory contract of
sale for the Secured Property shall not, in and of itself, be deemed to violate this provision); to change its legal structure; transfer
or permit the direct or indirect transfer of any partnership, membership or other equity interests, as applicable, other than transfers
permitted under this Loan Agreement; issue additional partnership, membership or other equity interests, other than as permitted under
this Loan Agreement, as applicable, or seek to accomplish any of the foregoing.

 

(f)       It will not, without
the prior unanimous written consent of all of Borrower’s partners, members, or shareholders, as applicable, and, if applicable,
the prior unanimous written consent of 100% of the members of the board of directors or of the board of managers of Borrower or the SPE
Equity Owner, take any of the following actions:

 

(i)       File
any insolvency, or reorganization case or proceeding, to institute proceedings to have Borrower be adjudicated bankrupt or insolvent.

 

(ii)       Institute
proceedings under any applicable insolvency law as a debtor.

 

(iii)       Seek
any relief, as a debtor, under any law relating to relief from debts or the protection of debtors.

 

(iv)       Consent
to the filing or institution of a bankruptcy against Borrower.

 

(v)       File
a petition seeking, or consent to, reorganization or relief with respect to Borrower under any applicable federal or state law relating
to bankruptcy or insolvency.

 

(vi)       Seek
or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator, custodian, or any similar official for Borrower
or a substantial part of its property other than for Lender’s benefit.

 

(vii)       Make
any assignment for the benefit of creditors of Borrower.

 

    	 	14	 

    	 

    

 

(viii)       Admit
in writing in any legal proceeding Borrower’s inability to pay its debts generally as they become due.

 

(ix)       Take
action in furtherance of any of the foregoing.

 

(g)       It
will not amend or restate its organizational documents if such change would cause the provisions set forth in those organizational documents
not to comply with the requirements set forth in this Section 4.21.

 

(h)       It
will not own any subsidiary or make any investment in, any other Person.

 

(i)       It
will not commingle its assets with the assets of any other Person and will hold all of its assets in its own name.

 

(j)       It
will not incur any debt, secured or unsecured, direct or contingent (including guaranteeing any obligation), other than the following:

 

(i)       The
Loan.

 

(ii)       Customary
unsecured trade payables incurred in the ordinary course of owning and operating the Secured Property provided the same are not evidenced
by a promissory note, do not exceed, in the aggregate, at any time a maximum amount of $100,000.00 in total.

 

(k)       It
will maintain its records, books of account, bank accounts, financial statements, accounting records and other entity documents separate
and apart from those of any other Person and will not list its assets as assets on the financial statement of any other Person.

 

(l)       Except
for capital contributions or capital distributions permitted under the terms and conditions of its organizational documents, it will only
enter into any contract or agreement with any general partner, member, shareholder, principal or affiliate of Borrower or any Guarantor,
or any general partner, member, principal or affiliate thereof, upon terms and conditions that are commercially reasonable and substantially
similar to those that would be available on an arm’s-length basis with third parties; provided, however, the Asset Management and
Construction Management Agreement dated December 15, 2021, by and between Agree Madison, LLC and Strategery 42, LLC, shall be deemed to
comply with the foregoing requirement.

 

(m)       It
will not maintain its assets in such a manner that will be costly or difficult to segregate, ascertain or identify its individual assets
from those of any other Person.

 

(n)       It
will not assume or guaranty (excluding any guaranty that has been executed and delivered in connection with the Note) the debts or obligations
of any other Person, hold itself out to be responsible for the debts of another Person, pledge its assets to secure the obligations of
any other Person or otherwise pledge its assets for the benefit of any other Person, or hold out its credit as being available to satisfy
the obligations of any other Person.

 

(o)       It
will not make or permit to remain outstanding any loans or advances to any other Person except for those investments permitted under the
Loan Documents and will not buy or hold evidence of indebtedness issued by any other Person (other than cash or investment-grade securities).

 

    	 	15	 

    	 

    

 

(p)       It
will file its own tax returns separate from those of any other Person, unless Borrower (i) is treated as a “disregarded entity”
for tax purposes and is not required to file tax returns under applicable law or (ii) is required by applicable law to file consolidated
tax returns, and will pay any taxes required to be paid under applicable law.

 

(q)       It
will hold itself out to the public as a legal entity separate and distinct from any other Person and conduct its business solely in its
own name, will correct any known misunderstanding regarding its separate identity and will not identify itself or any of its affiliates
as a division or department of any other Person.

 

(r)       It
will maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in light
of its contemplated business operations and will pay its debts and liabilities from its own assets as the same become due; provided, that
the Property generates sufficient cash flow; and provided further, however, that nothing in this Section 4.21(r) will require any
member or partner of Borrower to make any equity contribution to Borrower.

 

(s)       It
will allocate fairly and reasonably shared expenses with affiliates (including shared office space) and use separate stationery, invoices
and checks bearing its own name.

 

(t)       It
will pay (or cause the Manager to pay on behalf of Borrower from Borrower’s funds) its own liabilities (including salaries of its
own employees) from its own funds; provided, that the Property generates sufficient cash flow; and provided further, however, that nothing
in this Section 4.21(t) will require any member or partner of Borrower to make any equity contribution to Borrower.

 

(u)       It
will not acquire obligations or securities of its partners, members, shareholders, or affiliates, as applicable.

 

(v)       Except
as contemplated or permitted by the property management agreement with respect to the Manager, Borrower’s Operating Agreement with
respect to BitNile Holdings, Inc.’s and its affiliates’, it will not permit any affiliates or constituent party independent
access to its bank accounts.

 

(w)       It
will maintain a sufficient number of employees (if any) in light of its contemplated business operations and pay the salaries of its own
employees, if any, only from its own funds; provided, however, that nothing in this Section 4.21(w) will require any member or
partner of Borrower to make any equity contribution to Borrower.

 

(x)       If
such entity is a single member limited liability company, such entity will satisfy each of the following conditions:

 

(i)       Be
formed and organized under Delaware law.

 

    	 	16	 

    	 

    

 

(ii)       Omitted.

 

(iii)       Omitted.

 

(iv)       Omitted.

 

(y)       If
such entity is a single member limited liability company that is board-managed, such entity will have a board of managers separate from
that of Guarantor and any other Person and will cause its board of managers to keep minutes of board meetings and actions and observe
all other Delaware limited liability company required formalities.

 

4.22        SPE
Equity Owner Requirements. Subject to the following disclosed conditions: (i) the Consolidated Reporting Condition; (ii) SPE Equity
Owner’s Co-Ownership Condition; and (iii) the Cross-Collateralization and Cross-Default Condition, the SPE Equity Owner has since
its formation and will at all times and thereafter comply in its own right (subject to the modifications set forth below), and will cause
Borrower to comply, with each of the requirements of Section 4.21. Upon the withdrawal or the disassociation of an SPE Equity Owner
from Borrower, Borrower will immediately appoint a new SPE Equity Owner, whose organizational documents are substantially similar to those
of the withdrawn or disassociated SPE Equity Owner, and if a nonconsolidation opinion was delivered in connection with the closing of
this Loan, deliver a new nonconsolidation opinion to Lender in form and substance satisfactory to Lender with regard to nonconsolidation
by a bankruptcy court of the assets of each of Borrower and SPE Equity Owner with those of its affiliates.

 

(a)       With
respect to Section 4.21(a), the SPE Equity Owner will not engage in any business or activity other than being the managing member
or general partner, as the case may be, of Borrower and any other borrower in the Borrower Group, owning at least (A) 0.5% equity interest
in Borrower if SPE Equity Owner is a managing member of Borrower, and (B) 0.1% equity interest in Borrower if SPE Equity Owner is a general
partner of Borrower.

 

(b)       With
respect to Section 4.21(b), the SPE Equity Owner has not and will not acquire or own any assets other than its equity interest
in Borrower and any other borrower in the Borrower Group, and personal property related thereto.

 

(c)       With
respect to Section 4.21(h), the SPE Equity Owner will not own any subsidiary or make any investment in any other Person, except
for Borrower and any other borrower in the Borrower Group.

 

(d)       With
respect to Section 4.21(j), the SPE Equity Owner has not and will not incur any debt, secured or unsecured, direct or contingent
(including guaranteeing any obligation), other than (A) customary unsecured payables incurred in the ordinary course of owning Borrower
and any other borrower in the Borrower Group, provided the same are not evidenced by a promissory note, do not exceed, in the aggregate,
at any time a maximum amount of $250,000.00 and are paid prior to the last date allowed for payment thereof, and (B) in its capacity as
managing member of Borrower (if applicable) and any other borrower in the Borrower Group.

 

    	 	17	 

    	 

    

 

(e)       With
respect to Section 4.21(m), the SPE Equity Owner will not assume or guaranty the debts or obligations of any other Person, hold
itself out to be responsible for the debts of another Person, pledge its assets to secure the obligations of any other Person or otherwise
pledge its assets for the benefit of any other Person, or hold out its credit as being available to satisfy the obligations of any other
Person, in each instance, except for in its capacity as managing member of Borrower (if applicable) and any other borrower in the Borrower
Group.

 

4.23       Management
Agreement. Borrower has made available to Lender a correct and complete copy of the Management Agreement, all amendments thereto and
any other written agreements or summaries of oral agreements with Manager. As of the Effective Date, the Management Agreement is unmodified
and in full force and effect and neither Borrower, nor to Borrower’s knowledge, Manager, is in default thereunder.

 

4.24       Compliance
with Laws. Borrower has, and at all times shall have obtained, all permits, certifications, permits, licenses and approvals, including
certificates of completion, use and occupancy permits and any applicable liquor licenses (or interim beverage agreements, where applicable),
required for the legal use, occupancy and operation of the Property as presently being used (“Licenses”), exemptions, and
approvals necessary to occupy, operate and market its Property, and shall maintain compliance with all governmental requirements applicable
to its Property and all other applicable statutes, laws, regulations and ordinances necessary for the transaction of its business. The
Property is a separate legal parcel lawfully created in full compliance with all subdivision laws and ordinances and is properly zoned
for the stated use of such Property as disclosed to Lender at the time of execution hereof. Except with respect to other parcels within
the REA to which the Property is subject, for which Borrower’s discretionary consent is not a determinative factor or where Borrower
is otherwise compelled by the terms of the Permitted Encumbrances: (a) Borrower shall not initiate or acquiesce to a zoning change of
any portion of any of the Property without prior notice to, and prior written consent from, Lender; and (b) Borrower shall not allow changes
in the stated use of the Property from that disclosed to Lender at the time of execution hereof without prior notice to, and prior written
consent from, Lender.

 

4.25        Contracts.
Exhibit “G”, attached hereto, sets forth a description of all contracts and agreements (other than the Permitted
Encumbrances disclosed in the title reports) which require Borrower to pay more than $75,000.00 in any calendar year , including all amendments,
modifications and supplements to any of the foregoing (the “Contracts”) to which any Borrower or Manager is
a party with respect to the Secured Property or the operation thereof, other than the Franchise Agreement, the Management Agreement, and
any such Contract which may be terminated on thirty (30) days’ or less notice without penalty. The information set forth in Exhibit
“G” correct and complete in all material respects as of the date hereof. A correct and complete copy of each Contract
specified on Exhibit “G” has been provided to Lender and each is unmodified (except as set forth on Exhibit
“G” and in full force and effect and neither, as the case may be, Borrower, Manager or any affiliate of Borrower nor,
to Borrower’s knowledge, the other party to any such Contract is in default thereunder.

 

4.26        Condemnation.
No condemnation or other proceeding has been commenced or, to Borrower’s best knowledge, is contemplated with respect to all or
any portion of the Property or for the relocation of roadways providing direct physical and legal access to the Property.

 

    	 	18	 

    	 

    

 

ARTICLE V

COVENANTS BY
BORROWER

 

Until all the obligations
of Borrower under this Loan Agreement have been performed and paid in full, Borrower covenants and agrees as follows:

 

5.1       Repayment.
Borrower shall repay the Loan in accordance with its terms and the terms of this Loan Agreement.

 

5.2       Insurance.
Borrower shall maintain insurance on the Secured Property and other insurance as required by the Security Instrument. If Borrower fails
to maintain any such insurance, then Lender may purchase insurance policies as required thereunder at the cost of Borrower.

 

5.3       Maintenance
of Business and Corporate Existence. Borrower shall comply with all valid and applicable statutes, ordinances, rules and regulations
and shall keep in force and effect all licenses, permits, bonds and franchises necessary for the proper conduct of its business. Borrower
shall not modify or amend its operating agreement or any certificate thereof without the prior written consent of Lender (other than ministerial
changes which are not prohibited under the Loan Documents), and except as may be expressly permitted by Lender in writing, Borrower shall
not change its name or identity (including its trade name or names) without notifying Lender at least thirty (30) days prior to the effective
date of such change.

 

5.4       Adverse
Changes and Litigation. Borrower shall immediately inform Lender of any material adverse change in its financial condition, or the
financial condition of Guarantor, and shall promptly inform Lender of any litigation or threatened in writing litigation or of the occurrence
of any other event or circumstance which, if adversely determined, would reasonably be expected to have a material adverse change on the
financial condition or business of Borrower or Guarantor.

 

5.5       Management
of Borrower and the Property.

 

(a)       No
change in the management of Borrower, or in the business conducted by Borrower, shall be made without the prior written consent of Lender.
Furthermore, Borrower shall not change the Manager for the Secured Property unless Lender has expressly otherwise allowed or required
any borrower in the Borrower Group to terminate the Manager without the prior written consent of Lender, which consent shall not be unreasonably
withheld; provided, Lender shall consent to a termination for cause and Borrower shall replace Manager with a manager reasonably acceptable
to Lender. The payment of any base property management fees to Manager over and above an amount equal to three percent (3%) of Gross Hotel
Revenues shall be subordinate to all payments to be made to Lender as provided in the Management Subordination Agreement among Lender,
Borrower and Manager of even date herewith.

 

    	 	19	 

    	 

    

 

(b)       Notwithstanding
the foregoing, upon Lender's request after the occurrence and during the continuance of any Management Termination Event (defined below),
Borrower shall terminate the Management Agreement and replace the Manager with a replacement manager selected by Borrower pursuant to
written a management agreement acceptable to Lender (not to be unreasonably withheld). Under no circumstances shall Lender have any liability
(including, without limitation, liability for any past due management fees, incentive management fees, or termination fees) whatsoever
to Manager or Borrower for causing Borrower to terminate the Management Agreement after any Management Termination Event. At or prior
to Borrower's execution of a management agreement with a replacement manager, Borrower shall execute and deliver to Lender a Management
Subordination Agreement, and shall cause such replacement manager to execute and deliver to Lender a Manager’s Consent and Certificate
in form acceptable to Lender (not to be unreasonably withheld; provided, a Manager’s Consent and Certificate in substantially the
form submitted in connection with the making of the Loan shall be acceptable to Lender). As used in this Section, a "Management
Termination Event" shall mean the occurrence of any of the following: (i) any Event of Default hereunder or under any other Loan
Document, (ii) any material default or event of material default by Manager under the Management Agreement (which is not cured within
any applicable cure or grace periods set forth therein) or any Management Subordination Agreement, (iii) any foreclosure of the Security
Instrument or deed-in-lieu of foreclosure with respect to the Property, provided that for a Management Termination Event pursuant to this
subsection (iii) Borrower shall not be permitted to determine the replacement manager as described above, (iv) at any time after the twenty-fourth
(24th) month of the Loan following the Closing Date the DSCR is less than 1.00:1 over two (2) consecutive quarters, (v) Manager
shall become insolvent or a debtor in any bankruptcy or insolvency proceeding, or (vi) Manager has engaged in gross negligence, fraud,
material willful misconduct or intentional misappropriation of funds.

 
5.6       Financial
                                                                         Statements. Within forty-five (45) days after Borrower's fiscal year end, Borrower shall furnish to Lender a copy of its
                                                                         unaudited financial statements, in form and quality as Lender shall request. Borrower's financial statements shall contain a balance
                                                                         sheet, income statement and statement of cash flow, each in reasonable detail, prepared in accordance with sound accounting
                                                                         principles reasonably acceptable to Lender, consistently applied. Each set of financial statements shall be certified by a duly
                                                                         authorized manager or officer of Borrower and Guarantor to be complete, correct and accurate. Borrower shall also furnish (i) a copy
                                                                         of its income tax returns and those of the Guarantor within thirty (30) days of their filing; provided, to the extent Borrower is
                                                                         treated as a “disregarded entity” for tax purposes and is not required to file tax returns under applicable law,
                                                                         Borrower shall deliver copies of its owner (ii) within thirty (30) days after the end of each fiscal quarter, an un-audited
                                                                         quarterly financial statement for the Secured Property prepared by Borrower in form reasonably satisfactory to Lender containing a
                                                                         balance sheet, income statement and statement of cash flow, all in reasonable detail, and an electronic version of the lodging NOI
                                                                         adjustment worksheet attached as Exhibit “F”, (iii) within thirty (30) days after the end of each calendar month a Smith Travel
                                                                         Research (STR) report, (iv) annually, within ninety (90) days after the end of each calendar year, annual unaudited personal
                                                                         financial statements for each Guarantor; provided, Guarantor’s unaudited statements may be comprised of separate schedules
                                                                         such as a separate statement of contingent liabilities. Following an Event of Default, items (ii) shall be certified by a duly
                                                                         authorized manager or officer of Borrower to be complete, correct and accurate. Borrower shall also furnish to Lender an aging of
                                                                         accounts receivable and accounts payable within twenty (20) days of reporting periods, and such reasonable other or additional
                                                                         financial information, in such form(s) as Borrower ordinarily maintains and as Lender may from time to time reasonably request.
                                                                         Borrower shall also furnish evidence of payment of real estate taxes on the Secured Property on an annual basis, if Borrower pays
                                                                         the real estate taxes. For so long as Lender requires Borrower to pay the Tax and Insurance Deposit (hereinafter defined), Lender
                                                                         shall timely pay the real estate taxes on the Secured Property to obtain the maximum discount for early payment, provided that the
                                                                         Tax and Insurance Reserve (hereinafter defined) is sufficient to pay the real estate taxes on the Secured Property, and provide
                                                                         evidence of payment to the Borrower.

 

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5.7       Other
Debts. Other than the Loan from Lender of even date herewith or otherwise pursuant to approved Contracts or other agreements for the
Work, Borrower shall not directly or indirectly incur, create, assume or permit to exist any obligation for payment of borrowed money,
excepting only unsecured current liabilities incurred in the ordinary course of business (not to exceed $100,000.00 in any calendar year)
and obligations contemplated by this Loan Agreement ), without the express written consent of Lender. Further, Borrower shall not guarantee
the obligations of any person or entity, excepting only obligations contemplated by or within this Loan Agreement and the other Loan Documents.

 

5.8       Prohibition
on Sale of the Secured Property. Except for Permitted Transfers and as may be expressly permitted in the Loan Documents, Borrower
shall not sell, lease, transfer or otherwise dispose of any of the Secured Property (except for Approved Leases (hereinafter defined)
and for the disposal of equipment in the ordinary course of business which, if applicable, is replaced by Borrower with equipment of equal
or greater value); provided, Borrower’s’ entering into an executory contract of sale for the Secured Property shall not, in
and of itself, constitute a breach of the foregoing.

 

5.9       Guarantor
Liquidity. Guarantor shall maintain the liquidity requirements set forth in the Guaranty and/or the Completion Guaranty.

 

5.10       Encumbrances.
Borrower shall not incur or permit to exist any encumbrance, pledge or lien upon or against any of the Secured Property, except:

 

(a)       The
“Permitted Encumbrances” described in the Security Instrument and Permitted Transfers;

 

(b)       Liens
or security interests required or expressly contemplated or permitted by this Loan Agreement or other Loan Documents;

 

(c)       Liens
for taxes, assessments and other governmental charges not yet due and payable; and

 

(d)       Tax
liens, mechanics liens or other claims which do not exceed $500,000 and which are being contested in good faith, so long as Borrower has
notified Lender in writing prior to doing so and so long as, in Lender’s sole, but reasonable, opinion, Lender’s interests
in the Property are not jeopardized. Lender may require Borrower to post adequate security or a surety bond, reasonably satisfactory to
Lender (but not to exceed 110% of the lien or claim), to protect Lender’s interest; provided, if a bond or other security protecting
against a claimant’s or creditor’s right to foreclose on the Secured Property is posted in accordance with Requirements, Borrower
shall not have to post any additional security with Lender.

 

5.11       Taxes.
Subject to Section 5.10(d), Borrower shall pay promptly, when due, all taxes, assessments and governmental charges or levies imposed upon
the Borrower or upon the income or any property of the Borrower, as well as all claims of any kind (including claims for labor, material,
supplies or rent) which, if unpaid, might become a lien upon any or all of the Secured Property.

 

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5.12       Examination
of Records. Borrower shall permit employees or agents of Lender upon reasonable notice at any reasonable time during normal business
hours on business days to inspect the Property and to examine or audit Borrower’s books, accounts, and records and to make copies
and memoranda of Borrower’s books, accounts, and records. If Borrower now or at any time hereafter maintains any records (including
without limitation computer generated records and computer software programs for the generation of such records) in the possession of
a third party, Borrower, upon request of Lender, shall notify such party to permit Lender free access to such records upon reasonable
notice at all reasonable times during normal business hours on business days and to provide Lender with copies of any records it may request,
all at Borrower’s expense.

 

5.13       Environmental
Matters.

 

(a)       The
Property and any and all other Secured Property, are free from any Hazardous Materials (as defined in the Indemnity Agreement) except
as otherwise permitted in the Indemnity Agreement.

 

(b)       Borrower
has not filed any notice under any federal or state law indicating past or present treatment, storage or disposal of any Hazardous Materials.
None of the operations of Borrower is the subject of federal or state litigation or enforcement proceedings relating to Hazardous Materials,
or of any investigation evaluating whether any remedial action involving a material expenditure is needed to respond to any Release (as
defined in the Indemnity Agreement) of any Hazardous Materials. To the best of Borrower’s knowledge, none of the operations of Borrower
is subject to any judicial or administrative enforcement proceeding alleging the violation of any Environmental Laws (as defined in the
Indemnity Agreement). Borrower does not transport any Hazardous Materials.

 

(c)       All
Hazardous Materials notices, permits, licenses or similar authorizations, if any, required to be obtained or filed in connection with
the operation or use of the Property, regarding Hazardous Materials or any other Secured Property, including, without limitation, past
or present Release of any Hazardous Materials, have been, to the knowledge of the Borrower, duly obtained or filed.

 

(d)       Borrower
will take and continue to take prompt action to remedy all Releases or Threat of Releases (as defined in the Indemnity Agreement) of any
Hazardous Materials, if any, whether or not such actions have resulted from the order or request of a municipal, state, federal, administrative
or judicial authority, or otherwise. Borrower will not violate any Environmental Laws.

 

(e)       Borrower
and Guarantor do hereby indemnify and hold Lender, its officers, directors, employees, representatives, agents, and affiliates harmless
against, and shall promptly pay within five (5) business days after receipt of a reasonably detailed, itemized invoice or reimburse each
of them with respect to, any and all claims, demands, causes of action, actual loss, damage, liabilities, out of pocket, costs and expenses
of any and every kind or nature whatsoever asserted against or reasonably incurred by any of them by reason of or arising out of or in
any way related to (a) the breach of any representation or warranty as set forth herein regarding Environmental Laws, or (b) the failure
of Borrower to perform any obligation herein required to be performed pursuant to Environmental Laws. The provisions of this section shall
survive the final payment of the Loan and the termination of this Loan Agreement, and shall continue thereafter in full force and effect.

 

    	 	22	 

    	 

    

 

(f)       Notwithstanding
the foregoing, Borrower and Guarantor will be released from the indemnification obligations or liabilities created in this Section
5.13 on the date (the “Sunset Date”) that is five (5) years after the payment in full of the Loan in accordance
with the terms of the Loan Documents (rather than as a result of Lender taking any enforcement action, including, without limitation,
foreclosure, trustee’s sale, or deed-in-lieu of foreclosure) has occurred provided that: (1) Borrower provides written notice to
Lender of its desire to be released from the provisions of this Section 5.13; (ii) Borrower shall have delivered a Phase I environmental
assessment of the Property dated no more than sixty (60) days prior to the anticipated date for the release of liability hereunder from
an environmental engineer that is reasonably acceptable to Lender showing that the Property is free from Hazardous Materials and that
no environmental condition exists in, on or under the Property which adversely affects the Property; and (iii) there is no pending, threatened
or existing legal action related to the environmental condition Property or related to the remediation or other environmental protection
obligations set forth in this Agreement on the anticipated date for the release of liability hereunder.   

 

5.14       Loan
Proceeds. Borrower shall use all Loan proceeds solely for Borrower’s business operations and the Work, unless specifically consented
to the contrary by Lender in writing.

 

5.15       Performance.
Borrower shall perform and comply, in a timely manner, with all terms, conditions, and provisions set forth in this Loan Agreement, in
the other Loan Documents, and in all other instruments and agreements between Borrower and Lender relating to the Loan. Borrower shall
promptly notify Lender in writing after obtaining actual knowledge of any default in connection with any Loan Document.

 

5.16       Compliance
with Governmental Requirements. Subject to Borrower’s challenge rights as described in Section 5.10(d), Borrower shall comply
with all laws, ordinances, and regulations, now or hereafter in effect, of all governmental authorities applicable to the conduct of Borrower’s
properties, businesses and operations, and to the use or occupancy of the Secured Property, including without limitation, the Americans
with Disabilities Act. Borrower may contest in good faith any such law, ordinance, or regulation and withhold compliance during any proceeding,
including appropriate appeals, so long as Borrower has notified Lender in writing prior to doing so and so long as, in Lender’s
sole opinion, Lender’s interests in the Property are not jeopardized. Lender may require Borrower to post adequate security or a
surety bond, reasonably satisfactory to Lender, to protect Lender’s interest.

 

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5.17       Additional
Assurances. Borrower shall make, execute and deliver to Lender such promissory notes, mortgages, security instruments, deeds of trust,
security agreements, assignments, financing statements, instruments, documents and other agreements as Lender or its attorneys may reasonably
request to (i) evidence and secure the Loan and to perfect all liens and security interests granted by the Loan Documents, and/or (ii)
correct any errors of a typographical nature or inconsistencies which may be contained in any of the Loan Documents. Borrower shall provide
all such information as Lender may reasonably require to ensure Borrower’s ongoing compliance with Sections 5.42(e) and 5.45
hereof, including ensuring compliance with all “know your customer” procedures as Lender may from time-to-time institute with
respect to loans that are of a similar size and nature as the Loan; and (iii) upon Lender’s request therefor given from time to
time after the occurrence and during the continuance of any Event of Default pay for (a) reports of UCC, federal tax lien, state tax lien,
judgment and pending litigation searches with respect to Borrower and Guarantor and (b) searches of title to the Property, each such search
to be conducted by search firms reasonably designated by Lender in each of the locations reasonably designated by Lender.

 

5.18       Commencement
and Completion of Construction. Borrower will commence construction of the Improvements (e.g., hiring designers, project manager and/or
vendors, or commencement of physical work) within thirty (30) days of the Closing Date and will diligently pursue the Work in order to
achieve completion of the Work, including obtaining a certificate of occupancy from the applicable governmental authority(ies), if applicable
to the Work, on or before the Completion Date and without deviation, excepting Minor Deviations, from the Plans unless with the prior
written approval of Lender. Borrower will provide satisfactory evidence of full, substantial compliance with all of the above matters
promptly following reasonable request from Lender.

 

5.19       Right
of Lender to Inspect Property. Upon reasonable notice and during ordinary business hours on business days, Borrower will permit Lender
and its representatives and agents and the Inspecting Engineer to enter upon the Property and to inspect the Work and all materials to
be used in connection therewith or in the construction or installation thereof, and will reasonably cooperate with Lender and its representatives
and agents during such inspections (including making available to Lender working copies of the Plans together with all related supplementary
materials, following receipt of a reasonably detailed request therefor); provided, however, that this provision shall not be deemed to
impose upon Lender any obligation to undertake such inspections or any liability for the failure to detect or failure to act with respect
to any defect which was or might have been disclosed by such inspections.

 

5.20       Correction
of Defects. Unless Borrower conclusively demonstrates to Lender that such corrective work is inappropriate or inconsistent with the
Plans or the same is not approved by Franchisor or is not permitted pursuant to the Permitted Encumbrances, Borrower will promptly correct
all material defects in the Work or any departure from the Plans, excepting Minor Deviations, not previously approved in writing by Lender
other than those departures in Plans allowed as change orders and so permitted herein other than any noncompliance of the Work with applicable
Requirements which noncompliance shall be corrected. Borrower agrees that the advance of any proceeds of the Loan whether before or after
such defects or departures from the Plans are discovered by, or brought to the attention of Lender, shall not constitute a waiver of Lender's
right to require compliance with this covenant, unless waived by Lender in writing.

 

5.21       Sign
Regarding Financing. If requested by Lender and to the extent permitted by Requirements and Permitted Encumbrances, Borrower, at Lender’s
expense, shall erect or shall allow Lender to erect and continuously maintain during the performance of the Work, on a site on the Land
approved by Lender a sign approved by Lender indicating that construction financing is being provided by Lender, all to the reasonable
satisfaction of Lender. Borrower shall use good faith efforts to prevent the destruction or removal of said sign.

 

    	 	24	 

    	 

    

 

5.22       Notice
of Occupancy. If the Improvements are hereafter vacated, Borrower will promptly notify Lender upon the occupancy of any portion of
the Property and provide a copy of the certificate(s) of occupancy obtained.

 

5.23       Accounting
Records. Borrower agrees to maintain or to cause the Manager or General Contractor to maintain accounting records for the Work, separate
from any general accounting records which Borrower may maintain in connection with Borrower's other business activities, if any. Borrower
acknowledges that the purpose of this provision is to facilitate determination of costs incurred with reference to the Work and the obligations
of Borrower in respect thereof. Borrower agrees that Lender shall, upon reasonable prior notice at any reasonable time during business
hours on business days, have access to and the right to examine all accounting records of Borrower, in Borrower’s possession or
control, which relate directly or indirectly to the Property. It is expressly agreed that the reasonable, out of pocket cost to Lender
of the services of accountants which Lender may employ, during the continuance of an Event of Default under any of the Loan Documents,
to make examinations of Borrower's accounting records with reference to the Property, as Lender shall determine to be necessary or appropriate
in the protection of Lender's interests, shall be paid or reimbursed by Borrower within five (5) business days after receipt of reasonably
detailed, itemized invoice therefor and, if unpaid within said five (5) business, shall be an expense which shall be treated as an advance
on account of the Loan.

 

5.24       Security.
Borrower shall, or shall cause the Manager to, use commercially reasonable, prudent measures to cause the Property and all equipment and
materials, used in the operation of the Property stored or located thereon to be reasonably secured and protected against vandalism and
unauthorized use and possession.

 

5.25       Additional
Documents. Borrower shall:

 

(a)       Regarding
Work. Furnish to Lender, to the extent obtained by Borrower, all material instruments, documents, boundary surveys, footing or foundation
surveys, certificates, plans and specifications, appraisals, title and other insurance reports and agreements in Borrower’s possession
or control, and each and every other document and instrument required to be furnished by the terms of the Loan Documents, all at Borrower's
expense;

 

(b)       Regarding
Preservation of Security. Execute and deliver to Lender such documents, instruments, assignments and other writings, and do such other
acts necessary or desirable, to preserve and protect collateral at any time securing or intended to secure the Loan (including the Secured
Property) as Lender may reasonably require; and

 

(c)       Further
Assurances. Do and execute all and such further lawful and reasonable acts, conveyances and assurances for the better and more effective
carrying out of the intents and purposes of this Loan Agreement as Lender shall reasonably require from time to time.

 

    	 	25	 

    	 

    

 

5.26       Easements
and Restrictions. All proposed easements, permits, licenses, and other instruments, which would affect or reasonably be expected to
adversely affect the title to the Property shall be submitted to Lender for Lender's approval prior to the execution thereof by Borrower,
and, to the extent plottable, accompanied by a survey showing the exact proposed location thereof and such other information as Lender
shall reasonably require. Borrower shall not subject the Property or any part thereof to any restrictive covenant, declaration or use
restrictions including, without limitation, any restriction or exclusive use provision in any lease or other occupancy agreements, without
the prior written consent of Lender; excluding such easements and restrictions as are already contained in the Permitted Encumbrances
or which Borrower is compelled to grant pursuant to the Permitted Encumbrances.

 

5.27       Compliance
with Requirements. Borrower shall comply promptly with each and every mandatory, applicable Requirement and shall furnish Lender,
within a reasonable period of time (given the particular circumstances) following receipt of a reasonably detailed demand therefor, reasonable
independent evidence of such compliance. Without limiting the foregoing, if either or both the so-called Federal Clean Air Act, as amended,
or the Federal Water Pollution Control Act, as amended, are applicable to the Property, Borrower represents that the Improvements are
not in violation of such Acts and any of the rules, regulations and orders issued thereunder, and Borrower affirmatively agrees with Lender,
so long as Borrower is obligated to Lender under this Loan Agreement, that construction will take place and be completed in conformity
with such Acts, and the Improvements will thereafter be maintained in conformity therewith.

 

5.28       Bills
of Sale. Borrower shall, or shall cause Manager to, deliver to Lender, within twenty (20) days after receipt of written, reasonably
detailed demand, any contracts, bills of sale, statements, receipted vouchers or agreements, under which Borrower claims title to any
materials, fixtures or articles of personal property incorporated in the Improvements or subject to the lien or security title of the
Security Instrument.

 

5.29       Leases.
Except for hotel reservations in the ordinary course, renewals and/or replacements of any laundry room, vehicle or equipment leases, Leases
with annual rents below $75,000.00 and any other leases as approved by Lender (which shall be deemed to include any such leases as are
reflected in any budget approved by Lender) or reflected on Exhibit G (collectively, “Approved Leases”), Borrower
has not granted any lease affecting the Property or any portion thereof. Except for Approved Leases or as may otherwise be permitted in
the Loan Documents, Borrower shall not enter into any leases or occupancy agreements affecting the Property without the prior written
consent and approval of Lender, which approval shall not be unreasonably withheld. Borrower shall , or shall cause Manager to, deliver
to Lender, within thirty (30) days after receipt of written, reasonably detailed demand, all leases and occupancy agreements affecting
the Property whether executed before or after the date of this Loan Agreement.

 

    	 	26	 

    	 

    

 

5.30       Mechanics
and Materialmen. Borrower will furnish to Lender, within thirty (30) days after receipt of written, reasonably detailed demand, such
reasonable affidavits of Borrower (or to the extent obtained from any Contractor or subcontractor, of Contractor or subcontractor) listing,
to Borrower’s or such other affiant’s best knowledge, all materialmen, laborers, subcontractors and any other parties who
could claim statutory or common law liens and are furnishing or have furnished material or labor to the Property or any portion thereof
(within the preceding statutory period applicable to timely filed liens), together with affidavits, or other evidence reasonably satisfactory
to Lender, showing that: (a) Borrower is challenging any noted or potential liens or claims in accordance with Section 5.10(d) hereof;
(b) that such parties have been paid all amounts or portions thereof then due for labor and materials furnished to the Property; and/or
(c) that such parties will be paid out of funds to be disbursed in connection with an ensuing Draw, all amounts or portions thereof then
due for labor and materials furnished to the Property. In addition, Borrower will notify Lender promptly, and in writing, if Borrower
receives any written notice, from any laborer, subcontractor or materialman to the effect that said laborer, subcontractor or materialman
has not been paid when due for any labor or materials furnished in connection with the Improvements if such claim for payment exceeds
$25,000; and Borrower will furnish to Lender, in connection with any Draw request, conditional (as to sums pending or to become due in
the ensuing Draw) lien waivers bearing a then current date (i.e., within thirty (30) days) and prepared on Lender's standard form (a copy
of which is attached hereto as Exhibit “E” and by this reference made a part hereof), and, within forty-five (45) days
following receipt of Lender’s written request (not more than once per month), unconditional lien waivers reflecting only such completed
payments previously made, from Contractor and such subcontractors or materialmen as Lender may designate; provided, however, such lien
waivers shall not be required, unless otherwise required by Lender’s title company, in connection with any payments to such party
less than $50,000.

 

5.31       Title
Policy Endorsements. Upon request of Lender in accordance with Section 3.2(d)(ii), Borrower shall obtain and deliver to Lender, and
pay all fees and charges incurred in connection with the issuance of, a so-called “date down” endorsement to Lender's title
insurance policy, unless Lender’s title policy already contains a “pending disbursements” clause or endorsement insuring
the total amount of Loan proceeds theretofore advanced. Subject to the preceding sentence, each such endorsement so obtained (if applicable)
shall advance the effective date of Lender's title insurance policy to the most current date then reasonably obtainable and shall reflect
any change in the status of the title to the Property since the date of said policy or the date of the previous endorsement, as the case
may be, and shall increase the coverage thereunder to the total amount of Loan proceeds theretofore advanced.

 

5.32       Contracts.
Borrower shall furnish Lender executed counterparts of any and all contracts, including but not limited to the Project Documents which
have not previously been furnished, for the planning and construction of the Work to be performed by or on behalf of Borrower, which shall
be in form and with parties reasonably acceptable to Lender, not to be unreasonably withheld, conditioned or delayed.

 

5.33       Project
Documents. Borrower will not (i) authorize any default under the material terms of the Project Documents, (ii) waive any of the material
obligations of Contractor thereunder, (iii) do any intentional act which would relieve Contractor from its material obligations to substantially
complete the Work according to the Plans, or (iv) make any material amendments to the Project Documents or enter into any agreement in
excess of $75,000.00 other than the Project Documents for the performance of the Work, or in connection with the Property with a change
order amount over Twenty-Five Thousand and No/100 Dollars ($25,000.00), without the prior written consent of Lender, not to be unreasonably
withheld, conditioned or delayed.

 

    	 	27	 

    	 

    

 

5.34       Insufficiency
of Loan Proceeds. If at any time during the term of this Loan Agreement, in Lender's reasonable judgment and opinion, the remaining
undisbursed portion of the Loan is insufficient to fully complete the Work in accordance with the Plans, Borrower shall, within seven
(7) days after receipt of reasonably detailed, itemized written notice thereof from Lender, deposit with Lender such shortfall in cash
in an amount or amounts reasonably sufficient to pay such shortfall in connection with the Work, or, Borrower shall directly fund any
and all ensuing payments for the Work and/or claims therefor (subject to Borrower’s right to challenge the same as provided in Section
5.10(d), and no further disbursements of the Loan, at Lender's option, shall be made by Lender until the shortfall calculated in accordance
with this Section 5.34 has been eliminated. All such deposited sums, if any, shall stand as additional security for Borrower's
obligations under this Loan Agreement and, provided no Event of Default is otherwise continuing, shall be disbursed as if such funds were
undisbursed Loan proceeds in accordance with the Draw requirements in Section 3.2, before any further advances of the Loan are made, and,
in any event, paid over to Borrower upon the earlier of (i) termination of Borrower's obligations under this Loan Agreement or (ii) full
and final completion of the Work without deviation, excepting Minor Deviations, from the Plans unless with the prior written approval
of Lender.

 

5.35       Continuous
Operation. At all times during the term of the Loan, except for temporary closures due to events of casualty, performance of Work,
or hotel closures permitted by Franchisor under the Franchise Agreement (or any replacements of the Franchise Agreement as expressly permitted
under the Loan Documents), Borrower shall continuously operate the hotel in a manner consistent with standard industry practices generally
observed in similarly classed hotels in the vicinity of the Property.

 

5.36       Reserves.
In addition to any principal and/or interest payment required under the Note, Borrower shall:

 

(a)       make
a deposit on each Installment Due Date (as defined in the Note), as applicable, with Lender (the “Replacement Reserve Monthly
Deposit”) as a reserve for replacement of furniture, fixtures and equipment (“FF&E”) used
at the Property in an amount equal to four percent (4.00%) of Gross Hotel Revenues for the preceding month (the “Replacement
Reserve”). The Replacement Reserve shall be available for disbursement from and after the date of the first Replacement
Reserve Monthly Deposit for Lender-approved replacement of FF&E, which disbursements shall be made subject to and in accordance with
the terms and conditions of this Section 5.36. Borrower shall be responsible for any costs of FF&E replacement in excess of
the Replacement Reserve, and, subject to Borrower’s challenge rights in accordance with Section 5.10(d), Borrower shall pay such
excess costs as and when due.

 

Prior to the disbursement
of any Replacement Reserve (other than in connection with a requisition for an initial deposit under the applicable FF&E contract),
Borrower shall submit to Lender reasonable evidence satisfactory to Lender that the applicable FF&E replacements for which funds are
requisitioned have been substantially completed as required by the terms and conditions of this Loan Agreement, if applicable. Such evidence
shall be in form and content reasonably acceptable to Lender and shall include, without limitation, all costs associated with the FF&E
replacement for which a disbursement is being requested. Borrower shall submit to Lender such reasonable documentation in connection with
the disbursement of the Replacement Reserve as Lender may reasonably request including, without limitation, paid or pending invoices and
conditional lien waivers from persons supplying any labor, materials or supplies to the Secured Property in connection with the FF&E
replacements. Upon approval of such replacements or, with respect to a request for funding of a deposit thereunder, approval of the FF&E
contract, in each instance such approval not to be unreasonably withheld, conditioned, or delayed, Lender shall disburse the amount requested
by Borrower, subject to the terms and conditions of this Loan Agreement. In no event shall Lender be under any obligation to fund any
FF&E replacements in excess of the total amount of Replacement Reserve.

 

    	 	28	 

    	 

    

 

(b)       on
each Installment Due Date, make a deposit with Lender (the “Tax and Insurance Deposit”) equal to one twelfth
(1/12th) of real estate taxes which might become a lien upon the Property, and upon Lender’s election, one twelfth (1/12th) of the
insurance premiums for Borrower’s insurance policies applicable to the Property (e.g., in the event the Property is covered under
a blanket policy together with any other property belonging to another borrower in the Borrower Group, the insurance premium deposit shall
only be for 1/12th of the portion of the premiums allocated to the Property), and with a sum of money (or allocated portion
thereof) which together with the monthly installments aforementioned will be sufficient to make each of the payments aforementioned at
least thirty (30) days prior to the date such payments are deemed delinquent. Should said charges not be ascertainable at the time any
deposit is required to be made, the deposit shall be made on the basis of the charges for the prior year, and when the charges are fixed
for the then current year, Borrower shall deposit any deficiency with Lender together with the ensuing monthly payment; provided, the
same is not less than ten (10) days following Borrower’s receipt of written invoice and notice calculating such deficiency, in which
event, such amounts shall be deposited within fifteen (15) days of Borrower’s receipt of such written invoice and notice (all such
deposited funds comprising the “Tax and Insurance Reserve”).

 

(c)       deposit
with Lender, on the Closing Date, the sum of ____________ and No/100 Dollars ($____________) (the “Interest
Reserve”), which funds may be used to pay interest due on the Loan in accordance with this Section 5.36(c). Provided
no Event of Default is continuing, and to the extent sufficient revenue is not then generated from the Property to pay interest due on
the Loan (as certified by Borrower to Lender in writing along with reasonable evidence thereof), Lender shall, within five (5) business
days of its receipt of Borrower’s request therefor, apply funds from the Interest Reserve to the payment of interest due under this
Loan Agreement from time to time. Notwithstanding anything to the contrary contained herein, Lender shall release the Interest Reserve,
if any, to Borrower within ten (10) days of Borrower’s written notice to Lender, together with evidence satisfactory to Lender that
Borrower has achieved and maintained a Debt Yield (as defined below) of not less than ten percent (10%) on a trailing twelve-month basis,
tested quarterly, which testing shall not begin until the date of actual completion of the Work in accordance with the Plans. Nothing
contained herein, however, shall diminish or negate Borrower’s obligation to pay the interest amount due under this Loan Agreement
or any other amounts due from Borrower under the Loan Documents. If an Event of Default occurs and is then-continuing, Lender or Borrower
may use funds in the Interest Reserve to fund immediately upcoming interest payments of the Loan, Loan B, Loan C or Loan D or other obligations
then due and owing under the Loan Documents or any combination of the foregoing.

 

(d)       All
funds deposited with Lender in the Development Reserve, Replacement Reserve, Tax and Insurance Reserve and Interest Reserve (collectively
the “Reserves”) shall be held in deposit accounts with a financial institution of Lender’s choice in Lender’s
name and under Lender’s sole and exclusive control. Funds in the Reserve accounts will be held without interest, and will be applied
in payment of the charges aforementioned when and as payable. Except as otherwise expressly provided in this Loan Agreement, the existence
of the Reserves shall in no way limit or waive Borrower’s obligations to pay accrued interest, taxes, insurance premiums and replacement
costs as and when due and payable.

 

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(e)       To
the extent that Borrower retains any interest in and to the Reserves, Borrower hereby grants to Lender a lien and security interest in
and to the Reserves as additional security for the Loan. Borrower authorizes Lender to file any financing statement or other documents
necessary to perfect Lender’s interest in and to the Reserves. At Lender’s election, Lender, Borrower and Lender’s financial
institution shall concurrently herewith enter into an account control agreement to set forth the understanding of the parties with respect
to the use and ownership of the Reserves. Upon an Event of Default, Lender may set off and apply any of the funds in the Reserves to the
Loan in such order as Lender may elect in its sole and absolute discretion. Upon the full repayment of the Loan, the Lender shall promptly
return the Reserves to Borrower or, upon Borrower’s request, apply the balance of the Reserves against the outstanding balance of
the Loan being repaid.

 

5.37       Operating
Accounts. Borrower shall maintain Borrower’s primary operating accounts with a financial institution reasonably acceptable
to Lender (“Bank”) while the Loan remains outstanding (“Accounts”). Borrower
shall, or shall cause the property manager to, deposit all revenues from the Secured Property into the Accounts. Borrower shall and
does hereby pledge, assign and grant a security interest to Lender in and to the Accounts and all funds deposited therein. Borrower
authorizes Lender to file any financing statement or other documents necessary to perfect Lender’s interest in and to the
Accounts. Until the occurrence and thereafter upon the discontinuance of an Event of Default, Borrower shall have full access and
right to withdraw funds from the Accounts. Upon the occurrence and during the continuance of an Event of Default, exclusive control
and ownership of the Accounts shall be in Lender. Lender, Borrower and Bank shall concurrently herewith enter into an account
control agreement to set forth the understanding of the parties with respect to the use and ownership of the Accounts.

 

5.38       Franchise
Agreement. With respect to the Franchise Agreement, Borrower covenants and agrees:

 

(a)       To
maintain the Franchise Agreement in full force and effect during the entire term of the Loan (including any extension period);

 

(b)       To
substantially perform and/or observe all of the material covenants and agreements required to be performed and/or observed by it under
the Franchise Agreement, including without limitation the maintenance of the Property in conformance with the quality assurance standards
set forth in the Franchise Agreement;

 

(c)       To
notify Lender of any default under the Franchise Agreement promptly upon being made aware of such default;

 

(d)       To
enforce the substantial performance and observance of all material covenants and agreements required to be performed and/or observed by
the franchisor under the Franchise Agreement; and

 

(e)       Borrower
shall not, without the prior written consent of Lender:

 

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(i)       surrender,
terminate or cancel the Franchise Agreement, unless replaced with a similarly classed franchise reasonably acceptable to Lender within
thirty (30) days after termination thereof;

 

(ii)       reduce
or consent to the reduction of the term of the Franchise Agreement;

 

(iii)       increase
or consent to the increase of the amount of any charges under the Franchise Agreement; or

 

(iv)       otherwise
materially, modify, change, supplement, alter, amend or waive or release any of its material rights and remedies under the Franchise Agreement.

 

5.39       Financial
Covenants. Beginning twenty-four (24) months after the Closing Date, Borrower shall maintain a debt service coverage ratio (“DSCR”)
of at least 1.00 to 1.

 

The DSCR shall be calculated
quarterly as Actual NOI divided by the Projected Debt Service for the 12-month period immediately preceding the date of the test (the
“DSCR Test”).

 

For purposes of the DSCR Test
and Debt Yield Test (as defined below), “Actual NOI” shall mean actual gross rental, room rentals, food and
beverage revenues and other income from the Property achieved during the twelve-month period immediately preceding the date of the DSCR
Test minus actual operating expenses for the Property, including accruals for property taxes and insurance, the management fee payments
made under the Management Agreement and the Replacement Reserve payments made, but excluding costs of the Work (including construction
management and similar supervisory costs incurred in connection with the Work), during the 12-month period immediately preceding the date
of the DSCR Test. “Projected Debt Service” shall mean an amount equal to twelve (12) multiplied by the monthly
principal (to the extent actually payable under the Note during the projected period) and interest payment based on the principal balance
of the Loan outstanding on the date of the DSCR Test at the Interest Rate (as defined in the Note).

 

Borrower’s failure to
maintain a DSCR of 1.00 to 1 or greater (a “DSCR Failure”) beginning twenty-four (24) months after the Closing
Date shall constitute an Event of Default hereunder unless the requisite DSCR Shortfall Contribution is made or DSCR Shortfall Reserve
is deposited in a timely manner in accordance with the following sentence. In the event that Lender shall determine that the DSCR is less
than 1.00 to 1, Borrower may either (i) make a principal payment of the Loan in an amount sufficient to satisfy the required DSCR (the
“DSCR Shortfall Contribution”), which DSCR Shortfall Contribution shall be paid within twenty (20) days following
written notice from Lender, or (ii) deposit with Lender, within twenty (20) days following written notice from Lender, an amount sufficient
to satisfy the required DSCR (the “DSCR Shortfall Reserve”). Within ten (10) days of Borrower’s written
notice to Lender, together with evidence satisfactory to Lender that such DSCR Failure no longer exists, Lender shall release the DSCR
Shortfall Reserve to Borrower. Any prepayment of this Note resulting from any DSCR Shortfall Contribution shall not be subject to the
Exit Fee or Premium (as defined in the Note).

 

    	 	31	 

    	 

    

 

5.40       Cash
Management.

 

(a)        Borrower’s
failure to (i) beginning at any time after the twenty-fourth (24th) month of the Loan following the Closing Date, (y) maintain
a DSCR of 1.00 to 1 or greater at the Secured Property for the period beginning as of the First Calculation Date and tested quarterly,
(ii) maintain a debt yield (“Debt Yield”) of not less than eight and one-half percent (8.5%) for the period
beginning as of the First Calculation Date and tested quarterly, or (iii) an Event of Default, shall each constitute a deposit account
control trigger event (“Deposit Account Control Trigger Event”) under the Deposit Account Control Agreement
(“Deposit Account Control Agreement”) between Borrower, Lender and Signature Bank, as required to be delivered
hereunder, and Lender shall have the right to provide notice to Signature Bank, pursuant to the terms and conditions of the Deposit Account
Control Agreement, that a Deposit Account Control Trigger Event has occurred and that Lender has elected to exercise control over the
bank account(s) governed by the Deposit Account Control Agreement (the “Deposit Accounts”). Lender shall have
control over the Deposit Accounts until the Deposit Account Control Trigger Event(s) has been cured by Borrower, as reasonably determined
by Lender. Notwithstanding anything herein to the contrary, if a Deposit Account Control Trigger Event exists and Borrower believes the
failed Debt Yield Test and/or DSCR Test, as applicable, no longer exists, Borrower may request that Lender retest the Debt Yield and/or
DSCR, as applicable, and, if the applicable failure no longer exists for two quarters, tested quarterly on a trailing 12-month basis,
control over such account shall be returned to Borrower. Additionally, Borrower shall have the right to cure a DSCR failure by prepaying
a portion of the Loan in order to meet the DSCR Test. Debt Yield shall be calculated by dividing the Actual NOI by the sum of the outstanding
balance of the Loan at the time of such calculation (the “Debt Yield Test”).

 

(b)       Borrower
shall also execute and enter into a cash management agreement (the “Cash Management Agreement”) with Lender
in a form acceptable to Lender and Signature Bank, to govern the deposit and use of funds in the Deposit Accounts and the Cash Management
Account (as defined below). All costs or expenses for establishing and maintaining Cash Management Account shall be paid by Borrower.
Pursuant to the Deposit Account Control Agreement, upon occurrence of a Deposit Account Control Trigger Event, Signature Bank shall transfer
on a daily basis all funds on deposit in the Deposit Accounts into an account established by Lender (the “Cash Management
Account”), which shall be under the sole dominion and control of Lender. Amounts in the Cash Management Account shall be
allocated in accordance with the Cash Management Agreement, which shall provide, among other things, that amounts in the Cash Management
Account shall be allocated in the following order and priority: (i) to fund the Tax and Insurance Reserve; (ii) to fund monthly interest
due under the Note; (iii) to fund the Replacement Reserve Monthly Deposit; (iv) to pay operating expenses of the Property consistent with
an monthly operating budget prepared by Borrower and approved by the Lender; and (v) all other funds shall be allocated to an excess cash
flow reserve sub-account to be dispersed only at the Lender’s discretion.

 

5.41       Interest
Rate Protection. Borrower Group shall maintain an Interest Rate Protection Agreement through the Maturity Date with an entity acceptable
to Lender through the Maturity Date (as the same may be extended). “Interest Rate Protection Agreement” means,
an acceptable interest rate cap agreement in the initial amount of the Aggregate Loan, entered into by Borrower Group with a counterparty
having an unsecured long-term debt rating from S&P of not less than “A-,” and otherwise acceptable to Lender at a strike
price of not more than two percent (2.00%) to be maintained until the Maturity Date (as the same may be extended).

 

    	 	32	 

    	 

    

 

5.42
       Actions to Maintain Property. Borrower shall:

 

(a)
       maintain Inventory (as such term is defined in the Uniform Commercial Code), in reasonable amounts
sufficient to meet the hotel industry standard for hotels comparable to the Property, and at levels sufficient for the operation of the
Property at budgeted occupancy levels or as otherwise permitted under the Franchise Agreement;

 

(b)
       make, or cause to be made, all renovations and capital improvements to the Property as required
by the Franchise Agreement in a good and workmanlike manner with materials of high quality, free of defects and liens, in accordance with
the applicable plans and specifications and in compliance will all applicable laws, regulations and requirements;

 

(c)       keep
all Licenses in full force and effect and promptly comply with all conditions thereof;

 

(d)
       if the Note is mutilated, destroyed, lost, or stolen, promptly deliver to Lender, following
Borrower’s receipt of a lost note affidavit and indemnity from Lender, in substitution therefore, a new promissory note containing
the identical terms and conditions as the Note with a notation thereon of the unpaid principal and accrued and unpaid interest;

 

(e)
       not transfer any portion of the Secured Property or the beneficial ownership thereof or of Borrower
without the prior written consent of Lender except as otherwise permitted hereunder; and

 

(f)
       pay to Lender all recording fees and recording costs, the reasonable, out of pocket costs of
preparing any necessary documents, including reasonable attorney’s fees if any, and any other reasonable costs and expense associated
with Lender’s exercise of rights hereunder.

 

5.43       Distributions.
Borrower shall not, or permit the Guarantor to, make any Restricted Payment if, concurrent with such Restricted Payment, or after giving
effect thereto, an Event of Default exists or would exist. As used herein, “Restricted Payment” means (i) any dividend,
distribution, or return on equity capital to the holders of the equity interests of, as the case may be, Borrower or the Guarantor (other
than any of the foregoing in the form of equity interests in Borrower or the Guarantor) or (ii) any payment or delivery of property or
cash (other than in the form of equity interests in Borrower or the Guarantor) to the holders of equity interests of, as the case may
be, Borrower or the Guarantor as such, to redeem, retire, purchase or otherwise acquire, directly or indirectly, the equity interests
of, as the case may be, Borrower or the Guarantor.

 

5.44
       Material Documents. Borrower nor Guarantor will, without the prior written consent of
Lender, which shall not be unreasonably withheld, conditioned or delayed, materially amend, modify, supplement or waive any of its rights
under its certificate of organization, operating agreement or other organizational documents, including, without limitation, the single
purpose entity covenants contained in Borrower’s operating agreement.

 

    	 	33	 

    	 

    

 

5.45
       Patriot Act Compliance.

 

(a)
Borrower shall at all times comply with the Patriot Act (as defined below) and all applicable requirements of governmental authorities
having jurisdiction over Borrower and/or the Property, including those relating to money laundering and terrorism. Lender shall have the
right, from time to time, to audit Borrower’s compliance with the Patriot Act and all applicable requirements of governmental authorities
having jurisdiction over Borrower and/or the Property, including those relating to money laundering and terrorism. In the event that Borrower
fails to comply with the Patriot Act or any such requirements of governmental authorities, then Lender may, at its option, cause Borrower
to comply therewith and any and all reasonable costs and expenses incurred by Lender in connection with any such audit or compliance shall
be secured by the Security Instrument and the other Loan Documents and shall be due and payable within five (5) business days after
receipt of a reasonably detailed, itemized demand therefor. For purposes hereof, the term “Patriot Act” means the Uniting
and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (USA PATRIOT ACT) of 2001, as
the same was restored and amended by Uniting and Strengthening America by Fulfilling Rights and Ensuring Effective Discipline Over Monitoring
Act (USA FREEDOM Act) of 2015 and as the same may be further amended, extended, replaced or otherwise modified from time to time, and
any corresponding provisions of future laws.

 

At
all times throughout the term of the Loan, including after giving effect to any transfers permitted by Lender, (a) none of the funds or
other assets of Borrower, or Guarantor shall constitute property of, or shall be directly or indirectly controlled, or beneficially owned,
directly or indirectly, by any person subject to trade restrictions under United States law, including, but not limited to, the International
Emergency Economic Powers Act, 50 U.S.C. §§ 1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any
Executive Orders or regulations promulgated thereunder, with the result that the investment in Borrower, or Guarantor, as applicable (whether
directly or indirectly), would be prohibited by law (each, an “Embargoed Person”), or the Loan made by Lender would
be in violation of law, (b) no Embargoed Person shall have any interest of any nature whatsoever in Borrower, or Guarantor, as applicable,
with the result that the investment in Borrower, or Guarantor, as applicable (whether directly or indirectly), would be prohibited by
law or the Loan would be in violation of law, and (c) none of the funds of Borrower, or Guarantor, as applicable, shall be derived from
any unlawful activity with the result that the investment in Borrower, or Guarantor, as applicable (whether directly or indirectly), would
be prohibited by law or the Loan would be in violation of law.

 

ARTICLE VI

METHOD OF DISBURSEMENT
OF LOAN PROCEEDS

 

Lender agrees to make disbursements
to Borrower against the Note up to the face amount thereof in accordance with the Cost Breakdown attached hereto as Exhibit “C”
and by this reference made a part hereof, and in accordance with and subject to the following procedures:

 

6.1       Draw
Request to be Submitted to Lender.

 

(a)       At
such time as Borrower shall desire to obtain, subject to the other requirements hereof, a disbursement of any portion of the proceeds
of the Loan, Borrower shall complete, execute and deliver to Lender a request for an advance on Lender's standard form certificate for
payment (hereinafter referred to as a “Draw Request”), a copy of which form is attached hereto as Exhibit
“D” and by this reference made a part hereof.

 

    	 	34	 

    	 

    

 

(b)       Where
the Draw Request includes amounts to be paid to Contractor, such Draw Request shall be accompanied by requisitions from Contractor, to
be paid from the proceeds of the advance (together with invoices relating to items covered by such requisitions, when requested by Lender).
All such requisitions shall show all subcontracts by name and trade, the total amount of each subcontract, and the amount theretofore
paid to each subcontractor as of the date of the requisition form, and shall contain a suitable certificate by the Contractor of the accuracy
of the same. For the purposes of this reference, and like references elsewhere in this Loan Agreement, the terms “subcontractor”
and “subcontract” shall refer to substantial laborers, materialmen or suppliers, and contracts made by Contractor or subcontractors
with them.

 

(c)       Where
the Draw Request relates to items other than payments for work performed or materials or equipment supplied, or reimbursable expenses
under the Project Documents, there shall be included a statement of the purpose for which the advance is desired and/or invoices for the
same, as Lender shall reasonably require.

 

(d)       In
no event shall any advance allocable to a payment on account of the construction work (as distinguished from other costs and expenses
incurred with reference to the Improvements, such as financing changes, insurance or attorney's fees) exceed an amount equal to ninety
percent (90%) of the total cost of Improvements theretofore completed, less the sum of all payments theretofore made against construction;
provided, however, that an advance in excess thereof may be made hereunder for the purposes of: making: (I) advance deposits under Project
Documents; and (II) final payment of any balance due any subcontractor (including materialmen or suppliers within the term “subcontractor”)
after full and final completion of the work on the Improvements being done by such subcontractor, as certified by Inspecting Engineer,
and delivery to Lender of such evidence as may be reasonably required by Lender's counsel to assure Lender that no party claims or would,
after receipt of the requested disbursement, have the right to claim any statutory or common law lien arising out of such subcontractor's
work or the supplying of labor, materials and/or services in connection therewith (other than for retainage not yet past due and owing).

 

(e)       All
Work done at the stage of construction for which disbursement is requested (other than disbursements for advance deposits) shall have
been done in a good and workmanlike manner and all materials and fixtures usually furnished and installed at that stage of construction
shall have been furnished and installed, all in compliance with the Plans. Borrower shall also have furnished to Lender such reasonable
proof in Borrower’s possession or control as Lender may reasonably require to confirm the progress of the Work, compliance with
applicable laws, freedom of the Property from mechanics liens (other than those which will be satisfied and released from the proceeds
of a disbursement), and the basis for the requested disbursement.

 

(f)       As
a condition to each approved Draw Request, Borrower shall pay a fee of Two Thousand and No/100 Dollars ($2,000.00) to Lender per approved
Draw Request.

 

(g)       Lender
shall, at Borrower’s expense, cause the Draw Requests to be inspected prior to each advance by the Inspecting Engineer.

 

    	 	35	 

    	 

    

 

(h)       In
connection with the final Draw Request Borrower shall submit to Lender a copy of the final certificate of occupancy (if the certificate
of occupancy was or was required to be modified in connection with the Work), and licenses and permits (unless previously furnished) necessary
to operate the Property, which shall be a condition to Lender’s obligation to make the final disbursement of Loan funds.

 

6.2       Notice,
Frequency and Place of Disbursements. At the option of Lender (i) each Draw Request shall be submitted to Lender at least ten (10)
business days prior to the date of the requested advance, (ii) disbursements shall be made no more frequently than monthly, and (iii)
all disbursements shall be made at the principal office of Lender or at such other place as Lender may designate. Each request for payment
shall be accompanied by waivers of lien satisfactory to Lender covering that part of the Work for which payment or reimbursement is being
requested and, if required by Lender, a search prepared by a title company, or by other evidence satisfactory to Lender that there has
not been filed with respect to the Property any mechanics’ or other lien or instrument for the retention of title relating to any
part of the Work not discharged of record. Additionally, as to final payment for reimbursement of the costs for any personal property
covered by the request for payment, Lender shall be furnished with evidence of payment therefor and such further evidence satisfactory
to assure Lender of its valid first lien on the personal property, which may be satisfied by the furnishing of an updated title search
showing no intervening liens from the date of the most recent updated title search.

 

6.3       Deposit
of Funds Advanced. Unless otherwise approved by Lender, proceeds of the Loan advanced by Lender to Borrower shall be deposited in
the Accounts, and all such proceeds shall be withdrawn and used solely for the purposes specified in the Draw Request, and Borrower shall
following receipt of Lender's reasonably detailed request promptly furnish Lender with evidence of such deposit and use.

 

6.4       Advances
to Vendors. At its option, Lender may make any or all advances for construction expenses directly to Contractor, architect, engineer(s),
materialmen, suppliers, construction managers and/or other Work vendors and Borrower hereby authorizes to make such advances of the proceeds
of the Loan directly thereto. Any advances made under this Section 6.4 shall be secured by the Security Instrument as fully as
if made directly to Borrower.

 

6.5       Advances
to Title Insurer or to Others. At its option, but subject to Borrower’s right to challenge liens and claims as provided in this
Loan Agreement, Lender may make any or all advances through the title insurance company which issues Lender's title insurance policy,
and any portion of the Loan so disbursed by Lender shall be deemed disbursed as of the date on which such title insurance company receives
such disbursement. At its option, but subject to Borrower’s right to challenge liens and claims as provided in this Loan Agreement,
Lender may make advances of portions of the Loan proceeds to any person to whom Lender in good faith determines payment is due and any
portion of the Loan so disbursed by Lender shall be deemed disbursed as of the date on which the person to whom payment is made receives
the same joint advances. The execution of this Loan Agreement by Borrower shall, and hereby does, constitute an irrevocable authorization
to so advance the proceeds of the Loan. No further authorization from Borrower shall be necessary to warrant such direct advances and
all such advances shall satisfy pro tanto the obligations of Lender hereunder and shall be secured by the Security Instrument as fully
as if made directly to Borrower. Lender agrees to promptly provide notice to Borrower of the amounts and uses of such advanced funds in
the event Lender makes any advances through the title insurance company or directly to any payee.

 

    	 	36	 

    	 

    

 

6.6       Advances
Do Not Constitute a Waiver. No advance of the proceeds of the Loan shall constitute a waiver of any of the conditions of Lender's
obligation to make further advances nor, in the event Borrower is unable to satisfy any such conditions, shall any such advance have the
effect of precluding Lender from thereafter declaring such inability to be an Event of Default under Article VII hereof.

 

ARTICLE VII

EVENTS OF DEFAULT

 

The occurrence of any one
or more of the following shall constitute an “Event of Default”:

 

(a)       Borrower
fails to pay when due any obligation to pay principal, accrued interest, premium, fee or other charge due under the Note, or other Loan
Documents within five (5) days of the due date thereof. Notwithstanding the foregoing, Borrower shall not be in default for failure to
make any non-recurring payment unless and until Borrower has received five (5) days’ prior written notice thereof.

 

(b)       Default
by Borrower in the due observance or performance of any term, covenant, condition or agreement on its part to be performed under this
Loan Agreement, the Note, or under any other Loan Document contemplated by this Loan Agreement, or any other contract or agreement between
the Borrower and the Lender in connection with this Loan; provided, in the event there is no specified notice and cure period, Borrower
shall have a thirty (30) day notice and cure period within which to cure such default; provided, further, if such default is susceptible
to cure, but cannot reasonably be cured within such period, Borrower shall be entitled to a reasonable extension of the cure period so
long as Borrower initiates the cure within the thirty (30) day period and thereafter diligently
and expeditiously pursues the cure to completion, except that in no event will the cure period under this subsection exceed sixty (60)
days from the date Borrower receives the notice from Lender. 

 

(c)       If
Borrower shall:

 

(i)       Make
a general assignment for the benefit of its creditors;

 

(ii)       File
a voluntary petition in bankruptcy, as a debtor;

 

(iii)       Be
adjudicated as bankrupt or insolvent;

 

(iv)       File
any petition or answer seeking, consenting to, or acquiescing in, reorganization, arrangement, composition, liquidation, dissolution or
similar relief, as a debtor, under any present or future statute, law or regulation for the protection of debtors;

 

(v)       File
an answer admitting or failing to deny the material allegations of the petition against it for any such relief as a debtor;

 

    	 	37	 

    	 

    

 

(vi)       Admit
in writing, in any legal proceeding, its inability to pay its debts as they mature;

 

(vii)       Permanently
cease to operate Borrower’s business; or

 

(viii)       Be
unable to pay debts as they become due.

 

(d)       Borrower
fails to have vacated or set aside within thirty (30) days of its entry any court order appointing a receiver or trustee (except if Lender
sought the appointment) for all or a substantial portion of the Borrower's property.

 

(e)       Any
warranty, representation or statements made or furnished to Lender by Borrower in connection with the Loan or in connection with this
Loan Agreement or any other Loan Document (including any warranty, representation or statement in the application of Borrower for the
Loan or in any accompanying financial statements) or to induce Lender to make the Loan, proves to be untrue, misleading or false in any
material respect, when made; provided, however, that if any financial statements furnished under Section 5.6 of this Loan Agreement
is determined by Lender to be untrue, false or misleading in any material respect, Borrower shall have a cure period of fifteen (15) days
after receipt of Lender’s written notice to provide a true and accurate copy of that same financial statement(s).

 

(f)       Borrower
suffers or permits any lien, encumbrance or security interest to attach to any of its property (including, without limitation, the Secured
Property), except for Permitted Encumbrances and not be released (by payment, bonding or otherwise) within thirty (30) days after the
date of filing thereof, unless Borrower is otherwise challenging such lien, encumbrance or security interest as expressly permitted in
accordance with this Loan Agreement.

 

(g)       Borrower
defaults in the payment of any principal or interest on any material obligation to any other creditor, beyond applicable notice and cure
periods.

 

(h)       Except
for a Permitted Transfer, Borrower shall sell, lease, or otherwise transfer or convey any of the Secured Property, or any legal or beneficial
interest in the Borrower, or any interest therein in violation of this Loan Agreement or any other Loan Document.

 

(i)       The
occurrence of any material default by Borrower under the Franchise Agreement, including without limitation, a failure of Borrower to maintain
the Property in conformance with the quality assurance standards set forth therein and to pay all associated franchise fees and the failure
to correct or cure such failure within the notice and cure periods provided in the Franchise Agreement, or the Franchise Agreement is
terminated for any other reason and not replaced with a franchise license agreement approved by Lender within thirty (30) days after termination
of the Franchise Agreement.

 

(j)        The
dissolution of Borrower (regardless of whether election to continue is made), or any other termination of Borrower’s existence as
a going business.

 

    	 	38	 

    	 

    

 

(k)       (1)
any suit shall be filed against Borrower or Guarantor, which if adversely determined, would reasonably be expected to impair the ability
of Borrower or Guarantor from being able to perform each and every one of their respective material obligations under and by virtue of
the Loan Documents, or (2) unless adequately covered by insurance in the opinion of Lender, the entry of a final judgment for the payment
of money involving more than Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) against Borrower and the failure by Borrower
to discharge the same, or cause it to be discharged, or bonded off to Lender’s satisfaction, within thirty (30) days from the date
of the order, decree or process under which or pursuant to which such judgment was entered.

 

(l)       Guarantor
dies or becomes incompetent, or revokes or disputes the validity of, or liability under, the Guaranty or Guarantor, collectively, fails
to meet the liquidity requirements under the Guaranty and/or Completion Guaranty; provided that in the event of Guarantor’s death
or incompetency Borrower shall have a period of sixty (60) days from such date of death of incompetency to provide to Lender a substitute
guarantor acceptable to Lender.

 

(m)       A
material adverse change occurs in Borrower’s or Guarantor’s financial condition, or Lender believes the prospect of payment
or performance of the Loan is impaired. For purposes hereof, a material adverse change is one which could reasonably be expected to materially
impair the ability of Borrower or Guarantor to perform their obligations under the Loan Documents.

 

(n)       Excluding
planned phasing and scheduling of the Work (for example, in order to avoid ongoing construction during “peak” occupancy periods),
the Work shall cease and not be resumed within thirty (30) days thereafter or shall be affirmatively, permanently abandoned.

 

(o)       Lender
or its representatives or the Inspecting Engineer shall not be permitted, at all reasonable times, to enter upon the Property to inspect
the Work and all materials, fixtures and articles used or to be used therein, and to examine all detailed plans, shop drawings, specifications
and other records which relate to the Work, or if Borrower shall fail to furnish to Lender, copies of plans, shop drawings, specifications
and records in Borrower’s possession or control, and any condition described in this paragraph shall not be cured within five (5)
days from receipt of reasonably detailed demand therefor.

 

(p)       Any
of the materials, fixtures, machinery, equipment, articles and/or personal property used in the Work shall not fully substantially comply
with the Plans (except as otherwise permitted under the Loan Documents) or Borrower shall have materially defaulted beyond all applicable
notice and cure periods under any of the Project Documents and shall have failed to: (I) commence enforcement (which may include self-help,
mitigation and/or replacement) of any other defaulted party’s obligations under the Project Documents within thirty (30) days after
obtaining actual knowledge thereof; or (II) in connection with a termination due to Borrower’s or Manager’s default thereunder,
replace such Project Documents within sixty (60) days after termination thereof.

 

(q)       The
Work, in the reasonable judgment of Lender, is not or cannot reasonably be, completed on or before the Completion Date and Borrower or
Guarantor are unable to cause the schedule to be restored within thirty (30) days after receipt of Lender’s written notice of making
the foregoing determination.

 

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(r)       Any
lien for labor, materials or taxes (except for ad valorem taxes not yet due and payable) or otherwise shall be filed against the Property
and not be released (by payment, bonding or otherwise) within thirty (30) days after the date of filing thereof, subject to Borrower’s
right to challenge the same as permitted in this Loan Agreement.

 

(s)       A
levy shall be made under any process on, or a receiver be appointed for, the Property or any part thereof or any other property of Borrower
or Guarantor.

 

(t)       Borrower
shall execute (in favor of a party other than to Lender) any conditional bill of sale, chattel mortgage, security agreement or other security
instrument covering any materials, fixtures, machinery, equipment, articles and/or personal property intended to be incorporated in the
Improvements or the appurtenances thereto, or placed in the Improvements other than: (I) as required by the Permitted Encumbrances; (II)
an executory contract of sale for the Property; (III) the Contracts; (IV) the Project Documents; (V) such other contracts, agreements
or other instruments as contemplated by Borrower’s then-approved operational budget; (VI) Approved Leases; and (VII) with Lender’s
consent, or if a financing statement publishing notice of such security instrument shall be filed, or if any of such materials, fixtures,
machinery, equipment, articles and/or personal property shall not be purchased so that the ownership thereof will vest unconditionally
in Borrower, free from encumbrances other than to Lender, on delivery at the Property, or if Borrower shall not produce to Lender within
ten (10) days after receipt of reasonably detailed demand therefor the contracts, bills of sale, statements, receipted vouchers or agreements,
or any of them, under which Borrower claims title to any thereof, to the extent in Borrower’s possession or control.

 

(u)       Intentionally
deleted.

 

(v)       Borrower
fails to maintain the Interest Rate Protection Agreement.

 

(w)       (i)
The occurrence of a default by Borrower under any agreement, Contract or instrument to which Borrower is a party or by which Borrower
is bound, or by which Manager or any affiliate of Borrower or Manager is bound in respect of the Property, other than a Loan Document
the termination or suspension of which, or the failure of any party thereto to perform its obligations thereunder, could, individually
or in the aggregate, reasonably be expected to have a material adverse effect on the condition (financial or otherwise), results of operations,
assets, tax and other liabilities (contingent or otherwise), properties, solvency, business, management, prospects of Borrower, Lender’s
security interest in the Secured Property, or the value, utility, operation or legality of the Property (a “Material Agreement”)
after the giving of notice and the expiration of a cure period, or both, to the extent, if any, provided for therein; or (ii) the occurrence
of a default by the other party under any other Material Agreement after the giving of notice and the expiration of a cure period, or
both, to the extent, if any, provided for therein if (A) Lender determines in its good faith credit judgment that such default by such
other party reasonably could be expected to have a material adverse effect on the condition (financial or otherwise), results of operations,
assets, tax and other liabilities (contingent or otherwise), properties, solvency, business, management, prospects of Borrower, Lender’s
security interest in the Secured Property, or the value, utility, operation or legality of the Property, and (B) Borrower fails to terminate
such Material Agreement, as applicable, and Borrower fails to enter into a replacement Material Agreement acceptable to Lender in its
reasonable discretion.

 

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(x)       Borrower
fails to comply with the provisions of Section 4.21 or Section 4.22 of this Loan Agreement; provided, Borrower shall have
a thirty (30) day notice and cure period within which to cure such default, to the extent such default could be cured; provided, further,
if such default is susceptible to cure, but cannot reasonably be cured within such thirty (30) day period, Borrower shall be entitled
to a reasonable extension of the cure period so long as Borrower initiates the cure within the thirty (30) day period and thereafter diligently
and expeditiously pursues the cure to completion, except that in no event will the cure period under this subsection exceed sixty (60)
days from the date Borrower receives the notice from Lender.

 

(y)        An
Event of Default occurs under that certain Cross-Collateralization Agreement of even date herewith by and among Borrower Group and Lender
Group.

 

ARTICLE VIII

REMEDIES ON
EVENT OF DEFAULT

 

8.1       Declare
Note Due. Upon the occurrence of any Event of Default, Lender’s remedies shall include the right to immediately accelerate the
indebtedness evidenced by the Note without notice to Borrower.

 

8.2       Event
of Default Constitutes Event of Default Under Other Loan Documents. Borrower agrees that the occurrence and continuance of any one
or more Event of Default hereunder, shall at the option of Lender, constitute a default under each of the other Loan Documents, or a default
under any other contract, note, or other agreement between the Borrower or Borrower Group and the Lender or Lender Group, in each instance,
in connection with the Loan, thereby entitling Lender (a) to exercise any of the various remedies therein provided, and (b) cumulatively
to exercise all other rights, options and privileges provided hereunder or by law or in equity.

 

8.3       Other
Remedies. Upon the occurrence or discovery and continuance of an Event of Default, the Lender shall, in addition to its option to
declare the entire unpaid amount of the Note due and payable, at its option:

 

(a)       Move
to protect its rights and remedies as a secured party under the Security Instrument, by extrajudicial authority as set forth in the Security
Instrument, by action at law or equity, or by any other lawful remedy to enforce payment.

 

(b)       Apply
the proceeds from any disposition of the Secured Property to the satisfaction of the following items in the order in which they are listed:

 

(i)       The out of pocket
expenses of taking, preserving, insuring, repairing, holding and selling the Secured Property, including any reasonable, actual legal
costs and reasonable attorney's fees. If the Note shall be referred to an attorney for collection, Borrower and all other Borrower Group
members liable on the Note, jointly and severally agree to pay Lender’s reasonable, out of pocket attorney's fees and all reasonable
costs of collection.

 

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(ii)       The
unpaid amount of any interest due on the Note, and all other reasonable, out of pocket, enforcement expenses of Lender.

 

(iii)       The
unpaid principal amounts of the Note.

 

(iv)       Any
other indebtedness of Borrower to Lender.

 

(v)       The
remainder, if any, to Borrower, it being understood and agreed that if the proceeds realized from the disposition of the Secured Property
shall fail to satisfy items (i) through (iv) above, Borrower shall forthwith pay any such deficiency to Lender upon demand.

 

(c)       Exercise
any and all rights of setoff which Lender may have against any account, fund or property of any kind, tangible or intangible, belonging
to Borrower and which shall be in Lender's possession or under Lender's control.

 

(d)       Exercise
exclusive control of the Accounts and the Reserves.

 

(e)       In
the event of a termination of the Franchise Agreement which is not replaced within thirty (30) days as provided in this Loan Agreement,
in addition to all other remedies hereunder, at law or in equity, Lender shall have the right to retain all excess cash flow in the Accounts
(after payment of debt service, Reserves and normal and customary operating expenses for the Property) (“Net Cash Flow”)
and to deposit such Net Cash Flow in an account controlled exclusively by Lender for the purpose of maintaining a property improvement
reserve to pay Property upgrade costs required to obtain a new Franchise Agreement from the current franchisor or to obtain a franchise
agreement from another, similarly classed, hotel franchisor.

 

8.4       Right
of Lender to Assume Possession and Complete Development. Borrower agrees, upon the request of Lender, upon and during the continuance
of an Event of Default, to vacate the Property and to permit Lender to pursue all or any of the following:

 

(a)       to
enter into possession of the Property;

 

(b)       to
perform or cause to be performed any and all work and labor necessary to complete the Work in accordance with the Plans, with such modifications
thereto as Lender shall deem to be necessary or desirable to complete the scope of work as contemplated by the Plans and Project Documents;

 

(c)       to
employ security watchmen to protect the Property; and

 

    	 	42	 

    	 

    

 

(d)       to
disburse that portion of the Loan proceeds not previously disbursed to the extent necessary to complete the construction of the Work in
accordance with the Plans, and if Guarantor fails to perform under the Completion Guaranty, if such completion requires a larger sum than
the remaining undisbursed portion of the Loan, to disburse such additional funds, all of which funds so disbursed by Lender shall be deemed
to have been disbursed to Borrower and shall be secured by the Security Instrument. For this purpose, Borrower hereby constitutes and
appoints Lender its true and lawful attorney-in-fact with full power of substitution to complete the Work in the name of Borrower, and
hereby empowers Lender, as said attorney, to take all actions deemed by Lender to be necessary in connection therewith including, but
not limited to, the following: to use any funds of Borrower and any balance which may be held by Lender as security or in escrow and any
funds which may remain unadvanced hereunder for the purpose of completing the Work in the manner called for by the Plans; to make such
additions, changes and corrections in the Plans as Lender shall deem to be reasonably necessary or desirable; to employ such contractors,
subcontractors, agents, architects and inspectors as shall be reasonably required for said purposes; if Guarantor fails to perform under
the Completion Guaranty to pay, settle or compromise all existing or future bills and claims which are or may be liens against the Property,
or may be necessary or desirable for the completion of the Work or the clearance of title to the Property (as subject to the Permitted
Encumbrances); to execute all applications and certificates in the name of Borrower which may be required by any Requirement or governmental
authority or Project Document; and to do any and every other act with respect to the Work and the operation of the Property which Borrower
may do in its own behalf. It is understood and agreed that this power of attorney shall be deemed to be a power coupled with an interest
which cannot be revoked by death or otherwise. As said attorney-in-fact, Lender shall also have power (but not the duty) to prosecute
and defend all actions or proceedings in connection with the Work and to take such reasonable action and require such performance as it
deems reasonably necessary. In accordance therewith Borrower hereby assigns and transfers to Lender all sums to be advanced hereunder
and any sums held by Lender as security or in escrow, conditioned upon the use of said sums for the completion of the Work and the performance
of Borrower's obligations under the Loan Documents.

 

8.5       LIMITATION
OF LIABILITY. IN NO EVENT SHALL THE LENDER, OR ANY OF ITS EMPLOYEES, OFFICERS, OR DIRECTORS, BE LIABLE TO THE BORROWER FOR ANY SPECIAL,
INCIDENTAL, OR CONSEQUENTIAL DAMAGES, SUCH AS, BUT NOT LIMITED TO, LOST PROFITS. THE TOTAL LIABILITY OF THE LENDER UNDER THIS LOAN AGREEMENT
OR ANY OF THE LOAN DOCUMENTS SHALL NOT EXCEED THE FACE AMOUNT OF THE NOTE AND ANY MODIFICATIONS OR AMENDMENTS THERETO OR THE AMOUNT OF
FUNDS ACTUALLY ADVANCED BY THE LENDER TO THE BORROWER, WHICHEVER IS LESS.

 

ARTICLE IX

 COLLATERAL

 

Borrower's obligation for
payment of amounts due under the Note shall be collateralized by the Secured Property.

 

ARTICLE X

 MISCELLANEOUS

 

10.1       Closing.
The Lender shall not be obligated to make the Loan or advance any funds until Borrower has fully met all requirements herein set forth
to be met by Borrower, and until Borrower has paid to Lender and any other parties entitled thereto, all fees and other charges due in
connection with the Loan.

 

10.2       Amendments.
No amendment of any provisions of this Loan Agreement, nor consent to any departure of Borrower therefrom, shall in any event be effective
unless the same shall be in writing and signed by the party to be charged and then such waiver or consent shall be effective only in the
specific instance and for the specific purpose for which given.

 

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10.3       Notices.
All notices, demands or requests provided for or permitted to be given pursuant to this Loan Agreement shall be given pursuant to the
notice provision set forth in the Security Instrument.

 

10.4       Governing
Law And Parties Bound. The parties agree that this Loan Agreement shall be deemed to have been executed and delivered in Fulton County,
Georgia. This Loan Agreement and the Note shall be governed by and construed in accordance with the laws of the State of Georgia and shall
be binding upon and shall inure to the benefit of the parties hereto, their successors and assigns. The parties hereto acknowledge that
this Loan Agreement evidences a transaction involving interstate commerce. The United States Arbitration Act, 9 U.S.C. § 1, et seq.,
shall govern the interpretation, enforcement, and proceedings pursuant to the arbitration clause set forth in paragraph 10.6 of this Loan
Agreement.

 

10.5       Consent
to Jurisdiction and Venue. The parties hereto irrevocably and unconditionally submit to the jurisdiction of the state and federal
courts sitting in Fulton County, Georgia with respect to any action or proceeding arising out of or related to this Loan Agreement or
any other contract or agreement entered into between the parties hereto. The state and federal courts sitting in Fulton County, Georgia
shall be the exclusive venue for any action or proceeding arising out of or related to this Loan Agreement subject to Lender’s right
to elect arbitration.

 

 10.6       LENDER’S UNILATERAL RIGHT TO ELECT AND COMPEL ARBITRATION.

 

(a)       AT
THE SOLE AND EXCLUSIVE OPTION OF LENDER, ANY CONTROVERSY OR CLAIM ARISING OUT OF OR RELATING TO THIS LOAN AGREEMENT, OR ANY OTHER CONTRACT
OR AGREEMENT ENTERED INTO BETWEEN THE BORROWER AND LENDER, SHALL BE SETTLED BY BINDING ARBITRATION ADMINISTERED BY THE AMERICAN ARBITRATION
ASSOCIATION IN ACCORDANCE WITH ITS COMMERCIAL ARBITRATION RULES THEN IN EFFECT, AND JUDGMENT ON THE ARBITRATION AWARD RENDERED BY THE
ARBITRATOR(S) MAY BE ENTERED IN ANY COURT HAVING JURISDICTION THEREOF.

 

(b)       THE
LOCATION OF ARBITRATION SHALL BE ATLANTA, GEORGIA.

 

(c)       THE
ARBITRATION SHALL BE CONDUCTED IN THE ENGLISH LANGUAGE.

 

(d)       In
the event that any affirmative claim asserted in the arbitration is equal to or exceeds $1,000,000, exclusive of interest and attorneys’
fees, the dispute shall be heard and determined by three (3) arbitrators.

 

    	 	44	 

    	 

    

 

(e)       within
THIRTY (30) days AFTER the service of A written request FOR PRODUCTION OF DOCUMENTS, THE RECEIVING PARTY SHALL provide the REQUESTING
Party with copies of requested documents THAT are relevant to the CLAIMS, COUNTERCLAIMS, AND DEFENSES ASSERTED IN THE ARBITRATION, anD
THAT ARE NOT PRIVILEGED. Any OBJECTION TO A REQUEST FOR PRODUCTION OF DOCUMENTS THAT CANNOT BE RESOLVED BETWEEN THE PARTIES TO THE ARBITRATION
shall be determined by the arbitrator(s), which determination shall be conclusive. This procedure related to the production of documents
shall be the sole form of written discovery permitted in the arbitration.

 

(f)       EACH
PARTY TO THE ARBITRATION shall be permitted to take a maximum of three (3) depositions of fact witnesses. To the extent that A PARTY TO
THE ARBITRATION desires to take more than three (3) fact witness depositions, the Party shall request PERMISSION FROM THE ARBITRATOR(S)
to take the additional deposition(s). The arbitrator(s) shall permit additional fact witness deposition(S) upon good cause shown OR THE
AGREEMENT OF THE PARTIES. No fact witness deposition shall last longer than FOUR (4) hours of deposition time. All objections TO QUESTIONS
POSED IN THE DEPOSITION(S) shall be reserved for the arbitration hearing except for objections based upon privilege.

 

(g)       To
the extent that either Party to the Arbitration intends to rely upon the testimony of an expert witness(es) during the arbitration hearing,
the other Party shall be entitled to depose the expert witness(es) for a maximum of seven (7) hours OF DEPOSITION TIME. The expert witness(es)
shall produce a report or statement which sets out their EXPERT opinion and the factual and legal basis thereof at least fourteen (14)
days prior to the scheduled deposition, and at least thirty (30) days prior the date of the arbitration hearing. All
objections TO QUESTIONS POSED IN THE DEPOSITION(S) shall be reserved for the arbitration hearing.

 

(h)       The
arbitration award shall be made within one hundred twenty (120) days after the appointment of the arbitrator(s), and the arbitrator(s)
shall agree to comply with this schedule before accepting appointment.

 

(i)       The
Parties shall bear an equal share of the arbitrators’ and administrative fees.

 

(j)       Notwithstanding
any legal authority to the contrary, “manifest disregard of the law” ON THE PART OF THE ARBITRATOR(S) IN RENDERING AN AWARD
SHALL constitute a valid ground for vacatur.

 

    	 	45	 

    	 

    

 

10.7       Attorneys’
Fees and Expenses. If Lender actually incurs any cost or expense, including, without limitation, reasonable attorneys’ fees,
in connection with the making or enforcement of this Loan Agreement, the Note or the Loan, in any manner whatsoever, direct or indirect,
whether with regard to the collection of amounts due, protection of the Secured Property, defense of Lender or otherwise, within fifteen
(15) days after receipt of reasonably detailed, itemized demand therefor from Lender, Borrower shall pay the same or shall reimburse Lender
therefor in full for all such reasonable costs and expenses. All reasonable, out of pocket attorneys’ fees incurred by Lender for
any reason, such as and for example only, protection of the Secured Property, shall be calculated as reasonable attorneys’ fees
actually incurred by Lender.

 

10.8       Assignment
by Borrower. No commitment issued by Lender to Borrower for the Loan or any of Borrower's rights hereunder shall be assignable by
Borrower without the prior written consent of Lender.

 

10.9       No
Waiver; Remedies. No failure on the part of the Lender, and no delay in exercising any right under this Loan Agreement, shall operate
as a waiver thereof; nor shall any single or partial exercise of any right under this Loan Agreement preclude any other or further exercise
thereof or the exercise of any other right.

 

10.10       Severability.
In the event that any clause or provisions of this Loan Agreement or any document or instrument contemplated by this Loan Agreement shall
be held to be invalid for any reason, the invalidity of such clause or provision shall not affect any of the remaining portions or provisions
of this Loan Agreement.

 

10.11       Time.
Time is of the essence of this Loan Agreement.

 

10.12       Non-Liability
of Lender. The relationship between Borrower and Lender created by this Loan Agreement is strictly a debtor and creditor relationship
and not fiduciary in nature, nor is the relationship to be construed as creating any partnership or joint venture between Lender and Borrower.
Borrower is exercising Borrower’s own judgment with respect to Borrower’s business. All information supplied to Lender is
for Lender’s protection only and no other party is entitled to rely on such information. There is no duty for Lender to review,
inspect, supervise or inform Borrower of any matter with respect to Borrower’s business. Lender and Borrower intend that Lender
may reasonably rely on all information supplied by Borrower to Lender, together with all representations and warranties given by Borrower
to Lender, without investigation or confirmation by Lender and that any investigation or failure to investigate will not diminish Lender’s
right to so rely.

 

    	 	46	 

    	 

    

 

10.13       Indemnification
of Lender. Borrower agrees to indemnify, to defend and to save and hold Lender harmless from any and all claims, suits, obligations,
actual damages (excluding consequential, punitive and special damages), actual losses (excluding diminutions), cost and expenses (including,
without limitation, Lender’s reasonable attorneys’ fees), demands, liabilities, penalties, fines and forfeitures of any nature
whatsoever that may be asserted against or incurred by Lender, its officers, directors, employees, and agents arising out of, relating
to, or in any manner occasioned by this Loan Agreement and the exercise of the rights and remedies granted Lender under this, as well
as by: (i) the ownership, use, operation, construction, renovation, demolition, preservation, management, repair, condition, or maintenance
of any part of the Secured Property; (ii) the exercise of any of Borrower’s rights collaterally assigned and pledged to Lender
hereunder and under any of the other Loan Documents; (iii) any failure of Borrower to perform any of its obligations hereunder and
under any of the other Loan Documents; and/or (iv) subject to Section 5.13(f) hereof, any failure of Borrower to comply with
the environmental obligations, representations and warranties set forth herein, and under the Loan Documents relating to Environmental
Laws and Hazardous Materials. The foregoing indemnity provisions shall survive the cancellation of this Loan Agreement as to all matters
arising or accruing prior to such cancellation and the foregoing indemnity shall survive in the event that Lender elects to exercise any
of the remedies as provided under this Loan Agreement following default hereunder. Borrower’s indemnity obligations under this section
shall not in any way be affected by the presence or absence of covering insurance, or by the amount of such insurance or by the failure
or refusal of any insurance carrier to perform any obligation on its part under any insurance policy or policies affecting the Property
and/or Borrower’s business activities. Should any claim, action or proceeding be made or brought against Lender by reason of any
event as to which Borrower’s indemnification obligations apply, then, upon Lender’s demand, Borrower, at its sole cost and
expense, shall defend such claim, action or proceeding in Borrower’s name, if necessary, by the attorneys for Borrower’s insurance
carrier (if such claim, action or proceeding is covered by insurance), or otherwise by such attorneys as Lender shall reasonably approve.
Lender may also engage its own attorneys at its reasonable discretion to defend Borrower and to assist in its defense and Borrower agrees
to pay the reasonable fees and disbursements of such attorneys.

 

10.14       Counterparts.
This Loan Agreement may be executed in multiple counterparts, each of which, when so executed, shall be deemed an original, but all such
counterparts, taken together, shall constitute one and the same Loan Agreement.

 

10.15       No
Waiver by Lender. Lender shall not be deemed to have waived any rights under this Loan Agreement unless such waiver is given in writing
and signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any
other right. A waiver by Lender of a provision of this Loan Agreement shall not prejudice or constitute a waiver of Lender’s right
otherwise to demand strict compliance with that provision or any other provision of this Loan Agreement. No prior waiver by Lender, nor
any course of dealing between Lender and Borrower, or between Lender and Guarantor, shall constitute a waiver of any of Lender’s
rights or of any of Borrower’s or Guarantor’s obligations as to any future transactions. Whenever the consent of Lender is
required under this Loan Agreement, the granting of such consent by Lender in any instance shall not constitute continuing consent to
subsequent instances where such consent is required and in all cases such consent may be granted or withheld in the sole discretion of
Lender.

 

10.16       Rights
of Third Parties. All conditions of the obligations of Lender hereunder, including the obligation to make advances, are imposed solely
and exclusively for the benefit of Lender and its successors and assigns and no other person or entity shall have standing to require
satisfaction of such conditions in accordance with their terms or be entitled to assume that Lender will refuse to make advances in the
absence of strict compliance with any or all thereof, and no other person or entity shall, under any circumstances, be deemed to be a
beneficiary of such conditions, any and all of which may be freely waived in whole or in part by Lender at any time if in its sole discretion
it deems it desirable to do so. In particular, Lender makes no representations and assumes no obligations as to third parties concerning
the quality of the Work or the absence therefrom of defects. Borrower shall and does hereby indemnify Lender from and against any liability,
claims or actual losses resulting from the disbursement of the proceeds of the Loan or from the condition of the Property whether related
to the quality of construction or otherwise and whether arising during or after the term of the Loan. This provision shall survive the
repayment of the Loan and shall continue in full force and effect so long as the possibility of such liability, claims or losses exists.

 

    	 	47	 

    	 

    

 

10.17       Evidence
of Satisfaction of Conditions. Any condition of this Loan Agreement which requires the submission of evidence of the existence or
non-existence of a specified fact or facts implies as a condition the existence or non-existence, as the case may be, of such fact or
facts, and Lender shall, at all times, be free independently to establish to its reasonable satisfaction and in its reasonable discretion
such existence or non-existence.

 

10.18       All
Matters Satisfactory to Lender. All proceedings taken in connection with the transactions provided for herein, all surveys, appraisals
and documents required or contemplated by the Loan Documents, and the persons responsible for the execution and preparation thereof, Contractor,
all subcontractors, leases, bonds, guaranties and policies of insurance, shall be reasonably satisfactory to Lender and Lender and Lender's
counsel shall receive copies of all documents which they may request in connection therewith.

 

10.19       Payment
of Development and Construction Costs. Lender shall be under no duty or obligation to anyone to ascertain whether Borrower has used
or will use the proceeds of the Loan for the payment of bills incurred by Borrower in connection with the purposes for which disbursements
are to be made hereunder as herein provided. Payments of all bills for labor and materials in connection with the Work shall be the responsibility
of Borrower, and Lender's sole obligation shall be to advance the proceeds of the Loan subject to and in accordance with this Loan Agreement.

 

10.20       No
Agency. Lender is not the agent or representative of Borrower and Borrower is not the agent or representative of Lender and nothing
in this Loan Agreement shall be construed to make Lender liable to anyone for goods delivered to or labor or services performed upon the
Secured Property or for debts or claims accruing against Borrower. Nothing herein shall be construed to create a relationship ex contractu
or ex delicto between Lender and anyone supplying labor or materials or services for or to the Secured Property.

 

10.21       Assignment
by Lender. The Note, the Security Instrument, this Loan Agreement and any and all of the other Loan Documents may be endorsed, assigned,
and transferred in whole or part by Lender, and any such holder and assignee of all or part of same shall succeed to and be possessed
of the rights of Lender under all of the same to the extent transferred and assigned. Lender may disclose information related to the Loan,
Borrower, Guarantor and any principals of such parties to actual or prospective buyers, investors, rating agencies and other participants
in connection with any sale, endorsement, securitization, assignment or transfer. Borrower shall not be liable for any costs or expenses
incurred by Lender in connection with Lender’s sale, endorsement, securitization, assignment or transfer.

 

10.22       No
Reliance. This Loan Agreement, together with the other Loan Documents, constitute the entire agreement between the parties with respect
to the subject matter hereof and hereby supersedes all prior communications, understandings, and agreements related to this transaction,
whether oral or written. In the event of any conflict between the Aggregate Loan Documents and this Loan Agreement, the terms of this
Loan Agreement shall control. Borrower represents and warrants that it has not relied on any representations or statements of Lender (other
than those representations explicitly set forth in the Loan Documents) and Borrower further agrees that Borrower shall not be entitled
to rely in the future on any representations, actions, omissions or statements of Lender that are not incorporated into a formal amendment
to the Loan Documents.

 

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10.23       Successors
and Assigns Included in Parties. Whenever in this Loan Agreement any party hereto is named or referred to, the legal representatives,
successors, successors-in-title and assigns of such party shall be included, and all covenants and agreements contained in this Loan Agreement
by or on behalf of Borrower or by or on behalf of Lender shall bind and inure to the benefit of their respective legal representatives,
successors, successors-in-title and assigns, whether so expressed or not; provided, however, that nothing contained in this Loan Agreement
shall or shall be deemed to limit or act in derogation of any restriction on transfer or assignment of the Secured Property impressed
upon Borrower in any of the Loan Documents.

 

10.24       Headings.
The headings of the articles, paragraphs and subparagraphs of this Loan Agreement are for the convenience of reference only, are not to
be considered a part hereof, and shall not limit or otherwise affect any of the terms hereof.

 

10.25       Number
and Gender. Whenever the singular or plural number, or the masculine, feminine or neuter gender is used herein, it shall equally include
the other.

 

10.26       Appraisals.
Lender, at its option, may obtain, at Borrower’s sole cost and expense, not more than once per two (2) calendar years (absent a
continuing Event of Default), an appraisal of the Property prepared in accordance with Lender’s instructions by an appraiser acceptable
to and engaged by Lender.

 

10.27       Extension
Term. The Maturity Date may be extended by Borrower for two (2) additional 12-month terms (each an “Extension Term”,
and collectively, the “Extension Terms”) upon the satisfaction of each and all of the following conditions precedent
for each Extension Term:

 

(a)       Borrower
shall give written notice to Lender of its desire to extend the term of the Loan (the “Extension Notice”) not
earlier than one hundred twenty (120) days or later than thirty (30) days prior to the then-scheduled Maturity Date.

 

(b)       The
Property shall have achieved a Debt Yield equal to or greater than (i) eight and one-half percent (8.5%) with respect to the first Extension
Term, and (ii) nine and one-half percent (9.5%) with respect to the second Extension Term.

 

(c)       If
the required Debt Yield has not been achieved as of the date of the applicable Extension Notice, Borrower may make a principal payment
of the Loan in an amount sufficient to bring the Loan into compliance with the applicable Debt Yield requirement (the “Extension
Shortfall Contribution”), which Extension Shortfall contribution shall be paid not later than the commencement date of the
applicable Extension Term. Any prepayment of this Note resulting from any Extension Shortfall Contribution shall not be subject to the
Exit Fee or Premium.

 

    	 	49	 

    	 

    

 

(d)       No
Event of Default shall have occurred and be continuing as of the date of the Extension Notice or the original Maturity Date (or in the
case of the second Extension Term, the first extended Maturity Date).

 

(e)        The
representations and warranties set forth in this Loan Agreement, in the other Loan Documents, and in any document or certificate delivered
to Lender under this Loan Agreement are true and correct as of the date made (with respect to representations as to a certain date) and
both as of the date the Extension Notice is given and the original Maturity Date (or in the case of the second Extension Term, the first
extended Maturity Date); provided, the foregoing condition shall not be deemed violated due to representations that cannot be truthfully
remade due to changes in facts and circumstances not resulting from a failure of Borrower to comply with the Loan Documents or other default
of Borrower hereunder.

 

(f)       By
not later than the commencement date of the applicable Extension Term, Borrower shall pay to Lender an extension fee in an amount equal
to one-quarter percent (0.25%) of the outstanding principal balance of the Loan on such date.

 

10.28       Publicity.
Lender may publicize the Loan if it so elects. Lender shall have the right to use the name of Borrower and the Secured Property in any
press release, advertisement or other promotional materials relating to publicizing the Loan; provided, Lender shall furnish Borrower
with an advance copy/draft of any such publicity materials at least thirty (30) days in advance of publication.

 

10.29       Cross-Collateralization.
Borrower acknowledges and agrees that Lender’s decision to enter into this Loan Agreement is based on, among other things, the security
of having liens on the collective interest in the Secured Property, the Loan B Secured Property, the Loan C Secured Property and the Loan
D Secured Property (collectively, the “Aggregate Secured Property”) and in reliance upon the aggregate of the
Aggregate Secured Property taken together being of greater value as collateral security for the Aggregate Loan than the sum of the Secured
Property, the Loan B Secured Property, the Loan C Secured Property and the Loan D Secured Property taken separately.  Borrower agrees
that each of the Aggregate Loan Documents are and will be cross-collateralized and cross-defaulted with each other so that (i) an Event
of Default under any of the Aggregate Loan Documents shall constitute an Event of Default under any of the other Aggregate Loan Documents;
(ii) an Event of Default hereunder shall constitute an Event of Default under the Aggregate Security Instruments; (iii) the Aggregate
Security Instruments shall constitute security for the Note as if a single blanket lien were placed on all of the Aggregate Secured Property
as security for the Note; and (iv) such cross-collateralization shall in no event be deemed to constitute a fraudulent conveyance and
Borrower waives any claims related thereto.  In furtherance of the foregoing, notwithstanding anything to the contrary contained
herein or any Loan Document, Borrower and Lender hereby agree that:

 

(a)       Concurrently
herewith, Borrower shall execute the Security Instrument, Borrower B shall execute the Loan B Security Instrument, Borrower C shall execute
the Loan C Security Instrument and Borrower D shall execute the Loan D Security Instrument, which will grant Lender Group a lien on and
security interest in the Aggregate Secured Property, as applicable, as security for the obligations of Borrower Group with respect to
the Aggregate Loan, as applicable, entitling Lender Group to, among other things, foreclose on the Aggregate Secured Property and apply
the proceeds of such foreclosure to the payment of the amounts owing with respect to the Aggregate Loan.

 

    	 	50	 

    	 

    

 

(b)       To
the fullest extent permitted by law, Borrower, for itself and its successors and assigns, waives all rights to the marshalling of assets
of Borrower, Borrower’s partners and others with interests in Borrower, and of each individual Aggregate Secured Property, or to
a sale in inverse order of alienation in the event of foreclosure of all or any of the Aggregate Security Instruments, and agrees not
to assert any right under any laws pertaining to the marshalling of assets, the sale in inverse order of alienation, homestead exemption,
the administration of estates of decedents, or any other matters whatsoever to defeat, reduce or affect the right of Lender Group under
the Aggregate Loan Documents to a sale of an individual Secured Property for the collection of the Obligations without any prior or different
resort for collection or of the right of Lender to the payment of the Obligations out of the net proceeds of the Secured Property, the
Loan B Secured Property, the Loan C Secured Property or the Loan D Secured Property in preference to every other claimant whatsoever. 
In addition, Borrower, for itself and its successors and assigns, waives in the event of foreclosure of any or all of the Aggregate Security
Instruments, any equitable right otherwise available to Borrower which would require the separate sale of the Aggregate Secured Property
or require Lender Group to exhaust its remedies against any other individual Aggregate Secured Property or combination of the Aggregate
Secured Property; and further in the event of such foreclosure Borrower does hereby expressly consent to and authorize, at the option
of Lender Group, pursuant to the terms hereof, the foreclosure and sale either separately or together of any combination of the Aggregate
Secured Property.

 

(c)       From
and during the occurrence of an Event of Default, (i) Lender Group shall have the right to pursue, without limitation, any and all remedies
available under any and/or all of the Aggregate Security Instruments and the other Loan Documents and to levy against all or any portion
of the collateral held by Lender Group, and (ii) all payments of principal, interest and any and all other sums paid on or with respect
to the Loan (whether upon foreclosure of all or any part of the collateral for the Loan or other exercise of Lender’s rights or
remedies) shall be applied to amounts owing with respect to the Loan in such proportions and with such priority as Lender shall determine
in its sole discretion.

 

(d)       As
more specifically set forth in this Section 10.29, the waivers set forth in this Section 10.29 are intended only to apply
to rights or defenses which Borrower may have or assert in the event that Borrower is held to be, or asserts that Borrower is, a surety
of another in the Borrower Group. 

 

(i)       Borrower
acknowledges and agrees that (A) each borrower in the Borrower Group is an affiliate of the other borrowers in the Borrower Group, and
(B) neither Borrower Group nor Lender Group, intends that any one of the Borrower Group be treated or held to be a surety or guarantor
of the obligations of the others in the Borrower Group under the Aggregate Loan Documents except as otherwise set forth in the Aggregate
Loan Documents.  Notwithstanding the foregoing, if and to the extent that one borrower within the Borrower Group may be treated as
or deemed to be a surety or held to have any of the rights, remedies or defense of a surety for the obligations of another borrower in
the Borrower Group under the Aggregate Loan Documents, then Borrower Group, to the fullest extent permitted by law, hereby knowingly,
voluntarily and irrevocably waives and agrees not to assert or take advantage of any such rights, remedies or defenses.

 

    	 	51	 

    	 

    

 

(ii)       Without
limiting the generality of the foregoing provisions, the validity, priority and enforceability of the Aggregate Security Instruments shall
not be impaired or otherwise affected by (A) any failure of Borrower (should any of the Borrower Group, in its individual capacity, be
deemed to be a surety) to receive notice of any default in the payment or performance of any indebtedness or other obligations any of
Borrower (in its individual capacity as an obligor under the Loan Documents) that are secured by the Aggregate Security Instruments; (B)
any limitation on the personal liability of Borrower (in its individual capacity as an obligor under the Loan Documents) for any indebtedness
or obligation secured by the Mortgage; (C) any failure of Borrower (should Borrower be deemed to be a surety) to receive notice of, or
consent to, any extension, alteration, impairment or suspension of any indebtedness or other obligations that are secured by the Aggregate
Security Instruments; (D) any failure of Borrower (should Borrower be deemed to be a surety) to receive notice of, or consent to, the
release by Lender Group, of any other security for, or guaranty of, any indebtedness or obligations that are secured by the Aggregate
Security Instruments; (E) any failure of Lender Group to enforce any other right or remedy, or to resort to any other security or guaranty,
before enforcing Lender Group’s foreclosure, receivership and other remedies under any of the Aggregate Security Instruments; and
(F) any election of remedies by Lender Group, that impairs or destroys any right or remedy of Borrower (should Borrower be deemed to be
a surety) against the Borrower Group (in its individual capacity treated as an obligor under the Aggregate Loan Documents) including any
destruction of the right of Borrower (should Borrower be deemed to be a surety) to seek reimbursement from the Borrower Group (in its
individual capacity treated as an obligor under the Aggregate Loan Documents) based on the principle of equitable subrogation as a result
of Lender Group’s election to foreclose under the any of the Aggregate Security Instruments by a nonjudicial trustee’s sale.

 

The continuing validity and
enforceability of the covenants and waivers of Borrower (should any of the Borrower Group be deemed to be a surety) in this Section
10.29 shall not be impaired or otherwise affected by any election of Lender Group, in its discretion, to give any particular notice
to Borrower (should any of the Borrower Group be deemed to be a surety) or to solicit any particular consent of Borrower (should any of
the Borrower Group be deemed to be a surety) that Lender Group is not obligated to give or solicit by reason of the provisions of this
Section 10.29.

 

[SIGNATURES BEGIN ON THE FOLLOWING
PAGE]

 

    	 	52	 

    	 

    

 

IN WITNESS WHEREOF, the parties
have executed this Loan Agreement under seal as of the date first above written.

 

	 	BORROWER: 
	 	____________, LLC,
	 	a Delaware limited liability company
	 	 	 	 
	 	By:	 	(SEAL)
	 	Name:	 	 
	 	Title: Authorized Signatory

 

[Signature page to Construction Loan Agreement]

 

    	 	 	 

    	 

    

 

	 	LENDER: 
	 	____________, LLC,a Delaware limited liability company
	 	By:	 	(SEAL)
	 	Name:	Jatin Desai	 
	 	Title: Authorized Signatory

 

 

[Signature page to Construction Loan Agreement]

 

    	 	 	 

    	 

    

 

The undersigned hereby expressly
agree and consent to all of the terms and conditions contained herein.

 

 

 

	 	GUARANTOR:	 
	 	 	 
	 	 	 
	 	AULT ALLIANCE, INC., 	 
	 	a Delaware corporation	 
	 	 	 
	 	By:	 	 (SEAL)
	 	Name: 	 	 
	 	Title: 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 (SEAL)
	 	JOSHUA CASPI, an individual resident of the State of New York	 

 

 

[Signature page to Construction Loan Agreement]

 

    	 	 	 

    	 

    

 

EXHIBIT “A”

 

PROPERTY

 

 

    	 	A - 1
	 

    	 

    

 

EXHIBIT “B”

 

PLANS AND SPECIFICATIONS

 

 

    	 	B - 1
	 

    	 

    

 

EXHIBIT “C”

 

COST BREAKDOWN

 

 

    	 	C - 1
	 

    	 

    

 

 

EXHIBIT “D”

 

	CERTIFICATE FOR PAYMENT
	Dated:	 	 
	For Period Ending:	 	 

 

	TO:	____________,	LLC (LENDER)
	 	 	 
	 	 	 
	FROM:	____________,	LLC (BORROWER)

 

 

In accordance with the Loan
Agreement (“Loan Agreement”) between Borrower and Lender dated _______________________, 20__, Borrower does hereby request
that $_________ be advanced and credited to Borrower. The amount requested above is determined as follows:

 

[SEE ATTACHED PAYMENT REQUEST]

 

The undersigned Borrower does
hereby certify that, as of the date hereof, all items for which previous certificates were issued and advances received have been paid;
and that all labor, deposits and materials for which this advance will pay, and for which previous advances have been paid, have gone
into the construction of or other approved expenses for the Work (as defined in the Loan Agreement); and that the warranties and representations
of Borrower in the Loan Agreement are hereby ratified and confirmed; and that there is no Event of Default under the Loan Agreement; and
that there are no offsets, counterclaims or defenses against the indebtedness which is the subject of the Loan Agreement or any instrument
evidencing, securing or otherwise concerning such indebtedness; and that there are no liens of record against the Property and arising
out of the supplying of labor, material and/or services in connection with the construction thereon; and that no party other than Borrower
and Lender owns or claims, or has a right to claim, any interest in or lien or encumbrance on, the Property (except for Permitted Encumbrances
and leased equipment as previously disclosed to Lender and except for ad valorem taxes not due and payable and liens or rights to liens
to be dissolved upon payment of the advance hereby requested).

 

    	 	D - 1
	 

    	 

    

 

	Signed, sealed and delivered in the presence of:	 	BORROWER
	 	 	 
	 	 	 
	Unofficial Witness	 	 
	 	 	 
	 	 	 
	Notary Public	 	 
	 	 	 
	My commission expires:	 	 
	 	 	 

 

(AFFIX NOTARIAL STAMP OR SEAL)

 

 

 

The undersigned does hereby
certify, to the best of his knowledge and belief, that the foregoing statements are true and correct, and that the attachments hereto
correctly reflect any payments heretofore made to the undersigned.

 

IN WITNESS WHEREOF, the undersigned has set its
hand and seal as of this      day of           , 20__.

 

	 	CONTRACTOR:
	 	 
	 	 	(SEAL)
	 	[NAME OF CONTRACTOR], a
	 	 	 
	 	 	 
	 	 
	 	By:	 

 

    	 	D - 2
	 

    	 

    

 

EXHIBIT ”E”

 

WAIVER AND SUBORDINATION OF LIEN

 

WHEREAS, the undersigned _______________
(hereinafter referred to as the “Undersigned”) has furnished or has contracted to furnish labor, services and/or material
(hereinafter collectively referred to as the “Work”) in connection with the improvement of certain real property located
in ____ County, _________ (said real property being more particularly described in Exhibit “A” attached hereto
and by reference made a part hereof, and being hereinafter referred to as the “Property”); and

 

WHEREAS, ____________, LLC
(hereinafter referred to as “Lender”) has made, or is about to make a loan to ____________, LLC (hereinafter referred
to as “Owner”) secured by said Property, and has made, or is about to make, a disbursement to Owner under said loan;

 

NOW, THEREFORE, for and in consideration
of the sum of $10.00 and other good and valuable consideration, the receipt and sufficiency whereof are hereby acknowledged, and in order
to induce the making of the above-mentioned disbursement, the Undersigned, for the benefit of Owner and Lender and knowing that they will
be relying hereon, does hereby:

 

(a)       Waive
and release any lien or right to lien of the Undersigned on or against said Property on account of work furnished by the Undersigned for
the improvement of said Property on or before the date hereof; and

 

(b)       Subordinate
any lien or right to lien of the Undersigned on or against said Property to the lien and title of Lender in and to said Property (as granted
by Lender by the documents evidencing and securing the above-mentioned loan) on account of work furnished by the Undersigned for the improvement
of said Property after the date hereof; and

 

(c)       Warrant
and represent that any and all parties who have supplied work to the Undersigned for the improvement of said Property have been (or will
be, out of the funds requested to be disbursed) paid in full all amounts accrued by virtue of such work through and including the date
hereof (excluding retainage earned but not yet due and payable); and

 

(d)       Warrant
and represent that the Undersigned (or the individual executing this instrument on behalf of the Undersigned) has personal knowledge of
the matters herein stated, and is authorized and fully qualified to execute this instrument as or on behalf of the Undersigned; and

 

(e)       Covenant
and agree that this instrument is made in consideration of the payment of the aforesaid sums to the Undersigned, and pursuant to the statutes
of the State of _____________ with respect to the liens of laborers and materialmen.

 

    	 	E - 1
	 

    	 

    

 

IN WITNESS WHEREOF, the undersigned has set its
hand and seal as of this ___ day of _______________, 20__.

 

	 	CONTRACTOR:
	 	 
	 	 	(SEAL)
	 	[NAME OF CONTRACTOR], a
	 	 	 
	 	 
	 	By:	 	 
	 	Its:	 	 

 

    	 	E - 2
	 

    	 

    

 

EXHIBIT “F”

 

 

    	 	F - 1
	 

    	 

    

 

EXHIBIT “G”

CONTRACTS

 

 

 

 

G - 1

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