Document:

Exhibit

LINCOLN ELECTRIC HOLDINGS, INC. 
2005 DEFERRED COMPENSATION PLAN FOR EXECUTIVES
(AS AMENDED AND RESTATED AS OF JANUARY 1, 2018)
ARTICLE I 
 
PURPOSE
The Lincoln Electric Holdings, Inc. 2005 Deferred Compensation Plan (the “Plan”) was established by Lincoln Electric Holdings, Inc., effective December 30, 2004, to allow designated management and highly compensated employees to defer a portion of their current salary and bonus compensation.  The Plan is hereby amended and restated as of January 1, 2018.  Except as provided herein, this amendment and restatement shall apply to Deferral Commitments made for Deferral Periods commencing on or after January 1, 2018.
The Plan is intended to comply with Section 409A of the Code, and shall be construed and interpreted in accordance with such intent.
It is intended that the Plan will aid in attracting and retaining employees of exceptional ability by providing these benefits.  The terms and conditions of the Plan are set forth below.
ARTICLE II
 
DEFINITIONS AND CONSTRUCTION
Section 2.1.    Definitions.  Whenever the following terms are used in this Plan they shall have the meanings specified below unless the context clearly indicates to the contrary:
(a)    “Account”:  The bookkeeping account maintained for each Participant showing his or her interest under the Plan.
(b)    “Accounting Date”:  The first business day of each calendar quarter.
(c)    “Accounting Period”:  The period beginning on an Accounting Date and ending on the day immediately preceding the next following Accounting Date.
(d)    “Administrator”:  The committee established pursuant to the provisions of Section 7.1.
(e)    “Award Agreement”:  The evidence of award under the Equity Incentive Plan that relates to an award to a Participant of Performance Shares or RSUs.
(f)    “Base Salary”:  The base earnings earned by a Participant and payable to him by the Corporation with respect to a Plan Year without regard to any increases or decreases in base earnings as a result of an election to defer base earnings under this Plan, or an election between 

benefits or cash provided under a plan of the Corporation maintained pursuant to Section 125 or 401(k) of the Code.
(g)    “Beneficiary”:  The person or persons (natural or otherwise), within the meaning of Section 6.5, who are entitled to receive distribution of the Participant’s Account balance in the event of the Participant’s death.
(h)    “Board”:  The Board of Directors of Holdings.
(i)    “Bonus” or “Bonuses”:  Any cash bonus earned by a Participant and payable to him by the Corporation with respect to any bonus plan year ending within a Plan Year without regard to any decreases as a result of an election to defer any portion of a bonus under this Plan, or an election between benefits or cash provided under a plan of the Corporation maintained pursuant to Section 125 or 401(k) of the Code.
(j)    “Cash LTIP”:  Any cash incentive award made under the Lincoln Electric Holdings, Inc. Cash Long Term Incentive Plan.
(k)    “Code”:  The Internal Revenue Code of 1986, as amended from time to time, and any rules and regulations promulgated thereunder.  Any reference to a provision of the Code shall also include any successor provision that modifies, replaces or supersedes it.
(l)    “Committee”:  The Compensation & Executive Development Committee of the Board, or its delegate hereunder.
(m)    “Common Shares”:  Shares of common stock of Holdings.
(n)    “Compensation”:  The amount of Base Salary plus Bonuses earned by a Participant and payable to him by the Corporation with respect to a Plan Year, plus the amount of Cash LTIP, if any, awarded to a Participant.
(o)    “Corporation”:  Holdings and any Participating Employer or any successor or successors thereto.
(p)    “Deemed Investment Sub-account”:  The portion of a Participant’s Account other than the Participant’s Deferred Performance Share Sub-account and Deferred RSU Sub-account.
(q)    “Deferral Commitment”:  An agreement by a Participant (i) to have a specified percentage or dollar amount of his or her Compensation deferred under the Plan, (ii) to have a specified percentage of his or her Performance Shares deferred under the Plan, and/or (iii) to have a specified percentage of his or her RSUs deferred under the Plan.
(r)    “Deferral Period”: 
(i)    In the case of Base Salary or a Bonus, the Plan Year in which a Participant performs the services that relate to such Base Salary or Bonus.

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(ii)    In the case of a Cash LTIP, a Performance Share or an RSU, the period that commences on the first day of the Plan Year in which a Participant first performs services in respect of such Cash LTIP, Performance Share or RSU and ends at the time that the amount payable under such Cash LTIP, Performance Share or RSU would be paid to the Participant but for the Participant's Deferral Commitment with respect to such Cash LTIP, Performance Share or RSU.
In all events, the Deferral Period begins on the first day of the first Plan Year during which services are performed in order to earn the Base Salary, Bonus, Cash LTIP, Performance Shares or RSUs.
(s)    “Deferred Performance Share Sub-account”:  The bookkeeping sub-account maintained for each Participant who elects to defer the delivery of Common Shares payable to the Participant under the applicable Award Agreement relating to Performance Shares.
(t)    “Deferred RSU Sub-account”:  The bookkeeping sub-account maintained for each Participant who elects to defer the delivery of Common Shares payable to the Participant under the applicable Award Agreement relating to RSUs.
(u)    “Disability”:  A Participant shall be considered to have a Disability if the Participant (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under the Corporation’s plan providing benefits for short term disability.
(v)    “Effective Date”:  This Plan was originally established effective as of December 30, 2004 and has been amended from time to time.  This amended and restated Plan shall be effective as of January 1, 2018.
(w)    “Employee”:  Any employee of the Corporation who is, as determined by the Committee, a member of a “select group of management or highly compensated employees” of the Corporation, within the meaning of Sections 201, 301 and 401 of ERISA, and who is designated by the Committee as an Employee eligible to participate in the Plan.
(x)     “Equity Incentive Plan”:  The Lincoln Electric Holdings, Inc. 2015 Equity and Incentive Compensation Plan, or any similar or successor plan.
(y)    “ERISA”:  The Employee Retirement Income Security Act of 1974, as amended from time to time, and any rules or regulations promulgated thereunder.  Any reference to a provision of ERISA shall also include any provision that modifies, replaces or supersedes it.
(z)    “Financial Hardship”:  A severe financial hardship to the Participant resulting from an illness or accident of the Participant, the Participant’s spouse, or a dependent of the Participant, 

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loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant.
(aa)    “Holdings”:  Lincoln Electric Holdings, Inc., an Ohio corporation.
(bb)    “Investment Funds”:  Has the meaning set forth in Section 5.3.
(cc)    “Investment Request”:  An investment preference request filed by a Participant which (i) shall apply with respect to contributions credited to the Participant’s Deemed Investment Sub-account until the timely filing of a subsequent Investment Request and (ii) shall determine the manner in which such credited contributions shall be initially allocated by the Participant among the various Investment Funds within the Deemed Investment Sub‐account.  A subsequent Investment Request may be submitted in writing (or in another format, including electronic format, prescribed by the Administrator) to the Administrator by the Participant.  Such Investment Request will be effective as soon as practicable following receipt by the Administrator of such Investment Request.
(dd)    “Investment Re-Allocation Request”:  An investment preference request filed by a Participant which shall re-direct the manner in which all earlier credited amounts to a Participant’s Deemed Investment Sub-account, as well as any appreciation (or depreciation) to-date, are invested within the deemed Investment Funds available in the Plan.  An Investment Re-Allocation Request may be submitted in writing (or in another format, including electronic format, prescribed by the Administrator) to the Administrator by the Participant.  An Investment Re‐Allocation Request described in this subsection will be effective with respect to the balance of the Participant’s Deemed Investment Sub-Account as soon as practicable following receipt by the Administrator of such Investment Re-Allocation Request.
(ee)    “Participant”:  An Employee participating in the Plan in accordance with the provisions of Section 3.1 or former Employee retaining benefits under the Plan that have not been fully paid.
(ff)    “Participating Employer”:  The Lincoln Electric Company, and any other subsidiary or affiliate of Holdings that adopts the Plan with the consent of the Committee.  Any Participating Employer that adopts the Plan and thereafter ceases to exist, ceases to be a subsidiary or affiliate of Holdings or withdraws from the Plan shall no longer be considered a Participating Employer unless otherwise determined by the Committee.
(gg)    “Participation Agreement”:  The Agreement submitted by a Participant to the Administrator with respect to one (1) or more Deferral Commitments.
(hh)    “Performance Shares”:  An award of Performance Shares under the Equity Incentive Plan, representing the right to receive Common Shares in accordance with the terms of the Equity Incentive Plan and an applicable Award Agreement.
(ii)     “Plan”:  The Plan set forth in this instrument as it may, from time to time, be amended.

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(jj)    “Plan Year”:  The twelve (12) - month period beginning January 1 through December 31, commencing with the Plan Year beginning January 1, 2005.
(kk)    “Retirement”:  Termination of employment with the Corporation on or after attainment of age fifty-five (55).
(ll)     “RSUs”:  An award of Restricted Stock Units under the Equity Incentive Plan, representing the right to receive Common Shares in accordance with the terms of the Equity Incentive Plan and an applicable Award Agreement.
(mm)    “Section 409A”:  Section 409A of the Code and any proposed, temporary or final regulations, and any notices or other guidance, promulgated with respect to Section 409A.
(nn)    “Settlement Date”:  Except with respect to a distribution election under Section 6.3, the date on which a Participant separates from service (within the meaning of Section 409A) with the Corporation.  “Bona fide leaves of absence” (within the meaning of Section 409A) granted by the Corporation will not be considered a separation from service during the term of such leave.  With respect to a distribution election under Section 6.3, Settlement Date means the date selected by the Participant pursuant to Section 6.3.
(oo)    “Specified Employee”:  A Participant who is a “specified employee” within the meaning of Section 409A and pursuant to procedures established by the Corporation.
(pp)    “Subsequent Deferral Rule”:  
(i)    For Deferral Commitments made with respect to Deferral Periods commencing before January 1, 2018, any subsequent deferral election that alters the payment form or the date of distribution designated in the Participant’s original Participation Agreement (A) may not take effect for at least twelve (12) months; (B) if the subsequent deferral election relates to an election pursuant to Section 6.3, must be made at least twelve (12) months prior to the due date of the payment under the Participant’s original Participation Agreement; (C) in the case of a subsequent deferral election that does not relate to a payment on account of Disability, Financial Hardship or death, must extend the payment at least five (5) years from the due date of the payment under the Participant’s original Participation Agreement; and (D) must be submitted by the Participant to the Administrator in a form prescribed by the Administrator.
(ii)    For Deferral Commitments with respect to Deferral Periods commencing on or after January 1, 2018, any subsequent deferral election that alters the payment form or the date of distribution designated in the Participant’s original Participation Agreement (A) may not take effect for at least twelve (12) months; (B) if the subsequent deferral election relates to an election pursuant to Section 6.3, must be made at least twelve (12) months prior to the due date of the first payment under the Participant’s original Participation Agreement; (C) in the case of a subsequent deferral election that does not relate to a payment on account of Disability, Financial Hardship or death, must extend the payment at least five (5) years from the due date of the first payment under the Participant’s original Participation 

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Agreement; and (D) must be submitted by the Participant to the Administrator in a form prescribed by the Administrator.
Section 2.2.    Construction.  The masculine or feminine gender, where appearing in the Plan, shall be deemed to include the opposite gender, and the singular may include the plural, unless the context clearly indicates to the contrary.  The words “hereof,” “herein,” “hereunder,” and other similar compounds of the word “here” shall mean and refer to the entire Plan, and not to any particular provision or Section.
ARTICLE III 
 
PARTICIPATION AND DEFERRALS
Section 3.1.    Eligibility and Participation.
(a)    Eligibility.  Eligibility to participate in the Plan for any Deferral Period is limited to those management and/or highly compensated Employees of the Corporation who are designated, from time to time, by the Committee.
(b)    Participation.  An eligible Employee may elect to participate in the Plan with respect to any Deferral Period by submitting a Participation Agreement to the Administrator by the last business day immediately preceding the applicable Deferral Period.  A Participation Agreement must be submitted with respect to each Deferral Period for which a Participant elects a Deferral Commitment.  Elections made in a Participation Agreement for a specific Deferral Period shall not carry over to subsequent Deferral Periods.  
(c)    Initial Year of Participation.  In the event that an individual first becomes eligible to participate during a Plan Year and wishes to elect a Deferral Commitment with respect to Compensation, Performance Shares or RSUs earned by the individual in respect of services performed during such Plan Year, a Participation Agreement that complies with the following provisions of this Section 3.1(c) must be submitted to the Administrator no later than thirty (30) days following such individual’s initial eligibility.  Any Deferral Commitments elected in such Participation Agreement shall be effective only with regard to Compensation or Performance Shares earned solely in respect of services performed following the submission of the Participation Agreement to the Administrator.  With respect to RSUs, any Deferral Commitments elected in such Participation Agreement shall be effective only with regard to RSUs that begin vesting based solely on services performed following the submission of the Participation Agreement to the Administrator.   If an eligible Employee does not submit a Participation Agreement within such period of time, such individual will not be eligible to participate in the Plan until the first day of a Deferral Period subsequent to the Deferral Period in which the individual initially became eligible to participate.
(d)    Other Deferrals.  Effective as of August 1, 2017, the Administrator may establish procedures from time to time under which a Participant may elect to defer amounts of compensation under the Plan other than pursuant to the preceding provisions of this Section 3.1 (including deferrals that constitute "subsequent deferrals" under Section 409A).  Any such deferred 

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amount shall be allocated by the Administrator to such sub-account or sub-accounts under the Plan as is determined to be appropriate by the Administrator, provided that (i) only amounts payable under a Performance Share award or an RSU award may be allocated to the Participant's Deferred Performance Share Sub-account or Deferred RSU Sub-account, as applicable, and (ii) no amount may be allocated to the Participant's Deferred Performance Share Sub-account or Deferred RSU Sub-account, as applicable, earlier than the date on which the applicable Performance Share or RSU vests by its terms.  Any deferral pursuant to this Section 3.1(d) shall be made in compliance with Section 409A.
(e)    Termination of Participation.  Participation in the Plan shall continue as long as the Participant is eligible to receive benefits under the Plan.
Section 3.2.    Ineligible Participant.  If the Administrator determines that any Participant may not qualify as a member of a select group of “management or highly compensated employees” within the meaning of ERISA, or regulations promulgated thereunder, the Administrator may determine, in its sole discretion, that such Participant shall not be permitted to elect to defer Compensation, Performance Shares or RSUs with respect to any subsequent Deferral Period.
Section 3.3.    Amount of Deferral.
(a)    With respect to each Deferral Period, a Participant may elect to defer a specified dollar amount or percentage of his or her Compensation, provided the amount the Participant elects to defer under this Plan shall not exceed the sum of eighty percent (80%) of his or her Base Salary plus eighty percent (80%) of his or her Bonus plus eighty percent (80%) of his or her Cash LTIP with respect to such Deferral Period.  With respect to each Deferral Period, a Participant may elect to defer a specified percentage of his or her Performance Shares or RSUs, provided that the amount the Participant elects to defer under this Plan shall not exceed one hundred percent (100%) of his or her Performance Shares or RSUs with respect to such Deferral Period.  Such amount to be deferred shall be indicated in the Participant’s Participation Agreement applicable to such Deferral Period.  A Participant may choose to have amounts deferred under this Plan deducted from his or her Base Salary, Bonus, Cash LTIP, Performance Shares, RSUs or a combination of the foregoing, which shall also be indicated in the Participant’s Participation Agreement applicable to such Deferral Period.
(b)    For the first Deferral Period with respect to each category of Compensation, Performance Shares or RSUs, a Participant may elect to defer all or any portion of his or her Base Salary, Bonus, Cash LTIP, Performance Shares and/or RSUs earned after the later of the effective date of the Participation Agreement or the date of filing the Participation Agreement with the Administrator, provided each deferred amount for each Deferral Period does not exceed the annual limitations under this Section 3.3 computed for the calendar year in which such Deferral Period commences.
ARTICLE IV 
 
PARTICIPANTS’ ACCOUNTS

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Section 4.1.    Establishment of Accounts.  The Corporation, through its accounting records, shall establish an Account for each Participant.  In addition, the Corporation may establish one (1) or more sub-accounts of a Participant’s Account, if the Corporation determines that such sub­accounts are necessary or appropriate in administering the Plan, including, but not limited to, a Deemed Investment Sub-account, a Deferred Performance Share Sub-account and a Deferred RSU Sub-account.
Section 4.2.    Elective Deferred Compensation, Performance Shares and RSUs.  A Participant’s Compensation, Performance Shares and RSUs that are deferred pursuant to a Deferral Commitment shall be credited to the Participant’s Account as follows:
(a)    With respect to Compensation, to the Participant’s Deemed Investment Sub‐account, as of the date the Compensation would have been paid to the Participant but for the Participant’s Deferral Commitment with respect to such Compensation.
(b)    With respect to Performance Shares or RSUs:
(i)    With respect to Common Shares payable under the applicable Award Agreement (including Common Shares that relate to dividend equivalents in respect of dividends paid in Common Shares), to the Participant’s Deferred Performance Share Sub-account or Deferred RSU Sub-account, as applicable, as of the date such Common Shares would have been delivered to the Participant but for the Participant’s Deferral Commitment with respect to such Performance Shares or RSUs (but in no event earlier than the date on which the applicable Performance Share or RSU vests by its terms); and
(ii)    With respect to dividend equivalent amounts payable in cash under the applicable Award Agreement at the time described in the preceding clause (i), to the Participant’s Deemed Investment Sub-account at such time.
(c)    Any withholding of taxes or other amounts with respect to deferred Compensation, Performance Shares or RSUs which is required by state, federal or local laws shall be withheld from the Participant’s deferred Compensation, Performance Shares or RSUs.
Section 4.3.    Determination of Accounts.
(a)    The amount credited to each Participant’s Account as of a particular date shall equal the deemed balance of such Account as of such date.  The balance in the Account shall equal the amount credited pursuant to Section 4.2, and shall be adjusted in the manner provided in Section 4.4.
(b)    The Corporation, through its accounting records, shall maintain a separate and distinct record of the amount in each Account as adjusted to reflect income, gains, losses, withdrawals and distributions.
Section 4.4.    Adjustments to Accounts.

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(a)    On each Accounting Date, each Participant’s Account and applicable sub-accounts shall be debited with the amount of any distributions under the Plan to or on behalf of the Participant or, in the event of his or her death, his or her Beneficiary during the immediately preceding Accounting Period.
(b)    The Participant’s Deemed Investment Sub-account shall next be credited or debited, as the case may be, on a daily basis with the performance of each deemed Investment Fund based on the manner in which the balance of such Participant’s Account has been allocated among the deemed Investment Funds provided for in Article V.  The performance of each deemed Investment Fund (either positive or negative) will be determined by the Administrator, in its sole discretion.
(c)    Earnings on any amounts deemed to have been invested in the Deemed Investment Sub-account will be deemed to have been reinvested as the Committee so determines.
(d)    Each Participant’s Deferred Performance Share Sub-account and Deferred RSU Sub-account shall be deemed invested solely in Common Shares, including fractions of a Common Share.
(e)    Common Shares deemed held in the Participant’s Deferred Performance Share Sub-account and Deferred RSU Sub-account will be credited with dividend equivalent rights, in respect of any dividends paid on its Common Shares by Holdings in cash or in Common Shares.  Such dividend equivalent rights shall be credited on the date of the payment of such dividend by Holdings.  Dividend equivalent rights in respect of dividends paid in Common Shares shall be credited to the Participant’s Deferred Performance Share Sub-account or Deferred RSU Sub-account, as applicable. Dividend equivalent rights in respect of dividends paid in cash shall not be credited to such Sub-accounts but instead shall be credited to the Participant’s Deemed Investment Sub-account and invested in accordance with Article V in the same manner as the remainder of the Participant’s Deemed Investment Sub-account.
Section 4.5.    Statement of Accounts.  As soon as practicable after the end of each Plan Year, a statement shall be furnished to each Participant or, in the event of his or her death, to his or her Beneficiary showing the status of his or her Account as of the end of the Plan Year, any changes in his or her Account since the end of the immediately preceding Plan Year, and such other information as the Administrator shall determine.
Section 4.6.    Vesting of Accounts.  Subject to Sections 5.1 and 8.7, each Participant shall at all times have a nonforfeitable interest in his or her Account balance.
ARTICLE V 
 
FINANCING OF BENEFITS
Section 5.1.    Financing of Benefits.  Benefits payable under the Plan to a Participant or, in the event of his or her death, to his or her Beneficiary shall be paid by the Corporation from its general assets or, with respect to the Deferred Performance Share Sub-account and Deferred RSU Sub-

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account, from treasury shares.  The payment of benefits under the Plan represents an unfunded, unsecured obligation of the Corporation.  Notwithstanding the fact that the Participant’s Deemed Investment Sub‐account may be adjusted by an amount that is measured by reference to the performance of any deemed Investment Funds as provided in Section 5.3, no person entitled to payment under the Plan shall have any claim, right, security interest or other interest in any fund, trust, account, insurance contract, or asset of the Corporation.
Section 5.2.    Security For Benefits.  Notwithstanding the provisions of Section 5.1, nothing in this Plan shall preclude the Corporation from setting aside amounts in trust (the “Trust”) pursuant to one (1) or more trust agreements between a trustee and the Corporation.  However, no Participant or Beneficiary shall have any secured interest or claim in any assets or property of the Corporation or the Trust and all funds contained in the Trust shall remain subject to the claims of the Corporation’s general creditors.
Section 5.3.    Deemed Investments.
(a)    The Committee may designate one (1) or more separate investment funds or vehicles or measures for crediting earnings on amounts allocated to the Deemed Investment Sub-account, including, without limitation, certificates of deposit, mutual funds, money market accounts or funds, limited partnerships, or debt or equity securities, in which the amount credited to a Participant’s Deemed Investment Sub-account will be deemed to be invested (collectively, the “Investment Funds”).  The amount credited to a Participant’s Deferred Performance Share Sub-account and Deferred RSU Sub-account will be deemed invested solely in Common Shares.
(b)    An Investment Request or Investment Re-Allocation Request will advise the Administrator as to the Participant’s preference with respect to Investment Funds for all amounts credited to a Participant’s Deemed Investment Sub-account in specified multiples of one percent (1%).  No Investment Request or Investment Re Allocation Request election may be made with respect to the Common Shares allocated to a Participant’s Deferred Performance Share Sub-account and Deferred RSU Sub-account.
Section 5.4.    Change of Investment Request Election.
(a)    A Participant may change his or her Investment Request prospectively by giving the Administrator prior written (or electronic) notice by filing an Investment Request, which shall apply to contributions credited to the Participant’s Deemed Investment Sub‐account after such Investment Request is filed.
(b)    A Participant may change the deemed investment of his or her Deemed Investment Sub-account by giving the Administrator prior written (or electronic) notice by filing an Investment Re-Allocation Request with respect to all amounts credited to the Participant’s Deemed Investment Sub-Account.
(c)    The Administrator may, but is under no obligation to, deem the amounts credited to a Participant’s Deemed Investment Sub‐account to be invested in accordance with the Investment Request or Investment Re-Allocation Request made by the Participant, or the 

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Committee may, instead, in its sole discretion, deem such Account to be invested in any deemed Investment Funds selected by the Committee.
(d)    Notwithstanding any provision of the Plan to the contrary:
(i)    The Administrator, in its sole and absolute discretion (but subject to the requirements of applicable law) may temporarily suspend, in whole or in part, certain Plan transactions, including without limitation, the right to change investment preference allocation elections and/or the right to receive a distribution or withdrawal from a Participant’s Account in the event of any conversion, change in recordkeepers, change in Investment Funds and/or Plan merger, spin-off or similar corporate change.
(ii)    In the event of a change in Investment Funds and/or a Plan merger, spinoff or similar corporate change, the Administrator, in its sole and absolute discretion may decide to map investments from a Participant’s prior investment preference allocation elections to the then available Investment Funds under the Plan.  In the event that investments are mapped in this manner, the Participant will be permitted to reallocate funds among the Investment Funds (in accordance with this Section 5.4) after the suspension period described in Section 5.4(d)(i), if any, has ended.
(iii)    The Common Shares deemed allocated to the Participant’s Deferred Performance Share Sub-account or Deferred RSU Sub-account shall remain subject to adjustment pursuant to Section 11 of the Equity Incentive Plan.
ARTICLE VI 
 
DISTRIBUTION OF BENEFITS
Section 6.1.    Settlement Date.  A Participant or, in the event of his or her death, his or her Beneficiary will be entitled to distribution of the balance of his or her Account, as provided in this Article VI, following his or her Settlement Date or Dates.
Section 6.2.    Amount to be Distributed.  The amount to which a Participant or, in the event of his or her death, his or her Beneficiary is entitled in accordance with the following provisions of this Article shall be based on the Participant’s adjusted account balance determined as of the Accounting Date coincident with or next following his or her Settlement Date or Dates.
Section 6.3.    In Service Distribution.  A Participant may elect to receive an in service distribution of the total of his or her deferred Base Salary and Bonus for any Deferral Period in a single lump sum payment in cash on a date which is the first day of a calendar quarter and is at least one (1) year after the end of such Deferral Period, provided that the Participant is an Employee on such date.  A Participant’s election of an in service distribution shall be filed in writing with the Administrator at the same time as is filed his or her election to participate as provided in Section 3.1.  Any benefits paid to the Participant pursuant to this Section shall be paid on or as soon as practicable after the specified date selected by the Participant (but in no event later than  seventy-five (75) days 

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following such date) and shall reduce the Participant’s Account.  Any changes to the foregoing election shall be subject to the Subsequent Deferral Rule.
Section 6.4.    Form of Distribution.
(a)    (1)    As soon as practicable after the end of the Accounting Period in which a Participant’s Settlement Date (other than a Settlement Date selected by the Participant pursuant to Section 6.3) occurs, but in no event later than seventy-five (75) days following the end of such Accounting Period, the Corporation shall commence distribution or cause distribution to be commenced, to the Participant or, in the event of his or her death, to his or her Beneficiary, of the balance of the Participant’s Account, as determined under Section 6.2, under one (1) of the forms provided in this Section 6.4, as specified in the Participant’s Participation Agreement.
(i)    Notwithstanding the foregoing, if a Participant is a Specified Employee on the Settlement Date that results from his or her separation from service, and if any portion of the payments to such Participant upon his or her separation from service would be considered deferred compensation under Section 409A, such Participant’s payment, whether in the form of a single lump sum or an initial installment payment, shall be made as soon as practicable after the end of the Accounting Period in which occurs the earliest of (A) the first day of the 7th month following the Settlement Date, or (B) the Participant’s death, provided that an installment payment will only be distributed on such date if such payment has otherwise become due and payable and any subsequent annual installment shall be paid pursuant to the schedule elected by the Participant in his or her applicable Participation Agreement (determined without regard to any delay in the first installment pursuant to this Section 6.4(a)(ii)).
(b)    Notwithstanding Section 6.4(a)(i) and subject to Section 6.4(a)(ii), if elected by the Participant in his or her Participation Agreement, 
(i)    for Deferral Commitments made with respect to Deferral Periods commencing before January 1, 2018, the distribution of the Participant’s Account may be made or commence (under one (1) of the forms provided in this Section 6.4, as specified in the Participant’s Participation Agreement) at the beginning of the second calendar year (as elected by the Participant in his or her Participation Agreement) commencing after the Participant’s separation from service due to Retirement or death; and
(ii)    for Deferral Commitments made with respect to Deferral Periods commencing on or after January 1, 2018, the distribution of the Participant’s Account may be made or commence (under one (1) of the forms provided in this Section 6.4, as specified in the Participant’s Participation Agreement) on the Accounting Date immediately following the first or second anniversary (as elected by the Participant in his or her Participation Agreement) of the end of the Accounting Period in which the Participant’s separation from service due to Retirement or death occurs.
(c)    Distribution of a Participant’s Account following his or her separation from service, other than a separation from service due to a Participant’s Retirement or death, shall be made in 

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a single lump sum payment in cash (or, in the case of a Participant’s Deferred Performance Share Sub-account and Deferred RSU Sub­account, in Common Shares).
(d)    Distribution of a Participant’s Account following his or her Retirement or death may be made in cash (or, in the case of a Participant’s Deferred Performance Share Sub-account and Deferred RSU Sub-account, in Common Shares) in one (1) of the following forms as elected by the Participant in his or her Participation Agreement applicable to each of his or her Deferral Commitments:
(i)    in five (5) annual installments; or
(ii)    in ten (10) annual installments; or
(iii)    in fifteen (15) annual installments; or
(iv)    in a single lump sum;
provided, however, that in the event of a Participant’s death, if the balance in his or her Account is then less than $35,000, such balance shall be distributed in a single lump sum payment.  For Deferral Commitments made with respect to Deferral Periods commencing before January 1, 2018, each installment described in clause (i), (ii) or (iii) of this section 6.4 (d) shall be designated as a “separate payment” as described in Treasury Regulation §1.409A-2(b)(2)(iii).  For Deferral Commitments made with respect to Deferral Periods commencing on or after January 1, 2018, each series of annual installments described in clause (i), (ii) or (iii) of this Section 6.4(d) shall be treated as the entitlement to a single payment as described in Treasury Regulation §1.409A-2(b)(2)(iii).  If the Participant fails to select a form of distribution with respect to any Deferral Commitment, such amount shall be paid in a lump sum at the time of such Participant’s separation from service.
(e)    The Participant’s election of the form and date of distribution shall be provided for in the Participant’s Participation Agreement applicable to each of his or her Deferral Commitments.  A Participant may change the payment form or the date of distribution provided in a Participation Agreement of the Participant only in compliance with the Subsequent Deferral Rule
(f)    The amount of each installment shall be equal to the quotient obtained by dividing the Participant’s Account balance as of the date of such installment payment by the number of installment payments remaining to be made to or in respect of such Participant at the time of calculation, and, with respect to a Participant’s Deferred Performance Share Sub-account and Deferred RSU Sub-account, rounded up to the next whole share.
(g)    Any fraction of a Common Share payable from a Participant’s Deferred Performance Share Sub-account or Deferred RSU Sub-account shall be distributed in cash.
Section 6.5.    Beneficiary Designation.  As used in the Plan the term “Beneficiary” means:

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(a)    The last person designated as Beneficiary by the Participant in a written notice on a form prescribed by the Administrator;
(b)    If there is no designated Beneficiary or if the person so designated shall not survive the Participant, such Participant’s spouse; or
(c)    If no such designated Beneficiary and no such spouse is living upon the death of a Participant, or if all such persons die prior to the full distribution of the Participant’s Account balance, then the legal representative of the last survivor of the Participant and such persons, or, if the Administrator shall not receive notice of the appointment of any such legal representative within one (1) year after such death, the heirs-at-law of such survivor (in the proportions in which they would inherit his or her intestate personal property) shall be the Beneficiaries to whom the then remaining balance of the Participant’s Account shall be distributed.
Prior to the Participant’s death, any Beneficiary designation may be changed from time to time by like notice similarly delivered.  No notice given under this Section shall be effective unless and until the Administrator actually receives such notice.
Section 6.6.    Facility of Payment.  Whenever and as often as any Participant or his or her Beneficiary entitled to payments hereunder shall be under a legal disability or, in the sole judgment of the Administrator, shall otherwise be unable to apply such payments to his or her own best interests and advantage, the Administrator in the exercise of its discretion may direct all or any portion of such payments to be made in any one (1) or more of the following ways: (i) directly to him; (ii) to his or her legal guardian or conservator; or (iii) to his or her spouse or to any other person, to be expended for his or her benefit; and the decision of the Administrator, shall in each case be final and binding upon all persons in interest.
Section 6.7.    Hardship Distributions.  Upon a finding by the Administrator that a Participant has suffered a Financial Hardship, the Administrator may, in its sole discretion, distribute, or direct the Trustee to distribute, to the Participant an amount which does not exceed the amount required to meet the immediate financial needs created by the Financial Hardship, plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution and are not otherwise available through reimbursement or compensation by insurance or otherwise or by liquidation of the Participant’s assets (to the extent that the liquidation of such assets would not itself cause severe financial hardship to the Participant).  No distributions pursuant to this Section 6.7 may be made in excess of the value of the Participant’s Account at the time of such distribution.
Section 6.8.    Coordination with Other Benefits.  The benefits provided for a Participant and Participant’s Beneficiary under the Plan are in addition to any other benefits available to such Participant under any other plan or program for employees of the Corporation.
Section 6.9.    Change in Control.  Notwithstanding any of the preceding provisions of this Plan, as soon as possible following “change in the ownership” or the “effective control” of the Corporation or a “change in the ownership of a substantial portion of the Corporation’s assets” (each within the meaning of Section 409A), but in no event later than 30 days following such event, a lump sum payment shall be made, in cash (or, in the case of a Participant’s Deferred Performance Share Sub-

14

account and Deferred RSU Sub-account, in Common Shares), of the entire Account hereunder of each Participant.
ARTICLE VII
 
ADMINISTRATION, AMENDMENT AND TERMINATION
Section 7.1.    Administration.  The Plan shall be administered by an Administrator consisting of one (1) or more persons who shall be appointed by and serve at the pleasure of the Board.  The Administrator shall have such powers as may be necessary to discharge its duties hereunder, including, but not by way of limitation, to construe and interpret the Plan and determine the amount and time of payment of any benefits hereunder.  The Administrator may, from time to time, employ agents and delegate to them such administrative duties as it sees fit, and may from time to time consult with legal counsel who may be counsel to the Corporation.  The Administrator shall have no power to add to, subtract from or modify any of the terms of the Plan, or to change or add to any benefits provided under the Plan, or to waive or fail to apply any requirements of eligibility for a benefit under the Plan.  No member of the Administrator shall act in respect of his or her own Account.  All decisions and determinations by the Administrator shall be final and binding on all parties.  All decisions of the Administrator shall be made by the vote of the majority, including actions in writing taken without a meeting.  All elections, notices and directions under the Plan by a Participant shall be made on such forms as the Administrator shall prescribe.
Section 7.2.    Plan Administrator.  Holdings shall be the “administrator” under the Plan for purposes of ERISA.
Section 7.3.    Amendment and Termination.
(a)    In General.  The Plan may be amended from time to time or may be terminated at any time by the Board or a duly authorized committee of the Board.  Except as provided in Section 7.3(b), no amendment or termination of the Plan, however, may adversely affect the amount or timing of payment of any person’s benefits accrued under the Plan to the date of amendment or termination without such person’s written consent.
(b)    Compliance with Section 409A.  (1)  It is intended that the Plan comply with the provisions of Section 409A, so that the income inclusion provisions of Section 409A do not apply to the Participants.  The Plan and each Participation Agreement and Deferral Commitment shall be administered in a manner consistent with this intent.
(1)    Neither a Participant nor any of a Participant’s creditors or beneficiaries shall have the right to subject any deferred compensation (within the meaning of Section 409A of the Code) payable under the Plan to any anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment.  Except as permitted under Section 409A, any deferred compensation (within the meaning of Section 409A) payable to a Participant or for a Participant’s benefit under the Plan may not be reduced by, or offset against, any amount owing by a Participant to the Corporation or any of its affiliates.

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(2)    Notwithstanding any provision of the Plan and Participation Agreements and Deferral Commitments to the contrary, in light of the uncertainty with respect to the proper application of Section 409A, Holdings reserves the right to make amendments to the Plan and Participation Agreements and Deferral Commitments as Holdings deems necessary or desirable to avoid the imposition of taxes or penalties under Section 409A.  In any case, a Participant shall be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on a Participant or for a Participant’s Account in connection with the Plan (including any taxes and penalties under Section 409A), and neither Holdings, the Corporation nor any of their affiliates shall have any obligation to indemnify or otherwise hold a Participant harmless from any or all of such taxes or penalties.
Section 7.4.    Successors.  The Corporation shall require any successor (whether direct or indirect, by purchase, merger, consolidation, reorganization or otherwise) to all or substantially all of the business and/or assets of the Corporation expressly to assume and to agree to perform this Plan in the same manner and to the same extent the Corporation would be required to perform if no such succession had taken place.  This Plan shall be binding upon and inure to the benefit of the Corporation and any successor of or to the Corporation, including without limitation any persons acquiring directly or indirectly all or substantially all of the business and/or assets of the Corporation whether by sale, merger, consolidation, reorganization or otherwise (and such successor shall thereafter be deemed the “Corporation” for the purposes of this Plan), and the heirs, beneficiaries, executors and administrators of each Participant.
Section 7.5.    Claims Procedure.
(a)    Except as otherwise provided in the Plan, the Administrator will determine the rights of any Participant to any benefits hereunder.  Any employee or former employee of the Corporation who believes that he has not received any benefit under the Plan to which he believes he is entitled, may file a claim in writing with the Administrator.  The Administrator will, no later than ninety (90) days after the receipt of a claim, either allow or deny the claim by written notice to the claimant; provided, however, that if the Administrator determines that special circumstances require an extension of time for processing of an employee’s claim, the Administrator will provide written notice of the extension to the employee within such ninety (90)‐day period.  In no event will the extension of time to process the claim exceed a period of ninety (90) days from the end of the initial ninety (90)-day review period.  If a claimant does not receive written notice of the Administrator’s decision on his or her claim within the first ninety (90)-day review period (or the one-hundred and eighty (180)-day review period, in the case of special circumstances as determined by the Administrator), the claim will be deemed to have been denied in full.
(b)    A denial of a claim by the Administrator, wholly or partially, will be written in a manner calculated to be understood by the claimant and will include:
(i)    the specific reason or reasons for the adverse determination;
(ii)    specific reference to pertinent Plan provisions on which the denial is based;

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(iii)    a description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is necessary; and
(iv)    an explanation of the claim review procedure and the time limits applicable to such procedures, including a statement of a claimant’s right to bring a civil action under ERISA following an adverse benefit determination on review.
(c)    A claimant whose claim is denied (or his duly authorized representative) may, within sixty (60) days after receipt of denial of his or her claim, request a review of such denial by the Committee by filing with the Secretary of the Committee a written request for review of his or her claim.  If the claimant does not file a request for review with the Committee within such sixty (60)-day period, the claimant will be deemed to have acquiesced in the original decision of the Committee on his or her claim.  If a written request for review is so filed within such sixty (60)-day period, the Committee will conduct a full and fair review of such claim.  During such full review, the claimant will be given the opportunity to, upon request and free of charge, obtain reasonable access to and copies of all documents, records and other information that are pertinent to his or her claim and to submit issues and comments in writing.  The Committee will notify the claimant of its decision on review within sixty (60) days after receipt of a request for review; provided, however, that if the Committee determines that special circumstances require an extension of time for processing of an employee’s claim, the Committee will provide written notice of the extension to the employee within such sixty (60) day review period.  In no event will the extension of time to process the claim exceed a period of sixty (60) days from the end of the initial sixty (60)-day review period.  If a claimant does not receive written notice of the Committee’s decision on his or her claim within the first sixty (60) day review period (or the one hundred and eighty (180)-day review period, in the case of special circumstances as determined by the Committee), the claim will be deemed to have been denied on review.  Notice of the decision on review will be in writing.
Section 7.6.    Expenses.  All expenses of the Plan shall be paid by the Corporation from funds other than those deemed Investment Funds as provided in Section 5.3, except that brokerage commissions and other transaction fees and expenses relating to the investment of deemed assets and investment fees attributable to commingled investment of such assets shall be paid from or charged to such assets or earnings thereon.
ARTICLE VIII 
 
MISCELLANEOUS
Section 8.1.    No Guarantee of Employment.  Nothing contained in the Plan shall be construed as a contract of employment between the Corporation and any Employee, or as a right of any Employee, to be continued in the employment of the Corporation, or as a limitation of the right of the Corporation to discharge any of its Employees, with or without cause.
Section 8.2.    Applicable Law.  All questions arising in respect of the Plan, including those pertaining to its validity, interpretation and administration, shall be governed, controlled and 

17

determined in accordance with the applicable provisions of federal law and, to the extent not preempted by federal law, the laws of the State of Ohio.  All legal actions or proceedings relating to the Plan shall be brought exclusively in the U.S. District Court for the Northern District of Ohio, Eastern Division or the Cuyahoga County Court of Common Pleas, located in Cuyahoga County, Ohio.
Section 8.3.    Interests Not Transferable.  No person shall have any right to commute, encumber, pledge or dispose of any interest herein or right to receive payments hereunder, nor shall such interests or payments be subject to seizure, attachment or garnishment for the payments of any debts, judgments, alimony or separate maintenance obligations or be transferable by operation of law in the event of bankruptcy, insolvency or otherwise, all payments and rights hereunder being expressly declared to be nonassignable and nontransferable.
Section 8.4.    Severability.  Each section, subsection and lesser section of this Plan constitutes a separate and distinct undertaking, covenant and/or provision hereof.  Whenever possible, each provision of this Plan shall be interpreted in such manner as to be effective and valid under applicable law.  In the event that any provision of this Plan shall finally be determined to be unlawful, such provision shall be deemed severed from this Plan, but every other provision of this Plan shall remain in full force and effect, and in substitution for any such provision held unlawful, there shall be substituted a provision of similar import reflecting the original intention of the parties hereto to the extent permissible under law.
Section 8.5.    Withholding of Taxes.  Withholding Indemnification Agreement.  The Corporation may withhold or cause to be withheld from any amounts payable under this Plan all federal, state, local and other taxes as shall be legally required; provided, however, that the Corporation, in its sole discretion may determine not to withhold or cause to be withheld such taxes from any amounts payable under this Plan to a Participant who is a non-resident of the State of Ohio, provided, that such Participant submits a tax withholding indemnification agreement (in the form set forth by the Corporation) to the Administrator no later than thirty (30) days prior to a Participant’s Settlement Date.
Section 8.6.    Top-Hat Plan.  The Plan is intended to be a plan which is unfunded and maintained primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees within the meaning of Sections 201, 301 and 401 of ERISA, and therefore to be exempt from the provisions of Parts 2, 3 and 4 of Title I of ERISA.
Section 8.7.    Accounts Subject to the Corporation’s Recovery of Funds Policy.  Notwithstanding anything in this Plan to the contrary, the Participants’ Accounts shall be subject to the Corporation’s Recovery of Funds Policy, as it may be in effect from time to time, including, without limitation, the provisions of such Policy required by Section 10D of the Securities and Exchange Act of 1934 and any applicable rules or regulations issued by the U.S. Securities and Exchange Commission or any national securities exchange or national securities association on which Common Shares may be traded.

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IN WITNESS WHEREOF, Lincoln Electric Holdings, Inc. has caused this Lincoln Electric Holdings, Inc. 2005 Deferred Compensation Plan for Executives to be executed in its name effective as set forth herein.
LINCOLN ELECTRIC HOLDINGS, INC.: 
 
_______________________________________
By:  Jennifer I. Ansberry
Its:  Executive Vice President, General Counsel and Secretary
Date: _______________________

19EX-10.2

 Exhibit 10.2 

EXECUTION VERSION 
  

 
  

PARTICIPATION AND SERVICING AGREEMENT 

for 
 LOAN AND SECURITY AGREEMENT

 Between 
 BANK OF CHINA, NEW
YORK BRANCH 
 individually as Lender, Initial A-1 Holder 

and as the Agent for the Holders 

-and - 
 ALEXANDER’S OF REGO
PARK II PARTICIPATING LENDER LLC 
 individually as Initial A-2 Holder 

Dated: July 28, 2017 

 PARTICIPATION AND SERVICING AGREEMENT 

THIS PARTICIPATION AND SERVICING AGREEMENT (this “Agreement”) is dated as of July 28, 2017, by
and between BANK OF CHINA, NEW YORK BRANCH, having an address at 7 Bryant Park, 1045 Avenue of the Americas, 13th Floor, New York, New York 10018 (together with its successors and assigns,
(“Lender,” “Agent,” or “Initial A-1 Holder”) and ALEXANDER’S OF REGO PARK II PARTICIPATING LENDER LLC, having an address at c/o Alexander’s,
Inc., 210 Route 4 East, Paramus, New Jersey 07652 (“Initial A-2 Holder;” the Initial A-2 Holder, together with any assignee of any portion of
Participation A-2 (as defined below) that is an Affiliate of Initial A-2 Holder, each a “Related A-2 Holder,”
and together with its non-Affiliated successors and assigns, “A-2 Holder,” and Lender and A-2
Holder collectively as holders of interests in the Loan, the “Holders”). All terms as used in this Agreement shall, unless otherwise defined in the main body of this Agreement, have the meanings given to such terms in the section
herein titled “Definitions”. 
 RECITALS 

1. REGO II BORROWER LLC, a Delaware limited liability company (the “Borrower”) is the owner of certain real
property located at 61-35 Junction Boulevard, Queens, New York, (the “Mortgaged Property”). 

2. Pursuant to that certain Loan and Security Agreement dated as of November 30, 2011 (the “Loan Agreement”),
between the Borrower as borrower, and Lender, as lender, Lender made a loan to the Borrower in the original principal amount of Two Hundred Seventy-Five Million and No/100 Dollars ($275,000,000.00) the “Mortgage Loan”). 

 3. To evidence the Mortgage Loan, the Borrower executed and delivered in favor of Lender a Consolidated, Amended and
Restated Promissory Note, dated November 30, 2011 in the original principal amount of Two Hundred Seventy-Five Million and No/100 Dollars ($275,000,000.00), as same may be amended, supplemented, restated, increased, extended and consolidated,
substituted or replaced from time to time, the “Note”). To secure the Note, the Borrower granted for the benefit of the Lender, inter alia, a Consolidated, Amended and Restated Fee and Leasehold Mortgage,
Assignment of Leases and Rents and Security Agreement encumbering the Mortgaged Property (the “Mortgage”). 

4. To evidence the Mortgage Loan, the Borrower additionally executed and delivered in favor of Lender the documents listed on
Exhibit A attached hereto and made a part hereof, each dated as of November 30, 2011, unless otherwise noted (such documents, together with the Loan Agreement, the Note, and the Mortgage, collectively, the “Loan
Documents”). 
 5. As of the date hereof, the outstanding principal amount of the Mortgage Loan is $258,082,394.30.

 6. On the date hereof, Lender is selling to Initial A-2 Holder the A-2 Participation in the Mortgage Loan in the original principal amount of $200,000,000. 

7. Capitalized terms used but not otherwise defined herein shall have the 

 
meanings assigned to them in the Loan Agreement. 
 8. It is the
intention and desire of the Holders to enter into this Agreement in order to set forth the rights, benefits, priorities, and obligations of the Holders with respect to the Mortgage Loan and the other mutual understandings of the Holders. 

NOW, THEREFORE, in consideration of the mutual promises herein contained and other good and valuable
consideration, the receipt and legal sufficiency of which are hereby acknowledged, the parties hereto hereby agree, with respect to the Loan, as follows: 

SECTION 1. 
 DEFINITIONS;
PRINCIPLES OF CONSTRUCTION 
 1.01. Definitions. References to a “Section” or the “recitals”
are, unless otherwise specified, to a Section or the recitals of this Agreement. Capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Loan Agreement in effect as of the date hereof, as the same may be
amended in accordance with the Loan Documents and this Agreement. Whenever used in this Agreement, the following terms shall have the respective meanings set forth below unless the context clearly requires otherwise. 

“A-1 Holder” means the Holder of Participation A-1. 
 “A-2 Holder” means the
Holder of Participation A-2. 
 “A-2
Purchase Price” means $200,000,000. 
 “Accepted Servicing Practices” those practices and
procedures that Agent utilizes for loans that Agent owns for its own account and with a view to the maximization of timely recovery of principal and interest on a net present value basis on the Mortgage Loan. 

“Affiliate” shall mean with respect to any specified Person, (a) any other Person controlling or
controlled by or under common control with such specified Person (each a “Common Control Party”). For the purposes of this definition, “Control” when used with respect to any specified Person means the power to
direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract, relation to individuals or otherwise, and the terms “controlling” and “controlled” have
meanings correlative to the foregoing. 
 “Agent” shall mean Bank of China, New York Branch, acting as
Agent pursuant to this Agreement. 
 “Agent Fee” shall mean a fee, payable monthly to Agent, at a rate of
0.25% (twenty-five basis points) per annum on the outstanding Mortgage Loan Principal Balance. 

“Agreement” shall mean this Participation and Servicing Agreement, the exhibits and schedules hereto and all
amendments hereof and supplements hereto, as the same may by hereafter modified, amended or supplemented. 

  
 2 

 “Appraisal” shall mean an appraisal of the Mortgaged Property
conducted in accordance with the standards of the Appraisal Institute by an appraiser that is a member in good standing of the Appraisal Institute and that is certified by such appraiser as having been prepared in accordance with the requirements of
the Standards of Professional Practice of the Appraisal Institute with an “MAI” designation and the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation, as well as FIRREA. 

“Borrower” shall have the meaning assigned to such term in the recitals. 

“Business Day” shall mean any day that is not a Saturday or Sunday, and that is not a legal holiday in New
York, New York, or any other city which serves as the principal place of business for Agent or any successor thereto nor a day which banking institutions or savings associations in any of the foregoing cities are closed for business. 

“Common Control Party” shall have the meaning given to such term in the definition of “Affiliate.”

 “Costs and Expenses” shall mean each of the following costs and expenses, in each case, (a) if the
Mortgage Loan is in existence (i.e., has not been foreclosed or a deed -in-lieu accepted) to the extent such costs and expenses are required to be paid or
reimbursed by Borrower under the Loan Documents and Borrower fails to timely make such payment or reimbursement pursuant to the Loan Documents and (b) if Lender has acquired the Mortgaged Property, to the extent the costs and expenses would
have qualified under (a) if the Mortgage Loan were still in existence: all reasonable and out of pocket costs, fees, expenses, interest, payments, losses, liabilities, judgments and/or causes of action reasonably suffered or actually incurred
or reasonably paid by Agent or a Holder pursuant to or in connection with the Mortgage Loan, the Loan Documents (not including any Servicing Fees, Special Servicing Fees, workout fees, liquidation fees or additional servicing compensation unless
(except in the case of “regular” periodic Servicing Fees) paid to a Person not an Affiliate of a Holder; but provided that all actual out-of-pocket expenses of
Agent in connection with enforcement and workout of the Mortgage Loan shall be Costs and Expenses) the Mortgaged Property, this Agreement or otherwise in connection with the enforcement of the Mortgage Loan in accordance with this Agreement,
including, without limitation, reasonable attorneys’ fees and disbursements, taxes, assessments, insurance premiums and other protective advances as more particularly provided in the Loan Documents; provided, however, that neither (i) the
costs and expenses relating to the origination of the Mortgage Loan, nor (ii) the day to day customary and usual, ordinary costs of servicing and administration of the Mortgage Loan, other than responding to consent requests from Borrower,
shall be “Costs and Expenses” hereunder. 
 “Holder” shall have the meaning assigned to it in the
introductory paragraph of this Agreement. 
 “Loan Documents” shall mean the Mortgage, the Mortgage Loan
Agreement, the Note, and all other documents evidencing or securing the Mortgage Loan, including, without limitation, all guaranties and indemnities, as same may be amended, modified or restated in accordance with this Agreement. 

  
 3 

 “Material Adverse Effect” shall mean any event, development or
circumstance that has or causes a material adverse effect on (a) the business operations, economic performance, assets, financial condition, equity, contingent liabilities, material agreements or results of operations of Borrower, Guarantor
and/or the Mortgaged Property, (b) the enforceability or validity of any material Mortgage Loan Document, the perfection or priority of any Lien created under any Mortgage or affecting any material portion of the Mortgaged Property, or the
rights and remedies of Agent and/or the Holders under any material Mortgage Loan Document, or (c) the value of, or cash flow from, the Mortgaged Property. 

“Mortgage” shall have the meaning assigned to such term in the Recitals. 

“Mortgage Loan Agreement” shall have the meaning assigned to it in the recitals. 

“Mortgage Loan” shall have the meaning assigned to such term in the recitals. 

“Mortgage Loan Principal Balance” shall mean, at any date of determination, the outstanding principal balance
of the Mortgage Loan. 
 “Mortgaged Property” shall have the meaning assigned to such term in the Recitals.

 “Non-Exempt Person” shall mean any Person other than a Person
who is either (i) a U.S. Person or (ii) has delivered to (or has on file with) Agent for the relevant year such duly-executed form(s) or statement(s) which may, from time to time, be prescribed by law and which, pursuant to applicable
provisions of (A) any income tax treaty between the United States and the country of residence of such Person, (B) the Code or (C) any applicable rules or regulations in effect under clauses (A) or (B) above, permit Agent to make
such payments free of any obligation or liability for withholding. 

“Non-Recoverable Advance” shall mean any portion of a Servicing
Advance previously made or proposed to be made which, in the case of a Servicing Advance previously made, has not been previously reimbursed to Agent and which, in the reasonable business judgment of Agent taking into account amounts that may be
collected or realized on the Mortgaged Property prior to final liquidation and liquidation proceeds, will not, or, in the case of a proposed Servicing Advance, would not, be ultimately recoverable together with interest thereon at a per annum rate
equal to the Prime Rate (compounded monthly on each Remittance Date) from amounts to be deposited with Agent under the terms of this Agreement. The judgment or determination by Agent as the case may be, that it has made a Non-Recoverable Advance or that any proposed Servicing Advance, if made, would constitute a Non-Recoverable Advance shall be evidenced by a certificate of an officer of such
party delivered to the Holders, which in each case sets forth such judgment or determination and the procedures and considerations of Agent forming the basis of such determination (including, but not limited to, information selected by the person
making such judgment or determination in its good faith discretion, such as related income and expense statements, rent rolls, occupancy status, property inspections, Agent inquiries, third party engineering and environmental reports, and an
Appraisal or any updated Appraisal thereof conducted within the past 12 months) and copies of such documents are to be included with the certificate of an officer. 

  
 4 

 “Non-Related Holder”
means each Holder other than a Related A-2 Holder. 
 “Note” shall
have the meaning assigned to such term in the recitals. 
 “Other Charges” shall mean all amounts referred
to as “other charges” in the Loan Agreement. 
 “Participation” shall have the meaning assigned
to such term in the recitals. 
 “Participation Principal Balance” shall mean, at any time, the
then-outstanding principal balance of the applicable Participation, which shall equal the initial principal balance of such Participation, less any payments of principal thereon received by the Holder thereof. The aggregate Participation Principal
Balances shall equal the Mortgage Loan Principal Balance. 
 “Participation Certificate” means the
certificate in the form of Exhibit D, evidencing Participation A-1 or Participation A-2. 

“Percentage Share” shall mean, with respect to any Holder as of any date, the ratio, expressed as a
percentage, that (a) the Participation Principal Balance of the Participation held by such Holder bears to (b) the Mortgage Loan Principal Balances. 

“Person” shall mean any individual, corporation, limited liability company, partnership, joint venture,
association, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 

“Prepayment” shall mean any payment of principal made by the Borrower with respect to the Mortgage Loan which
is received in advance of its scheduled maturity date, whether made by reason of a casualty or condemnation, due to the acceleration of the maturity of the Mortgage Loan or otherwise. 

“Prepayment Premium” shall mean any prepayment premium, yield maintenance or spread maintenance premium or
similar fee required to be paid in connection with a Prepayment. 
 “Prime Rate” shall mean, for any day,
the rate of interest for such day from time to time announced by Citibank, N.A., at its New York City Main Branch as its prime rate (being a base rate for calculating interest on certain loans), each change in any interest rate hereunder based on
the Prime Rate to take effect at the time of such change in the prime rate. The Prime Rate is not necessarily the lowest rate for commercial or other types of loans. 

“Pro Rata and Pari Passu Basis” shall mean (i) with respect to the Participations, the allocation of any
particular payment, collection, cost, expense, liability or other amount among the Participations on a pro rata basis in accordance with the respective unpaid principal balances of the Participations, without any priority of any Participation over
any other Participation; and (ii) with respect to the Holders, the allocation of any particular payment, collection, cost, expense, liability or other amount among the Holders on a pro rata basis in accordance with the respective unpaid
principal balances of their Participations, without any priority of any Holder over any other Holder. 

  
 5 

 “Purchase Date” shall mean July 27, 2017. 

“Remittance Date” shall have the meaning assigned to it in Section 4.01. 

“Servicing Advance” shall mean each of the following costs and expenses, in each case, (a) if the
Mortgage Loan is in existence (i.e., has not been foreclosed or a deed -in-lieu accepted) to the extent such costs and expenses are required to be paid or
reimbursed by Borrower under the Loan Documents and Borrower fails to timely make such payment or reimbursement and (b) if Lender has acquired the Mortgaged Property, to the extent the costs and expenses would have qualified under (a) if
the Mortgage Loan were still in existence: any and all customary and reasonable “out of pocket” costs and expenses incurred by Agent in the performance of its servicing obligations, including, but not limited to, the cost and expenses
incurred in connection with (i) the preservation, restoration and protection of the Mortgaged Property which, in the judgment and discretion of such party (exercised in accordance with Accepted Servicing Practices), is necessary to prevent an
immediate or material loss to the Holders’ interest in the Mortgaged Property, including costs and expenses necessary to preserve the priority of the Mortgage, (ii) the payment of ground rent, real estate taxes, assessments and other taxes
and governmental charges that may be levied or assessed against the Borrower or the Mortgaged Property or revenues therefrom or which become liens on the Mortgaged Property, insurance premiums, and any other amounts necessary to preserve the
priority of the lien created by the Mortgage or the value of the Mortgaged Property (to the extent not paid by Borrower), and (iii) any enforcement or judicial proceedings (including, without limitation, foreclosures), and including, but not
limited to, court costs, attorneys’ fees and expenses, costs for third party experts, including environmental and engineering consultants. 

“Taxes” shall mean any income or other taxes, levies, imposts, duties, fees, assessments or other charges of
whatever nature, now or hereafter imposed by any jurisdiction or by any department, agency, state or other political subdivision thereof or therein. 

“Transfer” shall have the meaning assigned to such term in Section 8.01. 

“Unanimous Consent Decision” shall have the meaning assigned to such term in
Section 5.01. 
 “U.S. Person” shall mean a citizen or resident of the United
States, a corporation or partnership (except to the extent provided in applicable Treasury Regulations) created or organized in or under the laws of the United States, any State thereof or the District of Columbia, including any entity treated as a
corporation or partnership for federal income tax purposes, or an estate whose income is subject to United States federal income tax regardless of its source, or a trust if a court within the United States is able to exercise primary supervision
over the administration of such trust, and one or more United States fiduciaries have the authority to control all substantial decisions of such trust (or, to the extent provided in applicable Treasury Regulations, a trust in existence on
August 20, 1996 which is eligible to elect to be treated as a U.S. Person). 

  
 6 

 1.02. Principles of Construction. All references to sections and schedules
are to sections and schedules in or to this Agreement unless otherwise specified. Any reference in this Agreement or in any other Loan Document to any Loan Document shall be deemed to include references to such documents as the same may hereafter be
amended, modified, supplemented, extended, replaced and/or restated from time to time (and, in the case of any note or other instrument, to any instrument issued in substitution therefor). Unless otherwise specified, the words “hereof,”
“herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. Unless otherwise specified, all meanings attributed
to defined terms herein shall be equally applicable to both the singular and plural forms of the terms so defined. 
 SECTION 2. 

 CREATION OF PARTICIPATIONS 

2.01. Purchase and Sale. On the date hereof, on the terms and conditions set forth herein, the Lender created
Participation A-1 and Participation A-2, will retain Participation A-1 and sell Participation
A-2 to Initial A-2 Holder. On the date hereof, Initial A-2 Holder shall pay for Participation
A-2 by wire transfer to Lender of immediately available funds in an amount equal to the A-2 Purchase Price (which purchase shall be deemed effective only upon the
Lender’s receipt of such funds). Upon payment of the A-2 Purchase Price, Lender shall deliver (if it has not previously delivered) the A-2 Participation Certificate
to the Initial A-2 Holder. Thereafter, each Holder shall be deemed the owner of its respective Participation. No Holder shall transfer its Participation, or any portion thereof, other than in accordance with
Article VIII hereof. 
 2.02. Initial Principal Balances. The parties hereto acknowledge and agree that, as of
the date hereof, Participation A-1 has a Participation Principal Balance of $58,082,394.30 and Participation A-2 has a Participation Principal Balance of $200,000,000.

 2.03. Ranking and Allocations. Each Participation and the right of the applicable Holder to receive payments with
respect thereto shall at all times be Pro Rata and Pari Passu with each other in accordance with their respective Percentage Shares, (a) except as specifically provided otherwise in this Agreement and (b) except that the right of
any Related A-2 Holder to receive payment shall be subordinate to such right of the other Holder to the extent provided herein. All interest, income, gain, profits and losses due to or incurred by the Holders
with respect to the Mortgage Loan shall be apportioned among the Holders in proportion to their Percentage Shares in the Mortgage Loan, in each case to the extent accruing from and after the Purchase Date (a) except as specifically provided
otherwise in this Agreement and (b) except that the right of any Related A-2 Holder to receive payment shall be subordinate to such right of the other Holder, to the extent provided herein. 

2.04. Rate of Interest on, and Terms of, the Participations. Subject to the provisions of this Agreement, from and after
the Purchase Date, each Participation shall entitle the Holder thereof to (a) interest at the Interest Rate (as defined in the Loan Agreement) on its Participation and (b) its Percentage Share of any payments of principal collected on the
Mortgage Loan, in 

  
 7 

 
each case net of any unpaid Costs and Expenses or required Servicing Advances and payment of any portion of the Agent Fee then due. 

2.05. [Reserved]. 

SECTION 3. 
 APPOINTMENT
OF AGENT; RESPONSIBILITIES OF AGENT 
 3.01. Appointment of Agent. At all times from the Purchase Date throughout
the term of the Mortgage Loan there shall be an Agent to administer and service (such servicing to include the duties of a “primary” servicer and those of a “special” servicer) the Mortgage Loan on the terms and conditions set
forth herein and to take such actions in respect of the collateral for the Mortgage Loan as shall be specified herein and/or in the Loan Documents. The initial Holders hereby appoint Lender as, and Lender hereby accepts such appointment and agrees
to act as initial Agent hereunder on the terms and conditions set forth herein. The Agent shall be entitled to a fee (the “Agent Fee”) of 0.25% per annum (twenty-five basis points) on the Mortgage Loan Principal Balance immediately
following the preceding Remittance Date, payable monthly out of monthly payments on the Mortgage Loan. 
 3.02. Authority
of Agent. Agent shall have such responsibilities as shall be set forth herein and as shall be delegated to Agent from time to time by the Holders pursuant to the terms and conditions of this Agreement. By their execution of this Agreement, the
Holders hereby authorize and direct Agent to act on their behalf in connection with the Mortgage Loan and the Loan Documents with respect to all rights and obligations of the originating lender pursuant to the terms of the Mortgage Loan Agreement
and other Loan Documents, subject to the limitations set forth in this Agreement. Each of the Holders shall be bound by any acts of Agent taken within the scope of the authority granted to Agent under this Agreement. From and after the Purchase
Date, any security granted pursuant to the Mortgages or in any other Loan Document, any hedging arrangements entered into by the Borrower under the terms of the Loan Documents and any and all actions taken by Agent under this Agreement, the Loan
Agreement or any other Loan Document shall be for the benefit of the Holders. The Holders hereby agree that Borrower shall be required to and shall deal only with Agent. 

3.03. Servicing of the Mortgage Loan 

(a) Agent agrees to serve as the initial Mortgage Loan servicer and to perform customary commercial mortgage loan servicing as
provided in this Agreement and Accepted Servicing Practices. 
 (b) The Agent shall distribute (or cause to be distributed)
to each Holder, in accordance with the wiring instructions set forth on Exhibit C, on the Remittance Date, all payments due to such Holder under its Participation in accordance with Sections 4.01 and 4.02 hereof, provided that
Agent shall be entitled to deduct the Agent Fee then due to it from amounts otherwise distributable to the Holders. 

  
 8 

 3.04. Workout. Subject to the terms and conditions of this Agreement and
the obligation to act in accordance with Accepted Servicing Practices, if Agent, in connection with a workout or proposed workout of the Mortgage Loan, proposes to modify the terms thereof such that (i) the Mortgage Loan Principal Balance is
decreased, (ii) the interest rate applicable to the Mortgage Loan is reduced, (iii) payments of interest or principal on the Mortgage Loan are waived, reduced or deferred (other than a deferral of principal resulting solely from the
extension of the Maturity Date of the Mortgage Loan by the Agent pursuant to the terms of this Agreement) or (iv) any other adjustment is made to any of the payment terms of the Mortgage Loan (other than any extension of the Maturity Date),
such events shall require the consent of each Holder other than Related A-2 Holders. The economic effect of all waivers, reductions or deferrals of amounts due on the Mortgage Loan attributable to such workout
shall be allocated to each Participation on a Pro Rata and Pari Passu Basis, and shall be borne by the Holders of each such Participation on a Pro Rata and Pari Passu Basis; provided, however, that in such circumstance any Related A-2 Holder will instead be subordinated to, and will bear such economic effect prior to, any other Holders. 

3.05. Servicing Advances; Costs and Expenses. 

(a) If Agent determines that a Servicing Advance is reasonably necessary to protect the value or security of the Mortgage Loan
or the Mortgaged Property, it shall notify all Holders promptly upon making such determination. Such notice shall identify the purpose of the Servicing Advance, the total amount thereof, and each Holder’s Percentage Share of such Servicing
Advance. The Related A-2 Holders shall have the option, but not the obligation, to make such Servicing Advance in its entirety, but if Related A-2 Holders elect not to
do so, each Non-Related Holder shall, within two 2 Business Days of receipt of such notice, remit its share (based on each Non-Related Holder’s Percentage Share
relative to the other Non-Related Holders (such Holder’s “Non-Related Percentage Share”) of such Servicing Advance to Agent for application to the
Servicing Advance. No Holder shall be required to make a Servicing Advance if Agent determines that such Servicing Advance would be a Non-Recoverable Advance. 

(b) If Borrower fails to reimburse in a timely manner any Costs and Expenses incurred by Agent while acting within the scope of
the authority granted to it under this Agreement in connection with the Mortgage Loan, the enforcement thereof or the realization of the security therefor, Agent may, at its option (i) withhold the amount thereof from amounts otherwise
distributable to any Related A-2 Holder and/or (ii) request reimbursement from any Non-Related Holder of such Holder’s
Non-Related Percentage Share of such Costs and Expenses. Any portion of such Costs and Expenses paid by or withheld from a Non-Related Holder shall be reimbursable to it
out of collections from or on behalf of Borrower allocated to such reimbursement or from amounts otherwise distributable to any Related A-2 Holder, based on each
Non-Related Holder’s Non-Related Percentage Share. 

3.06. Exercise of Remedies by Agent. 

(a) Each of the Holders acknowledges that subject to the terms of this Agreement Agent may exercise or refrain from exercising
any rights that Agent may have hereunder. 

  
 9 

 (b) Each Holder agrees that Agent to the extent consistent with the terms of this
Agreement, shall have the sole and exclusive authority with respect to the administration of, and exercise of rights and remedies with respect to, the Mortgage Loan, including, without limitation, the sole and exclusive authority (in each case,
subject to Accepted Servicing Practices and the terms and conditions set forth in this Agreement, including all consent rights of the Holders) to (i) modify or waive any of the terms of the Loan Documents, (ii) consent to any action or
failure to act by the Borrower or any party to the Loan Documents, (iii) [intentionally omitted] (iv) take legal action to enforce or protect the Holders’ interests with respect to the Mortgage Loan, (v) refrain from exercising any
powers or rights under the Loan Documents, including the right at any time to call or waive any Events of Default, and/or (vi) accelerate or refrain from accelerating the Mortgage Loan or institute any foreclosure action. Except as otherwise
expressly provided in this Agreement, no Holder shall have any voting, consent or other rights whatsoever with respect to Agent’s administration of, or exercise of its rights and remedies with respect to, the Mortgage Loan and hereby presently
and irrevocably assigns and conveys to Agent, such rights. 
 (c) Agent shall not have any duty to any Holder in connection
with the administration of the Mortgage Loan except that in servicing the Mortgage Loan, Agent is required to act in accordance with Accepted Servicing Practices and this Agreement. Each Holder expressly and irrevocably waives for itself and any
Person claiming through or under any such Holder any and all rights that it may have under Section 1315 of the New York Real Property Actions and Proceedings Law or the provisions of any similar law that purports to give a junior loan
participant the right to initiate any loan enforcement or foreclosure proceedings. Notwithstanding the foregoing, Agent (whether in its capacity as such or as Lender or Holder) shall have no liability to a Related A-2 Holder except as provided in
Section 6.01. 
 3.07. Additional Servicing Matters. 

(a) Agent shall administer the Mortgage Loan in a manner consistent with this Agreement, and shall not be liable to any Holder
with respect to anything Agent may do or omit to do in relation to the Mortgage Loan, other than as expressly set forth in this Agreement. Without limiting the generality of the foregoing, Agent (i) may consult with legal counsel, accountants
and other experts reasonably selected by Agent and may rely on the advice of legal counsel, accountants and other experts (including those retained by the Borrower) and shall not be liable for any action taken or omitted to be taken in good faith by
it in accordance with the advice of such counsel, accountants or experts, (ii) may rely upon any notice, consent, certificate, instrument or other written communication or telephone conversation which Agent believes to be genuine and correct or
to have been signed, sent or made by the proper Person and shall incur no liability under or in respect of this Agreement by acting upon any such notice, consent, certificate, instrument, writing or telephone conversation, and (iii) makes no
warranty or representation to any Holder and shall not be responsible to any Holder for any statements, warranties or representations (whether written or oral) made in or in connection with this Agreement, except the representations and warranties
expressly made herein. 
 (b) In the event that title to the Mortgaged Property is acquired for the benefit of the Holders in
foreclosure, by deed in lieu of foreclosure or upon abandonment or reclamation from bankruptcy, the deed or certificate of sale shall be taken in the name of Agent or its 

  
 10 

 
nominee on behalf of the Holders. The Agent shall manage, conserve, protect and operate each such Mortgaged Property for the Holders solely for the purpose of its prompt disposition and sale in
accordance with Accepted Servicing Practices. 
 (c) Agent shall be entitled to enter into any agreement with any independent
contractor performing services for it related to its duties and obligations hereunder for indemnification of Agent by such independent contractor, and nothing in this Agreement shall be deemed to limit or modify such indemnification. 

(d) Agent shall utilize reasonable efforts, consistent with Accepted Servicing Practices, to obtain an offer to purchase the
Mortgaged Property that will maximize the proceeds of disposition to the Holders (as a collective whole) if and when Agent determines that such disposition would be in the best economic interest of the Holders (as a collective whole). No offer to
purchase the Mortgaged Property shall, however, be accepted unless all Holders (other than Related A-2 Holders) consent in writing to such sale. 

(e) If Agent requests the consent of the Holders (other than Related A-2 Holders) to a
sale of all or a portion of the Mortgaged Property for which consent is required pursuant to Section 3.07(d) above, and one or more Holders (other than a Related A-2 Holder) does not
consent to such sale (such circumstance, a “Sale Deadlock”), then either consenting Holder(s) or the non-consenting Holder(s) (but not a Related A-2
Holder) may initiate a Buy /Sell, as set forth below. 
 (i) Any of such Holders, excluding a Related A-2 Holder, (the “Offeror”) may deliver notice (a “Buy/Sell Notice”) to the other Holders (other than a Related A-2 Holder)(the
“Offerees”) making a buy/sell offer in respect of all, but not less than all, of the right, title and interest held by the Offerees in the applicable Participations or in property acquired as a result of the ownership of the
Participations (including direct or indirect interests in the Mortgaged Property or other collateral acquired as a result of ownership of the Participations, and record title to all of the foregoing, collectively “Mortgage Loan
Interests”) for a specified price (the “Buy/Sell Purchase Price”), which will be enumerated in such Buy/Sell Notice as a dollar price for each percentage point of ownership in the Mortgage Loan, and shall include unpaid
accrued interest to but not including the date of purchase. 
 (ii) Within ten (10) business days (the
“Decision Period”) after delivery of the Buy/Sell Notice, each Offeree (shall deliver to the Offeror a written notice specifying its irrevocable election either (i) to purchase at the Buy/Sell Purchase Price all, but not less
than all, of the Mortgage Loan Interests of the Offeror (and to be the “Purchasing Holder”), or (ii) sell at the Buy/Sell Purchase Price all, but not less than all, of its Mortgage Loan Interests to the Offeror (and to be the
“Selling Holder”). If the Offeree fails to deliver such notice to the Offeror on or before the end of the Decision Period, the Offeree shall be deemed to have elected to be the Selling Holder. 

(iii) Any Related A-2 Holder shall be neither an Offeror nor an
Offeree, and shall retain its A-2 Participation. 

  
 11 

 (iv) The closing of the purchase and sale of a Holder’s
Mortgage Loan Interests pursuant to the Buy/Sell Notice shall take place at 10:00 a.m., New York time, on the date specified by the Purchasing Holder, which date shall be no later than the tenth
(10th) business day, and no earlier than the second (2nd) business day, after the end of the Decision Period (or on such other date as the
Selling Holder and the Purchasing Holder mutually agree) (the “Closing Date”). At the closing, (i) the Selling Holder(s) shall transfer and assign to the Purchasing Holder, without recourse, all of its Mortgage Loan Interests
free and clear of all liens, claims, and encumbrances, and (ii) the Purchasing Holder shall pay the Buy/Sell Purchase Price by wire transfer of immediately available funds to the account designated by the Selling Holder. At such closing, the
Selling Holder shall execute and deliver such documents and instruments as the Purchasing Holder shall reasonably require in order to effect such transfer; provided that the Selling Holder shall not be required to give any representation or warranty
other than as to (i) its ownership of its Mortgage Loan Interests, (ii) lack of liens, claims and encumbrances on its Mortgage Loan Interests, and (iii) authority to transfer its Mortgage Loan Interests. Any such representations and
warranties may be assigned by Purchasing Holder in connection with a resale of the purchased Mortgage Loan Interests or any interest therein. Each Holder shall pay its own expenses incurred in connection with a transfer pursuant to this
Section 3.07(e). 
 (v) All interest and other charges accrued on the Selling
Holder’s Mortgage Loan Interests for the period up to the Closing Date and paid under the related Loan Documents or deemed to have been paid out of income from the Mortgaged Property shall be for the account of the Selling Holder, regardless of
whether received by the Closing Date. All interest and other charges accruing after the Closing Date in respect of the Mortgage Loan Interests of the Selling Holder shall be for the account of the Purchasing Holder. 

3.08. Actions Upon Actual Knowledge of Certain Matters. Promptly after Agent acquires actual knowledge thereof, Agent
will use reasonable efforts to give written notice to each Holder of any material Lien on the Mortgaged Property or any Event of Default under the Loan Agreement or any of the other Loan Documents, including, without, limitation, notice within two
(2) Business Days of if a regular monthly debt service payment is not made when due. Agent agrees to consult with the Holders (other than Related A-2 Holders) in respect of any material remedial action to
be taken in respect of any such Event of Default but shall not be required to follow any recommendations of the Holders except in the case of Unanimous Consent Decisions. 

3.09. [Reserved]  

3.10. Certain Actions. If Agent shall have reasonable cause to believe that any legal action or proceeding related to
the Mortgaged Property could, if adversely determined, result in a Material Adverse Effect, then, subject to any limitations set forth in the Loan Documents, Agent shall have the right to commence, appear in and defend such legal action or
proceeding, and in connection therewith Agent may advance all reasonably necessary Costs and Expenses, for which Agent will be reimbursed in accordance with Section 3.05(b). The parties hereto acknowledge and agree that
Agent shall have the right, in its reasonable judgment, to determine 

  
 12 

 
whether a particular matter is “material” as such term is used in this Agreement and the Loan Documents. 

3.11. Agent as Holder. With respect to Agent’s ownership interest in the Mortgage Loan and the Loan Documents as A-1 Holder, Agent in its capacity as A-1 Holder shall have the rights and powers of a Holder under this Agreement and the Loan Documents as set forth herein and therein and
may exercise the same as though it were not Agent hereunder. Agent and its Affiliates may generally engage in any kind of business with Borrower, any of its Affiliates and/or subsidiaries and any Person who may do business with or own securities of
Borrower, any of its Affiliates and/or subsidiaries, all as if the initial Holder were not Agent and without any duty to account therefor to the other Holders. 

3.12. Change of Agent. Lender may not resign as Agent except (i) with the consent of all Holders (if any) that are
not Related A-2 Holders (unless such resignation is required by law or Lender’s institutional policy, in which case the successor Agent will be appointed by the
Non-Related A-2 Holders) or (ii) by assignment of the rights and obligations of Agent in connection with the assignment of all or a portion of Participation A-1, in which case the successor Agent will be appointed by such assignee. Upon appointment of a successor Agent in accordance with (i) or (ii) above, such successor agent shall succeed to the rights, power and
duties of the “Agent” and the term “Agent” shall mean such successor agent effective upon its appointment, and the former Agent’s rights, power and duties as Agent shall be terminated, without any other or further act or
deed on the part of such former Agent (except that the resigning or assigning Agent shall deliver any collateral for the Mortgage Loan then in its possession to the successor Agent). The indemnity given any retiring Agent pursuant to this Agreement
shall survive any resignation or assignment hereunder. After any retiring Agent’s resignation or assignment hereunder as Agent, the provisions of this Agreement shall inure to its benefit as to any actions taken or omitted to be taken by it
while it was Agent. No Related A-2 Holder shall act as Agent. 
 SECTION 4. 

COLLECTIONS; COLLECTION ACCOUNTS; PAYMENTS 

4.01. Distributions. 

(a) Agent shall use reasonable efforts, consistent with Accepted Servicing Practices, to collect all payments called for under
the terms and provisions of the Mortgage Loan. Consistent with the foregoing, Agent may, in its discretion, waive any late payment charge or Default Interest, or both, in connection with any delinquent monthly debt service payment or any other Event
of Default. 
 (b) All amounts tendered by the Borrower or otherwise available for payment on the Mortgage Loan shall be
applied and distributed by Agent as set forth in this Section 4.01 (and payments shall be made at such times as are set forth herein). Payment shall first be made to Agent up to the amount of any unreimbursed Costs and
Expenses paid by Agent with respect to the Mortgage Loan or the Mortgaged Property pursuant to this Agreement. Any amounts paid by Borrower with respect to which Servicing Advances have been made, and any Default Interest, late payment charges, or
other amounts paid by Borrower with as a result of its failure to 

  
 13 

 
comply with any term of the Mortgage Loan Agreements, shall be applied to repay the Agent or the Holders, as applicable, for any unreimbursed Servicing Advances and Costs and Expenses; provided,
however, that if the amount reimbursed by Borrower is insufficient to repay the Servicing Advances in full, then reimbursement to any Related A-2 Holder shall be subordinated to repayment of other Holders.

 (c) Agent shall make commercially reasonable efforts to collect all amounts due on the Mortgage Loan and to remit to each
Holder its respective Percentage Share of such amounts (net of any expenses owed by the applicable Holder), each pursuant to the wire instructions provided by each Holder on Exhibit C hereto or in such other manner as is acceptable to each
Holder; provided that any designated account is maintained at a commercial bank located in the United States of America. Each payment interest and/or principal received from or on behalf of Borrower shall be distributed to the Holders no
later than the Business Day following receipt thereof by Agent (each, a “Remittance Date”). 
 4.02.
Priority. Unless an Event of Default shall have occurred and be continuing on the Mortgage Loan, payments of interest, principal, and other amounts due under the Mortgage Loan shall be distributed among Holders on a Pro Rata and Pari Passu
Basis, and no portion of any Participation shall have priority or preference over any portion of any other Participation or security therefor, except as provided in this Agreement. If an Event of Default shall have occurred and be continuing on the
Mortgage Loan, amounts available for distribution thereafter, including the net proceeds of the collateral securing the Mortgage Loan, the net proceeds of casualty and title insurance policies and awards from condemnation shall be applied to the
Participations, other than those held by Related A-2 Holders, on a Pro Rata and Pari Passu Basis and any remainder shall be distributed pro rata to the Related A-2
Holders. If Agent or any nominee thereof acquires title to the Mortgaged Property, then all amounts derived from the operation and disposition of the Mortgaged Property shall be allocable among the Holders as set forth in the immediately preceding
sentence. Notwithstanding the foregoing, the rights of each Holder to distributions of any nature with respect to its Participation shall be subject to the rights of the Agent to payments and reimbursements pursuant to and in accordance with the
terms of this Agreement. Amounts applied to any particular Participation or allocated to any particular Holder in accordance with this Article IV will be applied to interest, principal and other amounts due in respect of the Mortgage Loan in
accordance with the Loan Documents and this Agreement. 
 4.03. Return of Funds. If Agent holding or having
distributed any amount received or collected in respect of the Mortgage Loan determines, or a court of competent jurisdiction orders, at any time that any amount received or collected in respect of the Mortgage Loan must, pursuant to any insolvency,
bankruptcy, fraudulent conveyance, preference or similar law, be returned to the Borrower or paid to any Holder or any other Person, then, notwithstanding any other provision of this Agreement, Agent shall not be required to distribute any portion
thereof to any Holder and any such Holder shall promptly on demand repay to Agent the portion thereof which shall have been theretofore distributed to the related Holder, together with interest thereon at such rate, if any, as Agent shall have been
required to pay to the Borrower, the Holders or such other Person with respect thereto. Each Holder agrees that if at any time it shall receive from any sources whatsoever any payment on account of the Mortgage Loan in excess of its distributable
share thereof, it will promptly remit such excess to the Agent. The Agent shall have 

  
 14 

 
the right to offset any amounts due hereunder from any Holder with respect to the Mortgage Loan against any future payments due to such Holder under the Mortgage Loan, provided, that the
obligations of each Holder under this Section 4.03 are separate and distinct obligations from one another. The obligations of each Holder under this Section 4.03 constitute absolute, unconditional
and continuing obligations. 
 SECTION 5. 

VOTING; UNANIMOUS CONSENT 

5.01. Unanimous Consent. Agent shall obtain the written consent of each Holder (other than a Related A-2 Holder), prior to taking any of the following actions (each, a “Unanimous Consent Decision”): 

(a) any modification or waiver of a monetary term of the Mortgage Loan (except that Agent may waive any or all default interest
and/or late fees in its sole discretion); 
 (b) any modification or waiver of a material
non-monetary term of the Mortgage Loan; 
 (c) any modification or waiver that would
result in (i) the extension (other than (A) in accordance with the Loan Documents or (B) for a period of no more than thirty (30) days) or acceleration of the Maturity Date, (ii) a reduction in the interest rate or the
monthly debt service payment or Prepayment Premium payable on the Mortgage Loan or a loss of the right to receive any such payment of principal or interest (including, without limitation, any accrued interest) or any fee (other than one month’s
late charge), (iii) a deferral or forgiveness of interest on or principal of the Mortgage Loan, or (iv) a discounted pay-off of the Mortgage Loan, or (v) an increase or reduction in the principal
amount of the Mortgage Loan (other than an increase as a result of Servicing Advances); 
 (d) any waiver of an Event of
Default; 
 (e) except as provided in Section 5.03 below, to accelerate the Maturity Date, commence
foreclosure proceedings, accept the conveyance of title to the Mortgaged Property in lieu of foreclosure or otherwise, commence any proceedings to collect any amounts owing or claimed to be owing under any guaranty, appoint or request the
appointment of a receiver for the Mortgaged Property, collect rents from the Mortgaged Property, take possession of the Mortgaged Property or otherwise exercise any enforcement remedies; 

(f) any release of the Borrower or any guarantor from liability with respect to the Mortgage Loan or any modification to,
waiver of any provision of, or release of, any guaranty or indemnity agreement; 
 (g) any substitution or release of
collateral for the Mortgage Loan, except as permitted by the Loan Documents without Holders’ consent; 
 (h) any
modification to the number or percentage of Holders required to make any determinations or receive any rights hereunder; 

  
 15 

 (i) subordination of the Liens created by the Loan Documents to any other liens
securing indebtedness of Borrower or otherwise; and 
 (j) consent to any senior or subordinate financing and any loan that
may replace it; 
 (k) any waiver of or determination not to enforce a “due-on-sale” or “due-on-encumbrance” clause or any other restriction on the sale or transfer of the
Mortgaged Property or any portion thereof (but not any sale or transfer of any REO Property) or on any transfer of any direct or indirect ownership interest in the Mortgage Loan Borrower; 

(l) the voting on any plan of reorganization, restructuring or similar plan in the bankruptcy of the Mortgage Loan Borrower;
and 
 (m) any other matter for which the approval or consent of the A-2 Holder is
required hereunder, including, without limitation, the matters described in Section 3.07(d) hereof. 

5.02. Action Notice. 

(a) Prior to taking any action or making any decision with respect to a Unanimous Consent Decision, Agent shall notify each
Holder entitled to consent to such decision in writing of the proposed action (such notice, an “Action Notice”). If the Holder fails to notify the Agent of its approval or disapproval of any such proposed action within ten
(10) Business Days after delivery to the Holder by Agent of an Action Notice (which notice shall contain a legend, in conspicuous boldface type, substantially similar to the following: “THIS IS A REQUEST FOR ACTION APPROVAL. IF THE
HOLDER FAILS TO APPROVE OR DISAPPROVE THE ENCLOSED ACTION WITHIN TEN (10) BUSINESS DAYS, SUCH ACTION MAY BE DEEMED APPROVED.”), then upon the expiration of such ten (10) Business Day
period, Agent shall contact the Holder by telephone or email at the notice address and, if no response to such telephone call or email is received within one (1) Business Day after such contact, such action by the Agent shall be deemed to have
been approved by the Holder. 
 (b) In addition, unless there is at such time no Holder entitled to consent to the proposed
Unanimous Consent Decision (other than A-1 Holder, and assuming that no portion of Participation A-1 has been transferred), Agent shall prepare a summary of such
proposed action and an analysis of whether or not such action is reasonably likely to produce a greater recovery on a present value basis than not taking such action, setting forth the basis on which Agent made such determination, and shall provide
to each Holder copies of such summary and other material documents and items reasonably necessary to make such determination by hard copy or electronic means on a timely basis, but in any event concurrently with, or prior to, the delivery of the
Action Notice pursuant to Section 5.02(a). 
 5.03. Enforcement. If an Event of Default
shall occur and be continuing, and if at such time there are Holders of Participations other than Agent and Related A-2 Holders, Agent shall promptly prepare a summary of its proposed action in respect of such
Event of Default and an analysis of whether or not such action is reasonably likely to produce a greater recovery on a present value basis than not taking such action, setting forth the basis on which Agent made such

  
 16 

 
determination, and shall provide to each Holder (other than any Related A-2 Holder) copies of such summary by hard copy or electronic means on a timely
basis. If any such proposed action is disapproved by the any Holder (other than any Related A-2 Holder), Agent shall propose an alternate action (based on any counter-proposals received from the dissenting
Holder or based on any alternate course of action that Agent may deem appropriate) until the approval of the other Holders (other than any Related A-2 Holder) is obtained; provided that if Agent and the
Holders (other than any Related A-2 Holder) do not agree on a proposed course of action with respect to any Event of Default within the earlier of (i) thirty (30) days after the date on which Agent first
proposed a foreclosure or other action pursuant to this Section 5.03 and (ii) ninety (90) days after the occurrence of such Event of Default, then Agent shall commence, prosecute and consummate a foreclosure action
under the Loan Documents; provided that Agent and the other Holders (other than any Related A-2 Holder) may at any time agree on a different course of action. 

5.04. Disputes. 

(a) Notwithstanding anything herein to the contrary, no advice, direction or objection from or by the Holders or any Holder, as
contemplated by Section 5.01, may (and Agent shall ignore and act without regard to any such advice, direction or objection that Agent has determined, in its reasonable, good faith judgment, will) require or cause Agent to
take any action or refrain from taking any action if taking or not taking such action, respectively, would violate any law of any applicable jurisdiction or violate any provisions of this Agreement (in the latter case, unless all parties, other than
any Related A-2 Holder, agree to waive such provision). 
 (b) Without limiting the
obligations of Agent hereunder, no Holder shall owe any fiduciary duty to Agent or any other Holder. The Holders will not have any liability to any non-consenting Holder (or
non-voting Holder) for any action taken, or for refraining from the taking of any action pursuant to this Agreement or the giving of any consent or for errors in judgment. By its acceptance of a Participation,
each Holder will be deemed to have confirmed its understanding that (i) any Holders entitled to vote may vote in favor of, or refrain from voting in favor of, actions that favor the interests of such Holders or its Affiliates over the other
Holders, (ii) a Holder may have special relationships and interests that conflict with the interest of the other Holders and each Holder will be deemed to have agreed to take no action against another Holder or any of its officers, directors,
employees, principals or agents as a result of such a special relationships or conflicts, (iii) no Holder shall be liable by reason of its having acted or refrained from acting solely in its interest or in the interest of its Affiliates and
(iv) no Holder shall be liable by reason of its having acted or refrained from acting solely in the interests of the related Holder or its Affiliates. 

SECTION 6. 
 LIMITATION OF
LIABILITY; INDEMNIFICATION 
 6.01. Limitation of Liability of Agent. Agent, whether in such capacity or as
Lender or Holder of Participation A-1, shall not have any liability to any Holder except with respect to losses actually suffered due to its (i) gross negligence, (ii) willful misconduct,
(iii) failure to distribute to such Holder amounts required to be distributed to it under this Agreement and (iv) breach of any of its representations and warranties set forth in Section 7.01 (Excepted 

  
 17 

 
Matters”). Each Holder acknowledges that, subject to the terms of this Agreement, Agent has the rights set forth in this Agreement as rights of Agent, as Lender and A-1 Holder and may exercise, or omit to exercise, any rights that it may have under this Agreement in a manner that may be adverse to the interests of the other Holders, so long as such actions, if taken as Agent,
are in accordance with Accepted Servicing Practices and the terms of this Agreement. Notwithstanding the foregoing, however, Agent shall have no liability to any Related A-2 Holder other than for Excepted
Matters (iii) and (iv). 
 6.02. Indemnification of Agent by Holders. Each Holder severally agrees to indemnify
Agent (to the extent not promptly reimbursed by Borrower) from and against such Holder’s Percentage Share of any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any
kind or nature whatsoever that may be imposed on, incurred by, or asserted against Agent in any way relating to or arising out of the Loan Documents or any action taken or omitted by Agent under the Loan Documents; provided that no Holder
shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from any of the Excepted Matters, as established by a final, non appealable judgment
by a court of competent jurisdiction, provided, however, that Agent shall have no liability to any Related A-2 Holder for any decision, action or failure to act other than a failure to distribute to such
Related A-2 Holder amounts required hereby to be distributed to it. Without prejudice to the survival of any other agreement of any Holder hereunder, the agreement and obligations of each Holder contained in
this Section 6.02 shall survive the payment in full of principal, interest and all other amounts payable hereunder and under the other Loan Documents. 

SECTION 7. 

REPRESENTATIONS AND WARRANTIES 

7.01. Representations of Lender. Lender shall be liable to the A-2 Holder for
its representations and warranties pursuant to this Section 7.01 notwithstanding any other limitations on its liability in this Agreement. Lender, as originating lender, Agent, and Initial
A-1 Holder, represents and warrants to Initial A-2 Holder that the execution, delivery and performance of this Agreement is within its corporate powers, has been duly
authorized by all necessary corporate action, and does not contravene Lender’s charter or any law or contractual restriction binding upon Lender, and that this Agreement is the legal, valid and binding obligation of Lender enforceable against
the Lender in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally, and by general principles
of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law), and except that the enforcement of rights with respect to indemnification and contribution obligations may be limited by applicable law. Lender
further represents and warrants to each initial Holder, that: 
 (a) Lender is duly organized, validly existing and in good
standing under the laws of all jurisdictions where so required to be. 

  
 18 

 (b) Immediately prior to the execution and delivery of this Agreement, Lender was
the sole legal owner and holder of the Mortgage Loan, free and clear of any lien, pledge, hypothecation, encumbrance or other adverse interest in the Mortgage Loan. 

(c) Lender has the right under its organizational documents and applicable law without the consent of any third party to enter
into this Agreement and to sell the A-2 Participation to the Initial A-2 Holder. 

(d) Lender has not dealt with any broker, investment banker, agent or other person, other than Initial A-2 Holder and its Affiliates, that may be entitled to any commission or compensation in connection with the consummation of any of the transactions contemplated hereby. 

(e) Exhibit B attached hereto accurately sets forth, as of the date hereof, the outstanding balance of principal and
accrued interest of the Mortgage Loan and each Participation, and Exhibit E sets forth, as of the date hereof, the holder and contact information for Lender / Initial A-1 Holder. 

7.02. Representations of Initial A-2 Holder. The Initial A-2 Holder, as of the date hereof, hereby represents and warrants to, and covenants with Lender, as originating lender, Agent, and Initial A-1 Holder as to itself only, that:

 (a) It is duly organized, validly existing and in good standing under the laws of the State of Delaware. 

(b) The execution and delivery of this Agreement by Initial A-2 Holder, and performance
of, and compliance with, the terms of this Agreement by Initial A-2 Holder, will not violate its organizational documents or constitute a default (or an event which, with notice or lapse of time, or both,
would constitute a default) under, or result in the breach of, any material agreement or other instrument to which it is a party or that is applicable to it or any of its assets, in each case which materially and adversely affect its ability to
carry out the transactions contemplated by this Agreement. 
 (c) A-2 Holder has the
right under its organizational documents and applicable law without the consent of any third party to enter into this Agreement and to purchase the A-2 Participation. 

(d) This Agreement is the legal, valid and binding obligation of A-2 Holder enforceable
against A-2 Holder in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of
creditors’ rights generally, and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law), and except that the enforcement of rights with respect to indemnification and
contribution obligations may be limited by applicable law. 
 (e) A-2 Holder is
purchasing the A-2 Participation for its own account. 

  
 19 

 (f) A-2 Holder has not dealt with any
broker, investment banker, agent or other person, other than Lender, Agent and their Affiliates, that may be entitled to any commission or compensation in connection with the consummation of any of the transactions contemplated hereby. 

7.03. Independent Analyses of the Initial Holders. Subject to the provisions of Sections 7.01 and 7.02,
each Holder acknowledges that it has, independently and without reliance upon Lender, the Agent or any of their Affiliates and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to
purchase the related Participation. Except as expressly provided in this Agreement, each Holder hereby acknowledges that none of Lender, Agent or any Holder, subject to the representations and warranties set forth in this Agreement, shall have any
responsibility for (i) the collectability of the Mortgage Loan, (ii) the validity, enforceability or legal effect of any of the Loan Documents or the title insurance policy or policies or any survey furnished to Lender in connection with
the origination of the Mortgage Loan, (iii) the validity, sufficiency or effectiveness of the lien created or to be created by the Loan Documents, or (iv) the financial condition of the Borrower. 

SECTION 8. 
 TRANSFERS

 8.01. Transfer of Participations. 

(a) No Holder may sell, assign, transfer, pledge, syndicate, hypothecate, contribute, encumber, subparticipate or otherwise
dispose of (each, a “Transfer”) any interest in its Participation except in accordance with the terms of this Agreement. Any assignee of an interest (an “Assignee”), as a condition to such Transfer, shall assume all
of the obligations of the transferring Holder pursuant to this Agreement and the Loan Documents, and shall make the representations and warranties made by the initial Holder of such Participation pursuant to this Agreement, each with respect to the
Percentage Share that it is purchasing. 
 (b) Lender shall only transfer its interest hereunder as permitted pursuant to
Article 11 of the Loan Agreement. A-2 Holder shall not transfer its interest hereunder without the consent of Agent, which consent shall not be unreasonably withheld or delayed. 

(c) Notwithstanding the rights to Transfer contained herein, no Related A-2 Holder
shall have any right to vote on or consent to any issue for which a voting, consent, or similar right is otherwise provided hereunder. 

8.02. Certain Rights and Restrictions. 

(a) Notwithstanding Section 8.01, each of the Holders agrees that each Transfer to be made by such
Holder is subject to the following restrictions: (i) all such Transfers shall be made upon prior written notice to Agent and the other Holders, and (ii) the transferor and transferee shall execute an assignment and assumption agreement
whereby such transferee is assigned and assumes all or a ratable portion, as the case may be, of the obligations of the transferring Holder hereunder with respect to its Participation from and after the date of such assignment (or, in the case of a
pledge, collateral assignment or other encumbrance of a 

  
 20 

 
Participation, solely as security for a loan to the related Holder, made by a third-party, whereby such Holder remains fully liable under this Agreement, such third party executes an agreement
that such Holder shall be bound by the terms and provisions of this Agreement and the obligations of the related Holder hereunder on and after the date on which such Holder succeeds to the rights of the related Holder by foreclosure or otherwise).

 (b) Upon the consummation of a Transfer by way of assignment of 100% of its Percentage Share of Participation, the
transferee shall be a Holder with respect to the applicable Participation for all purposes under this Agreement with all of the rights, interests and obligations related thereto and the transferring Person shall be released from all liability
arising under this Agreement with respect to the related Participation (or the portion thereof that was the subject of such Transfer), arising after the effective date of such Transfer. 

(c) If a Holder Transfers by assignment less than 100% of its Percentage Share in a Participation, then the transferee shall be
a Holder with respect to the applicable Participation for all purposes under this Agreement with all of the rights, interests and obligations related thereto except that no transferee that is a Related A-2
Holder shall have any right to vote on any decision, including any Unanimous Consent Decision or any other right or priority that, pursuant to this Agreement, is not granted to a Related A-2 Holder. 

SECTION 9. 
 MISCELLANEOUS

 9.01. No Creation of a Partnership or Exclusive Purchase Right. Nothing contained in this Agreement, and no action
taken pursuant hereto, shall be deemed to constitute the arrangement between Agent and the Holders of a partnership, association, joint venture or other entity. None of the Holders shall have any obligation whatsoever to offer to any other Holder
the opportunity to purchase notes or participation interests relating to any future loans originated by such Holder or any of its Affiliates, and if such Holder chooses to offer to any other Holder the opportunity to purchase notes or any
participation interests in any future mortgage loans originated by such Holder or its Affiliates, such offer shall be at such purchase price and interest rate as such Holder chooses, in its sole and absolute discretion. No Holder shall have any
obligation whatsoever to purchase from any other Holder any notes or participation interests in any future loans originated by any other Holder or any of its Affiliates. 

9.02. Not a Security. No Participation shall be deemed to be a security within the meaning of the Securities Act of
1933, as amended, or the Securities Exchange Act of 1934, as amended. 
 9.03. Other Business Activities of Agent and
Holders. Agent and each Holder acknowledge that Agent and each other Holder, respectively, may make loans or otherwise extend credit to, and generally engage in any kind of business with, any Borrower Related Party, and receive payments on such
other loans or extensions of credit to any Borrower Related Party and otherwise act with respect thereto freely and without accountability in the same manner as if this Agreement and the transactions contemplated hereby were not in effect. 

  
 21 

 9.04. No Pledge or Loan. This Agreement shall not be deemed to represent a
pledge of any interest in the Mortgage Loan by Lender to any other Holder, or a loan from any Holder to Lender. If any such property or the proceeds thereof shall be applied in reduction of the Mortgage Loan Principal Balance, then each Holder shall
be entitled to receive its share of such application in accordance with the terms of this Agreement. 
 9.05. Governing
Law; Waiver of Jury Trial. THIS AGREEMENT AND THE RESPECTIVE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAW RULES
THEREOF OTHER THAN THE PROVISIONS OF SECTION 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS GUARANTEE. EACH OF THE PARTIES HEREBY
IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 

9.06. Modifications. This Agreement shall not be modified, cancelled or terminated except by an instrument in writing
signed by the parties hereto. The party seeking modification of this Agreement shall be solely responsible for any and all reasonable and customary expenses that may arise in order to modify this Agreement. 

9.07. Successors and Assigns; Third Party Beneficiaries. This Agreement shall inure to the benefit of and be binding
upon the parties hereto and their respective successors and assigns; provided, that no successors or assigns of Lender shall have any liability for a breach of representation or warranty set forth in this Agreement. None of the provisions of this
Agreement shall be for the benefit of or enforceable by any Person not a party hereto. 
 9.08. Counterparts. This
Agreement may be executed in any number of counterparts and all of such counterparts shall together constitute one and the same instrument. 

9.09. Captions. The titles and headings of the paragraphs of this Agreement have been inserted for convenience of
reference only and are not intended to summarize or otherwise describe the subject matter of the paragraphs and shall not be given any consideration in the construction of this Agreement. 

9.10. Notices. All notices required hereunder shall be given by (i) telephone (confirmed in writing) or shall be in
writing and personally delivered, (ii) sent by facsimile transmission or electronic mail if the sender on the same day sends a confirming copy of such notice by reputable overnight delivery service (charges prepaid), (iii) reputable overnight
delivery service (charges prepaid) or (iv) certified United States mail, postage prepaid return receipt requested, and addressed to the respective parties at their addresses set forth on Exhibit E hereto, or at such other address as any
party shall hereafter inform the other party by written notice given as aforesaid. All written notices so given shall be deemed effective upon receipt or, if mailed, upon the earlier to occur of receipt or the expiration of the fourth (4th) day
following the date of mailing. 

  
 22 

 9.11. Reports to the Holders. Agent shall provide to each Holder, other
than a Related A-2 Holder (a) a summary of the current status of principal and interest payments on the Mortgage Loan, (b) copies of the Borrower’s current financial statements, to the extent in
its possession, (c) copies of all reports, statements, certificates, budgets and other information delivered by the Borrower under the Loan Documents, (d) current information, if any, as to the value of the Mortgaged Property, to the
extent in its possession, (e) agreements that govern the administration of the Mortgage Loan, (f) copies of any default or acceleration notices sent to the Borrower with respect to the Mortgage Loan and all material correspondence related
thereto, (g) notices delivered to Agent by the Borrower, and (h) other information with respect to the Borrower or the Mortgage Loan, as may be reasonably requested by any such Holder, to the extent in the Agent’s possession or
reasonably obtainable, in each case at the sole cost and expense of the requesting Holder (with respect to all third party out-of-pocket and the reasonable
administrative and photocopying costs). 
 9.12. Custody of Loan Documents. The originals of all of the Loan Documents
will be held by Agent on behalf of all of the Holders. 
 9.13. Registration of Transfers. Agent shall maintain a
register on which it will record the names and addresses of, and wire transfer instructions for, the Holders from time to time, to the extent such information is provided in writing to it by the Holders. Any transfer of a Participation hereunder
shall be recorded on such register. 
 9.14. Termination. This Agreement and the respective obligations and
responsibilities under this Agreement of the parties hereto shall terminate upon (a) mutual agreement by the parties hereto, evidenced in writing; (b) thirty (30) days after all Participations are paid in full; or (c) payment (or
provision for payment) to the Holders of all amounts held by or on behalf of Agent, as applicable, to be so paid on the last Remittance Date following final payment or other liquidation (or any advance with respect thereto) of the Mortgage Loan or
the Mortgaged Property; provided, however, that in no event shall the arrangement created hereby continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late
Ambassador of the United States to the Court of St. James, living on the date hereof. 
 9.15. Withholding Taxes.

 (a) If Agent or the Borrower shall be required by law to deduct and withhold Taxes from interest, fees or other amounts
payable to any Holder with respect to the Mortgage Loan as a result of such Holder constituting a Non-Exempt Person, Agent shall be entitled to do so with respect to such Holder’s interest in such payment
(all withheld amounts being deemed paid to such Holder), provided that Agent shall furnish any such Holder with a statement setting forth the amount of Taxes withheld, the applicable rate and other information which may reasonably be requested for
purposes of assisting such Holder to seek any allowable credits or deductions for the Taxes so withheld in each jurisdiction in which such Holder is subject to tax. 

(b) Each other Holder shall and hereby agrees to indemnify Agent against and hold Agent harmless from and against any Taxes,
interest, penalties and attorneys’ fees and disbursements arising or resulting from any failure of Agent to withhold Taxes from payment 

  
 23 

 
made to any Holder in reliance upon any representation, certificate, statement, document or instrument made or provided by such Holder to Agent in connection with the obligation of Agent to
withhold Taxes from payments made to such Holder, it being expressly understood and agreed that (i) Agent shall be absolutely and unconditionally entitled to accept any such representation, certificate, statement, document or instrument as
being true and correct in all respects and to fully rely thereon without any obligation or responsibility to investigate or to make any inquiries with respect to the accuracy, veracity, correctness or validity of the same and (ii) any other
Holder shall, upon request of Agent and at its sole cost and expense, defend any claim or action relating to the foregoing indemnification using counsel reasonably satisfactory to Agent. 

(c) Each Holder represents to Agent (for the benefit of the Borrower) that it is not a
Non-Exempt Person and that neither Agent nor the Borrower is obligated under applicable law to withhold Taxes on sums paid to it with respect to the Mortgage Loan or otherwise pursuant to this Agreement.
Contemporaneously with the execution of this Agreement and from time to time as necessary during the term of this Agreement, each other Holder shall deliver to Agent, evidence satisfactory to Agent substantiating that it is not a Non-Exempt Person and that Agent is not obligated under applicable law to withhold Taxes on sums paid to it with respect to the Mortgage Loan or otherwise under this Agreement. Without limiting the effect of the
foregoing, (a) if any other Holder is created or organized under the laws of the United States, any state thereof or the District of Columbia, it shall satisfy the requirements of the preceding sentence by furnishing to Agent an Internal
Revenue Service Form W-9 and (b) if such Holder is not created or organized under the laws of the United States, any state thereof or the District of Columbia, and if the payment of interest or other
amounts by the Borrower is treated for United States income tax purposes as derived in whole or part from sources within the United States, such other Holder shall satisfy the requirements of the preceding sentence by furnishing to Agent Internal
Revenue Service Form W-8ECI or Form W-8BEN, or successor forms, as may be required from time to time, duly executed by such other Holder, as evidence of such other
Holder’s exemption from the withholding of United States tax with respect thereto. Agent shall not be obligated to make any payment hereunder to any Holder in respect of its Participation or otherwise until such other Holder shall have
furnished to Agent the requested forms, certificates, statements or documents. 
 [SIGNATURES APPEAR ON THE FOLLOWING PAGE] 

  
 24 

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

			
	 ORIGINATING LENDER, AGENT AND
A-1 HOLDER:

	
	 BANK OF CHINA, NEW YORK BRANCH

		
	By:	 	 /s/ Raymond L. Qiao

		 	 Name: Raymond L. Qiao

		 	 Title: Chief Lending Officer

 Signatures continue on following page 

 
					
	 INITIAL A-2 HOLDER:

	
	 ALEXANDER’S OF REGO PARK II

PARTICIPATING LENDER LLC

	
	 By: Alexander’s Inc., its sole member

			
		 	 By:
	 	 /s/ Alan J. Rice

		 		 	 Name: Alan J. Rice

		 		 	 Title: Authorized Signatory

 EXHIBIT A 

Original Loan Documents 
  

	1.	 Loan and Security Agreement 

 

	2.	 Consolidated, Amended and Restated Promissory Note 

 

	3.	 Consolidated, Amended and Restated Mortgage Assignment of Leases and Rents and Security Agreement

  

	4.	 Section 255 Affidavit (Mortgage) 

 

	5.	 Assignment of Leases and Rents 

 

	6.	 Section 255 Affidavit (ALR) 

 

	7.	 Blocked Account Control Agreement 

 

	8.	 Cash Management Agreement 

 

	9.	 Guaranty of Recourse Carveouts 

 

	10.	 Environmental Indemnity Agreement 

 

	11.	 Assignment, Consent and Subordination of Management Agreement 

 

	12.	 Assignment of Contracts, Licenses and Permits 

 

	13.	 UCC-1 Financing Statements - Queens County, NY 

 

	14.	 UCC-1 Financing Statements - Delaware Secretary of State

  

	15.	 Disbursement Letter (Settlement Statement) 

 

	16.	 Certificate of Mortgage Borrower 

 

	17.	 Side Letter re: Competitors 

 

	18.	 Side Letter re: Kohl’s Estoppel 

 

	19.	 Section 275 Affidavit 

 

	20.	 W-9 Form 

 

	21.	 Form of Tenant Notification Letter 

  
 A-1 

 EXHIBIT B 

OUTSTANDING PRINCIPAL BALANCE AND ACCRUED INTEREST 

Amounts as of July 30, 2017, before application of payment due on such date. 

Outstanding
Principal:                         $258,082,394.30 

Accrued Interest 
 6/30/17 through
7/29/17                         661,574.86 

  
 B-1 

 EXHIBIT C 

Wiring Instructions 

(attached hereto) 

  
 C-1 

 EXHIBIT D 

FORM OF PARTICIPATION CERTIFICATE 

[ATTACHED] 

  
 D-1 

 EXHIBIT E 

Notice Address 
  

			
	 LENDER:
	  	 BANK OF CHINA, NEW YORK BRANCH

		  	 7 Bryant Park

		  	 1045 Avenue of the Americas

		  	 13th Floor

		  	 New York, New York 10018

		  	 Attention: Raymond L. Qiao

		  	 Chief Lending Officer

		  	 Tel: +1 (646) 231 3149

		  	 Email: lquiao@bocusa.com

		
	 INITIAL A-2 HOLDER
	  	 ALEXANDER’S OF REGO PARK II PARTICIPATING LENDER LLC

		  	 c/o Alexander’s, Inc.

		  	 210 Route 4 East

		  	 Paramus, New Jersey 07652

		  	 Attention: Chief Financial Officer

		  	 Facsimile No.: (201) 843-2198

  
 E-1

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