Document:

Note Purchase Agreement

 EXHIBIT 10.1 

EXECUTION VERSION 
  

 
  

 
 FOUR CORNERS OPERATING
PARTNERSHIP, LP 
 FOUR CORNERS PROPERTY TRUST,
INC. 
 $50,000,000 4.68% Senior Guaranteed Notes, Series A, due June 7, 2024 

$75,000,000 4.93% Senior Guaranteed Notes, Series B, due June 7, 2027 

 
  

NOTE PURCHASE AGREEMENT 

 
  

Dated April 19, 2017 
  

 
  

 
  

 TABLE OF CONTENTS 

 

							
	SECTION	 	HEADING	  	PAGE	 
	 SECTION 1.
            AUTHORIZATION OF NOTES
	  	 	1	 
		
	 SECTION 2.
            SALE AND PURCHASE OF NOTES
	  	 	2	 
	 Section 2.1.
	 	 Sale and Purchase of Notes
	  	 	2	 
	 Section 2.2.
	 	 Parent Guaranty
	  	 	2	 
	 Section 2.3.
	 	 Subsidiary Guaranty
	  	 	2	 
		
	 SECTION 3.
            CLOSING
	  	 	2	 
		
	 SECTION 4.
            CONDITIONS TO CLOSING
	  	 	3	 
	 Section 4.1.
	 	 Representations and Warranties
	  	 	3	 
	 Section 4.2.
	 	 Performance; No Default
	  	 	3	 
	 Section 4.3.
	 	 Compliance Certificates
	  	 	3	 
	 Section 4.4.
	 	 Opinions of Counsel
	  	 	4	 
	 Section 4.5.
	 	 Purchase Permitted By Applicable Law, Etc
	  	 	4	 
	 Section 4.6.
	 	 Sale of Other Notes
	  	 	4	 
	 Section 4.7.
	 	 Payment of Special Counsel Fees
	  	 	4	 
	 Section 4.8.
	 	 Private Placement Number
	  	 	4	 
	 Section 4.9.
	 	 Changes in Corporate Structure
	  	 	4	 
	 Section 4.10.
	 	 Funding Instructions
	  	 	4	 
	 Section 4.11.
	 	 Proceedings and Documents
	  	 	5	 
	 Section 4.12.
	 	 Release of Subsidiary Guaranties and Pledges under Bank Credit Agreement
	  	 	5	 
	 Section 4.13.
	 	 Parent Guaranty
	  	 	5	 
	 Section 4.14.
	 	 Rating on Notes
	  	 	5	 
		
	 SECTION 5.
            REPRESENTATIONS AND WARRANTIES OF THE COMPANY AND THE
OBLIGORS
	  	 	5	 
	 Section 5.1.
	 	 Organization; Power and Authority
	  	 	5	 
	 Section 5.2.
	 	 Authorization, Etc
	  	 	5	 
	 Section 5.3.
	 	 Disclosure
	  	 	6	 
	 Section 5.4.
	 	 Organization and Ownership of Shares of Subsidiaries and Joint Ventures
	  	 	6	 
	 Section 5.5.
	 	 Financial Statements; Material Liabilities
	  	 	7	 
	 Section 5.6.
	 	 Compliance with Laws, Other Instruments, Etc
	  	 	7	 
	 Section 5.7.
	 	 Governmental Authorizations, Etc
	  	 	7	 
	 Section 5.8.
	 	 Litigation; Observance of Agreements, Statutes and Orders
	  	 	8	 
	 Section 5.9.
	 	 Taxes
	  	 	8	 
	 Section 5.10.
	 	 Title to Property; Leases
	  	 	8	 

							
	 Section 5.11.
	 	 Licenses, Permits, Etc
	  	 	9	 
	 Section 5.12.
	 	 Compliance with ERISA
	  	 	9	 
	 Section 5.13.
	 	 Private Offering by the Company
	  	 	10	 
	 Section 5.14.
	 	 Use of Proceeds; Margin Regulations
	  	 	10	 
	 Section 5.15.
	 	 Existing Indebtedness; Future Liens
	  	 	10	 
	 Section 5.16.
	 	 Foreign Assets Control Regulations, Etc
	  	 	11	 
	 Section 5.17.
	 	 Status under Certain Statutes
	  	 	12	 
	 Section 5.18.
	 	 Environmental Matters
	  	 	12	 
	 Section 5.19.
	 	 REIT Status
	  	 	13	 
	 Section 5.20.
	 	 Required Releases
	  	 	13	 
	 Section 5.21.
	 	 Solvency
	  	 	13	 
		
	 SECTION 6.
            REPRESENTATIONS OF THE PURCHASERS
	  	 	13	 
	 Section 6.1.
	 	 Purchase for Investment
	  	 	13	 
	 Section 6.2.
	 	 Source of Funds
	  	 	13	 
		
	 SECTION 7.
            INFORMATION AS TO COMPANY
	  	 	15	 
	 Section 7.1.
	 	 Financial and Business Information
	  	 	15	 
	 Section 7.2.
	 	 Officer’s Certificate
	  	 	18	 
	 Section 7.3.
	 	 Visitation
	  	 	19	 
	 Section 7.4.
	 	 Electronic Delivery
	  	 	19	 
	 Section 7.5.
	 	 Limitation on Disclosure Obligation.
	  	 	20	 
		
	 SECTION 8.
            PAYMENT AND PREPAYMENT OF THE NOTES
	  	 	20	 
	 Section 8.1.
	 	 Maturity
	  	 	20	 
	 Section 8.2.
	 	 Optional Prepayments with Make-Whole Amount
	  	 	20	 
	 Section 8.3.
	 	 Allocation of Partial Prepayments
	  	 	21	 
	 Section 8.4.
	 	 Maturity; Surrender, Etc.
	  	 	21	 
	 Section 8.5.
	 	 Purchase of Notes
	  	 	21	 
	 Section 8.6.
	 	 Make-Whole Amount
	  	 	21	 
	 Section 8.7.
	 	 Change of Control Prepayment Offer
	  	 	23	 
		
	 SECTION 9.
            AFFIRMATIVE COVENANTS.
	  	 	24	 
	 Section 9.1.
	 	 Compliance with Law
	  	 	24	 
	 Section 9.2.
	 	 Insurance
	  	 	24	 
	 Section 9.3.
	 	 Maintenance of Properties
	  	 	24	 
	 Section 9.4.
	 	 Payment of Taxes and Claims
	  	 	25	 
	 Section 9.5.
	 	 Corporate Existence, Etc
	  	 	25	 
	 Section 9.6.
	 	 Books and Records
	  	 	25	 
	 Section 9.7.
	 	 Subsidiary Guarantors
	  	 	26	 
	 Section 9.8.
	 	 Parent Guarantors
	  	 	27	 
	 Section 9.9.
	 	 Maintenance of REIT Status
	  	 	29	 
	 Section 9.10.
	 	 Rating on Notes
	  	 	29	 
	 Section 9.11.
	 	 Ownership
	  	 	29	 

  
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	 SECTION 10.
            NEGATIVE COVENANTS.
	  	 	29	 
	 Section 10.1.
	 	 Transactions with Affiliates
	  	 	29	 
	 Section 10.2.
	 	 Merger, Consolidation, Etc
	  	 	30	 
	 Section 10.3.
	 	 Line of Business
	  	 	31	 
	 Section 10.4.
	 	 Terrorism Sanctions Regulations
	  	 	31	 
	 Section 10.5.
	 	 Liens
	  	 	31	 
	 Section 10.6.
	 	 Financial Covenants
	  	 	32	 
	 Section 10.7.
	 	 Restricted Payments
	  	 	34	 
	 Section 10.8.
	 	 Passive Holding Company
	  	 	36	 
		
	 SECTION 11.
            EVENTS OF DEFAULT
	  	 	37	 
		
	 SECTION 12.
            REMEDIES ON DEFAULT, ETC
	  	 	40	 
	 Section 12.1.
	 	 Acceleration
	  	 	40	 
	 Section 12.2.
	 	 Other Remedies
	  	 	41	 
	 Section 12.3.
	 	 Rescission
	  	 	41	 
	 Section 12.4.
	 	 No Waivers or Election of Remedies, Expenses, Etc
	  	 	41	 
		
	 SECTION 13.
            REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES
	  	 	41	 
	 Section 13.1.
	 	 Registration of Notes
	  	 	41	 
	 Section 13.2.
	 	 Transfer and Exchange of Notes; No Transfer to Competitors
	  	 	42	 
	 Section 13.3.
	 	 Replacement of Notes
	  	 	42	 
		
	 SECTION 14.
            PAYMENTS ON NOTES
	  	 	43	 
	 Section 14.1.
	 	 Place of Payment
	  	 	43	 
	 Section 14.2.
	 	 Home Office Payment
	  	 	43	 
	 Section 14.3.
	 	 FATCA Information
	  	 	43	 
		
	 SECTION 15.
            EXPENSES, ETC
	  	 	44	 
	 Section 15.1.
	 	 Transaction Expenses
	  	 	44	 
	 Section 15.2.
	 	 Certain Taxes
	  	 	44	 
	 Section 15.3.
	 	 Survival
	  	 	45	 
		
	 SECTION 16. SURVIVAL OF
REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT
	  	 	45	 
		
	 SECTION 17.
            AMENDMENT AND WAIVER
	  	 	45	 
	 Section 17.1.
	 	 Requirements
	  	 	45	 
	 Section 17.2.
	 	 Solicitation of Holders of Notes
	  	 	46	 
	 Section 17.3.
	 	 Binding Effect, etc
	  	 	46	 
	 Section 17.4.
	 	 Notes Held by Company, etc
	  	 	46	 

  
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	 SECTION 18.
            NOTICES
	  	 	47	 
		
	 SECTION 19.
            REPRODUCTION OF DOCUMENTS
	  	 	47	 
		
	 SECTION 20.
            CONFIDENTIAL INFORMATION
	  	 	48	 
		
	 SECTION 21.
            SUBSTITUTION OF PURCHASER
	  	 	49	 
		
	 SECTION 22.
            MISCELLANEOUS
	  	 	49	 
	 Section 22.1.
	 	 Successors and Assigns
	  	 	49	 
	 Section 22.2.
	 	 Payments and Reporting Due on Non-Business
Days
	  	 	49	 
	 Section 22.3.
	 	 Accounting Terms
	  	 	50	 
	 Section 22.4.
	 	 Severability
	  	 	50	 
	 Section 22.5.
	 	 Construction, etc
	  	 	50	 
	 Section 22.6.
	 	 Counterparts
	  	 	51	 
	 Section 22.7.
	 	 Governing Law
	  	 	51	 
	 Section 22.8.
	 	 Jurisdiction and Process; Waiver of Jury Trial
	  	 	51	 
	 Section 22.9.
	 	 Non-Recourse to the Parent; Exceptions Thereto
	  	 	52	 

  
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	SCHEDULE A	  	—  	  	DEFINED TERMS
			
	SCHEDULE B	  	—  	  	INFORMATION RELATING TO PURCHASERS 
			
	SCHEDULE 1-A	  	—  	  	FORM OF 4.68% SENIOR GUARANTEED NOTE, SERIES A, DUE JUNE 7, 2024
			
	SCHEDULE 1-B	  	—  	  	FORM OF 4.93% SENIOR GUARANTEED NOTE, SERIES B, DUE JUNE 7, 2027
			
	SCHEDULE 2	  	—  	  	FORM OF PARENT GUARANTY AGREEMENT
			
	SCHEDULE 3 	  	—  	  	FORM OF SUBSIDIARY GUARANTY AGREEMENT
			
	SCHEDULE 4.4(a)	  	—  	  	FORM OF OPINION OF SPECIAL COUNSEL FOR THE OBLIGORS
			
	SCHEDULE 4.4(b)	  	—  	  	FORM OF OPINION OF SPECIAL COUNSEL FOR THE PURCHASERS
			
	SCHEDULE 5.3	  	—  	  	DISCLOSURE MATERIALS
			
	SCHEDULE 5.4	  	—  	  	SUBSIDIARIES OF THE COMPANY AND OWNERSHIP OF SUBSIDIARY STOCK
			
	SCHEDULE 5.10	  	—  	  	 ELIGIBLE UNENCUMBERED REAL PROPERTY
ASSETS AND ELIGIBLE UNENCUMBERED MORTGAGE NOTE VALUE

			
	SCHEDULE 5.15	  	—  	  	EXISTING INDEBTEDNESS
			
	SCHEDULE 7.2	  	—  	  	FORM OF COMPLIANCE CERTIFICATE
			
	SCHEDULE DAT	  	—  	  	DARDEN ACQUIRED TENANTS
			
	SCHEDULE DT	  	—  	  	DARDEN TENANTS
			
	SCHEDULE EDL	  	—  	  	EXCLUDED DARDEN LEASES 

  

  
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 FOUR CORNERS OPERATING PARTNERSHIP,
LP 
 591 Redwood Highway, Suite 1150 

Mill Valley, CA 94941 

FOUR CORNERS PROPERTY TRUST, INC. 

591 Redwood Highway, Suite 1150 

Mill Valley, CA 94941 
 $50,000,000
4.68% Senior Guaranteed Notes, Series A, due June 7, 2024 
 $75,000,000 4.93% Senior Guaranteed Notes, Series B, due June 7, 2027

 April 19, 2017 
 TO
EACH OF THE PURCHASERS LISTED IN 

SCHEDULE B HERETO: 

Ladies and Gentlemen: 
 Four Corners Operating
Partnership, LP, a Delaware limited partnership (together with any successor thereto that becomes a party hereto pursuant to Section 10.2, the “Company”), and Four Corners Property Trust, Inc., a Maryland corporation (together
with any successor thereto that becomes a party hereto pursuant to Section 10.2, the “Parent” and together with the Company, the “Obligors” and each, an “Obligor”) agree with each of the
Purchasers as follows: 
 SECTION 1. AUTHORIZATION OF NOTES. 

The Company will authorize the issue and sale of (a) $50,000,000 aggregate principal amount of its 4.68% Senior Guaranteed Notes, due
June 7, 2024 (the “Series A Notes”), and (b) $75,000,000 of its 4.93% Senior Guaranteed Notes, due June 7, 2027 (the “Series B Notes” and together with the Series A Notes, the “Notes”,
such term to include any such notes as amended, restated or otherwise modified from time to time pursuant to Section 17 and including any such notes issued in substitution therefor pursuant to Section 13). The Series A Notes and the Series
B Notes shall be substantially in the form set out in Schedule 1-A and Schedule 1-B, respectively. Certain capitalized and other terms used in this Agreement are
defined in Schedule A and, for purposes of this Agreement, the rules of construction set forth in Section 22.5 shall govern. 

			
	Four Corners Operating Partnership, LP	 	Note Purchase Agreement

  

 SECTION 2. SALE AND PURCHASE
OF NOTES. 
 Section 2.1. Sale and Purchase of Notes. Subject to the terms and
conditions of this Agreement, the Company will issue and sell to each Purchaser and each Purchaser will purchase from the Company, at the Closing as provided for in Section 3, Notes in the principal amount specified opposite such
Purchaser’s name in Schedule B at the purchase price of 100% of the principal amount thereof. The Purchasers’ obligations hereunder are several and not joint obligations and no Purchaser shall have any liability to any Person for the
performance or non-performance of any obligation by any other Purchaser hereunder. 

Section 2.2. Parent Guaranty. The payment by the Company of all amounts due under this Agreement and the
Notes and the performance by the Company of its obligations under this Agreement will be absolutely and unconditionally guaranteed from time to time by the Initial Parent Guarantors pursuant to a guaranty substantially in the form of Schedule
2 (the “Parent Guaranty”), subject to and in accordance with the terms and conditions set forth in Section 9.8. 

Section 2.3. Subsidiary Guaranty. The payment by the Company of all amounts due under this Agreement and the Notes and the
performance by the Company of its obligations under this Agreement will be absolutely and unconditionally guaranteed from time to time by certain Subsidiaries of the Company pursuant to a guaranty substantially in the form of Schedule 3 (the
“Subsidiary Guaranty”), subject to and in accordance with the terms and conditions set forth in Section 9.7. 

SECTION 3. CLOSING. 

The execution and delivery of this Agreement shall occur on April 19, 2017 (the “Execution Date”). The sale and purchase
of the Notes to be purchased by each Purchaser shall occur at the offices of Greenberg Traurig, LLP, 77 West Wacker Drive, Suite 3100, Chicago, Illinois 60601, at 9:00 a.m., Chicago time, at a closing on June 7, 2017 (the
“Closing”) or on such other Business Day thereafter as may be agreed upon by the Company and the Purchasers. At the Closing the Company will deliver to each Purchaser the Notes to be purchased by such Purchaser in the form of a
single Note (or such greater number of Notes in denominations of at least $500,000 as such Purchaser may request) dated the date of such Closing and registered in such Purchaser’s name (or in the name of its nominee), against delivery by such
Purchaser to the Company or its order of immediately available funds in the amount of the purchase price therefor by wire transfer of immediately available funds for the account of the Company to account number 4671461366 at Wells Fargo Bank, N.A.,
201 3rd Street, San Francisco, California, 94103, ABA# 121000248, Account Name: Four Corners Operating Partnership, LP. If at the Closing the Company shall fail to tender such Notes to any
Purchaser as provided above in this Section 3, or any of the conditions specified in Section 4 shall not have been fulfilled to such Purchaser’s satisfaction, such Purchaser shall, at its election, be relieved of all further
obligations under this Agreement, without thereby waiving any rights such Purchaser may have by reason of any of the conditions specified in Section 4 not having been fulfilled to such Purchaser’s satisfaction or such failure by the
Company to tender such Notes. 

  
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	Four Corners Operating Partnership, LP	 	Note Purchase Agreement

  

 SECTION 4. CONDITIONS TO CLOSING.

 Each Purchaser’s obligation to purchase and pay for the Notes to be sold to such Purchaser at the Closing is subject to the
fulfillment to such Purchaser’s satisfaction, prior to or at such Closing, of the following conditions: 
 Section 4.1.
Representations and Warranties. 
 (a) Representations and Warranties of the Obligors. The representations and warranties of the
Obligors in this Agreement shall be correct when made and at the Closing. 
 (b) Representations and Warranties of the Parent
Guarantors. The representations and warranties of the Parent Guarantors in the Parent Guaranty shall be correct when made and at the Closing. 

Section 4.2. Performance; No Default. The Obligors shall have performed and complied
with all agreements and conditions contained in this Agreement and the Parent Guaranty, as applicable, required to be performed or complied with by it prior to or at the Closing and from the Execution Date to the Closing assuming that Sections 9 and
10 are applicable from the Execution Date. From the Execution Date until the Closing, before and after giving effect to the issue and sale of the Notes (and the application of the proceeds thereof as contemplated by Section 5.14), no Default or
Event of Default shall have occurred and be continuing. None of the Obligors nor any of their respective Subsidiaries shall have entered into any transaction since the date of the Memorandum that would have been prohibited by Section 10 had
such Section applied since such date. 
 Section 4.3. Compliance Certificates. 

(a) Officer’s Certificate of the Company. The Company shall have delivered to such Purchaser an Officer’s Certificate, dated
the date of the Closing, certifying that the conditions specified in Sections 4.1(a), 4.2 and 4.9 have been fulfilled. 
 (b)
Secretary’s Certificate of the Company. The Company shall have delivered to such Purchaser a certificate of the Secretary or Assistant Secretary of the General Partner, dated the date of the Closing, certifying as to (i) the
resolutions attached thereto and other corporate proceedings relating to the authorization, execution and delivery of the Notes and this Agreement and (ii) the Company’s organizational documents as then in effect. 

(c) Officer’s Certificate of the Parent Guarantors. Each Parent Guarantor shall have delivered to such Purchaser an Officer’s
Certificate, dated the date of the Closing, certifying that the conditions specified in Sections 4.1(b), 4.2 and 4.9 have been fulfilled. 

(d) Secretary’s Certificate of the Parent Guarantors. Each Parent Guarantor shall have delivered to such Purchaser a certificate
of its Secretary or Assistant Secretary, dated the date of the Closing, certifying as to (i) the resolutions attached thereto and other corporate proceedings relating to the authorization, execution and delivery of the Financing Agreements to
which they are a party and (ii) such Parent Guarantor’s organizational documents as then in effect. 

  
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	Four Corners Operating Partnership, LP	 	Note Purchase Agreement

  

 Section 4.4. Opinions of Counsel. Such
Purchaser shall have received opinions in form and substance satisfactory to such Purchaser, dated the date of the Closing (a) from Hogan Lovells LLP, counsel for the Obligors, covering the matters set forth in Schedule 4.4(a) and covering
such other matters incident to the transactions contemplated hereby as such Purchaser or its counsel may reasonably request (and the Company and Parent hereby instructs its counsel to deliver such opinion to the Purchasers) and (b) from
Greenberg Traurig, LLP, the Purchasers’ special counsel in connection with such transactions, substantially in the form set forth in Schedule 4.4(b) and covering such other matters incident to such transactions as such Purchaser may reasonably
request. 
 Section 4.5. Purchase Permitted By Applicable Law, Etc. On the date of the
Closing such Purchaser’s purchase of Notes shall (a) be permitted by the laws and regulations of each jurisdiction to which such Purchaser is subject, without recourse to provisions (such as section 1405(a)(8) of the New York
Insurance Law) permitting limited investments by insurance companies without restriction as to the character of the particular investment, (b) not violate any applicable law or regulation (including Regulation T, U or X of the Board of
Governors of the Federal Reserve System) and (c) not subject such Purchaser to any tax, penalty or liability under or pursuant to any applicable law or regulation, which law or regulation was not in effect on the Execution Date. If requested by
such Purchaser, such Purchaser shall have received an Officer’s Certificate certifying as to such matters of fact as such Purchaser may reasonably specify to enable such Purchaser to determine whether such purchase is so permitted. 

Section 4.6. Sale of Other Notes. Contemporaneously with the Closing the Company shall sell to
each other Purchaser and each other Purchaser shall purchase the Notes to be purchased by it at the Closing as specified in Schedule B. 

Section 4.7. Payment of Special Counsel Fees. Without limiting Section 15.1, the Company
shall have paid on or before the Closing the fees, charges and disbursements of the Purchasers’ special counsel referred to in Section 4.4 to the extent reflected in a statement of such counsel rendered to the Company at least one Business
Day prior to the Closing. 
 Section 4.8. Private Placement Number. A Private Placement
Number issued by Standard & Poor’s CUSIP Service Bureau (in cooperation with the SVO) shall have been obtained for the Notes. 

Section 4.9. Changes in Corporate Structure. No Obligor shall have changed its jurisdiction of
incorporation or organization, as applicable, or been a party to any merger or consolidation or succeeded to all or any substantial part of the liabilities of any other entity, at any time following the date of the most recent financial statements
referred to in Section 5.5. 
 Section 4.10. Funding Instructions. At least three
Business Days prior to the date of the Closing, each Purchaser shall have received written instructions signed by a Responsible Officer on letterhead of the Company confirming the information specified in Section 3 including (i) the name
and address of the transferee bank, (ii) such transferee bank’s ABA number and (iii) the account name and number into which the purchase price for the Notes is to be deposited. 

  
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	Four Corners Operating Partnership, LP	 	Note Purchase Agreement

  

 Section 4.11. Proceedings and Documents. All
corporate and other proceedings in connection with the transactions contemplated by this Agreement and all documents and instruments incident to such transactions shall be satisfactory to such Purchaser and its special counsel, and such Purchaser
and its special counsel shall have received all such counterpart originals or certified or other copies of such documents as such Purchaser or such special counsel may reasonably request. 

Section 4.12. Release of Subsidiary Guaranties and Pledges under Bank Credit Agreement.
All pledges and pledged collateral and subsidiary guaranties in respect of the Bank Credit Agreement shall have been, or shall be substantially simultaneously with Closing, released and of no further force and effect. 

Section 4.13. Parent Guaranty. The Company will cause each Initial Parent Guarantor to enter into a Parent Guaranty
and deliver an executed copy thereof to such Purchaser. The Parent Guaranty shall be in full force and effect. 

Section 4.14. Rating on Notes. Each Purchaser shall have received a final ratings letter
provided by Fitch Ratings that the Notes, when issued, will be rated at least BBB-. 

SECTION 5. REPRESENTATIONS AND WARRANTIES OF THE
OBLIGORS. 
 As of the Execution Date and as of the date of Closing, the Company (and solely to the extent that such
representations and warranties relate to the Parent, the Parent) represents and warrants to each Purchaser that: 

Section 5.1. Organization; Power and Authority. The Company is a limited partnership duly
organized, validly existing and in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign limited liability company and is in good standing in each jurisdiction in which such qualification is required by
law, other than those jurisdictions as to which the failure to be so qualified or in good standing could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Parent is a corporation duly organized,
validly existing and in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation and is in good standing in each jurisdiction in which such qualification is required by law, other than those
jurisdictions as to which the failure to be so qualified or in good standing could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each of the Company and the Parent has the limited partnership or
corporate, as applicable, power and authority to own or hold under lease the properties it purports to own or hold under lease, to transact the business it transacts and proposes to transact, to execute and deliver this Agreement and, with respect
to the Company only, the Notes, and to perform the provisions hereof and thereof. 
 Section 5.2.
Authorization, Etc. This Agreement and, with respect to the Company only, the Notes, have been duly authorized by all necessary corporate, general partnership or 

  
 -5- 

			
	Four Corners Operating Partnership, LP	 	Note Purchase Agreement

  

 
limited partnership action on the part of the Company and the Parent, as applicable, and this Agreement constitutes, and, with respect to the Company only, the Notes will constitute upon
execution and delivery thereof, a legal, valid and binding obligation of the Company and the Parent, as applicable, enforceable against the Company and the Parent, as applicable, in accordance with its terms, except as such enforceability may be
limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (ii) general principles of equity (regardless of whether such
enforceability is considered in a proceeding in equity or at law). 
 Section 5.3.
Disclosure. The Company, through its agents, J.P. Morgan Securities LLC and Barclays Capital Inc., has delivered to each Purchaser a copy of a Private Placement Memorandum, dated February 22, 2017 (the
“Memorandum”), relating to the transactions contemplated hereby. The Memorandum fairly describes, in all material respects, the general nature of the business of the Parent and its Subsidiaries. This Agreement, the
Memorandum, the financial statements referenced in Section 5.5, and the documents, certificates or other writings delivered to the Purchasers by or on behalf of the Company prior to March 16, 2017 in connection with the transactions
contemplated hereby and identified in Schedule 5.3 (this Agreement, the Memorandum and such documents, certificates or other writings and such financial statements delivered to each Purchaser being referred to, collectively, as the
“Disclosure Documents”), taken as a whole, do not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not materially misleading in light of the
circumstances under which they were made, provided that, with respect to projections, estimates and other forward-looking information, the Company represents only that such information was prepared in good faith based upon assumptions
believed to be reasonable at the time. Except as disclosed in the Disclosure Documents, since December 31, 2016, there has been no change in the financial condition, operations, business, properties or prospects of the Parent, the Company or
any of their respective Subsidiaries except changes that could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. There is no fact known to the Parent or the Company that could reasonably be expected to
have a Material Adverse Effect that has not been set forth herein or in the Disclosure Documents. 

Section 5.4. Organization and Ownership of Shares of Subsidiaries and Joint Ventures.
(a) Schedule 5.4 contains (except as noted therein) complete and correct lists of (i) the Parent’s Subsidiaries, showing, as to each Subsidiary, the name thereof, the jurisdiction of its organization, and the percentage of shares
of each class of its capital stock or similar equity interests outstanding owned by the Parent and each other Subsidiary and showing whether such Subsidiary is a Material Subsidiary, (ii) the Parent’s Joint Ventures, showing, as to each
Joint Venture, the name thereof, the jurisdiction of its organization, and the percentage of shares of each class of its capital stock or similar equity interests outstanding owned by the Parent and each Subsidiary and (iii) the Parent’s
and Company’s directors and senior officers. 
 (b) All of the outstanding shares of capital stock or similar equity interests of each
Subsidiary and Joint Venture shown in Schedule 5.4 as being owned by the Parent or another member of the Consolidated Group, as applicable, have been validly issued, are fully paid and non-assessable and are
owned by the Parent or another member of the Consolidated Group free and clear of any Lien (except as disclosed in Schedule 5.4). 

  
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 (c) Each Subsidiary and Joint Venture identified in Schedule 5.4 is a corporation or other
legal entity duly organized, validly existing and, where applicable, in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or other legal entity and, where applicable, is in good standing
in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing could not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect. Each such Subsidiary and Joint Venture has the corporate or other power and authority to own or hold under lease the properties it purports to own or hold under lease and to transact the business it transacts and proposes to
transact. 
 (d) No Subsidiary or Joint Venture is a party to or otherwise subject to any legal, regulatory, contractual or other
restriction (other than the agreements listed on Schedule 5.4, customary limitations imposed by corporate law or similar statutes) restricting the ability of such Subsidiary or Joint Venture to pay dividends out of profits or make any other similar
distributions of profits to the Parent or any of its Subsidiaries that owns outstanding shares of capital stock or similar equity interests of such Subsidiary or Joint Venture. 

Section 5.5. Financial Statements; Material Liabilities. The Company has delivered to each
Purchaser the Parent’s report on Form 10-K for the fiscal year ended December 31, 2016 and its quarterly report on Form 10-Q for the quarterly period ending on
September 30, 2016, each of which contain consolidated financial statements of the Consolidated Group. All of such financial statements (including in each case the related schedules and notes) fairly present in all material respects the
consolidated financial position of the Consolidated Group as of the respective dates specified in such Schedule and the consolidated results of their operations and cash flows for the respective periods so specified and have been prepared in
accordance with GAAP consistently applied throughout the periods involved except as set forth in the notes thereto (subject, in the case of any interim financial statements, to normal year-end adjustments and
the absence of footnotes). The Parent, the Company and their respective Subsidiaries do not have any Material liabilities that are not disclosed on such financial statements or otherwise disclosed in the Disclosure Documents. 

Section 5.6. Compliance with Laws, Other Instruments, Etc. The execution, delivery and
performance by the Obligors of the Financing Agreements to which they are a party, will not (i) contravene, result in any breach of, or constitute a default under or result in the creation of any Lien in respect of any property of such Obligor
or any Subsidiary under (A) any indenture, mortgage, deed of trust, loan, purchase or credit agreement or any other material agreement or instrument in any material respect, or (B) the corporate charter,
by-laws or shareholders agreement, in each case of the foregoing, to which the Obligors or any Subsidiary is bound or by which the Obligors or any Subsidiary or any of their respective properties may be bound
or affected, or (ii) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority applicable to the Obligors or any Subsidiary or
(iii) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to the Obligors or any Subsidiary. 

Section 5.7. Governmental Authorizations, Etc. No consent, approval or authorization of, or
registration, filing or declaration with, any Governmental Authority is 

  
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required in connection with the execution, delivery or performance by any Obligor of the Financing Agreements to which it is a party, except for consents, approvals, authorizations, filings and
declarations, which have been duly obtained, given or made and are in full force and effect, and any required filing on Form 8-K with the SEC in connection with this Agreement. 

Section 5.8. Litigation; Observance of Agreements, Statutes and Orders. (a) There are no
actions, suits, investigations or proceedings pending or, to the knowledge of any Obligor, threatened against or affecting such Obligor or any Subsidiary or any property of such Obligor or any Subsidiary in any court or before any arbitrator of any
kind or before or by any Governmental Authority that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(b) Neither any Obligor nor any Subsidiary is (i) in default under any agreement or instrument to which it is a party or by which it is
bound, (ii) in violation of any order, judgment, decree or ruling of any court, any arbitrator of any kind or any Governmental Authority or (iii) in violation of any applicable law, ordinance, rule or regulation of any Governmental
Authority (including Environmental Laws, the USA PATRIOT Act or any of the other laws and regulations that are referred to in Section 5.16), which default or violation could, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect. 
 Section 5.9. Taxes. Each Obligor and its Subsidiaries have filed
all tax returns that are required to have been filed in any jurisdiction, and have paid all taxes shown to be due and payable on such returns and all other taxes and assessments levied upon them or their properties, assets, income or franchises, to
the extent such taxes and assessments have become due and payable and before they have become delinquent, except for any taxes and assessments (i) the amount of which, individually or in the aggregate, is not Material or (ii) the amount,
applicability or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which such Obligor or Subsidiary, as the case may be, has established adequate reserves in accordance with GAAP. No Obligor
knows of any basis for any other tax or assessment that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The charges, accruals and reserves on the books of the Obligors and their respective
Subsidiaries in respect of U.S. federal, state or other taxes for all fiscal periods are adequate. 

Section 5.10. Title to Property; Leases. (a) Each Obligor and its Subsidiaries have good
and sufficient title to, or valid leasehold interests in, their respective properties, including all such properties reflected in the most recent audited balance sheet referred to in Section 5.5 or purported to have been acquired by the
Obligors or any of their Subsidiaries after such date (except as sold or otherwise disposed of in the ordinary course of business), except for such defects in title as could not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect, in each case free and clear of Liens prohibited by this Agreement. 
 (b) Each of the Real Property Assets included
as Eligible Unencumbered Real Property Assets for purposes of this Agreement satisfies the requirements for Eligible Unencumbered Real Property Asset set forth in the definition thereof. Schedule 5.10 hereto sets forth as of the Execution
Date a complete list of (i) each Eligible Unencumbered Real Property Asset and whether such asset is subject to a Qualifying Ground Lease and (ii) any Mortgage Notes included in Eligible Unencumbered Mortgage Note Value. 

  
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 Section 5.11. Licenses, Permits, Etc. Except
as could not reasonably be expected to have a Material Adverse Effect: 
 (a) each Obligor and its Subsidiaries own or
possess all licenses, permits, franchises, authorizations, patents, copyrights, proprietary software, service marks, trademarks and trade names, or rights thereto without known conflict with the rights of others; 

(b) to the knowledge of each Obligor, no product or service of such Obligor or any of its Subsidiaries infringes any license,
permit, franchise, authorization, patent, copyright, proprietary software, service mark, trademark, trade name or other right owned by any other Person; and 

(c) to the knowledge of each Obligor, there is no violation by any Person of any right of such Obligor or any of its
Subsidiaries with respect to any license, permit, franchise, authorization, patent, copyright, proprietary software, service mark, trademark, trade name or other right owned or used by such Obligor or any of its Subsidiaries. 

Section 5.12. Compliance with ERISA. (a) The Company, the Parent and each ERISA Affiliate
have operated and administered each Plan in compliance with all applicable laws except for such instances of noncompliance as have not resulted in and could not, individually or in the aggregate, reasonably be expected to result in a Material
Adverse Effect. None of the Company, the Parent nor any ERISA Affiliate has incurred any liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans (as defined in section
3 of ERISA), and to the knowledge of each Obligor no event, transaction or condition has occurred or exists that could, individually or in the aggregate, reasonably be expected to result in the incurrence of any such liability by the Company, the
Parent or any ERISA Affiliate, or in the imposition of any Lien on any of the rights, properties or assets of the Company, Parent or any ERISA Affiliate, in either case pursuant to Title I or IV of ERISA or to section 430(k) of the Code or to any
such penalty or excise tax provisions under the Code or federal law or section 4068 of ERISA or by the granting of a security interest in connection with the amendment of a Plan, other than such liabilities or Liens as would not be individually or
in the aggregate Material. 
 (b) None of the Plans (other than Multiemployer Plans) is subject to Title IV of ERISA. 

(c) The Parent, the Company and its ERISA Affiliates have not incurred withdrawal liabilities (and are not subject to contingent withdrawal
liabilities) under section 4201 or 4204 of ERISA in respect of Multiemployer Plans that individually or in the aggregate are Material. 

(d) The expected postretirement benefit obligation (determined as of the last day of the Parent’s most recently ended fiscal year in
accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 715-60, without regard to liabilities attributable to continuation coverage mandated by section 4980B of the Code)
of the Parent, the Company and their Subsidiaries is not Material. 

  
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 (e) The execution and delivery of this Agreement and the Parent Guaranty and the issuance and
sale of the Notes hereunder will not involve any transaction that is subject to the prohibitions of section 406 of ERISA or in connection with which a tax could be imposed pursuant to section 4975(c)(1)(A)-(D) of the Code. The
representation by the Company and the Parent to each Purchaser in the first sentence of this Section 5.12(e) is made in reliance upon and subject to the accuracy of such Purchaser’s representation in Section 6.2 as to the sources of the
funds to be used to pay the purchase price of the Notes to be purchased by such Purchaser. 
 (f) The Obligors and their Subsidiaries do not
have any Non-US Plans. 
 Section 5.13. Private Offering
by the Company. Neither the Obligors nor anyone acting on their behalf has offered the Notes, the Parent Guaranty or any similar Securities for sale to, or solicited any offer to buy the Notes, the Parent Guaranty or any similar Securities from,
or otherwise approached or negotiated in respect thereof with, any Person other than the Purchasers and not more than 60 other Institutional Investors, each of which has been offered the Notes at a private sale for investment. Neither any
Obligor nor anyone acting on their behalf has taken, or will take, any action that would subject the issuance or sale of the Notes or the Parent Guaranty to the registration requirements of section 5 of the Securities Act or to the registration
requirements of any Securities or blue sky laws of any applicable jurisdiction. Without limiting the foregoing, the Purchasers shall not be deemed to be acting on behalf of any of the Obligors for purposes of this Section 5.13. 

Section 5.14. Use of Proceeds; Margin Regulations. The Company will apply the proceeds of the
sale of the Notes hereunder for general corporate purposes and the repayment of indebtedness. No part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly, for the purpose of buying or carrying any margin stock
within the meaning of Regulation U of the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any Securities under such circumstances as to involve the Company in a violation of
Regulation X of said Board (12 CFR 224) or to involve any broker or dealer in a violation of Regulation T of said Board (12 CFR 220). Margin stock does not constitute more than 25% of the value of the consolidated assets of the Consolidated
Group and neither the Company nor the Parent has any present intention that margin stock will constitute more than 25% of the value of such assets. As used in this Section, the terms “margin stock” and “purpose of buying or
carrying” shall have the meanings assigned to them in said Regulation U. 

Section 5.15. Existing Indebtedness; Future Liens. (a) Except as described therein,
Schedule 5.15 sets forth a complete and correct list of all outstanding Indebtedness of each Obligor and its Subsidiaries as of December 31, 2016 (including descriptions of the obligors and the original lender (or, if applicable, administrative
agent) therefor, principal amounts outstanding, a general description of the primary collateral therefor and a description of any Guaranties thereof), since which date there has been no Material change in the amounts (other than changes in line of
credit balances arising in the ordinary course of business of the Company), interest rates (other than with respect to variable interest rates and changes in the 

  
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underlying index rates), sinking funds, installment payments or maturities of the Indebtedness of any Obligor or its Subsidiaries. Neither any Obligor nor any Subsidiary is in default and no
waiver of default is currently in effect, in the payment of any principal or interest on any Indebtedness of such Obligor or such Subsidiary and no event or condition exists with respect to any Indebtedness of any Obligor or any Subsidiary that
would permit (or that with notice or the lapse of time, or both, would permit) one or more Persons to cause such Indebtedness to become due and payable before its stated maturity or before its regularly scheduled dates of payment. 

(b) Except as provided in the agreements and documents related to Indebtedness described in Schedule 5.15, neither any Obligor nor any
Subsidiary has agreed or consented to cause or permit in any of its property, whether now owned or hereafter acquired, to be subject to a Lien that secures Indebtedness or to cause or permit in the future (upon the happening of a contingency or
otherwise) any of its property, whether now owned or hereafter acquired, to be subject to a Lien that secures Indebtedness. 
 (c) Neither
any Obligor nor any of their respective Subsidiaries is a party to, or otherwise subject to any provision contained in, any instrument evidencing Indebtedness of such Obligor or such Subsidiary, any agreement relating thereto or any other agreement
(including its charter or any other organizational document) which limits the amount of, or otherwise imposes restrictions on the incurring of, Indebtedness of the Obligors, except as referred to in Schedule 5.15. 

Section 5.16. Foreign Assets Control Regulations, Etc. (a) Neither the Parent, the Company
nor any Controlled Entity is (i) a Blocked Person, (ii) has been notified that its name appears or may in the future appear on a State Sanctions List or (iii) is a target of sanctions that have been imposed by the United Nations or
the European Union. 
 (b) Neither the Parent, the Company nor any Controlled Entity (i) has violated, been found in violation of, or
been charged or convicted under, any applicable U.S. Economic Sanctions Laws, Anti-Money Laundering Laws or Anti-Corruption Laws or (ii) to the Parent’s or the Company’s knowledge, is under investigation by any Governmental Authority
for possible violation of any U.S. Economic Sanctions Laws, Anti-Money Laundering Laws or Anti-Corruption Laws. 
 (c) No part of the
proceeds from the sale of the Notes hereunder: 
 (i) constitutes or will constitute funds obtained on behalf of any Blocked
Person or will otherwise be used by the Parent, the Company or any Controlled Entity, directly or indirectly, (A) in connection with any investment in, or any transactions or dealings with, any Blocked Person, (B) for any purpose that
would cause any Purchaser to be in violation of any U.S. Economic Sanctions Laws or (C) otherwise in violation of any U.S. Economic Sanctions Laws; 

(ii) will be used, directly or indirectly, in violation of, or cause any Purchaser to be in violation of, any applicable
Anti-Money Laundering Laws; or 

  
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 (iii) will be used, directly or indirectly, for the purpose of making any
improper payments, including bribes, to any Governmental Official or commercial counterparty in order to obtain, retain or direct business or obtain any improper advantage, in each case which would be in violation of, or cause any Purchaser to be in
violation of, any applicable Anti-Corruption Laws. 
 (d) The Parent and the Company have established procedures and controls which it
reasonably believes are adequate (and otherwise comply with applicable law) to ensure that the Parent, the Company and each Controlled Entity is and will continue to be in compliance with all applicable U.S. Economic Sanctions Laws, Anti-Money
Laundering Laws and Anti-Corruption Laws. 
 Section 5.17. Status under Certain Statutes.
None of the Obligors nor any of their respective Subsidiaries is subject to regulation under the Investment Company Act of 1940, the Public Utility Holding Company Act of 2005, the ICC Termination Act of 1995 or the Federal Power Act. 

Section 5.18. Environmental Matters. (a) None of the Obligors nor of their respective
Subsidiaries has knowledge of any claim or has received any notice of any claim and no proceeding has been instituted asserting any claim against such Obligor or any of its Subsidiaries or any of their respective real properties or other assets now
or formerly owned, leased or operated by any of them, alleging any damage to the environment or violation of any Environmental Laws, except, in each case, such as could not reasonably be expected to result in a Material Adverse Effect. 

(b) None of the Obligors nor any of their respective Subsidiaries has knowledge of any facts which would give rise to any claim, public or
private, of violation of Environmental Laws or damage to the environment emanating from, occurring on or in any way related to real properties now or formerly owned, leased or operated by any of them or to other assets or their use, except, in each
case, such as could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 
 (c) None of the
Obligors nor any of their respective Subsidiaries has stored any Hazardous Materials on real properties now or formerly owned, leased or operated by any of them in a manner which is contrary to any Environmental Law that could, individually or in
the aggregate, reasonably be expected to result in a Material Adverse Effect. 
 (d) None of the Obligors nor any of their respective
Subsidiaries has disposed of any Hazardous Materials in a manner which is contrary to any Environmental Law that could, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 

(e) All buildings on all real properties now owned, leased or operated by the Obligors or any of their respective Subsidiaries are in
compliance with applicable Environmental Laws, except where failure to comply could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 

  
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 Section 5.19. REIT Status. The Parent has
taken all necessary actions to qualify as a real estate investment trust under the Code for all taxable years commencing with its taxable year beginning January 1, 2016, and has not taken any action which would prevent it from maintaining such
qualification in the future. 
 Section 5.20. Required Releases. Substantially simultaneously
with the Closing, all pledges and pledged collateral and subsidiary guaranties in respect of the Bank Credit Agreement have been released and are of no further force and effect. 

Section 5.21. Solvency. The Obligors, taken as a whole are, and after giving effect to the
issuance of the Notes, will be solvent. 
 SECTION 6. REPRESENTATIONS OF THE
PURCHASERS. 
 Section 6.1. Purchase for Investment. (a) Each
Purchaser severally represents that it is an “accredited investor” within the meaning of Regulation D of the Securities Act and is purchasing the Notes for its own account or for one or more separate accounts maintained by such
Purchaser or for the account of one or more pension or trust funds that are “accredited investors” within the meaning of Regulation D of the Securities Act and not with a view to the distribution thereof, provided that the
disposition of such Purchaser’s or their property shall at all times be within such Purchaser’s or their control. Each Purchaser understands that neither the Notes nor the Parent Guaranty has been registered under the Securities Act and
may be resold only if registered pursuant to the provisions of the Securities Act or if an exemption from registration is available, except under circumstances where neither such registration nor such an exemption is required by law, and that the
Company is not required to register the Notes or the Parent Guaranty. 
 (b) Without limiting the foregoing, each Purchaser severally agrees
that it will not, directly or indirectly, resell the Notes purchased by it to a Person which it is aware is a Competitor (it being understood that such Purchaser shall advise any broker or intermediary acting on its behalf that such resale to a
Competitor is limited hereby). 
 Section 6.2. Source of Funds. Each Purchaser severally
represents that at least one of the following statements is an accurate representation as to each source of funds (a “Source”) to be used by such Purchaser to pay the purchase price of the Notes to be purchased by such
Purchaser hereunder: 
 (a) the Source is an “insurance company general account” (as the term is defined in the
United States Department of Labor’s Prohibited Transaction Exemption (“PTE”) 95-60) in respect of which the reserves and liabilities (as defined by the annual statement for life insurance
companies approved by the NAIC (the “NAIC Annual Statement”)) for the general account contract(s) held by or on behalf of any employee benefit plan together with the amount of the reserves and liabilities for the general account
contract(s) held by or on behalf of any other employee benefit plans maintained by the same employer (or affiliate thereof as defined in PTE 95-60) or by the same employee organization in the general account
do not exceed 10% of the total reserves and liabilities of the general account (exclusive of separate account liabilities) plus surplus as set forth in the NAIC Annual Statement filed with such Purchaser’s state of domicile; or 

  
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 (b) the Source is a separate account that is maintained solely in connection
with such Purchaser’s fixed contractual obligations under which the amounts payable, or credited, to any employee benefit plan (or its related trust) that has any interest in such separate account (or to any participant or beneficiary of such
plan (including any annuitant)) are not affected in any manner by the investment performance of the separate account; or 

(c) the Source is either (i) an insurance company pooled separate account, within the meaning of PTE 90-1 or (ii) a bank collective investment fund, within the meaning of the PTE 91-38 and, except as disclosed by such Purchaser to the Company in writing pursuant to this
clause (c), no employee benefit plan or group of plans maintained by the same employer or employee organization beneficially owns more than 10% of all assets allocated to such pooled separate account or collective investment fund; or 

(d) the Source constitutes assets of an “investment fund” (within the meaning of Part VI of PTE 84-14 (the “QPAM Exemption”)) managed by a “qualified professional asset manager” or “QPAM” (within the meaning of Part VI of the QPAM Exemption), no employee benefit plan’s
assets that are managed by the QPAM in such investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Part VI(c)(1) of the QPAM
Exemption) of such employer or by the same employee organization and managed by such QPAM, represent more than 20% of the total client assets managed by such QPAM, the conditions of Part I(c) and (g) of the QPAM Exemption are satisfied, neither
the QPAM nor a person controlling or controlled by the QPAM maintains an ownership interest in the Company that would cause the QPAM and the Company to be “related” within the meaning of Part VI(h) of the QPAM Exemption and (i) the
identity of such QPAM and (ii) the names of any employee benefit plans whose assets in the investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate
(within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization, represent 10% or more of the assets of such investment fund, have been disclosed to the Company in writing pursuant to this clause
(d);or 
 (e) the Source constitutes assets of a “plan(s)” (within the meaning of Part IV(h) of PTE 96-23 (the “INHAM Exemption”)) managed by an “in-house asset manager” or “INHAM” (within the meaning of Part IV(a) of the INHAM
Exemption), the conditions of Part I(a), (g) and (h) of the INHAM Exemption are satisfied, neither the INHAM nor a person controlling or controlled by the INHAM (applying the definition of “control” in Part IV(d)(3) of the INHAM
Exemption) owns a 10% or more interest in the Company and (i) the identity of such INHAM and (ii) the name(s) of the employee benefit plan(s) whose assets constitute the Source have been disclosed to the Company in writing pursuant to this
clause (e); or 

  
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 (f) the Source is a governmental plan; or 

(g) the Source is one or more employee benefit plans, or a separate account or trust fund comprised of one or more employee
benefit plans, each of which has been identified to the Company in writing pursuant to this clause (g); or 
 (h) the Source
does not include assets of any employee benefit plan, other than a plan exempt from the coverage of ERISA. 
 As used in this Section 6.2, the terms
“employee benefit plan,” “governmental plan,” and “separate account” shall have the respective meanings assigned to such terms in section 3 of ERISA. 

SECTION 7. INFORMATION AS TO COMPANY. 

Section 7.1. Financial and Business Information. The Company shall deliver to each holder of a
Note that is an Institutional Investor: 
 (a) Quarterly Statements — within 45 days (or such shorter period as
is the earlier of (x) 15 days greater than the period applicable to the filing of the Parent’s Quarterly Report on Form 10-Q (the “Form 10-Q”) with the SEC regardless of whether the Parent is subject to the filing requirements thereof and (y) the date by which such financial statements are required to be delivered under the Primary
Credit Facility or the date on which such corresponding financial statements are delivered under the Primary Credit Facility if such delivery occurs earlier than such required delivery date) after the end of each quarterly fiscal period in each
fiscal year of the Parent (other than the last quarterly fiscal period of each such fiscal year), duplicate copies of, 
 (i)
an unaudited consolidated balance sheet of the Consolidated Group as at the end of such quarter, and 
 (ii) unaudited
consolidated statements of operations, changes in shareholders’ equity and cash flows of the Consolidated Group, for such quarter and (in the case of the second and third quarters) for the portion of the fiscal year ending with such quarter,

 setting forth in each case, in comparative form the figures for the corresponding periods in the previous fiscal year, all in reasonable
detail, prepared in accordance with GAAP applicable to quarterly financial statements generally, and certified by a Senior Financial Officer as fairly presenting, in all material respects, the financial position of the companies being reported on
and their results of operations and cash flows, subject to changes resulting from year-end adjustments and the absence of footnotes; 

(b) Annual Statements — within 90 days (or such shorter period as is the earlier of (x) 15 days greater than the
period applicable to the filing of the Parent’s Annual Report on Form 10-K (the “Form 10-K”) with the SEC regardless
of whether the 

  
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Parent is subject to the filing requirements thereof and (y) the date by which such financial statements are required to be delivered under the Primary Credit Facility or the date on which
such corresponding financial statements are delivered under the Primary Credit Facility if such delivery occurs earlier than such required delivery date) after the end of each fiscal year of the Parent, duplicate copies of, 

(i) a consolidated balance sheet of the Consolidated Group as at the end of such year, and 

(ii) consolidated statements of operations, changes in shareholders’ equity and cash flows of the Consolidated Group for
such year, 
 setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail, prepared in
accordance with GAAP, and accompanied by an opinion thereon (without a “going concern” or similar qualification or exception and without any qualification or exception as to the scope of the audit on which such opinion is based) of
independent public accountants of recognized national standing, which opinion shall include a statement to the effect that such financial statements present fairly, in all material respects, the financial position of the companies being reported
upon and their results of operations and cash flows and have been prepared in conformity with GAAP, and that the examination of such accountants in connection with such financial statements has been made in accordance with generally accepted
auditing standards, and that such audit provides a reasonable basis for such opinion in the circumstances; 
 (c) SEC and
Primary Credit Facility Reports — promptly upon their becoming available, one copy of (i) each financial statement, report, notice or proxy statement (collectively, “Reports”) sent by the Parent, the Company or any
Subsidiary to the administrative agent under the Primary Credit Facility pursuant to any reporting requirements thereunder (excluding (x) Reports sent to such administrative agent in the ordinary course of administration of the Primary Credit
Facility, such as information relating to pricing, interest period elections, prepayment notices, and borrowing requests or availability calculations, (y) Reports provided in response to specific inquiries from any lender or agent under the
Primary Credit Facility and (z) Reports that correspond to Reports that are separately required to be provided pursuant to the requirements of the Financing Agreements (it being understood that the compliance certificate required pursuant to
Section 7.2(a) hereof shall be in lieu of any compliance certificate required under the Primary Credit Facility), and (ii) each regular or periodic report, each registration statement (without exhibits except as expressly requested by such
Purchaser or holder), and each prospectus and all amendments thereto filed by the Parent, the Company or any Subsidiary with the SEC and of all press releases and other statements made available to its public Securities holders generally by the
Parent, the Company or any Subsidiary to the public concerning developments that are Material; 
 (d) Notice of Default or
Event of Default — promptly, and in any event within five (5) days after a Responsible Officer becoming aware of the existence of any Default or Event of Default or that any Person has given any notice or taken any action with

  
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respect to a claimed default hereunder or that any Person has given any notice or taken any action with respect to a claimed default of the type referred to in Section 11(f), a written
notice specifying the nature and period of existence thereof and what action the Company or the Parent is taking or proposes to take with respect thereto; 

(e) Employee Benefits Matters — promptly, and in any event within five Business Days after a Responsible Officer
becoming aware of any of the following, a written notice setting forth the nature thereof and the action, if any, that the Company, the Parent or an ERISA Affiliate proposes to take with respect thereto: 

(i) with respect to any Plan, any reportable event, as defined in section 4043(c) of ERISA and the regulations thereunder,
for which notice thereof has not been waived pursuant to such regulations as in effect on the Execution Date; or 
 (ii) the
taking by the PBGC of steps to institute, or the threatening by the PBGC of the institution of, proceedings under section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or the receipt by the
Company or any ERISA Affiliate of a notice from a Multiemployer Plan that such action has been taken by the PBGC with respect to such Multiemployer Plan; or 

(iii) any event, transaction or condition that could result in the incurrence of any liability by the Company, the Parent or
any ERISA Affiliate pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans, or in the imposition of any Lien on any of the rights, properties or assets of the Company, the Parent or
any ERISA Affiliate pursuant to Title I or IV of ERISA or such penalty or excise tax provisions, if such liability or Lien, taken together with any other such liabilities or Liens then existing, could reasonably be expected to have a Material
Adverse Effect; 
 (f) Notices from Governmental Authority — promptly, and in any event within 30 days of receipt
thereof, copies of any notice to the Parent, the Company or any Subsidiary from any federal or state Governmental Authority relating to any order, ruling, statute or other law or regulation that could reasonably be expected to have a Material
Adverse Effect; 
 (g) Resignation or Replacement of Independent Auditors — within 10 days following the date on
which the Parent’s independent auditors resign or the Parent elects to change independent auditors, as the case may be, notification thereof, together with such further information as the Required Holders may reasonably request; and 

(h) Requested Information — with reasonable promptness, such other data and information relating to the business,
operations, affairs, financial condition, assets or properties of the Parent, the Company or any of its Subsidiaries (including, but without 

  
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limitation, actual copies of the Parent’s Form 10-Q and Form 10-K) or relating to the ability of the
Parent or the Company to perform its obligations hereunder and, with respect to the Company only, under the Notes as from time to time may be reasonably requested by any such holder of a Note. 

Section 7.2. Officer’s Certificate. Each set of financial statements
delivered to a holder of a Note pursuant to Section 7.1(a) or Section 7.1(b) shall be accompanied by a certificate of a Senior Financial Officer substantially in the form attached hereto as Schedule 7.2 (the “Compliance
Certificate”): 
 (a) Covenant Compliance — setting forth the information from such financial
statements that is required in order to establish whether the Parent and the Company were in compliance with the applicable requirements of Section 10.6 during the quarterly or annual period covered by the financial statements then being
furnished (including with respect to each such provision that involves mathematical calculations, the information from such financial statements that is required to perform such calculations) and a statement of the maximum or minimum amount, ratio
or percentage, as the case may be, permissible under the terms of such Section, and the calculation of the amount, ratio or percentage then in existence, together with (i) a reconciliation of such financial statements with Static GAAP (if
Static GAAP is being applied at such time), showing in reasonable detail the effect of the application of Static GAAP and (ii) a Parent Release Reconciliation (if such a reconciliation is required at such time under Section 9.8(c)(viii)),
showing in reasonable detail the effect of the exclusion of Kerrow and its Subsidiaries from the calculation of the financial covenants. In the event that the Parent, the Company or any Subsidiary has made an election to measure any financial
liability using fair value (which election is being disregarded for purposes of determining compliance with this Agreement pursuant to Section 22.3) as to the period covered by any such financial statement, such Senior Financial Officer’s
certificate as to such period shall include a reconciliation from GAAP with respect to such election; 
 (b) Event of
Default — certifying that such Senior Financial Officer has reviewed the relevant terms hereof and has made, or caused to be made, under his or her supervision, a review of the transactions and conditions of the Parent, the Company and its
Subsidiaries from the beginning of the quarterly or annual period covered by the statements then being furnished to the date of the certificate and that such review shall not have disclosed the existence during such period of any condition or event
that constitutes a Default or an Event of Default or, if any such condition or event existed or exists (including any such event or condition resulting from the failure of the Parent, the Company or any Subsidiary to comply with any Environmental
Law), specifying the nature and period of existence thereof and what action the Parent or the Company, as applicable, shall have taken or proposes to take with respect thereto; and 

(c) Guarantors — if applicable, setting forth a list of all Persons that are Guarantors and certifying that each
Person that is required to be a Guarantor pursuant to Section 9.7 and 9.8 is a Guarantor, in each case, as of the date of such certificate of the Senior Financial Officer. 

  
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 Section 7.3. Visitation. The Company and the
Parent shall permit the representatives of each holder of a Note that is an Institutional Investor: 
 (a) No Default
— if no Default or Event of Default then exists, at the expense of such holder and upon reasonable prior notice to the Company, to visit the principal executive office of the Parent and Company, to discuss the affairs, finances and accounts of
the Parent and the Company and their Subsidiaries with the Parent’s and the Company’s officers, and (with the consent of the Parent and the Company, which consent will not be unreasonably withheld) their independent public accountants, and
with the consent of the Parent and the Company, which consent will not be unreasonably withheld, to visit the other offices and properties of the Parent, the Company and each Subsidiary subject to the terms and conditions of any lease agreement in
the case of properties under lease to third parties, all at such reasonable times during regular business hours and as often as may be reasonably requested in writing; and 

(b) Default — if a Default or Event of Default then exists, at the expense of the Company to visit and inspect any
of the offices or properties of the Parent, the Company and each Subsidiary subject to the terms and conditions of any lease agreement in the case of properties under lease to third parties, to examine all their respective books of account, records,
reports and other papers, to make copies and extracts therefrom, and to discuss their respective affairs, finances and accounts with their respective officers and independent public accountants (and by this provision each of the Parent and the
Company authorizes said accountants to discuss the affairs, finances and accounts of the Parent, the Company and their Subsidiaries), all at such times during regular business hours and as often as may be requested. 

Section 7.4. Electronic Delivery. Financial statements, opinions of independent certified public accountants,
other information and Officer’s Certificates that are required to be delivered by the Company pursuant to Sections 7.1(a), (b), (c) or (h) and Sections 7.2, 9.7, 9.8 or 10.2 shall be deemed to have been delivered if the Company
satisfies any of the following requirements with respect thereto: 
 (i) such financial statements satisfying the
requirements of Section 7.1(a) or (b) and related Officer’s Certificate satisfying the requirements of Section 7.2 and any other information required under Section 7.1(c) or (h), 9.7, 9.8 or 10.2 are delivered to each holder of a
Note by e-mail at the e-mail address set forth in such holder’s Purchaser Schedule or as communicated from time to time in a separate writing delivered to the
Company; 
 (ii) the Parent shall have filed such Form 10–Q or Form 10–K, satisfying the requirements of Section
7.1(a) or Section 7.1(b), as the case may be, with the SEC on EDGAR and shall have made such form available on its home page on the internet, which is located http://www.fcpt.com/ as of the Execution Date; 

(iii) such financial statements satisfying the requirements of Section 7.1(a) or Section 7.1(b) and related Officer’s
Certificate(s) satisfying the requirements of 

  
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Section 7.2 and any other information required under Section 7.1(c) and (h) is posted by or on behalf of the Company on IntraLinks or on any other similar website to which each
holder of Notes has free access; or 
 (iv) the Parent shall have filed any of the items referred to in Section 7.1(c)(ii)
with the SEC on EDGAR and shall have made such items available on its home page on the internet or on IntraLinks or on any other similar website to which each holder of Notes has free access; 

provided however, that in no case shall access to such financial statements, other information and Officer’s Certificates be conditioned upon any
waiver or other agreement or consent (other than the confidentiality provisions consistent with Section 20 of this Agreement); provided further, that in the case of any of clauses (ii) and (iii) (other than information required
under Section 7.1(c)(ii)), the Company shall have given each holder of a Note prompt written notice, which may be by e-mail or in accordance with Section 18, of such posting or filing in connection
with each delivery, provided further, that upon request of any holder to receive paper copies of such forms, financial statements, other information and Officer’s Certificates or to receive them by
e-mail, the Company will promptly e-mail them or deliver such paper copies, as the case may be, to such holder. 

Section 7.5. Limitation on Disclosure Obligation. Notwithstanding the obligations under Section 7.1(h) or 7.3, no Obligor
shall be required to disclose information (x) to the extent that such disclosure to the holder of Notes violates any bona fide contractual confidentiality obligations by which it is bound, so long as (i) such obligations were not entered
into in contemplation of this Agreement or any of the other transactions contemplated hereby and (ii) such obligations are owed by it to a third party or (y) as to which it has been advised by counsel that the provision of such information
to any holder of Notes would give rise to a waiver of the attorney-client privilege. 
 SECTION 8. PAYMENT
AND PREPAYMENT OF THE NOTES. 

Section 8.1. Maturity. As provided therein, the entire unpaid principal balance of each Note
shall be due and payable on the Maturity Date thereof. 
 Section 8.2. Optional Prepayments with
Make-Whole Amount. The Company may, at its option, upon notice as provided below, prepay at any time all, or from time to time any part of, the Notes, in an amount not less than 10% of the aggregate principal amount of Notes then outstanding in
the case of a partial prepayment, at 100% of the principal amount so prepaid, and the Make-Whole Amount determined for the prepayment date with respect to such principal amount. The Company will give each holder of Notes being so prepaid written
notice of each optional prepayment under this Section 8.2 not less than 10 days and not more than 60 days prior to the date fixed for such prepayment unless the Company and the Required Holders agree to another time period pursuant to
Section 17. Each such notice shall specify such date (which shall be a Business Day), the aggregate principal amount of the Notes to be prepaid on such date, the principal amount of each Note held by such holder to be prepaid (determined in
accordance with Section 8.3), and the interest to be paid on the prepayment date with respect to such 

  
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principal amount being prepaid, and shall be accompanied by a certificate of a Senior Financial Officer as to the estimated Make-Whole Amount due in connection with such prepayment (calculated as
if the date of such notice were the date of the prepayment), setting forth the details of such computation. Two Business Days prior to such prepayment, the Company shall deliver to each holder of Notes a certificate of a Senior Financial Officer
specifying the calculation of such Make-Whole Amount as of the specified prepayment date. 

Section 8.3. Allocation of Partial Prepayments. In the case of each partial prepayment of Notes
pursuant to Section 8.2, the principal amount of the Notes to be prepaid shall be allocated among all of the Notes at the time outstanding in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof not
theretofore called for prepayment. 
 Section 8.4. Maturity; Surrender, Etc. In
the case of each optional prepayment of Notes pursuant to this Section 8, the principal amount of each Note to be prepaid shall mature and become due and payable on the date fixed for such prepayment, together with interest on such principal
amount accrued to such date and the applicable Make-Whole Amount, if any. From and after such date, unless the Company shall fail to pay such principal amount when so due and payable, together with the interest and Make-Whole Amount, if any, as
aforesaid, interest on such principal amount shall cease to accrue. Any Note paid or prepaid in full shall be surrendered to the Company and cancelled and shall not be reissued, and no Note shall be issued in lieu of any prepaid principal amount of
any Note. 
 Section 8.5. Purchase of Notes. The Company will not and will not permit any
Affiliate to purchase, redeem, prepay or otherwise acquire, directly or indirectly, any of the outstanding Notes except (a) upon the payment or prepayment of the Notes in accordance with this Agreement and the Notes or (b) pursuant to an
offer to purchase made by the Company or such Affiliate pro rata to the holders of all Notes at the time outstanding upon the same terms and conditions. Any such offer shall provide each holder with sufficient information to enable it to make an
informed decision with respect to such offer, and shall remain open for at least 15 Business Days. If the holders of more than 50% of the principal amount of the Notes then outstanding accept such offer, the Company shall promptly notify the
remaining holders of such fact and the expiration date for the acceptance by holders of such offer shall be extended by the number of days necessary to give each such remaining holder at least 5 Business Days from its receipt of such notice to
accept such offer. The Company will promptly cancel all Notes acquired by it or any Affiliate pursuant to any payment or prepayment of Notes pursuant to this Agreement and no Notes may be issued in substitution or exchange for any such Notes. 

Section 8.6. Make-Whole Amount. 

The term “Make-Whole Amount” means, with respect to any Note, an amount equal to the excess, if any, of the Discounted Value
of the Remaining Scheduled Payments with respect to the Called Principal of such Note over the amount of such Called Principal, provided that the Make-Whole Amount may in no event be less than zero. For the purposes of determining the
Make-Whole Amount, the following terms have the following meanings: 

  
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 “Called Principal” means, with respect to any Note, the principal of such
Note that is to be prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires. 

“Discounted Value” means, with respect to the Called Principal of any Note, the amount obtained by discounting all Remaining
Scheduled Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance with accepted financial practice and at a discount factor (applied on the
same periodic basis as that on which interest on the Notes is payable) equal to the Reinvestment Yield with respect to such Called Principal. 

“Reinvestment Yield” means, with respect to the Called Principal of any Note, the sum of (x) 0.50% plus (y) the yield to
maturity implied by the “Ask Yield(s)” reported as of 10:00 a.m. (New York City time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as “Page PX1” (or
such other display as may replace Page PX1) on Bloomberg Financial Markets for the most recently issued actively traded on-the-run U.S. Treasury securities
(“Reported”) having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there are no such U.S. Treasury securities Reported having a maturity equal to such Remaining Average Life,
then such implied yield to maturity will be determined by (i) converting U.S. Treasury bill quotations to bond equivalent yields in accordance with accepted financial practice and (ii) interpolating linearly between the “Ask
Yield(s)” Reported for the applicable most recently issued actively traded on-the-run U.S. Treasury securities with the maturities (1) closest to and greater
than such Remaining Average Life and (2) closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note. 

If such yields are not Reported or the yields Reported as of such time are not ascertainable (including by way of interpolation), then
“Reinvestment Yield” means, with respect to the Called Principal of any Note, the sum of (x) 0.50% plus (y) the yield to maturity implied by the U.S. Treasury constant maturity yields reported, for the latest day for which such
yields have been so reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release H.15 (or any comparable successor publication) for the U.S. Treasury constant
maturity having a term equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there is no such U.S. Treasury constant maturity having a term equal to such Remaining Average Life, such implied yield to maturity
will be determined by interpolating linearly between (1) the U.S. Treasury constant maturity so reported with the term closest to and greater than such Remaining Average Life and (2) the U.S. Treasury constant maturity so reported with the
term closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note. 

“Remaining Average Life” means, with respect to any Called Principal, the number of years obtained by dividing (i) such
Called Principal into (ii) the sum of the products obtained by multiplying (a) the principal component of each Remaining Scheduled Payment with respect to such Called Principal by (b) the number of years, computed on the basis of a 360-day year 

  
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comprised of twelve 30-day months and calculated to two decimal places, that will elapse between the Settlement Date with respect to such Called Principal
and the scheduled due date of such Remaining Scheduled Payment. 
 “Remaining Scheduled Payments” means, with respect to
the Called Principal of any Note, all payments of such Called Principal and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called Principal were made prior to its scheduled
due date, provided that if such Settlement Date is not a date on which interest payments are due to be made under the Notes, then the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued
to such Settlement Date and required to be paid on such Settlement Date pursuant to Section 8.2 or Section 12.1. 

“Settlement Date” means, with respect to the Called Principal of any Note, the date on which such Called Principal is to be
prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires. 

Section 8.7. Change of Control Prepayment Offer. (a) Promptly upon becoming aware that a Change of Control will
occur or has occurred (and in any event not later than 10 Business Days thereafter), the Company shall give written notice (the “Change of Control Notice”) of such fact to each holder of the Notes. The Change of
Control Notice shall (i) describe the facts and circumstances of such Change of Control in reasonable detail, (ii) refer to this Section 8.7 and the rights of the holders hereunder and (iii) contain an offer by the Company to
prepay the entire unpaid principal amount of Notes held by each holder at 100% of the principal amount of such Notes at par (without any premium, penalty or Make-Whole Amount of any kind), together with interest accrued thereon to the prepayment
date selected by the Company, which prepayment shall be on a date specified in the Change of Control Notice, which date shall be a Business Day not less than 20 nor more than 60 days after such Change of Control Notice is given should any agreement
to the contrary not be reached among the Company and each of the holders of the Notes. 
 (b) A holder of Notes may accept the offer to
prepay made pursuant to this Section 8.7 by causing a notice of such acceptance to be delivered to the Company not more than 15 days after the date of the written offer notice referred to in subsection (a) of this Section 8.7. A
failure by a holder of Notes to respond to an offer to prepay made pursuant to this Section 8.7 shall be deemed to constitute a rejection of such offer by such holder. 

(c) On the prepayment date specified in the Change of Control Notice, the entire unpaid principal amount of the Notes held by each holder of
Notes which has accepted such prepayment offer, together with interest accrued thereon to the prepayment date (but without any premium, penalty or Make-Whole Amount of any kind), shall become due and payable. 

(d) For purposes of this Section 8.7 a “Change of Control” means (a) for any reason whatsoever any
“person” or “group” (within the meaning of Rule 13d-5 of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect at the Closing) shall beneficially own a
percentage of the then outstanding Equity Interests of the Parent having the 

  
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power, directly or indirectly, to vote for the election of directors (or their equivalent) of the Parent (“Voting Equity Interests”) that is more than 35% of the outstanding
Voting Equity Interests of the Parent; or any “person” or “group” otherwise acquires the power to direct, directly or indirectly, the management or policies of the Parent; or (b) during any period of twelve
(12) consecutive months beginning on the Execution Date, individuals who at the beginning of any such twelve (12)-month period constituted the Board of Directors of the Parent (together with any new directors whose election by such Board of
Directors or whose nomination for election by the shareholders of the Parent was approved by a vote of a majority of the directors then still in office who were either directors at the beginning of such period or whose election or nomination for
election was previously so approved) cease for any reason to constitute a majority of the Board of Directors of the Parent then in office. 

SECTION 9. AFFIRMATIVE COVENANTS. 

From the Execution Date until the Closing and thereafter, so long as any of the Notes are outstanding, the Company (and with respect to
Section 9.9 and 9.11, the Parent) covenants that: 
 Section 9.1. Compliance with Laws.
Without limiting Section 10.4, the Company will and will cause the Parent and each of their respective Subsidiaries to, comply with all laws, ordinances or governmental rules or regulations to which each of them is subject (including ERISA,
Environmental Laws, the USA PATRIOT Act and the other laws and regulations that are referred to in Section 5.16) and will obtain and maintain in effect all licenses, certificates, permits, franchises and other governmental authorizations
necessary to the ownership of their respective properties or to the conduct of their respective businesses, in each case to the extent necessary to ensure that non-compliance with such laws, ordinances or
governmental rules or regulations or failures to obtain or maintain in effect such licenses, certificates, permits, franchises and other governmental authorizations could not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect. 
 Section 9.2. Insurance. The Company will, and will cause the
Parent and each of their respective Subsidiaries to, maintain (either directly or indirectly by using commercially reasonable efforts to cause its tenants to maintain in accordance with the lease agreement for leased properties), with financially
sound and reputable insurers, insurance with respect to their respective properties and businesses against such casualties and contingencies, of such types, on such terms and in such amounts (including deductibles,
co-insurance and self-insurance) as is customary in the case of entities of established reputations engaged in the same or a similar business and similarly situated. 

Section 9.3. Maintenance of Properties. The Company will, and will cause the Parent and each of
their respective Subsidiaries to, maintain and keep (either directly or indirectly by using commercially reasonable efforts to cause its tenants to maintain and keep in accordance with the lease agreement for leased properties), their respective
properties in good repair, working order and condition (other than ordinary wear and tear and casualty and condemnation events), so that the business carried on in connection therewith may be properly conducted at all times, provided that
this Section 9.3 shall not prevent the Company, the Parent or any Subsidiary from discontinuing the operation and the maintenance of any of its properties if such 

  
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discontinuance is desirable in the conduct of its business and the Company has concluded that such discontinuance could not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect. 
 Section 9.4. Payment of Taxes and Claims. The Company will, and
will cause the Parent and each of their respective Subsidiaries to (either directly or indirectly by using commercially reasonable efforts to cause its tenants to in accordance with the lease agreement for leased properties), file all tax returns
required to be filed in any jurisdiction and to pay and discharge all taxes shown to be due and payable on such returns and all other taxes, assessments, governmental charges, or levies imposed on them or any of their properties, assets, income or
franchises, to the extent the same have become due and payable and before they have become delinquent and all claims for which sums have become due and payable that have or might become a Lien on properties or assets of the Company, the Parent or
any Subsidiary, provided that none of the Company, the Parent nor any Subsidiary need pay any such tax, assessment, charge, levy or claim if (i) the amount, applicability or validity thereof is contested by the Company, the Parent or
such Subsidiary on a timely basis in good faith and in appropriate proceedings, and the Company, the Parent or a Subsidiary has established adequate reserves therefor in accordance with GAAP on the books of the Company, the Parent or such Subsidiary
or (ii) the nonpayment of all such taxes, assessments, charges, levies and claims could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

Section 9.5. Corporate Existence, Etc. Subject to Section 10.2, the Company will, and will
cause the Parent to, at all times preserve and keep its limited partnership or corporate, as applicable, existence in full force and effect. The Company will, and will cause the Parent to, all times preserve and keep in full force and effect the
partnership, limited liability company or corporate, as applicable, existence of each of their Subsidiaries (unless (i) in the case of a Subsidiary of the Parent, a Parent Company is merged into the Parent or another Parent Company and
(ii) in the case of a Subsidiary of the Company, such Subsidiary is merged into the Company or a Wholly-Owned Subsidiary or otherwise merged into a Person in a transaction otherwise permitted under this Agreement) and all rights and franchises
of the Company, the Parent and their Subsidiaries unless, in the good faith judgment of the Company or the Parent, as applicable, the termination of or failure to preserve and keep in full force and effect such partnership, limited liability company
or corporate existence, as applicable, or right or franchise, could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

Section 9.6. Books and Records. The Company will, and will cause the Parent and each of their
respective Subsidiaries to, maintain proper books of record and account in a manner that permits the preparation of financial statements in conformity with GAAP and in compliance in all material respects with all applicable requirements of any
Governmental Authority having legal or regulatory jurisdiction over the Company, the Parent or such Subsidiary, as the case may be. The Company will, and will cause the Parent and each of their respective Subsidiaries to, keep books, records and
accounts which, in reasonable detail, accurately reflect in all material respects all transactions and dispositions of assets. The Company, the Parent and their respective Subsidiaries have devised a system of internal accounting controls sufficient
to provide reasonable assurances that their respective books, records, and accounts accurately reflect all transactions and dispositions of assets and the Company will, and will cause the Parent and each of their respective Subsidiaries to, continue
to maintain such system. 

  
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 Section 9.7 Subsidiary Guarantors. (a) The Company will
cause each of its Subsidiaries that guarantees or otherwise becomes liable at any time, whether as a borrower or an additional or co-borrower or otherwise, for or in respect of any Indebtedness under any
Primary Credit Facility to concurrently therewith become a Subsidiary Guarantor by becoming a party to the Subsidiary Guaranty. 
 (b) The
Company will cause each Subsidiary that is required to become a Subsidiary Guarantor pursuant to paragraph (a) above to deliver the following to each holder of a Note: 

(i) an executed counterpart of the Subsidiary Guaranty or a supplement to such Subsidiary Guaranty; 

(ii) a certificate signed by an authorized responsible officer of such Subsidiary containing representations and warranties on
behalf of such Subsidiary to the same effect, mutatis mutandis, as those contained in Sections 5.1, 5.2, 5.6 and 5.7 of this Agreement (but with respect to such Subsidiary and such Subsidiary Guaranty rather than the Company); 

(iii) a Secretary’s Certificate of such Subsidiary consistent with the requirements of Section 4.3(b) (but with respect to
such Subsidiary and such Subsidiary Guaranty rather than the Company) with respect to the execution and delivery of the Subsidiary Guaranty and the performance by such Subsidiary of its obligations thereunder and, where applicable, good standing of
such Subsidiary in its jurisdiction of organization dated not more than 30 days prior to the date of the documents delivered pursuant to clause (b)(i) above; and 

(iv) to the extent required under the Primary Credit Facility in connection with such joinder as a Subsidiary Guarantor, an
opinion of counsel (which may be of in-house counsel) to the effect that all agreements or instruments effecting such joinder are enforceable in accordance with their terms. 

(c) At the election of the Company and by written notice to each holder of Notes, any Subsidiary Guarantor that has provided a Subsidiary
Guaranty under paragraph (a) of this Section 9.7 may be discharged from all of its obligations and liabilities under the Subsidiary Guaranty and shall be automatically released from its obligations thereunder effective upon the
satisfaction of the following conditions (and without the need for the execution or delivery of any other document by the holders): 

(i) if such Subsidiary Guarantor is a guarantor or is otherwise liable for or in respect of any Primary Credit Facility, then
such Subsidiary Guarantor has been released and discharged (or will be released and discharged concurrently with the release of such Subsidiary Guarantor under the Subsidiary Guaranty) under such Primary Credit Facility; 

  
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 (ii) at the time of, and after giving effect to, such release and discharge,
no Default or Event of Default shall be existing; 
 (iii) no amount is then due and payable under the Subsidiary Guaranty;

 (iv) if in connection with such Subsidiary Guarantor being released and discharged under any Primary Credit Facility, any
fee is given to any holder of Indebtedness under such Primary Credit Facility solely for such release, the holders of the Notes shall receive equivalent consideration on a pro rata basis (or other form of consideration reasonably acceptable to the
Required Holders) substantially concurrently with the release hereunder; and 
 (v) each holder shall have received a
certificate of a Responsible Officer certifying as to the matters set forth in clauses (i) through (iv). 
 In connection with such
release, if requested by the Company, each holder of Notes shall execute and deliver, at the sole cost and expense of the Company, such documents as the Company may reasonably request to evidence such release. 

Section 9.8. Parent Guarantors. (a) The Company will cause each Parent Company that guarantees or
otherwise becomes liable at any time, whether as a borrower or an additional or co-borrower or otherwise, for or in respect of any Indebtedness under the Primary Credit Facility to concurrently therewith
become a Parent Guarantor by becoming a party to the Parent Guaranty. 
 (b) The Company will cause each Parent Company that is required to
become a Parent Guarantor pursuant to paragraph (a) above to deliver the following to each holder of a Note: 
 (i) an
executed counterpart of the Parent Guaranty or a supplement thereto; 
 (ii) a certificate signed by an authorized
responsible officer of such Parent Company containing representations and warranties on behalf of such Parent Company to the same effect, mutatis mutandis, as those contained in Sections 5.1, 5.2, 5.6 and 5.7 of this Agreement (but with
respect to such Parent Company and such Parent Guaranty rather than the Company); 
 (iii) a Secretary’s Certificate of
such Parent Company consistent with the requirements of Section 4.3(d) with respect to the execution and delivery of the Parent Guaranty and the performance of such Parent Company of its obligations thereunder and, where applicable, good standing of
such Parent Company in its jurisdiction of organization dated not more than 30 days prior to the date of the documents delivered pursuant to clause (b)(i) above; and 

(iv) to the extent required under the Primary Credit Facility in connection with such joinder as a Parent Guarantor, an opinion
of counsel (which may be in-house counsel) to the effect that all agreements or instruments effecting such joinder are enforceable in accordance with their terms. 

  
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 (c) At the election of the Company and by written notice to each holder of Notes, any Parent
Guarantor that has provided a Parent Guaranty under paragraph (a) of this Section 9.8 may be discharged from all of its obligations and liabilities under the Parent Guaranty and shall be automatically released from its obligations
thereunder effective upon the satisfaction of the following conditions (and without the need for the execution or delivery of any other document by the holders): 

(i) if such Parent Guarantor is a guarantor or is otherwise liable for or in respect of any Primary Credit Facility, then such
Parent Guarantor has been released and discharged (or will be released and discharged concurrently with the release of such Parent Guarantor under the Parent Guaranty) under such Primary Credit Facility; 

(ii) at the time of, and after giving effect to, such release and discharge, no Default or Event of Default shall be existing;

 (iii) no amount is then due and payable under the Parent Guaranty; 

(iv) if in connection with such Parent Guarantor being released and discharged under any Primary Credit Facility, any fee is
given to any holder of Indebtedness under such Primary Credit Facility solely for such release, the holders of the Notes shall receive equivalent consideration on a pro rata basis (or other form of consideration reasonably acceptable to the Required
Holders) substantially concurrently with the release hereunder; 
 (v) in the case of a release of the Parent from the Parent
Guaranty, the Parent and the other Parent Companies are in compliance with Section 10.8; 
 (vi) in the case of a
release of the Parent from the Parent Guaranty, each Purchaser shall have received a final ratings letter provided by an Acceptable NRSRO that the Notes will be rated at least BBB- after giving effect to such
release; 
 (vii) in the case of a release of the Parent from the Parent Guaranty, from and after such release, Kerrow and
its Subsidiaries shall not be included in the determination of the financial covenants in Section 10.6, and the Company shall be in compliance with the financial covenants in Section 10.6 on a pro forma basis after giving effect to such
release (as shown in a Compliance Certificate delivered at the time of the request for such release, prepared in accordance with clause (viii) below); 

(viii) in the case of a release of the Parent from the Parent Guaranty, from and after such release, the Company shall include
in the Compliance Certificate prepared pursuant to Section 7.2(a) a reconciliation between the financial statements delivered pursuant to Section 7.1(a) and (b) and the calculation of the financial covenants pursuant to Section 10.6
showing in reasonable detail the effect of the exclusion of Kerrow and its 

  
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Subsidiaries from the calculation of such financial covenants, in each case, in the event that there is any impact on the financial covenant calculations as a result of such exclusion (a
“Parent Release Reconciliation”); and 
 (ix) each holder shall have received a certificate of a Responsible
Officer certifying as to the matters set forth in clauses (i) through (iv) above and, if applicable, clauses (v) through (viii) above. 

In connection with such release, if requested by the Company, each holder of Notes shall execute and deliver, at the sole cost and expense of
the Company, such documents as the Company may reasonably request to evidence such release. 
 Section 9.9.
Maintenance of REIT Status. The Parent shall at all times maintain its status as a real estate investment trust in compliance with all applicable provisions of the Code relating to such status. 

Section 9.10. Rating on Notes. The Company will cause to be maintained at all times a Credit Rating from at least
one Acceptable NRSRO that indicates that it will monitor the rating on an ongoing basis. During November of each year the Company shall provide a notice to each of the holders of Notes sent in a manner provided in Section 18 with respect to any
then current Credit Ratings. 
 Section 9.11. Ownership. 

(a) Subject to the MFL Principles, the Parent shall at all times own, directly or indirectly, at least 70% of the issued and outstanding
Equity Interests of the Company (the “Parent Ownership Requirement”). 
 (b) No Person other than a Parent Company shall be
the sole general partner of the Company or shall have the sole and exclusive power to exercise all Control over the Company. 

SECTION 10. NEGATIVE COVENANTS. 

From the Execution Date until the Closing and thereafter, so long as any of the Notes are outstanding, the Company (and with respect to
Sections 10.7 and 10.8, the Parent) covenants that: 
 Section 10.1. Transactions with
Affiliates. The Company will not, and will not permit the Parent or any of their respective Subsidiaries to, enter into directly or indirectly any transaction or group of related transactions (including without limitation the purchase, lease,
sale or exchange of properties of any kind or the rendering of any service) with any Affiliate, except (a) the transactions pursuant to the Asset Transfer Documents, (b) any transaction among the Parent, the Company and their Subsidiaries
(including an entity that becomes a Subsidiary as a result of such transaction) which is not otherwise prohibited by this Agreement and that do not involve any other Affiliate, (c) in the ordinary course of business at prices and on terms and
conditions not less favorable to the Parent, the Company or such Subsidiary than could be 

  
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 obtained on an arm’s-length basis from unrelated third parties,
(d) any Restricted Payment permitted by Section 10.7 and (e) loans to, purchases of any Equity Interests of, contributions to or other investments in any unconsolidated Joint Venture not otherwise prohibited under this Agreement. 

Section 10.2. Merger, Consolidation, Etc. The Company will not, and will not permit any Parent
Guarantor or any Subsidiary Guarantor to, consolidate with or merge with any other Person or convey, transfer or lease all or substantially all of its assets in a single transaction or series of transactions to any Person, unless: 

(a) in the case of any such transaction involving a Parent Guarantor or the Company, the successor formed by such consolidation
or the survivor of such merger or the Person that acquires by conveyance, transfer or lease all or substantially all of the assets of such Parent Guarantor or the Company as an entirety, as the case may be, shall be a solvent corporation, limited
liability company or limited partnership organized and existing under the laws of the United States or any state thereof (including the District of Columbia), and, if such Parent Guarantor or the Company is not such corporation, limited liability
company or limited partnership, (i) such corporation, limited liability company or limited partnership shall have executed and delivered to each holder of any Notes its assumption of the due and punctual performance and observance of each
applicable covenant and condition of this Agreement (in the case of the Company or the Parent), the Notes (in the case of the Company) and the Parent Guaranty (in the case of any Parent Guarantor) and (ii) such corporation, limited liability
company or limited partnership shall have caused to be delivered to each holder of any Notes a customary opinion of nationally recognized independent counsel, or other independent counsel reasonably satisfactory to the Required Holders, to the
effect that all agreements or instruments effecting such assumption are enforceable in accordance with their terms; 
 (b) in
the case of any such transaction involving a Subsidiary Guarantor, the successor formed by such consolidation or the survivor of such merger or the Person that acquires by conveyance, transfer or lease all or substantially all of the assets of such
Subsidiary Guarantor as an entirety, as the case may be, shall be (1) the Company, such Subsidiary Guarantor or another Subsidiary Guarantor; (2) a solvent corporation, limited liability company or partnership (other than the Company or
another Subsidiary Guarantor) that is organized and existing under the laws of the United States or any state thereof (including the District of Columbia), and, if such successor is not a Subsidiary Guarantor and is otherwise required to become a
Subsidiary Guarantor pursuant to Section 9.7, (A) such corporation, limited liability company or partnership shall have executed and delivered to each holder of Notes an executed counterpart of the Subsidiary Guaranty or a supplement to such
Subsidiary Guaranty and (B) the Company shall have caused to be delivered to each holder of Notes the items required pursuant to Section 9.7(b)(iii) and (iv) in connection with such execution or (3) any other Person so long as the
transaction is treated as a disposition of all of the assets of such Subsidiary Guarantor for purposes of this Agreement and would not be in violation of any term or provision of this Agreement before and after giving effect to such transaction;

  
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 (c) in the case of any such transaction involving any Parent Guarantor or the
Company, each Subsidiary Guarantor under any Subsidiary Guaranty that is outstanding at the time such transaction or each transaction in such a series of transactions occurs reaffirms its obligations under such Subsidiary Guaranty in writing at such
time pursuant to documentation that is reasonably acceptable to the Required Holders; and 
 (d) immediately before and
immediately after giving effect to such transaction or each transaction in any such series of transactions, no Default or Event of Default shall have occurred and be continuing. 

No such conveyance, transfer or lease of substantially all of the assets of any Parent Guarantor, the Company or any Subsidiary Guarantor shall have the
effect of releasing such Parent Guarantor, the Company or such Subsidiary Guarantor, as the case may be, or any successor corporation, limited liability company or partnership that shall theretofore have become such in the manner prescribed in this
Section 10.2, from its liability under (i) this Agreement (in the case of the Company or the Parent), (ii) the Notes (in the case of the Company), (iii) the Parent Guaranty (in the case of any Parent Guarantor) or (iv) the Subsidiary
Guaranty (in the case of any Subsidiary Guarantor), unless, in the case of the conveyance, transfer or lease of substantially all of the assets of (x) a Parent Guarantor, such Parent Guarantor is released from the Parent Guaranty in accordance
with Section 9.8(c) in connection with or immediately following such conveyance, transfer or lease and (y) a Subsidiary Guarantor, such Subsidiary Guarantor is released from its Subsidiary Guaranty in accordance with Section 9.7(c) in
connection with or immediately following such conveyance, transfer or lease. 
 Section 10.3.
Line of Business. The Company will not, and will not permit the Parent or any of their respective Subsidiaries to, engage in any business if, as a result, the general nature of the business in which the Consolidated Group, taken as a whole,
would then be engaged would be substantially changed from the general nature of the business in which the Consolidated Group, taken as a whole, is engaged on the Execution Date as described in the Memorandum. 

Section 10.4. Terrorism Sanctions Regulations. The Company will not, and will not permit the Parent or any of their
respective Controlled Entities (a) to become (including by virtue of being owned or controlled by a Blocked Person), own or control a Blocked Person or (b) directly or indirectly to have any investment in or engage in any dealing or
transaction (including, without limitation, any investment, dealing or transaction involving the proceeds of the Notes) with any Person if such investment, dealing or transaction (i) would cause any holder or any affiliate of such holder to be
in violation of, or subject to sanctions under, any law or regulation applicable to such holder, or (ii) is prohibited by or subject to sanctions under any U.S. Economic Sanctions Laws. 

Section 10.5. Liens. The Company will not, and will not permit the Parent or any of their
respective Subsidiaries to, create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, except: 

(a) Liens pursuant to any of the Financing Agreements; 

  
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 (b) Permitted Encumbrances; 

(c) Liens securing Permitted Separately Financed Subsidiary Debt; provided that in the case of any Permitted Separately
Financed Subsidiary Debt, (i) such Lien will only be on the assets of the Separately Financed Subsidiary (or group of Separately Financed Subsidiaries) incurring such Permitted Separately Financed Subsidiary Debt and the Equity Interests issued
by such Separately Financed Subsidiary (or group of Separately Financed Subsidiaries) and (ii) the only assets of the Separately Financed Subsidiary (or group of Separately Financed Subsidiaries) incurring such Permitted Separately Financed
Subsidiary Debt shall be the Real Property Asset(s) which are being financed by such Permitted Separately Financed Subsidiary Debt and any income or other assets reasonably related thereto or derived therefrom; 

(d) Liens on cash and Cash Equivalents of the Company, Kerrow or any of their respective Subsidiaries securing obligations
under non-speculative Swap Agreements not otherwise prohibited by this Agreement; 

(e) Liens in favor of the Company or its Subsidiaries of the type described in the definition of Eligible 1031 Property; 

(f) customary Liens arising in the ordinary course of business on assets of the Company, Kerrow and their respective
Subsidiaries; provided that such Liens (i) are not on any Eligible Unencumbered Real Property Asset, (ii) have not had and could not reasonably be expect to individually or in the aggregate, result in a Material Adverse Effect,
(iii) have not resulted in and could not reasonably be expected to result, individually or in the aggregate, in a Default or an Event of Default and (iv) do not secure any Indebtedness for borrowed money; and 

(g) to the extent applicable, other Liens permitted pursuant to clause (a)(ii) of the MFL Principles; 

provided, however, notwithstanding the foregoing (and, for avoidance of doubt, notwithstanding any applicable MFL Principles), the Company will not,
and will not permit the Parent or any of their respective Subsidiaries to, incur any Liens securing Indebtedness outstanding under or pursuant to any Primary Credit Facility unless and until the Notes (and any guaranty delivered in connection
therewith) shall concurrently be secured equally and ratably with such Indebtedness pursuant to documentation reasonably acceptable to the Required Holders in substance and in form, including, without limitation, an intercreditor agreement and
opinions of counsel to the Company, the Parent and/or and any such Subsidiary, as the case may be, from counsel that is reasonably acceptable to the Required Holders. 

Section 10.6. Financial Covenants. Subject to the MFL Principles (other than with respect to
paragraph (b) below), the Company shall not at any time permit the following to occur, but shall in any event only report on compliance when required pursuant to Section 7.2(a): 

  
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 (a) Total Leverage Ratio. The ratio (expressed as a percentage) of
Total Indebtedness to Consolidated Capitalization Value (the “Total Leverage Ratio”) to exceed 60%. 
 (b)
Mortgage-Secured Leverage Ratio. The ratio (expressed as a percentage) of the aggregate amount of all Indebtedness of the Parent and its Subsidiaries that is secured by a mortgage Lien on any Real Property Assets (or a Lien on the Equity
Interests of the owner of such Real Property Assets) to Consolidated Capitalization Value (the “Mortgage-Secured Leverage Ratio”) to exceed 40%, provided that the determination of the Mortgage-Secured Leverage Ratio shall not
include Indebtedness under the Financing Agreements or any Primary Credit Facility, so long as and notwithstanding any applicable MFL Principle to the contrary, with respect to any Primary Credit Facility, any Liens granted in respect thereof also
concurrently secure the Notes equally and ratably pursuant to documentation reasonably satisfactory to the Required Holders. 

(c) Secured Recourse Debt Ratio. The ratio (expressed as a percentage) of Total Secured Recourse Indebtedness to
Consolidated Capitalization Value (the “Secured Recourse Debt Ratio”) to exceed 5%, provided that the determination of the Secured Recourse Debt Ratio shall not include Indebtedness under the Financing Agreements or any
Primary Credit Facility, so long as and notwithstanding any applicable MFL Principle to the contrary, with respect to any Primary Credit Facility, any Liens granted in respect thereof also concurrently secure the Notes equally and ratably pursuant
to documentation reasonably satisfactory to the Required Holders.. 
 (d) Fixed Charge Coverage Ratio. For any period
of four (4) consecutive fiscal quarters, the ratio of Adjusted EBITDA of the Parent and its Subsidiaries to Fixed Charges of the Parent and its Subsidiaries (the “Fixed Charge Coverage Ratio”) to be less than 1.75 to 1.00. 

(e) Consolidated Adjusted Net Worth. Consolidated Tangible Net Worth to be less than the sum of (i) $868,899,000
plus (ii) 75% of net cash proceeds from issuances of Equity Interests by the Parent after September 30, 2016. 

(f) Unhedged Floating Rate Debt Ratio. The ratio (expressed as a percentage) of Unhedged Floating Rate Debt to the
aggregate amount of all Indebtedness of the Parent and its Subsidiaries (the “Unhedged Floating Rate Debt Ratio”) to exceed 50%. 

(g) Maximum Unencumbered Leverage Ratio. The ratio (expressed as a percentage) of Unsecured Indebtedness to the sum of
(without duplication) (A) Property Capitalization Values of the aggregate Eligible Unencumbered Real Property Assets (including any Eligible 1031 Properties) and (B) the Eligible Unencumbered Mortgage Note Value (the “Maximum
Unencumbered Leverage Ratio”) to exceed 60%; provided that at no time shall (x) Eligible 1031 Properties included in the calculation of Maximum Unencumbered Leverage Ratio hereunder exceed 5% of the sum, without

  
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duplication, of (A) and (B) of this paragraph (g), or (y) Eligible Unencumbered Mortgage Note Value included in the calculation of Maximum Unencumbered Leverage Ratio hereunder exceed
5% of the sum, without duplication, of (A) and (B) of this paragraph (g). 
 (h) Minimum Unencumbered Interest
Coverage Ratio. The ratio of Adjusted Annualized Net Operating Income of the Eligible Unencumbered Real Property Assets to Consolidated Interest Expense (the “Minimum Unencumbered Interest Coverage Ratio”) to be less than 2.00
to 1.00; provided that solely for the purpose of calculations pursuant to this paragraph (h), in the case of an Eligible Unencumbered Real Property Asset that has been owned for less than one (1) full fiscal quarter, the Adjusted
Annualized Net Operating Income shall be calculated on a pro forma basis as if such Eligible Unencumbered Real Property Asset had been owned for the full fiscal quarter. 

From and after the Parent Release Date, Kerrow and its Subsidiaries shall not be included in the calculation of the financial covenants in this
Section 10.6 and any reference to Kerrow and its Subsidiaries in the financial covenants or in any defined term used therein shall be deemed to be excluded. 

Section 10.7. Restricted Payments. Each of the Parent and the Company will not, and will not permit any of
their respective Subsidiaries to, directly or indirectly, make any Restricted Payment, except that: 
 (a) so long as no
Event of Default of the type contemplated by any of clauses (a), (b), (g) or (h) of Section 11 has occurred and is continuing or would result after giving pro forma effect to such Restricted Payment, (i) the Parent may make
Restricted Payments for any taxable year of the Parent in the form of distributions to its shareholders with respect to such taxable year to the extent necessary to maintain the REIT status of the Parent for U.S. federal income tax purposes and
(ii) the Subsidiaries of the Parent may make Restricted Payments directly or indirectly to the Parent so that the Parent may make the Restricted Payments in clause (i); 

(b) so long as no Default or Event of Default has occurred and is continuing or would result after giving pro forma effect to
such Restricted Payment, the Parent may make Restricted Payments not in excess of 95% of Funds From Operations in the aggregate for any four (4) consecutive fiscal quarter period and the Subsidiaries of the Parent may make Restricted Payments
directly or indirectly to the Parent so that the Parent may make such Restricted Payments; 
 (c) so long as no Default or
Event of Default has occurred and is continuing or would result after giving pro forma effect to such Restricted Payment, the Company, the Parent and their respective Subsidiaries may make one or more repurchases, retirements or other acquisitions
or retirements for value of Equity Interests of the Company or the Parent, provided that, subject to the MFL Principles, the aggregate amount of such Restricted Payments do not in the aggregate exceed $100,000,000 and after giving effect to
such Restricted Payment on a pro forma basis (i) the Company shall 

  
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have (1) unrestricted cash balances and (2) availability in (dollars) to make a borrowing of revolving loans under the Bank Credit Agreement, totaling in the aggregate, not less than
$100,000,000 and (ii) each of the Total Leverage Ratio and the Unencumbered Leverage Ratio shall not exceed 50% (the proviso in this paragraph (c) is referred to as the “Stock Redemption Condition”); 

(d) so long as no Event of Default has occurred and is continuing or would result after giving pro forma effect to such
Restricted Payment, (i) the Parent may make Restricted Payments for any taxable year of the Parent in the form of distributions to its shareholders with respect to such taxable year to the extent necessary to (A) avoid the imposition of
U.S. federal income taxes or state level entity or income taxes and (B) avoid the imposition of the excise tax described by Section 4981 of the Code on the Parent, and (ii) the Subsidiaries of the Parent may make Restricted Payments
directly or indirectly to the Parent so that the Parent may make the Restricted Payments in clause (i); 
 (e) the
Parent may declare and make dividend payments or other distributions payable solely in its common stock and the Company may declare and make dividend payments or other distributions payable solely in its limited partnership interests; 

(f) each Subsidiary of the Company may make Restricted Payments to the Company (including Restricted Payments from a Subsidiary
of the Company to any other Subsidiary of the Company in order to effectuate any such Restricted Payment to the Company) and any Guarantor that is a Subsidiary of the Company; 

(g) so long as no Default or Event of Default has occurred and is continuing or would result after giving pro forma effect to
such Restricted Payment, (i) each Subsidiary of the Company may make Restricted Payments to (x) the Company and any other Subsidiary of the Company and (y) any other Person that owns a direct Equity Interest in such Subsidiary so long
as such Restricted Payment is made to such other Persons ratably in accordance with their Equity Interests of the same class or series therein and (ii) each Subsidiary of Kerrow may make Restricted Payments to (x) Kerrow or any other
Subsidiary of Kerrow and (y) any other Person that owns a direct Equity Interest in such Subsidiary so long as such Restricted Payment is made to such other Persons ratably in accordance with their Equity Interests of the same class or series
therein; 
 (h) the Parent, the Company and their respective Subsidiaries may make distributions to the extent required to
fund reasonable out-of-pocket administrative and operating expenses of the Parent Companies incurred in the ordinary course of business and to the extent attributable to
any activity of or with respect to the Parent Companies that is not otherwise prohibited by this Agreement; and 
 (i) so
long as no Default or Event of Default has occurred and is continuing or would result after giving pro forma effect to such Restricted Payment, the Subsidiaries of the Company may make Restricted Payments to the Company or any other Subsidiary of
the Company so that the Company or any such Subsidiary may acquire the Equity 

  
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Interests held by any minority shareholder in any direct or indirect Joint Venture of the Company or direct or indirect Subsidiary of the Company that is not a Wholly-Owned Subsidiary. 

Section 10.8. Passive Holding Company. From and after the Parent Release Date, the Parent will not, and will cause
each other Parent Company not to, conduct, transact or otherwise engage in any active trade or business or operations or incur any Indebtedness or other liability other than through the Company and, in the case of the Parent, Kerrow, and the Parent
will not, and will cause each of the other Parent Companies not to own any assets other than the Equity Interests of the Company or any other Parent Company (other than the Parent), and, in the case of the Parent, Kerrow, and the Parent will not
permit Kerrow or any Subsidiary thereof to own any Equity Interests of the Company or any of its Subsidiaries; provided that the foregoing will not prohibit the Parent or any other Parent Company from the following: (a) the maintenance
of its legal existence and, solely in the case of the Parent, its status as a public company and a REIT (including the ability to incur reasonable fees, costs, expenses and other liabilities relating to such maintenance); (b) obligations that are
limited to (i) obligations under the Transaction Documents to which it is a party, (ii) the Bank Credit Agreement, (iii) any obligations similar to those of its obligations, as applicable, under the Financing Agreements to which it is
a party (including for so long as the Parent Guaranty remains in effect, the Parent Guaranty) arising under Pari Passu Debt, where such similar obligations (A) are not more burdensome to the Parent or any other Parent Company in any material
respect than the obligations of the Parent or such other Parent Company set forth in the Financing Agreements and are non-recourse to the Parent and the other Parent Companies in a manner substantially similar
to, or not more burdensome than, the provisions set forth in Section 22.9, including in its or their respective capacities as general partners or equity holders of any of their respective Subsidiaries (in each case, as reasonably determined by
the Company or, if requested by the Company, as approved by the Required Holders), (B) could not reasonably be expected to have material and adverse effect on the rights or remedies of any of the holders of Notes, and (C) do not require the
Parent or any other Parent Company to, and will not result in the grant by the Parent or any other Parent Company of any guaranty of (except as permitted pursuant to the immediately preceding clause (B)), or any pledge or grant of security interest
or the imposition of any Lien on any assets of the Parent or any other Parent Company to secure, payment or performance of any such obligations and (iv) any obligations in respect of Permitted Separately Financed Subsidiary Debt that are
limited to Nonrecourse Indebtedness Exceptions; (c) any offering of its common stock or any mandatorily redeemable preferred stock or any other equity or equity-linked security, so long as all proceeds thereof are promptly contributed
downstream to the Company; (d) the making of contributions to (or other equity investments in) the Company, any other Parent Company (other than the Parent) and, in the case of the Parent, Kerrow; provided that, in the case of any such
contributions to or investments in such other Parent Company, all such contributions and proceeds of such investments promptly are contributed by each applicable Parent Company downstream to the Company; (e) participating in tax, accounting and
other administrative and fiduciary matters as a parent of the consolidated group (in the case of the Parent) or as a direct or indirect owner of the Company, in each case, in accordance with the terms of the Transaction Documents to which it is a
party; (f) holding any cash or Cash Equivalents (including cash and Cash Equivalents received in connection with Restricted Payments) and of any other assets on a temporary basis that are in the process of being transferred through the Parent
or any Parent 

  
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Company as part of a permitted Restricted Payment or a downstream contribution, directly or indirectly through any Parent Company, to the Company and, in the case of the Parent, Kerrow;
(g) providing customary compensation, indemnification and insurance coverage to officers and directors; or (h) activities incidental to the businesses or activities described above and incurred in the ordinary course of business. 

SECTION 11. EVENTS OF DEFAULT. 

An “Event of Default” shall exist if any of the following conditions or events shall occur and be continuing: 

(a) the Company defaults in the payment of any principal or Make-Whole Amount, if any, on any Note when the same becomes due
and payable, whether at maturity or at a date fixed for prepayment or by declaration or otherwise; or 
 (b) the Company
defaults in the payment of any interest on any Note for more than five (5) Business Days after the same becomes due and payable; or 

(c) the Company or the Parent, as applicable, defaults in the performance of or compliance with any term contained in
Section 7.1(e), Section 9.9, Section 9.11 or Section 10; provided that the failure of any Eligible Unencumbered Real Property Asset to comply with the requirements set forth in the definition of “Eligible Unencumbered
Real Property Asset” shall be deemed to be cured if, at any time within fifteen (15) days after the Company becomes aware of such non-compliance, such purported Eligible Unencumbered Real Property
Asset is withdrawn as an “Eligible Unencumbered Real Property Asset” and, after such withdrawal, no other Default or Event of Default exists, and, prior to the end of such fifteen (15)-day period,
the Company delivers to the holders a Compliance Certificate certifying that no Default or Event of Default has occurred and is continuing, provided further, that any default in the performance of or compliance with any term contained in
Section 10.8 shall not result in an Event of Default hereunder unless such default is not remedied within ten (10) days after the earlier of (i) a Responsible Officer obtaining actual knowledge of such default and (ii) the
Company receiving written notice of such default from any holder of a Note (it being understood and agreed that any such default may be remedied by the applicable Parent Company becoming a Guarantor hereunder); or 

(d) the Company, the Parent or any of their respective Subsidiaries defaults in the performance of or compliance with any
term contained herein (other than those referred to in Sections 11(a), (b) and (c)) or in any other Financing Agreement and such default is not remedied within thirty (30) days after the earlier of (i) a Responsible Officer obtaining
actual knowledge of such default and (ii) the Company receiving written notice of such default from any holder of a Note (any such written notice to be identified as a “notice of default” and to refer specifically to this
Section 11(d)); or 
 (e) any representation or warranty made in writing by or on behalf of the Company, the Parent or
any of their respective Subsidiaries in this Agreement or in any 

  
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other Financing Agreement or in any writing furnished in connection with the transactions contemplated hereby, proves to have been false or incorrect in any material respect on the date as of
which made; or 
 (f) (i) the Company, the Parent or any of their respective Subsidiaries is in default (as principal or
as guarantor or other surety) in the payment of any principal of or premium or make-whole amount or interest on any Material Indebtedness, in each case beyond any period of grace provided with respect thereto, or (ii) the Company, the Parent or
any of their respective Subsidiaries is in default in the performance of or compliance with any term of any evidence of any Material Indebtedness or of any mortgage, indenture or other agreement relating thereto or any other condition exists, and as
a consequence of such default or condition such Material Indebtedness has become, or has been declared (or one or more Persons are entitled to declare such Material Indebtedness to be), due and payable before its stated maturity or before its
regularly scheduled dates of payment (in each case, other than as a result of the occurrence of customary non-default mandatory prepayment events, such as prepayment requirements associated with asset sales or
casualty or condemnation events), or (iii) as a consequence of the occurrence or continuation of any event or condition (other than the right of the holder of Indebtedness to convert such Indebtedness into equity interests or as a result of
customary non-default mandatory prepayment events, such as prepayment requirements associated with asset sales or casualty or condemnation events), (x) the Company, the Parent or any of their respective
Subsidiaries has become obligated to purchase or repay any Material Indebtedness before its regular maturity or before its regularly scheduled dates of payment, or (y) one or more Persons have the right to require the Company, the Parent or any
of their respective Subsidiaries so to purchase or repay such Material Indebtedness, as applicable; or 
 (g) the Parent, the
Company or any Material Subsidiary (i) is generally not paying, or admits in writing its inability to pay, its debts as they become due, (ii) files, or consents by answer or otherwise to the filing against it, a petition for relief or
reorganization or arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, (iii) makes an assignment for the
benefit of its creditors, (iv) consents to the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, (v) is adjudicated as insolvent
or to be liquidated, or (vi) takes corporate action for the purpose of any of the foregoing; or 
 (h) a court or other
Governmental Authority of competent jurisdiction enters an order appointing, without consent by the Parent, the Company or any of their Material Subsidiaries, a custodian, receiver, trustee or other officer with similar powers with respect to it or
with respect to any substantial part of its property, or constituting an order for relief or approving a petition for relief or reorganization or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or
insolvency law of any jurisdiction, or ordering the dissolution, winding-up or liquidation of the Parent, the Company or any of their Material Subsidiaries, or any such petition shall be filed against the
Parent Guarantor, the Company or any of their Material Subsidiaries and such order shall not have been reversed or vacated or such petition shall not be dismissed within 60 days; or 

  
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 (i) any event occurs with respect to the Parent, the Company or any Material
Subsidiary which under the laws of any jurisdiction is analogous to any of the events described in Section 11(g) or Section 11(h), provided that the applicable grace period, if any, which shall apply shall be the one applicable to the relevant
proceeding which most closely corresponds to the proceeding described in Section 11(g) or Section 11(h); or 
 (j) one or
more final judgments or orders for the payment of money aggregating in excess of the greater of $20,000,000 and two percent (2%) of Consolidated Capitalization Value, including, without limitation, any such final order enforcing a binding
arbitration decision, are rendered against one or more of the Parent, the Company or any of their respective Subsidiaries and which judgments are not, within 45 days after entry thereof, bonded, discharged or stayed pending appeal, or are not
discharged within 45 days after the expiration of such stay; 
 (k) if (i) any Plan shall fail to satisfy the minimum
funding standards of ERISA or the Code for any plan year or part thereof or a waiver of such standards or extension of any amortization period is sought or granted under section 412 of the Code, (ii) a notice of intent to
terminate any Plan shall have been or is reasonably expected to be filed with the PBGC or the PBGC shall have instituted proceedings under ERISA section 4042 to terminate or appoint a trustee to administer any Plan or the PBGC shall have
notified the Parent or any ERISA Affiliate that a Plan may become a subject of any such proceedings, (iii) there is any “amount of unfunded benefit liabilities” (within the meaning of section 4001(a)(18) of ERISA) under one or more
Plans, determined in accordance with Title IV of ERISA, (iv) the aggregate present value of accrued benefit liabilities under all funded Non-U.S. Plans exceeds the aggregate current value of the assets of
such Non-U.S. Plans allocable to such liabilities, (v) the Parent or any ERISA Affiliate shall have incurred or is reasonably expected to incur any liability pursuant to Title I or IV of ERISA or the
penalty or excise tax provisions of the Code relating to employee benefit plans, (vi) the Parent or any ERISA Affiliate withdraws from any Multiemployer Plan, (vii) the Parent or any Subsidiary establishes or amends any employee welfare
benefit plan that provides post-employment welfare benefits in a manner that would increase the liability of the Company or any Subsidiary thereunder, (viii) the Parent or any Subsidiary fails to administer or maintain a Non-U.S. Plan in compliance with the requirements of any and all applicable laws, statutes, rules, regulations or court orders or any Non-U.S. Plan is involuntarily terminated
or wound up, or (ix) the Parent or any Subsidiary becomes subject to the imposition of a financial penalty (which for this purpose shall mean any tax, penalty or other liability, whether by way of indemnity or otherwise) with respect to one or
more Non-U.S. Plans; and any such event or events described in clauses (i) through (ix) above, either individually or together with any other such event or events, could reasonably be expected to have a
Material Adverse Effect. As used in this Section 11(k), the terms “employee benefit plan” and “employee welfare benefit plan” shall have the respective meanings assigned to such terms in section 3 of ERISA; or 

  
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 (l) any Subsidiary Guaranty shall cease to be in full force and effect, any
Subsidiary Guarantor or any Person acting on behalf of any Subsidiary Guarantor shall contest in any manner the validity, binding nature or enforceability of the Subsidiary Guaranty, or the obligations of any Subsidiary Guarantor under the
Subsidiary Guaranty cease to be legal, valid, binding and enforceable in accordance with the terms of the Subsidiary Guaranty; or 

(m) any Parent Guaranty shall cease to be in full force and effect, any Parent Guarantor or any Person acting on behalf of any
Parent Guarantor shall contest in any manner the validity binding nature, or enforceability of the Parent Guaranty or the obligations of any Parent Guarantor under the Parent Guaranty cease to be legal, valid, binding and enforceable in accordance
with the terms thereof. 
 SECTION 12. REMEDIES ON DEFAULT, ETC. 

Section 12.1. Acceleration. (a) If an Event of Default with respect to the Parent or the
Company described in Section 11(g), (h) or (i) (other than an Event of Default described in clause (i) of Section 11(g) or described in clause (vi) of Section 11(g) by virtue of the fact that such clause encompasses clause
(i) of Section 11(g)) has occurred, all the Notes then outstanding shall automatically become immediately due and payable. 
 (b) If
any other Event of Default has occurred and is continuing, the Required Holders may at any time at its or their option, by notice or notices to the Company, declare all the Notes then outstanding to be immediately due and payable. 

(c) If any Event of Default described in Section 11(a) or (b) has occurred and is continuing, any holder or holders of Notes at the
time outstanding affected by such Event of Default may at any time, at its or their option, by notice or notices to the Company, declare all the Notes held by it or them to be immediately due and payable. 

Upon any Notes becoming due and payable under this Section 12.1, whether automatically or by declaration, such Notes will forthwith
mature and the entire unpaid principal amount of such Notes, plus (x) all accrued and unpaid interest thereon (including interest accrued thereon at the Default Rate) and (y) the Make-Whole Amount determined in respect of such principal
amount, shall all be immediately due and payable, in each and every case without presentment, demand, protest or further notice, all of which are hereby waived. The Company acknowledges, and the parties hereto agree, that each holder of a Note has
the right to maintain its investment in the Notes free from repayment by the Company (except as herein specifically provided for) and that the provision for payment of a Make-Whole Amount by the Company in the event that the Notes are prepaid or are
accelerated as a result of an Event of Default, is intended to provide compensation for the deprivation of such right under such circumstances. 

  
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 Section 12.2. Other Remedies. If any Default
or Event of Default has occurred and is continuing, and irrespective of whether any Notes have become or have been declared immediately due and payable under Section 12.1, the holder of any Note at the time outstanding may proceed to protect
and enforce the rights of such holder by an action at law, suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained herein or in any Note, Parent Guaranty or Subsidiary Guaranty, or for an
injunction against a violation of any of the terms hereof or thereof, or in aid of the exercise of any power granted hereby or thereby or by law or otherwise. 

Section 12.3. Rescission. At any time after any Notes have been declared due and payable
pursuant to Section 12.1(b) or (c), the Required Holders, by written notice to the Company, may rescind and annul any such declaration and its consequences if (a) the Company has paid all overdue interest on the Notes, all principal of and
Make-Whole Amount, if any, on any Notes that are due and payable and are unpaid other than by reason of such declaration, and all interest on such overdue principal and Make-Whole Amount, if any, and (to the extent permitted by applicable law) any
overdue interest in respect of the Notes, at the Default Rate, (b) neither the Company nor any other Person shall have paid any amounts which have become due solely by reason of such declaration, (c) all Events of Default and Defaults,
other than non-payment of amounts that have become due solely by reason of such declaration, have been cured or have been waived pursuant to Section 17, and (d) no judgment or decree has been entered
for the payment of any monies due pursuant hereto or to the Notes. No rescission and annulment under this Section 12.3 will extend to or affect any subsequent Event of Default or Default or impair any right consequent thereon. 

Section 12.4. No Waivers or Election of Remedies, Expenses, Etc. No course of dealing and no
delay on the part of any holder of any Note in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder’s rights, powers or remedies. No right, power or remedy conferred by this Agreement, any
Parent Guaranty, any Subsidiary Guaranty or any Note upon any holder thereof shall be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter available at law, in equity, by statute or otherwise. Without
limiting the obligations of the Company under Section 15, the Company will pay to the holder of each Note on demand such further amount as shall be sufficient to cover all costs and expenses of such holder incurred in any enforcement or
collection under this Section 12, including reasonable attorneys’ fees, expenses and disbursements. 
 SECTION 13.
REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES. 

Section 13.1. Registration of Notes. The Company shall keep at its principal executive office a register for the
registration and registration of transfers of Notes. The name and address of each holder of one or more Notes, each transfer thereof and the name and address of each transferee of one or more Notes shall be registered in such register. If any holder
of one or more Notes is a nominee, then (a) the name and address of the beneficial owner of such Note or Notes shall also be registered in such register as an owner and holder thereof and (b) at any such beneficial owner’s option,
either such beneficial owner or its nominee may execute any amendment, waiver or consent pursuant to this Agreement. Prior to due presentment for 

  
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registration of transfer, the Person in whose name any Note shall be registered shall be deemed and treated as the owner and holder thereof for all purposes hereof, and the Company shall not be
affected by any notice or knowledge to the contrary. The Company shall give to any holder of a Note that is an Institutional Investor promptly upon request therefor, a complete and correct copy of the names and addresses of all registered holders of
Notes. 
 Section 13.2. Transfer and Exchange of Notes; No Transfer to Competitors. (a) Upon surrender of any
Note to the Company at the address and to the attention of the designated officer (all as specified in Section 18(iii)), for registration of transfer or exchange (and in the case of a surrender for registration of transfer accompanied by a
written instrument of transfer duly executed by the registered holder of such Note or such holder’s attorney duly authorized in writing and accompanied by the relevant name, address and other information for notices of each transferee of such
Note or part thereof), within 10 Business Days thereafter, the Company shall execute and deliver, at the Company’s expense (except as provided below), one or more new Notes (as requested by the holder thereof) in exchange therefor, in an
aggregate principal amount equal to the unpaid principal amount of the surrendered Note. Each such new Note shall be payable to such Person as such holder may request and shall be substantially in the form of Schedule
1-A or 1-B, as applicable. Each such new Note shall be dated and bear interest from the date to which interest shall have been paid on the surrendered Note or dated the
date of the surrendered Note if no interest shall have been paid thereon. The Company may require payment of a sum sufficient to cover any stamp tax or governmental charge imposed in respect of any such transfer of Notes. Notes shall not be
transferred in denominations of less than $500,000, provided that if necessary to enable the registration of transfer by a holder of its entire holding of Notes, one Note may be in a denomination of less than $500,000. Any transferee, by its
acceptance of a Note registered in its name (or the name of its nominee), shall be deemed to have made the representations set forth in Section 6. 

(b) Without limiting the foregoing, each Purchaser and each subsequent holder of any Note severally agrees that it will not, directly or
indirectly, resell any Notes purchased by it to a Person which is a Competitor (it being understood that such Purchaser shall advise any broker or intermediary acting on its behalf that such resale to a Competitor is limited hereby). The Company
shall not be required to recognize any sale or other transfer of a Note to a Competitor and no such transfer shall confer any rights hereunder upon such transferee. 

Section 13.3. Replacement of Notes. Upon receipt by the Company at the address and to the attention of the
designated officer (all as specified in Section 18(iii)) of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note (which evidence shall be, in the case of an Institutional
Investor, notice from such Institutional Investor of such ownership and such loss, theft, destruction or mutilation), and 

(a) in the case of loss, theft or destruction, of indemnity reasonably satisfactory to it (provided that if the holder
of such Note is, or is a nominee for, an original Purchaser or another holder of a Note with a minimum net worth of at least $50,000,000 or a Qualified Institutional Buyer, such Person’s own unsecured agreement of indemnity shall be deemed to
be satisfactory), or 

  
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 (b) in the case of mutilation, upon surrender and cancellation thereof, 

within 10 Business Days thereafter, the Company at its own expense shall execute and deliver, in lieu thereof, a new Note, dated and bearing interest from the
date to which interest shall have been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen, destroyed or mutilated Note if no interest shall have been paid thereon. 

SECTION 14. PAYMENTS ON NOTES. 

Section 14.1. Place of Payment. Subject to Section 14.2, payments of principal, Make-Whole Amount, if any, and
interest becoming due and payable on the Notes shall be made in New York, New York at the principal office of JPMorgan Chase Bank N.A. in such jurisdiction. The Company may at any time, by notice to each holder of a Note, change the place of payment
of the Notes so long as such place of payment shall be either the principal office of the Company in such jurisdiction or the principal office of a bank or trust company in such jurisdiction. 

Section 14.2. Home Office Payment. So long as any Purchaser or its nominee shall be the holder of any Note, and
notwithstanding anything contained in Section 14.1 or in such Note to the contrary, the Company will pay all sums becoming due on such Note for principal, Make-Whole Amount, if any, interest and all other amounts becoming due hereunder by the
method and at the address specified for such purpose below such Purchaser’s name in Schedule B, or by such other method or at such other address as such Purchaser shall have from time to time specified to the Company in writing for such
purpose, without the presentation or surrender of such Note or the making of any notation thereon, except that upon written request of the Company made concurrently with or reasonably promptly after payment or prepayment in full of any Note, such
Purchaser shall surrender such Note for cancellation, reasonably promptly after any such request, to the Company at its principal executive office or at the place of payment most recently designated by the Company pursuant to Section 14.1.
Prior to any sale or other disposition of any Note held by a Purchaser or its nominee, such Purchaser will, at its election, either endorse thereon the amount of principal paid thereon and the last date to which interest has been paid thereon or
surrender such Note to the Company in exchange for a new Note or Notes pursuant to Section 13.2. The Company will afford the benefits of this Section 14.2 to any Institutional Investor that is the direct or indirect transferee of any Note
purchased by a Purchaser under this Agreement and that has made the same agreement relating to such Note as the Purchasers have made in this Section 14.2. 

Section 14.3. FATCA Information. By acceptance of any Note, the holder of such Note agrees that such holder
will with reasonable promptness duly complete and deliver to the Company, or to such other Person as may be reasonably requested by the Company, from time to time (a) in the case of any such holder that is a United States Person, such
holder’s United States tax identification number or other Forms reasonably requested by the Company necessary to establish such holder’s status as a United States Person under 

  
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FATCA and as may otherwise be necessary for the Company to comply with its obligations under FATCA and (b) in the case of any such holder that is not a United States Person, such
documentation prescribed by applicable law (including as prescribed by section 1471(b)(3)(C)(i) of the Code) and such additional documentation as may be necessary for the Company to comply with its obligations under FATCA and to determine that such
holder has complied with such holder’s obligations under FATCA or to determine the amount (if any) to deduct and withhold from any such payment made to such holder. Nothing in this Section 14.3 shall require any holder to provide
information that is confidential or proprietary to such holder unless the Company is required to obtain such information under FATCA and, in such event, the Company shall treat any such information it receives as confidential. 

Section 15. Expenses, Etc. 

Section 15.1. Transaction Expenses. Whether or not the transactions contemplated hereby are consummated, the
Company will pay all costs and expenses (including reasonable attorneys’ fees of a special counsel and, if reasonably required by the Required Holders, local or other counsel) incurred by the Purchasers and each other holder of a Note in
connection with such transactions and in connection with any amendments, waivers or consents under or in respect of this Agreement or any other Financing Agreements (whether or not such amendment, waiver or consent becomes effective), including,
without limitation: (a) the costs and expenses incurred in enforcing or defending (or determining whether or how to enforce or defend) any rights under this Agreement or any other Financing Agreements or in responding to any subpoena or other
legal process or informal investigative demand issued in connection with this Agreement, or any other Financing Agreements, or by reason of being a holder of any Note, (b) the costs and expenses, including financial advisors’ fees,
incurred in connection with the insolvency or bankruptcy of the Parent, the Company or any of their respective Subsidiaries or in connection with any work-out or restructuring of the transactions contemplated
hereby and by the Notes or any other Financing Agreements and (c) the costs and expenses incurred in connection with the initial filing of this Agreement and all related documents and financial information with the SVO provided, that
such costs and expenses under this clause (c) shall not exceed $175 per series of Notes. If required by the NAIC, the Company shall obtain and maintain at its own cost and expense a Legal Entity Identifier (LEI). 

The Company will pay, and will save each Purchaser and each other holder of a Note harmless from, (i) all claims in respect of any fees,
costs or expenses, if any, of brokers and finders (other than those, if any, retained by a Purchaser or other holder in connection with its purchase of the Notes), (ii) any and all wire transfer fees that any bank or other financial institution
deducts from any payment under such Note to such holder or otherwise charges to a holder of a Note with respect to a payment under such Note and (iii) any judgment, liability, claim, order, decree, fine, penalty, cost, fee, expense (including
reasonable attorneys’ fees and expenses) or obligation resulting from the consummation of the transactions contemplated hereby, including the use of the proceeds of the Notes by the Company. 

Section 15.2. Certain Taxes. The Company agrees to pay all stamp, documentary or similar taxes or fees which
may be payable in respect of the execution and delivery or the enforcement of this Agreement or any other Financing Agreements or the execution and delivery (but not the transfer) or the enforcement of any of the Notes in the United States or any
other jurisdiction where the Company, the Parent or any Guarantor has assets or of any amendment of, or waiver or consent under or with respect to, this Agreement or any other Financing Agreements or of any of the Notes, and to pay any value added
tax due and payable in respect of 

  
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reimbursement of costs and expenses by the Company pursuant to this Section 15, and will save each holder of a Note to the extent permitted by applicable law harmless against any loss or
liability resulting from nonpayment or delay in payment of any such tax or fee required to be paid by the Company or the Parent hereunder. 

Section 15.3. Survival. The obligations of the Company under this Section 15 will survive the payment or
transfer of any Note, the enforcement, amendment or waiver of any provision of this Agreement or any other Financing Agreements, the Notes, and the termination of this Agreement. 

SECTION 16. SURVIVAL OF REPRESENTATIONS AND WARRANTIES;
ENTIRE AGREEMENT. 
 All representations and warranties contained herein shall survive the execution and
delivery of this Agreement and the Notes, the purchase or transfer by any Purchaser of any Note or portion thereof or interest therein and the payment of any Note, and may be relied upon by any subsequent holder of a Note, regardless of any
investigation made at any time by or on behalf of such Purchaser or any other holder of a Note. All statements contained in any certificate or other instrument delivered by or on behalf of the Company, the Parent or any of their respective
Subsidiaries pursuant to this Agreement shall be deemed representations and warranties of the Company, the Parent or any of their respective Subsidiaries, as applicable, under this Agreement. Subject to the preceding sentence, this Agreement, the
Notes and any other Financing Agreements embody the entire agreement and understanding between each Purchaser and the Company and supersede all prior agreements and understandings relating to the subject matter hereof. 

SECTION 17. AMENDMENT AND WAIVER. 

Section 17.1. Requirements. This Agreement and the Notes may be amended, and the observance of any term hereof
or of the Notes may be waived (either retroactively or prospectively), only with the written consent of the Company, the Parent and the Required Holders, except that: 

(a) no amendment or waiver of any of Sections 1, 2, 3, 4, 5, 6 or 21 hereof, or any defined term (as it is used therein), will
be effective as to any Purchaser unless consented to by such Purchaser in writing; and 
 (b) no amendment or waiver may,
without the written consent of each Purchaser and the holder of each Note at the time outstanding, (i) subject to Section 12 relating to acceleration or rescission, change the amount or time of any prepayment or payment of principal of, or
reduce the rate or change the time of payment or method of computation of (x) interest on the Notes or (y) the Make-Whole Amount, (ii) change the percentage of the principal amount of the Notes the holders of which are required to
consent to any amendment or waiver or the principal amount of the Notes that the Purchasers are to purchase pursuant to Section 2 upon the satisfaction of the conditions to Closing that appear in Section 4, or (iii) amend any of
Sections 8 (except as set forth in the second sentence of Section 8.2), 11(a), 11(b), 12, 17 or 20. 

  
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 Section 17.2. Solicitation of Holders of Notes. 

(a) Solicitation. The Company will provide each holder of a Note with sufficient information, sufficiently far in advance of the date a
decision is required, to enable such holder to make an informed and considered decision with respect to any proposed amendment, waiver or consent in respect of any of the provisions hereof or of the Notes or any other Financing Agreement. The
Company will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to this Section 17 or any other Financing Agreement to each holder of a Note promptly following the date on which it is executed and
delivered by, or receives the consent or approval of, the requisite holders of Notes. 
 (b) Payment. Neither the Company nor the
Parent will directly or indirectly pay or cause to be paid any remuneration, whether by way of supplemental or additional interest, fee or otherwise, or grant any security or provide other credit support, to any holder of a Note as consideration for
or as an inducement to the entering into by such holder of any waiver or amendment of any of the terms and provisions hereof or of any other Financing Agreement unless such remuneration is concurrently paid, or security is concurrently granted or
other credit support concurrently provided, on the same terms, ratably to each holder of a Note even if such holder did not consent to such waiver or amendment. 

(c) Consent in Contemplation of Transfer. Any consent given pursuant to this Section 17 or any other Financing Agreement by a
holder of a Note that has transferred or has agreed to transfer its Note to (i) the Company, the Parent, any of their respective Subsidiaries or any other Affiliate or (ii) any other Person in connection with, or in anticipation of, such
other Person acquiring, making a tender offer for or merging with the Company, the Parent and/or any of their Affiliates in connection with such consent, shall be void and of no force or effect except solely as to such holder, and any amendments
effected or waivers granted or to be effected or granted that would not have been or would not be so effected or granted but for such consent (and the consents of all other holders of Notes that were acquired under the same or similar conditions)
shall be void and of no force or effect except solely as to such holder. 
 Section 17.3. Binding Effect,
etc. Any amendment or waiver consented to as provided in this Section 17 or any other Financing Agreement applies equally to all holders of Notes and is binding upon them and upon each future holder of any Note and upon the Company,
the Parent and any Subsidiary Guarantor and the Parent Guarantor without regard to whether such Note has been marked to indicate such amendment or waiver. No such amendment or waiver will extend to or affect any obligation, covenant, agreement,
Default or Event of Default not expressly amended or waived or impair any right consequent thereon. No course of dealing between the Company, the Parent, a Subsidiary Guarantor and any holder of a Note and no delay in exercising any rights hereunder
or under any Note or other Financing Agreement shall operate as a waiver of any rights of any holder of such Note. 

Section 17.4. Notes Held by Company, etc. Solely for the purpose of determining whether the holders of the
requisite percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this Agreement, the Notes or any other Financing Agreement, or have directed the taking of
any 

  
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action provided herein or the Notes or any other Financing Agreement to be taken upon the direction of the holders of a specified percentage of the aggregate principal amount of Notes then
outstanding, Notes directly or indirectly owned by the Company or any of its Affiliates shall be deemed not to be outstanding. 
 Section 18.
Notices. 
 Except to the extent otherwise provided in Section 7.4, all notices and communications provided for hereunder shall be
in writing and sent (a) by telecopy if the sender on the same day sends a confirming copy of such notice by an internationally recognized overnight delivery service (charges prepaid), or (b) by registered or certified mail with return
receipt requested (postage prepaid), or (c) by an internationally recognized overnight delivery service (with charges prepaid). Any such notice must be sent: 

(i) if to any Purchaser or its nominee, to such Purchaser or nominee at the address specified for such communications in
Schedule B, or at such other address as such Purchaser or nominee shall have specified to the Company in writing, 
 (ii) if
to any other holder of any Note, to such holder at such address as such other holder shall have specified to the Company in writing, or 

(iii) if to the Company or to the Parent, to the Company or the Parent at its address set forth at the beginning hereof to the
attention of Gerry Morgan, or at such other address as the Company or the Parent shall have specified to the holder of each Note in writing. 
 Notices
under this Section 18 will be deemed given only when actually received. 
 SECTION 19. REPRODUCTION
OF DOCUMENTS. 
 This Agreement and all documents relating thereto, including (a) consents, waivers
and modifications that may hereafter be executed, (b) documents received by any Purchaser at the Closing (except the Notes themselves), and (c) financial statements, certificates and other information previously or hereafter furnished to
any Purchaser, may be reproduced by such Purchaser by any photographic, photostatic, electronic, digital, or other similar process and such Purchaser may destroy any original document so reproduced. Each of the Company and the Parent agrees and
stipulates that, to the extent permitted by applicable law, any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not
such reproduction was made by such Purchaser in the regular course of business) and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence. This Section 19 shall not prohibit the
Company, the Parent or any other holder of Notes from contesting any such reproduction to the same extent that it could contest the original, or from introducing evidence to demonstrate the inaccuracy of any such reproduction. 

  
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 SECTION 20. CONFIDENTIAL INFORMATION. 

For the purposes of this Section 20, “Confidential Information” means information delivered to any Purchaser by or on
behalf of the Company, the Parent or any Subsidiary in connection with the transactions contemplated by or otherwise pursuant to this Agreement, provided that such term does not include information that (a) was publicly known or
otherwise known to such Purchaser prior to the time of such disclosure, (b) subsequently becomes publicly known through no act or omission by such Purchaser or any Person acting on such Purchaser’s behalf, (c) otherwise becomes known
to such Purchaser other than through disclosure by the Company, the Parent or any Subsidiary or (d) constitutes financial statements delivered to such Purchaser under Section 7.1 that are otherwise publicly available. Each Purchaser will
maintain the confidentiality of such Confidential Information in accordance with procedures adopted by such Purchaser in good faith to protect confidential information of third parties delivered to such Purchaser, provided that such Purchaser
may deliver or disclose Confidential Information to (i) its directors, officers, employees, agents, attorneys, trustees and affiliates (to the extent such disclosure reasonably relates to the administration of the investment represented by its
Notes), (ii) its auditors, financial advisors and other professional advisors who agree to hold confidential the Confidential Information substantially in accordance with this Section 20, (iii) any other holder of any Note, (iv) any
Institutional Investor to which it sells or offers to sell such Note or any part thereof or any participation therein (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by this Section 20),
(v) any Person from which it offers to purchase any Security of the Company, the Parent Guarantor or any Subsidiary Guarantor (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by this
Section 20), (vi) any federal or state regulatory authority having jurisdiction over such Purchaser, (vii) the NAIC or the SVO or, in each case, any similar organization, or any nationally recognized rating agency that requires access to
information about such Purchaser’s investment portfolio, or (viii) any other Person to which such delivery or disclosure may be necessary or appropriate (w) to effect compliance with any law, rule, regulation or order applicable to
such Purchaser, (x) in response to any subpoena or other legal process, (y) in connection with any litigation to which such Purchaser is a party or (z) if an Event of Default has occurred and is continuing, to the extent such
Purchaser may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under such Purchaser’s Notes, this Agreement or any other Financing Agreement.
Each holder of a Note, by its acceptance of a Note, will be deemed to have agreed to be bound by and to be entitled to the benefits of this Section 20 as though it were a party to this Agreement. On reasonable request by the Company or the
Parent in connection with the delivery to any holder of a Note of information required to be delivered to such holder under this Agreement or requested by such holder (other than a holder that is a party to this Agreement or its nominee), such
holder will enter into an agreement with the Company or the Parent embodying this Section 20. 
 In the event that as a condition to
receiving access to information relating to the Parent or its Subsidiaries in connection with the transactions contemplated by or otherwise pursuant to this Agreement, any Purchaser or holder of a Note is required to agree to a confidentiality
undertaking (whether through IntraLinks, another secure website, a secure virtual workspace or otherwise) which is different from this Section 20, this Section 20 shall not be amended thereby

  
 -48- 

			
	Four Corners Operating Partnership, LP	 	Note Purchase Agreement

  

 
and, as between such Purchaser or such holder and the Company or the Parent, as applicable, this Section 20 shall supersede any such other confidentiality undertaking unless expressly agreed
in such confidentiality undertaking by specific reference to this Section 20. 
 SECTION 21. SUBSTITUTION
OF PURCHASER. 
 Each Purchaser shall have the right to substitute any one of its Affiliates or another
Purchaser or any one of such other Purchaser’s Affiliates (a “Substitute Purchaser”) as the purchaser of the Notes that it has agreed to purchase hereunder, by written notice to the Company, which notice shall be signed by both
such Purchaser and such Substitute Purchaser, shall contain such Substitute Purchaser’s agreement to be bound by this Agreement and shall contain a confirmation by such Substitute Purchaser of the accuracy with respect to it of the
representations set forth in Section 6. Upon receipt of such notice, any reference to such Purchaser in this Agreement (other than in this Section 21), shall be deemed to refer to such Substitute Purchaser in lieu of such original
Purchaser. In the event that such Substitute Purchaser is so substituted as a Purchaser hereunder and such Substitute Purchaser thereafter transfers to such original Purchaser all of the Notes then held by such Substitute Purchaser, upon receipt by
the Company of notice of such transfer, any reference to such Substitute Purchaser as a “Purchaser” in this Agreement (other than in this Section 21), shall no longer be deemed to refer to such Substitute Purchaser, but shall refer to
such original Purchaser, and such original Purchaser shall again have all the rights of an original holder of the Notes under this Agreement. 

Section 22. Miscellaneous. 

Section 22.1. Successors and Assigns. All covenants and other agreements contained in this Agreement by or on
behalf of any of the parties hereto bind and inure to the benefit of their respective successors and assigns (including any subsequent holder of a Note) whether so expressed or not, except that, subject to Section 10.2, neither the Company nor
the Parent may assign or otherwise transfer any of its rights or obligations hereunder or under any other Financing Agreement to which it is a party without the prior written consent of each holder. Nothing in this Agreement, expressed or implied,
shall be construed to confer upon any Person (other than the parties hereto and their respective successors and assigns permitted hereby) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

Section 22.2. Payments and Reporting Due on Non-Business Days. Anything in
this Agreement or the Notes to the contrary notwithstanding, (x) except as set forth in clause (y), any payment of interest on any Note that is due on a date that is not a Business Day shall be made on the next succeeding Business Day without
including the additional days elapsed in the computation of the interest payable on such next succeeding Business Day; (y) any payment of principal of or Make-Whole Amount on any Note (including principal due on the Maturity Date of such Note)
that is due on a date that is not a Business Day shall be made on the next succeeding Business Day and shall include the additional days elapsed in the computation of interest payable on such next succeeding Business Day and (z) any reporting
or notices under this Agreement that are due on a date that is not a Business Day shall be due on the next succeeding Business Day. 

  
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	Four Corners Operating Partnership, LP	 	Note Purchase Agreement

  

 Section 22.3. Accounting Terms. (a) All accounting
terms used herein which are not expressly defined in this Agreement have the meanings respectively given to them in accordance with GAAP. Except as otherwise specifically provided herein, (i) all computations made pursuant to this Agreement
shall be made in accordance with GAAP, and (ii) all financial statements shall be prepared in accordance with GAAP. 
 (b)
Notwithstanding the foregoing, if the Company notifies the holders of Notes that, in the Company’s reasonable opinion, or if the Required Holders notify the Company that, in the Required Holders’ reasonable opinion, as a result of changes
in GAAP from time to time (“Subsequent Changes”), any of the covenants contained in Sections 10.6 or any of the defined terms used therein, no longer apply as intended such that such covenants are more or less
restrictive to the Company than are such covenants immediately prior to giving effect to such Subsequent Changes, the Company and the holders of Notes shall negotiate in good faith to reset or amend such covenants or defined terms, or establish
alternative covenants or defined terms, so as to negate such Subsequent Changes. Until the Company and the Required Holders so agree to reset, amend or establish alternative covenants or defined terms, the covenants contained in Sections 10.6,
together with the relevant defined terms, shall continue to apply and compliance therewith shall be determined assuming that the Subsequent Changes shall not have occurred (“Static GAAP”). During any period that
compliance with any covenants shall be determined pursuant to Static GAAP, the Company shall include relevant reconciliations in reasonable detail between GAAP and Static GAAP with respect to the applicable covenant compliance calculations contained
in each certificate of a Senior Financial Officer delivered pursuant to Section 7.2 during such period. 
 (c) For purposes of
determining compliance with this Agreement (including Section 9, Section 10 and the definition of “Indebtedness”), any election by the Company to measure any financial liability using fair value (as permitted by Financial
Accounting Standards Board Accounting Standards Codification Topic No. 825-10-25 – Fair Value Option, International Accounting Standard 39 –
Financial Instruments: Recognition and Measurement or any similar accounting standard) shall be disregarded and such determination shall be made as if such election had not been made. 

Section 22.4. Severability. Any provision of this Agreement that is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to the
full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction. 

Section 22.5. Construction, etc. Each covenant contained herein shall be construed (absent express provision
to the contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision) be deemed to excuse compliance with any other covenant. Where any provision
herein refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person. 

  
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	Four Corners Operating Partnership, LP	 	Note Purchase Agreement

  

 Defined terms herein shall apply equally to the singular and plural forms of the terms
defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase
“without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise (a) any definition of or reference to any agreement,
instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or
modifications set forth herein) and, for purposes of the Notes, shall also include any such notes issued in substitution therefor pursuant to Section 13, (b) subject to Section 22.1, any reference herein to any Person shall be construed to
include such Person’s successors and assigns, (c) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any
particular provision hereof, (d) all references herein to Sections and Schedules shall be construed to refer to Sections of, and Schedules to, this Agreement, and (e) any reference to any law or regulation herein shall, unless otherwise
specified, refer to such law or regulation as amended, modified or supplemented from time to time. 
 Section 22.6.
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original but all of which together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each
signed by less than all, but together signed by all, of the parties hereto. 
 Section 22.7. Governing Law.
This Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New York excluding
choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State. 

Section 22.8. Jurisdiction and Process; Waiver of Jury Trial. (a) Each of the Company and the Parent
irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, The City of New York, over any suit, action or proceeding arising out of or
relating to this Agreement or the Notes. To the fullest extent permitted by applicable law, each of the Company and the Parent irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject
to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any
such court has been brought in an inconvenient forum. 
 (b) Each of the Company and the Parent agrees, to the fullest extent permitted by
applicable law, that a final judgment in any suit, action or proceeding of the nature referred to in Section 22.8(a) brought in any such court shall be conclusive and binding upon it subject to rights of appeal, as the case may be, and may be
enforced in the courts of the United States of America or the State of New York (or any other courts to the jurisdiction of which it or any of its assets is or may be subject) by a suit upon such judgment. 

  
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	Four Corners Operating Partnership, LP	 	Note Purchase Agreement

  

 (c) Each of the Company and the Parent consents to process being served by or on behalf of
any holder of Notes in any suit, action or proceeding of the nature referred to in Section 22.8(a) by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, return receipt requested,
to it at its address specified in Section 18 or at such other address of which such holder shall then have been notified pursuant to said Section. Each of the Company and the Parent agrees that such service upon receipt (i) shall be deemed
in every respect effective service of process upon it in any such suit, action or proceeding and (ii) shall, to the fullest extent permitted by applicable law, be taken and held to be valid personal service upon and personal delivery to it.
Notices hereunder shall be conclusively presumed received as evidenced by a delivery receipt furnished by the United States Postal Service or any reputable commercial delivery service. 

(d) Nothing in this Section 22.8 shall affect the right of any holder of a Note to serve process in any manner permitted by law, or limit
any right that the holders of any of the Notes may have to bring proceedings against the Company or the Parent in the courts of any appropriate jurisdiction or to enforce in any lawful manner a judgment obtained in one jurisdiction in any other
jurisdiction. 
 (e) THE PARTIES HERETO HEREBY WAIVE
TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO
THIS AGREEMENT, THE NOTES OR ANY OTHER DOCUMENT EXECUTED IN CONNECTION
HEREWITH OR THEREWITH. 
 Section 22.9.
Non-Recourse to Parent; Exceptions Thereto. This Agreement and the obligations of the Company hereunder and under the other Financing Agreements are fully recourse to the Company, and the
obligations of the Guarantors are fully recourse to each Guarantor under the Financing Agreements to which it is a party. Notwithstanding any applicable law that would make the owner or general partner of a partnership or general partner liable for
the debts and obligations of the partnership, except as set forth in the Parent Guaranty, nothing contained herein or in the other Financing Agreements shall be construed to create or impose upon the Parent (in its capacity as owner of the Company
and owner of the General Partner), the General Partner (in its capacity as general partner of the Company), or any limited partner of the Company (in its capacity as such), any obligation with respect to the repayment of Indebtedness hereunder;
provided that nothing contained in this Section 22.9 shall be deemed to (i) release any of the Company or Guarantors from any liability pursuant to, or from any of its obligations under, this Agreement or the other Financing
Agreements to which it is a party, including with respect to any obligations that depend on compliance by any Parent Company with the requirements hereof, (ii) constitute a waiver of any obligation arising under this Agreement or any of the
other Financing Agreements, (iii) limit the rights of the holders to proceed against or realize upon any guaranty given for the obligations hereunder or under any other Financing Agreement or the rights of the holders to realize upon the assets
of the Company or any Guarantor or (iv) release the Parent from any personal liability for any claims on account of any loss, damage, cost or expense incurred by the holders as a result of any of the matters set forth in clauses
(a) through (f), inclusive, below: 

  
 -52- 

			
	Four Corners Operating Partnership, LP	 	Note Purchase Agreement

  

 (a) fraud or material misrepresentation in connection with the obligations
under, or in connection with the transactions contemplated by, the Financing Agreements, including any misrepresentation in any material respect by the Parent in Section 5; 

(b) misappropriation of the proceeds of any of the Notes or of any rents or other revenues, insurance proceeds or condemnation
awards attributable to any collateral for the obligations under the Financing Agreements or any Eligible Unencumbered Real Property Asset; 

(c) gross negligence, willful misconduct or waste with respect to any collateral for the obligations under the Financing
Agreements or any Eligible Unencumbered Real Property Asset; 
 (d) any transfer of or creation of a Lien on all or any part
of any Eligible Unencumbered Real Property Asset or any collateral for the obligations under the Financing Agreements, in each case, in violation of the terms of the Financing Agreements; 

(e) bad faith interference, directly or indirectly, with any foreclosure upon any collateral for the obligations under the
Financing Agreements or with any other enforcement of the holders’ rights, powers or remedies under any of the Financing Agreements (whether by making any motion, seeking any extension, asserting any defense, claim, counterclaim or right of
offset, seeking any injunction or other restraint, commencing any action, seeking to consolidate any such foreclosure or other enforcement with any other action, or otherwise) after the occurrence and during the continuance of an Event of Default;
or 
 (f) failure of the Parent to comply with the requirements of Sections 5.19, 9.9, 9.11, 10.7 or 10.8. 

*    *    *    *    * 

  
 -53- 

			
	Four Corners Operating Partnership, LP	 	Note Purchase Agreement

  

 If you are in agreement with the foregoing, please sign the form of agreement on a
counterpart of this Agreement and return it to the Company and the Parent, whereupon this Agreement shall become a binding agreement among you, the Company and the Parent. 

 

			
	 Very truly yours,

	
	 FOUR CORNERS OPERATING
PARTNERSHIP, LP

		 	 By: Four Corners GP, LLC, its general Partner

		
	 By
	 	      

		 	   Name:

		 	   Title:

	
	 FOUR CORNERS PROPERTY
TRUST, INC. 

		
	 By
	 	      

		 	   Name:

		 	   Title:

  
 -54- 

			
	Four Corners Operating Partnership, LP	 	Note Purchase Agreement

  

 This Agreement is hereby 

accepted and agreed to as 
 of the date hereof. 

 

			
	 MASSACHUSETTS MUTUAL LIFE
INSURANCE COMPANY
  

	By:	 	 Barings LLC as Investment Adviser
  

	By:	 	  

	Name:	 	
	Title:	 	

  

			
	Four Corners Operating Partnership, LP	 	Note Purchase Agreement

  

 This Agreement is hereby 

accepted and agreed to as 
 of the date hereof. 

 

			
	 METROPOLITAN LIFE INSURANCE COMPANY

 

	 GENERAL AMERICAN LIFE INSURANCE COMPANY

 

	By:	 	 Metropolitan Life Insurance Company, its Investment Manager

 

	By:	 	  

	Name:	 	John Wills
	Title:	 	Vice President & Managing Director
	  
 BRIGHTHOUSE LIFE
INSURANCE COMPANY
  

	By:	 	 MetLife Investment Advisors, LLC, Its Investment Manager

 

	By:	 	  

	Name:	 	C. Scott Inglis
	Title:	 	Managing Director

  

			
	Four Corners Operating Partnership, LP	 	Note Purchase Agreement

  

 This Agreement is hereby 

accepted and agreed to as 
 of the date hereof. 

 

			
	 JUST RETIREMENT LIMITED

 

	By:	 	 MetLife Investment Management Limited, as Investment Manager

 

	By:	 	  

	Name:	 	Judith A. Gulotta
	Title:	 	Managing Director

  

			
	Four Corners Operating Partnership, LP	 	Note Purchase Agreement

  

 This Agreement is hereby 

accepted and agreed to as 
 of the date hereof. 

 

			
	 THE NORTHWESTERN MUTUAL LIFE
INSURANCE COMPANY
  

	By:	 	 Northwestern Mutual Investment Management Company, LLC, its investment adviser

 

	By:	 	  

	Name:	 	
	Title:	 	Managing Director

  

			
	Four Corners Operating Partnership, LP	 	Note Purchase Agreement

  

 This Agreement is hereby 

accepted and agreed to as 
 of the date hereof. 

 

			
	VOYA INSURANCE AND ANNUITY COMPANY
	 VOYA RETIREMENT INSURANCE
AND ANNUITY COMPANY

	RELIASTAR LIFE INSURANCE COMPANY
	 RELIASTAR LIFE INSURANCE
COMPANY OF NEW YORK
  

	By:	 	 Voya Investment Management LLC, as Agent
  

	By:	 	  

	Name:	 	Justin Stach
	Title:	 	Vice President
	  
 IBM PERSONAL PENSION
PLAN TRUST
  

	By:	 	 Voya Investment Management Co. LLC, as Agent
  

	By:	 	  

	Name:	 	Justin Stach
	Title:	 	Vice President
	  
 NN LIFE INSURANCE
COMPANY LTD.
  

	By:	 	 Voya Investment Management LLC, as Attorney in fact
  

	By:	 	  

	Name:	 	Justin Stach
	Title:	 	Vice President

  

			
	Four Corners Operating Partnership, LP	 	Note Purchase Agreement

  

 This Agreement is hereby 

accepted and agreed to as 
 of the date hereof. 

 

			
	 ATHENE ANNUITY AND LIFE COMPANY

 

	By:	 	Athene Asset Management, L.P., its investment adviser
	By:	 	 AAM GP Ltd., its general partner
  

	By:	 	  

	Name:	 	Roger D. Fors
	Title:	 	Senior Vice President, Fixed Income

  

			
	Four Corners Operating Partnership, LP	 	Note Purchase Agreement

  

 This Agreement is hereby 

accepted and agreed to as 
 of the date hereof. 

 

			
	 UNITED OF OMAHA LIFE INSURANCE
COMPANY
  

	By:	 	  

	Name:	 	Lee Martin
	Title:	 	Vice President

  

			
	Four Corners Operating Partnership, LP	 	Note Purchase Agreement

  

 This Agreement is hereby 

accepted and agreed to as 
 of the date hereof. 

 

			
	 AMERICO FINANCIAL LIFE &
ANNUITY INSURANCE COMPANY
  

	 By:
	 	  

	 Name:
	 	 Gregory A. Hamilton

	 Title:
	 	 Vice President - Investments

  

			
	Four Corners Operating Partnership, LP	 	Note Purchase Agreement

  

 This Agreement is hereby 

accepted and agreed to as 
 of the date hereof. 

 

			
	 THE GUARDIAN LIFE INSURANCE
COMPANY OF AMERICA
  

	 By:
	 	  

	 Name:
	 	 Thomas M. Donohue

	 Title:
	 	 Managing Director

  

			
	Four Corners Operating Partnership, LP	 	Note Purchase Agreement

  

 This Agreement is hereby 

accepted and agreed to as 
 of the date hereof. 

 

			
	 SOUTHERN FARM BUREAU LIFE
INSURANCE COMPANY
  

	By:	 	  

	Name:	 	David Divine
	Its:	 	Fixed Income Portfolio Manager

  

			
	Four Corners Operating Partnership, LP	 	Note Purchase Agreement

  

 This Agreement is hereby 

accepted and agreed to as 
 of the date hereof. 

 

			
	 AMERICAN FAMILY LIFE
INSURANCE COMPANY
  

	 By:
	 	  

	 Name:
	 	 David L. Voge

	 Title:
	 	 Managing Director

  

			
	Four Corners Operating Partnership, LP	 	Note Purchase Agreement

  

 This Agreement is hereby 

accepted and agreed to as 
 of the date hereof. 

 

			
	 ASSURITY LIFE INSURANCE
COMPANY
  

	 By:
	 	  

		 	Name: Victor Weber
		 	Title:   Senior Director – Investments

  

  

 DEFINED TERMS 

As used herein, the following terms have the respective meanings set forth below or set forth in the Section hereof following such term: 

“1031 Property” means any Real Property Asset that is at any time held by a “qualified intermediary” (a
“QI”), as defined in the Treasury Regulations promulgated pursuant to Section 1031 of the Internal Revenue Code, or an “exchange accommodation titleholder” (an “EAT”), as defined in Internal Revenue
Service Revenue Procedure 2000-37, as modified by Internal Revenue Procedure 2004-51, (or in either case, by one or more Wholly-Owned Subsidiaries thereof, singly or as
tenants in common) which is a single purpose entity and has entered into an “exchange agreement” or a “qualified exchange accommodation agreement” with the Company, Kerrow or a Wholly-Owned Subsidiary in connection with the
acquisition (or possible disposition) of such Real Property Asset by the Company, Kerrow or a Wholly-Owned Subsidiary pursuant to, and intended to qualify for tax treatment under, Section 1031 of the Internal Revenue Code. 

“Acceptable NRSRO” means any nationally recognized statistical rating organization recognized by the NAIC for purposes of
“Filing Exempt” status with respect to assigning a designation of securities, or otherwise recognized by the NAIC for the purposes of assigning a securities designation without the requirement for an SVO filing.  

“Adjusted Annualized Net Operating Income” means (i) Net Operating Income for the immediately preceding fiscal quarter
multiplied by four (4), minus (ii) the Capital Expenditure Reserve. 
 “Adjusted EBITDA” means, with
respect to any Person for any period of time, (i) EBITDA for the immediately preceding fiscal quarter multiplied by four (4), minus (ii) the Capital Expenditure Reserve. 

“Affiliate” means, at any time, and with respect to any Person, any other Person that at such time directly or
indirectly through one or more intermediaries Controls, or is Controlled by, or is under common Control with, such first Person, and, with respect to the Company, shall include any Person beneficially owning or holding, directly or indirectly, 10%
or more of any class of voting or equity interests of the Company or any Subsidiary or any Person of which the Company and its Subsidiaries beneficially own or hold, in the aggregate, directly or indirectly, 10% or more of any class of voting or
equity interests. Unless the context otherwise clearly requires, any reference to an “Affiliate” is a reference to an Affiliate of the Company. 

“Agreement” means this Agreement, including all Schedules attached to this Agreement. 

“Anti-Corruption Laws” means any law or regulation in a U.S. or any non-U.S.
jurisdiction regarding bribery or any other corrupt activity, including the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act 2010. 

SCHEDULE A 
 (to
Note Purchase Agreement) 

 “Anti-Money Laundering Laws” means any law or regulation in a U.S. or any non-U.S. jurisdiction regarding money laundering, drug trafficking, terrorist-related activities or other money laundering predicate crimes, including the Currency and Foreign Transactions Reporting Act of 1970
(otherwise known as the Bank Secrecy Act) and the USA PATRIOT Act. 
 “Asset Transfer” means the acquisition on
November 9, 2015, by the Company, directly or indirectly, from Darden, pursuant to a contribution, assignment or similar transaction, of ownership of equity interests of Subsidiaries that owned approximately 420 Real Property Assets and the
lease to Darden thereof, in each case, pursuant to the Asset Transfer Documents. 
 “Asset Transfer Documents” means the
Separation and Distribution Agreement, dated October 21, 2015, between Darden and the Parent, together with the exhibits thereto, and other related documentation, pursuant to which the Asset Transfer was consummated. 

“Bank Credit Agreement” means that certain Revolving Credit and Term Loan Agreement dated as of November 9, 2015 among
the Company, Parent, JPMorgan Chase Bank, N.A., as administrative agent and the other lender parties thereto, as amended by that certain Omnibus Amendment and Waiver dated as of August 2, 2016 and as further amended by that Second Omnibus
Amendment and Waiver dated as of February 14, 2017, including any renewals, extensions, amendments, supplements, restatements, replacements or refinancing thereof. 

“Bankruptcy Event” means, with respect to any Person, such Person becomes the subject of a bankruptcy or insolvency
proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business appointed for it, or, in the good faith
determination of the Required Holders, has taken any action in furtherance of or indicating its consent to, approval of or acquiescence in, any such proceeding or appointment, provided that a Bankruptcy Event shall not result solely by virtue
of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof, unless the ownership interest results in or provides such Person with immunity from the jurisdiction of
courts within the United States for enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made
by such Person. 
 “Blocked Person” means (a) a Person whose name appears on the list of Specially Designated
Nationals and Blocked Persons published by OFAC, (b) a Person, entity, organization, country or regime that is blocked or a target of sanctions that have been imposed under U.S. Economic Sanctions Laws or (c) a Person that is an agent,
department or instrumentality of, or is otherwise beneficially owned by, controlled by or acting on behalf of, directly or indirectly, any Person, entity, organization, country or regime described in clause (a) or (b). 

  
 A-2 

 “Business Day” means (a) for the purposes of Section 8.6 only, any day
other than a Saturday, a Sunday or a day on which commercial banks in New York City are required or authorized to be closed, and (b) for the purposes of any other provision of this Agreement, any day other than a Saturday, a Sunday or a day on
which commercial banks in New York, New York are required or authorized to be closed. 
 “Capital Expenditure Reserve”
means, (i) with respect to any Real Property Asset that is not subject to a triple net lease, an imputed annual capital reserve of $0.10 per weighted average gross leasable square foot and (ii) in all other cases, zero. 

“Capital Lease” means, at any time, a lease with respect to which the lessee is required concurrently to recognize the
acquisition of an asset and the incurrence of a liability in accordance with GAAP. 
 “Capital Lease Obligations” of any
Person means the obligations of such Person to pay rent or other amounts under any Capital Lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, and the amount of such obligations shall be
the capitalized amount thereof determined in accordance with GAAP. 
 “Capitalization Rate” means, subject to the MFL
Principles, (i) for Real Property Assets that are leased to tenants that are not Investment Grade Tenants, 7.50%, (ii) for Real Property Assets that are leased to tenants that are Investment Grade Tenants, 7.00%, and (iii) for Real
Property Assets that are leased to a Darden Tenant, during periods when Darden is or is deemed to be an Investment Grade Tenant, 6.75%. 

“Cash Equivalents” means, as of any date: 

(a) direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United
States of America (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States of America), in each case maturing within one (1) year from the date of acquisition thereof; 

(b) marketable direct obligations issued by any state of the United States of America or any political subdivision of any such
state or any public instrumentality thereof, in each case maturing within one (1) year after the date of issuance and having, at the time of the acquisition thereof, a rating of at least A1 from S&P or at least P1 from Moody’s; 

(c) investments in commercial paper maturing within three hundred and
sixty-five (365) days from the date of acquisition thereof and having, at such date of acquisition, the highest credit rating obtainable from S&P or from Moody’s; 

(d) investments in certificates of deposit, banker’s acceptances and time deposits maturing within three hundred and
sixty-five (365) days from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any lender or any domestic office of any commercial bank organized under the laws of the
United States of America or any State thereof which has a combined capital and surplus and undivided profits of not less than $500,000,000; 

  
 A-3 

 (e) fully collateralized repurchase agreements with a term of not more than
thirty (30) days for securities described in clause (a) above and entered into with a financial institution satisfying the criteria described in clause (c) above; and 

(f) money market funds that (i) comply with the criteria set forth in the SEC
Rule 2a-7 under the Investment Company Act of 1940, (ii) are rated AAA by S&P and Aaa by Moody’s and (iii) have portfolio assets of at least $5,000,000,000. 

“Change of Control” is defined in Section 8.8. 

“Change of Control Notice” is defined in Section 8.8. 

“Closing” is defined in Section 3. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations
promulgated thereunder from time to time. 
 “Company” is defined in the first paragraph of this Agreement. 

“Competitor” means a company, partnership, investment vehicle or trust which has a controlling interest in any company,
partnership, trust or other entity which invests, as one of its primary lines of business, in real estate assets similar to the Real Property Assets, provided that: 

(a) the provision of investment advisory services by a Person to a Plan which is owned or controlled by a Person which would otherwise be a
Competitor shall not of itself cause the Person providing such services to be deemed to be a Competitor if such Person has established procedures which will prevent confidential information supplied to such Person by any member of the Consolidated
Group from being transmitted or otherwise made available to such Plan or Person owning or controlling such Plan; and 
 (b) in no event shall
an Institutional Investor which (i) maintains passive investments in any Person which is a Competitor be deemed a Competitor it being agreed that the normal administration of the investment and enforcement thereof shall be deemed not to cause
such Institutional Investor to be a “Competitor” or (ii) is an insurance company, bank, trust company, savings and loan association or any pension plan be deemed a “Competitor” (so long as such Institutional Investor is not
itself a real estate investment trust that invests in real estate assets similar to the Real Estate Assets). 
 “Confidential
Information” is defined in Section 20. 
 “Consolidated Capitalization Value” means the Total Capitalization
Value of the Parent and its Subsidiaries. 

  
 A-4 

 “Consolidated Group” means the Parent, the Company and all of their Subsidiaries
which are consolidated with them for financial reporting purposes under GAAP. 
 “Consolidated Interest Expense” means, for
any period, for the Parent and its Subsidiaries on a consolidated basis, Interest Expense during such period on all Unsecured Indebtedness. Consolidated Interest Expense, for any period, shall be equal to the greater of (i) the actual
Consolidated Interest Expense on all Unsecured Indebtedness during such period and (ii) the Consolidated Interest Expense that would be payable on all Unsecured Indebtedness during such period using an assumed interest rate of 5.0% per annum.

 “Consolidated Tangible Net Worth” means, for the Parent and its Subsidiaries as of any date of determination,
(i) stockholders’ equity on a consolidated basis determined in accordance with GAAP (inclusive of preferred equity that is treated as stockholders’ equity in accordance with GAAP but only if the same involves no stated maturity or
mandatory redemption date), less (ii) all intangible assets, less (iii) minority interests, plus (iv) all accumulated depreciation and amortization, all determined in accordance with GAAP. 

“Contingent Obligations” means, as to any Person, without duplication, (a) any contingent obligation of such Person
required to be included in such Person’s balance sheet in accordance with GAAP, and (b) any obligation required to be included in the disclosure contained in the footnotes to such Person’s financial statements in accordance with GAAP,
guaranteeing partially or in whole any Nonrecourse Indebtedness, lease, dividend or other obligation, exclusive of (i) contractual indemnities (including, without limitation, any indemnity or price-adjustment provision relating to the purchase
or sale of securities or other assets) and (ii) guarantees of non-monetary obligations (other than guarantees of completion), in each case under clauses (i) and (ii) which have not yet been called on
or quantified, of such Person or of any other Person. The amount of any Contingent Obligation described in clause (b) above in this definition shall be deemed to be (A) with respect to a guaranty of interest, interest and principal, or
operating income, the sum of all payments required to be made thereunder (which in the case of an operating income guaranty shall be deemed to be equal to the debt service for the note secured thereby), calculated at the interest rate applicable to
such Indebtedness, through (x) in the case of an interest or interest and principal guaranty, the stated date of maturity of the obligation (and commencing on the date interest could first be payable thereunder), or (y) in the case of an
operating income guaranty, the date through which such guaranty will remain in effect, and (B) with respect to all guarantees not covered by the preceding clause (A), an amount equal to the stated or determinable amount of the primary
obligation in respect of which such guaranty is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform thereunder) as recorded on the balance sheet and in
the footnotes to the most recent financial statements required to be delivered pursuant to Sections 7.1(a) and (b). Notwithstanding anything contained herein to the contrary, guarantees of completion or other performance shall not be deemed to be
Contingent Obligations unless and until a claim for payment has been made thereunder, at which time any such guaranty of completion or other performance shall be deemed to be a Contingent Obligation in an amount equal to any such claim. Subject to
the preceding sentence, (1) in the case of a joint and several guaranty given by such Person and another Person (but only to the extent such guaranty is Recourse Indebtedness, directly or indirectly to such Person or any of its Subsidiaries),
the 

  
 A-5 

 
amount of such guaranty shall be deemed to be 100% thereof unless and only to the extent that (i) such other Person has delivered cash or Cash Equivalents to secure all or any part of such
Person’s obligations under such joint and several guaranty (in which case the amount of such guaranty shall be reduced by the amount of such cash or Cash Equivalents) or (ii) such other Person holds an Investment Grade Rating, or has
creditworthiness otherwise reasonably acceptable to the Required Holders (in which case the amount of such guaranty shall be zero), and (2) in the case of a guaranty (whether or not joint and several) of an obligation otherwise constituting
Indebtedness of such Person, the amount of such guaranty shall be deemed to be only that amount in excess of the amount of the obligation constituting Indebtedness of such Person. Notwithstanding anything contained herein to the contrary,
“Contingent Obligations” shall not be deemed to include guarantees of loan commitments or of construction loans to the extent the same have not been drawn. 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and
policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 
 “Controlled Entity”
means (i) any of the Subsidiaries of the Parent and any of their or the Parent’s respective Controlled Affiliates and (ii) if the Parent has a parent company, such parent company and its Controlled Affiliates. 

“Credit Rating” means the public or private letter credit rating of the Notes issued by an Acceptable NRSRO, which credit
rating identifies the Notes by Private Placement Number issued by Standard & Poor’s CUSIP Bureau. 
 “Darden”
means Darden Restaurants, Inc., a Florida corporation. 
 “Darden Acquired Tenant” means a Subsidiary of Darden that is a
lessee under any existing lease of a Real Property Asset acquired after November 9, 2015 by the Company, Kerrow or its Subsidiaries where such lease was originally entered into with a lessor other than the Parent or any of its Subsidiaries. As
of the Execution Date, the Darden Acquired Tenants are listed on Schedule DAT hereto. 
 “Darden Tenant” means a Subsidiary
of Darden that is the lessee under any lease of a Real Property Asset. As of the Execution Date, the Darden Tenants are listed on Schedule DT hereto. 

“Default” means an event or condition the occurrence or existence of which would, with the lapse of time or the giving of
notice or both, become an Event of Default. 
 “Default Rate” means that per annum rate of interest that is the greater of
(i) 2.0% above the rate of interest stated in clause (a) of the first paragraph of the Notes or (ii) 2.0% over the rate of interest publicly announced by JPMorgan Chase Bank N.A. in New York, New York as its “base” or
“prime” rate. 
 “Disclosure Documents” is defined in Section 5.3. 

  
 A-6 

 “EAT” has the meaning given that term in the definition of 1031 Property. 

“EBITDA” means, with respect to any Person for any period of time, such Person’s revenues less operating costs
(including general and administrative expenses and including property management fees) before interest, income taxes, depreciation and amortization, extraordinary, non-recurring or unusual items of such Person
(including, without limitation, non-recurring items such as gains or losses from asset sales or associated with hedging agreements, non-recurring severance expenses,
early extinguishment or restructuring of Indebtedness (including prepayment premiums), acquisition costs (including pursuit costs and broken deal costs), lease termination fees, write-offs and forgiveness of debt), and before other non-cash charges (including amortization expense for stock options and impairment charges or expenses (other than non-cash charges that constitute an accrual of a reserve for
future cash payments)). EBITDA shall also include such Person’s pro rata share of EBITDA of each unconsolidated Joint Venture and Subsidiary in which such Person holds an interest. 

“EDGAR” means the SEC’s Electronic Data Gathering, Analysis and Retrieval System or any successor SEC electronic filing
system for such purposes. 
 “Eligible 1031 Property” means a 1031 Property which satisfies all of the following
requirements: (a) the Company or a Wholly-Owned Subsidiary thereof leases such 1031 Property from the applicable EAT (or Wholly-Owned Subsidiary(ies) thereof, as applicable) and the Company or a Wholly-Owned Subsidiary thereof manages such 1031
Property; (b) the Company or a Wholly-Owned Subsidiary thereof is obligated to purchase such 1031 Property (or Wholly- Owned Subsidiary(ies) of the applicable EAT that owns such 1031 Property) from the applicable EAT (or such Wholly-Owned
Subsidiary(ies) of the EAT, as applicable) (other than in circumstances where the 1031 Property is disposed of by the Company or any Subsidiary); (c) the applicable EAT is obligated to transfer such 1031 Property (or its Wholly-Owned Subsidiary(ies)
that owns such 1031 Property, as applicable) to the Company or a Wholly- Owned Subsidiary thereof, directly or indirectly (including through a QI); (d) the applicable EAT (or Wholly-Owned Subsidiary(ies) thereof that owns such 1031 Property, as
applicable) acquired such 1031 Property with the proceeds of a loan made by the Company or a Wholly-Owned Subsidiary, which loan is secured either by a mortgage on such 1031 Property and/or a pledge of all of the Equity Interests of the applicable
Wholly-Owned Subsidiary(ies) of an EAT that owns such 1031 Property, as applicable); (e) neither such 1031 Property, nor if such Real Property Asset is owned or leased by a Subsidiary, any of the Company’s or Kerrow’s direct or indirect
ownership interest in such Subsidiary, is subject to (i) any Lien (other than Permitted Encumbrances or the Lien of a mortgage or pledge referred to in the immediately preceding clause (d)) or (ii) a Negative Pledge, except
(x) Negative Pledges permitted under this Agreement and (y) a Negative Pledge binding on the EAT in favor of the Company or any Wholly-Owned Subsidiary; and (f) such 1031 Property is free of all structural defects or major
architectural deficiencies, title defects, environmental conditions or other adverse matters except for defects, deficiencies, conditions or other matters individually or collectively which are not material to the profitable operation of such
property. In no event shall a 1031 Property qualify as an Eligible 1031 Property for a period in excess of 185 consecutive days or such later period (plus 5 consecutive days) if the relevant period under Section 1031 of the Code (including the
Treasury Regulations thereunder, and including as provided under Rev. Proc. 2000-37 (as 

  
 A-7 

 
modified by Rev. Proc. 2004-51)) is extended pursuant to Rev. Proc. 2007-56 (or relevant successor or replacement
guidance). A Real Property Asset shall be excluded from calculations of Total Capitalization Value as an Eligible 1031 Property if such Real Property Asset shall cease to be an Eligible 1031 Property; provided that a Real Property Asset so
excluded shall again be included in such calculations upon satisfying the requirements of an Eligible 1031 Property. Notwithstanding anything to the contrary set forth herein, for purposes of determining Total Capitalization Value, such 1031
Property shall be deemed to have been owned or leased by a Wholly-Owned Subsidiary of the Company from the date acquired by the applicable EAT (or Wholly-Owned Subsidiary(ies) of the EAT that owns such 1031 Property, as applicable). 

“Eligible Unencumbered Mortgage Note Value” means, at any time of determination, a Mortgage Note valued in accordance with
GAAP at the lower of cost and market value that complies with the following criteria: (a) such Mortgage Note is not subject to any (i) Lien other than Permitted Encumbrances or (ii) any Negative Pledge; (b) such Mortgage Note is
not more than sixty (60) days past due; (c) such Mortgage Note is owned solely by the Company, Kerrow or a Wholly-Owned Subsidiary of the Company or Kerrow; (d) such Mortgage Note is secured by a first priority Lien on real property
located on a Real Property Asset that meets the criteria for Eligible Unencumbered Real Property Asset (excluding clauses (a) (with respect to ownership by an Eligible Unencumbered Property Owner Subsidiary), (c) (with respect to a Lien in
connection with the Mortgage Note), (g), (j), (h), (k), (n), (o), (p) and (q)); and (e) if such Mortgage Note is owned by a Subsidiary of the Company or Kerrow, (i) none of the Company’s or Kerrow’s direct or indirect Equity
Interest in such Subsidiary is subject to any Lien (other than Permitted Encumbrances or Liens in favor of, in the case of a Mortgage Note owned by a Subsidiary of the Company, the Company or a Wholly-Owned Subsidiary of the Company and, in the case
of a Mortgage Note owned by a Subsidiary of Kerrow, Kerrow or a Wholly-Owned Subsidiary of Kerrow) or to any Negative Pledge and (ii) the Company or Kerrow, as applicable, directly, or indirectly through a Subsidiary, has the right to sell,
transfer or otherwise dispose of such Mortgage Note without the need to obtain the consent of any Person. 
 “Eligible Unencumbered
Property Owner Subsidiary” means: 
 (A) a Wholly-Owned Subsidiary of the Company: 

(i) that is in compliance with the restrictions applicable to a Subsidiary described in Section 10.5 (Liens); 

(ii) that has not, and no other Subsidiary of the Company that directly or indirectly owns any Equity Interests of such
Wholly-Owned Subsidiary (each an “Indirect Owner”) has, guaranteed the Indebtedness of any other Person or incurred, acquired, or suffered to exist any Recourse Indebtedness (other than any such Indebtedness in an aggregate
amount that does not at any time outstanding exceed $1,000,000 for all such Eligible Unencumbered Property Owner Subsidiaries), unless such Wholly-Owned Subsidiary or Indirect Owner becomes a Subsidiary Guarantor; 

  
 A-8 

 (iii) the Equity Interests of such Wholly-Owned Subsidiary Person and its
Indirect Owners are not subject to any Liens securing Indebtedness for borrowed money, except to the extent that such Liens secure the Notes (if applicable, ratably with any Primary Credit Facility) and are otherwise permitted pursuant to
Section 10.5; 
 (iv) that is not, and no Indirect Direct Owner is, subject to a Bankruptcy Event that has occurred and
is continuing; and 
 (B) any EAT. 

“Eligible Unencumbered Real Property Asset” means, at any time of determination, a Real Property Asset that complies with the
following criteria: 
 (a) Such Real Property Asset shall be wholly-owned in fee simple interest or leased pursuant to a
Qualifying Ground Lease by an Eligible Unencumbered Property Owner Subsidiary, and, in the case of Real Property Assets acquired after the Closing, the title of such Eligible Unencumbered Property Owner Subsidiary in and to such Real Property Asset
shall be insured pursuant to a title insurance policy with financially sound and reputable title insurance companies in such amounts and containing such coverages as would be customarily maintained by Persons engaged in similar businesses as such
Eligible Unencumbered Property Owner Subsidiary; 
 (b) Such Real Property Asset shall be improved with a structure that is
used as an income producing retail property; 
 (c) Such Real Property Asset shall be in good condition and repair, except
for ordinary wear and tear and casualty events where the tenant remains obligated to pay rent and restore the property under the applicable lease between such tenant and the applicable landlord so long as such tenant is paying rent and restoring the
property in accordance with the terms of such lease, without waste, and free from all mortgages, pledges, mechanics’ liens or other Liens or claims for Lien, and from any Negative Pledge on such Real Property Asset or on the direct or indirect
Equity Interests in the Company or its Subsidiary that owns or leases such Real Property Asset (or, if owned by Kerrow or its Subsidiaries, the direct or indirect Equity Interests in Kerrow or its Subsidiary that owns or leases such Real Property
Asset), in each case, other than (i) Permitted Encumbrances, (ii) in the case of any Eligible 1031 Property, Liens described in the definition of Eligible 1031 Property, (iii) Liens that secure the Notes (if applicable, ratably with
any Primary Credit Facility) and (iv) any Negative Pledge provisions (x) constituting customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary or assets pending such sale (provided that such
restrictions and conditions apply only to the Subsidiary or assets that are to be sold and such sale is permitted hereunder), or (y) contained in any Primary Credit Facility or other Indebtedness otherwise permitted hereunder that is not
materially more restrictive than those contained in this Agreement or relating only to the property or assets secured by Liens described in clause (iii) above; 

  
 A-9 

 (d) Such Real Property Asset shall be in compliance with applicable laws,
regulations and orders of any Governmental Authority in all material respects, including all municipal ordinances or restrictions of record with respect to such property and the operation or use thereof; 

(e) Such Real Property Asset shall not be subject to any past-due taxes, special taxes,
special assessments, water charges, sewer service charges or other charges that have and continue to result or could reasonably be expected to result in a Lien imposed against such property or any portion thereof, unless the validity or amount of
such Lien is being contested in compliance with Section 9.4; 
 (f) Such Real Property Asset and the applicable Eligible
Unencumbered Property Owner Subsidiary which is the owner thereof shall be in compliance with the provisions of Section 9.2; 

(g) Such Real Property Asset is leased pursuant to a triple net lease; 

(h) The inclusion of such Real Property Asset as an Eligible Unencumbered Real Property Asset shall not result in more than
5.0% of the aggregate Property Capitalization Values of the Eligible Unencumbered Real Property Assets being Special Real Property Assets; 

(i) Such Real Property Asset shall be free of any material structural issues, shall be in compliance with the representations
concerning environmental matters set forth in Section 9.1 (Compliance with Laws), and shall have adequate access to public utilities; 

(j) Subject to the MFL Principles, if such Real Property Asset is leased to a Darden Tenant (other than a Darden Acquired
Tenant), Darden shall be bound by a guaranty of such tenant’s obligations under the lease (provided that the Excluded Darden Leases shall not be required to be guaranteed by Darden); 

(k) Subject to the MFL Principles, the leases to Darden Tenants (other than Darden Acquired Tenants), in the aggregate, shall
have a Weighted Average Term of at least thirteen (13) years as of November 9, 2015; 
 (l) Subject to the MFL
Principles, the leases of the Real Property Assets that are Eligible Unencumbered Real Property Assets, in the aggregate, shall have a Weighted Average Term of at least nine (9) years remaining from the date that any new asset with a term of
less than nine (9) years is initially counted as an Eligible Unencumbered Real Property Asset for purposes of this Agreement (with any Real Property Asset included as an Eligible Unencumbered Real Property Asset prior to the Execution Date
measured from the date such Real Property Asset was originally included in as an Eligible Unencumbered Real Property Asset under the Primary Credit Facility); 

  
 A-10 

 (m) Subject to the MFL Principles, such Real Property Asset shall not be subject
to any lease under which any portion of the rent due thereunder has been prepaid more than thirty (30) days in advance; 

(n) Subject to the MFL Principles, the inclusion of such Real Property Asset as an Eligible Unencumbered Real Property Asset
shall not result in more than sixty-five percent (65%) of the aggregate Property Capitalization Values of the Eligible Unencumbered Real Property Assets being leased to Non-Investment Grade Tenants; 

(o) Subject to the MFL Principles, beginning on the fourth anniversary of November 9, 2015, the inclusion of such Real
Property Asset as an Eligible Unencumbered Real Property Asset shall not result in more than twenty percent (20%) of the aggregate Eligible Unencumbered Real Property Assets (based on Property Capitalization Value) being leased to the same tenant or
its Affiliates (other than Darden Tenants); 
 (p) The inclusion of such Real Property Asset as an Eligible Unencumbered Real
Property Asset shall not result in more than fifteen percent (15%) of the aggregate Property Capitalization Values of the Eligible Unencumbered Real Property Assets being Real Property Assets that are ground leased; and 

(q) Subject to the MFL Principles, beginning on the fourth anniversary of November 9, 2015, the inclusion of such Real
Property Asset as an Eligible Unencumbered Real Property Asset shall not result in more than fifteen percent (15%) of the aggregate Property Capitalization Values of the Eligible Unencumbered Real Property Assets being located in any single standard
metropolitan statistical area; 
 For clarity, for purposes of the limitations set forth in each of clauses (h), (n), (o), (p) and
(q) above, the Property Capitalization Value attributable to an Eligible Unencumbered Real Property Asset that is indicated to be excluded shall nevertheless be included in the calculation of Property Capitalization Value of the aggregate
Eligible Unencumbered Real Property Assets, but only to the extent that such inclusion does not result in a violation of the applicable limitation set forth in such clauses. 

“Environmental Laws” means any and all federal, state, local, and foreign statutes, laws, regulations, ordinances, rules,
judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the release of any materials into the environment, including but
not limited to those related to Hazardous Materials. 
 “Equity Interests” means shares of capital stock, partnership
interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests (including preferred equity interests) in a Person, and any warrants, options or other rights entitling the holder
thereof to purchase or acquire any such equity interest. 

  
 A-11 

 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended
from time to time, and the rules and regulations promulgated thereunder from time to time in effect. 
 “ERISA Affiliate”
means any trade or business (whether or not incorporated) that is treated as a single employer together with the Parent under section 414 of the Code. 

“Event of Default” is defined in Section 11. 

“Excluded Darden Lease” means any lease entered into with a Darden Tenant for any of the locations that are described on
Schedule EDL attached hereto. 
 “Execution Date” is defined in Section 3. 

“FATCA” means (a) Sections 1471 through 1474 of the Code, together with any current or future regulations or official
interpretations thereof, (b) any treaty, law or regulation of any jurisdiction , or relating to any intergovernmental agreement between the United States and any other jurisdiction between the United States and any other jurisdiction, which (in
either case) facilitates the implementation of the foregoing clause (a), and (c) any agreements entered into pursuant to Section 1471(b)(1) of the Code. 

“Financing Agreements” means the Notes, this Agreement, the Parent Guaranty and the Subsidiary Guaranty. 

“Fitch” means Fitch, Inc., or any successor. 

“Fixed Charge Coverage Ratio” is defined in Section 10.6(d). 

“Fixed Charges” means, with respect to any Person for any period of determination, the sum of each of the following for the
immediately preceding fiscal quarter multiplied by four (4): (i) consolidated interest expense (but excluding any deferred financing costs and calculated without taking into account gains or losses on early retirement of debt, debt modification
charges, and prepayment premiums), (ii) dividends paid (or, solely in the case of any Mandatorily Redeemable Preferred Equity Interests accrued) on preferred Equity Interests of such Person during such period, and (iii) all scheduled principal
payments made or required to be made during such period on Indebtedness of such Person, excluding, however, balloon payments of principal due upon the stated maturity of any such Indebtedness. Fixed Charges shall also include such Person’s pro
rata share of the Fixed Charges of each unconsolidated Joint Venture and Subsidiary in which such Person holds an interest. 
 “Form
10-K” is defined in Section 7.1(b). 
 “Form 10-Q” is defined in Section 7.1(a). 
 “Funds From Operations” for any period
means the consolidated net income attributable to the Parent and its Subsidiaries for such period determined in conformity with GAAP, plus depreciation and amortization (excluding (i) amortization of deferred financing costs and debt discounts
and (ii) gains (or losses) from sales of property) and impairment losses. 

  
 A-12 

 “GAAP” means generally accepted accounting principles as in effect from time to
time in the United States of America. 
 “General Partner” means Four Corners GP, LLC, a Delaware limited liability
company. 
 “Governmental Authority” means 

(a) the government of 

(i) the United States of America or any state or other political subdivision thereof, or 

(ii) any other jurisdiction in which the Company or any Subsidiary conducts all or any part of its business, or which asserts
jurisdiction over any properties of the Company or any Subsidiary, or 
 (b) any entity exercising executive, legislative,
judicial, regulatory or administrative functions of, or pertaining to, any such government. 
 “Governmental Official”
means any governmental official or employee, employee of any government-owned or government-controlled entity, political party, any official of a political party, candidate for political office, official of any public international organization
or anyone else acting in an official capacity. 
 “Guarantor” means, individually and collectively, each of the Parent
Guarantors and each of the Subsidiary Guarantors. 
 “Guaranty” means, with respect to any Person, any obligation (except
the endorsement in the ordinary course of business of negotiable instruments for deposit or collection) of such Person guaranteeing or in effect guaranteeing any Indebtedness, dividend or other obligation of any other Person in any manner, whether
directly or indirectly, including (without limitation) obligations incurred through an agreement, contingent or otherwise, by such Person: 

(a) to purchase such Indebtedness or obligation or any property constituting security therefor; 

(b) to advance or supply funds (i) for the purchase or payment of such Indebtedness or obligation, or (ii) to
maintain any working capital or other balance sheet condition or any income statement condition of any other Person or otherwise to advance or make available funds for the purchase or payment of such Indebtedness or obligation; 

  
 A-13 

 (c) to lease properties or to purchase properties or services primarily for the
purpose of assuring the owner of such Indebtedness or obligation of the ability of any other Person to make payment of the Indebtedness or obligation; or 

(d) otherwise to assure the owner of such Indebtedness or obligation against loss in respect thereof. 

In any computation of the Indebtedness or other liabilities of the obligor under any Guaranty, the Indebtedness or other obligations that are
the subject of such Guaranty shall be assumed to be direct obligations of such obligor. 
 “Hazardous Materials” means any
and all pollutants, toxic or hazardous wastes or other substances that might pose a hazard to health and safety, the removal of which may be required or the generation, manufacture, refining, production, processing, treatment, storage, handling,
transportation, transfer, use, disposal, release, discharge, spillage, seepage or filtration of which is or shall be restricted, prohibited or penalized by any applicable law including, but not limited to, asbestos, urea formaldehyde foam
insulation, polychlorinated biphenyls, petroleum, petroleum products, lead based paint, radon gas or similar restricted, prohibited or penalized substances. 

“Hedge Bank” means any Person that was a lender or an affiliate of a lender under the Bank Credit Agreement at the time it
entered into a Swap Agreement (regardless of whether such Person subsequently ceases to be a lender or an Affiliate of a lender under the Bank Credit Agreement). 

“holder” means, with respect to any Note, the Person in whose name such Note is registered in the register maintained by the
Company pursuant to Section 13.1, provided, however, that if such Person is a nominee, then for the purposes of Sections 7, 12, 17.2 and 18 and any related definitions in this Schedule A, “holder” shall mean the beneficial
owner of such Note whose name and address appears in such register. 
 “Included Swap Exposure” means, as of any date of
determination, the mark-to-market value of any Swap Agreement provided by any Hedge Bank to the Parent or any of its Subsidiaries, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such agreements. 

“Indebtedness” means, with respect to any Person as of any date of determination, (i) all obligations for borrowed
money, (ii) all obligations evidenced by notes, bonds, debentures or other similar instruments, as well as preferred stock constituting Mandatorily Redeemable Preferred Equity Interests, (iii) all direct or contingent obligations arising
under letters of credit (including standby and commercial), bankers’ acceptances, bank guarantees, surety bonds, keep-well agreements and similar instruments, to the extent such instruments or agreements support financial, rather than
performance, obligations, (iv) all Contingent Obligations in respect of Indebtedness, (v) all Capital Lease Obligations and synthetic lease obligations, (vi) all obligations of such Person under conditional sale or other title
retention agreements relating to property acquired by such Person, (vii) all obligations of such Person in respect of the deferred 

  
 A-14 

 
purchase price of property or services (excluding current accounts payable incurred in the ordinary course of business) and only to the extent such obligations constitute liabilities for purposes
of GAAP, (viii) all cash-settled payment obligations under any Swap Agreement in respect of which a termination event or other similar early termination event has occurred, valued based on the mark-to-market value of such agreements as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such
agreements and (ix) without duplication of any sums included pursuant to clause (viii) above, all Included Swap Exposure. Indebtedness shall also include such Person’s pro rata share of the Indebtedness of each unconsolidated Joint
Venture or Subsidiary in which such Person holds an interest. 
 “Initial Parent Guarantors” means the Parent and the
General Partner. 
 “INHAM Exemption” is defined in Section 6.2(e). 

“Institutional Investor” means (a) any Purchaser of a Note, (b) any holder of a Note holding (together with one or
more of its affiliates) more than 10% of the aggregate principal amount of the Notes then outstanding, (c) any bank, trust company, savings and loan association or other financial institution, any pension plan, any investment company, any
insurance company, any broker or dealer, or any other similar financial institution or entity, regardless of legal form, and (d) any Related Fund of any holder of any Note. 

“Interest Expense” means, for any Person, interest expense of such Person (but excluding any deferred financing costs and
calculated without taking into account gains or losses on early retirement of debt, debt modification charges, and prepayment premiums but including such Person’s pro rata share of the Interest Expense of each unconsolidated Joint Venture and
Subsidiary in which such Person holds an interest). 
 “Investment Grade Rating” means, with respect to any Person (other
than a natural person), a credit rating of Baa3 or better from Moody’s, BBB- or better from S&P or BBB- or better from Fitch. 

“Investment Grade Tenant” means a tenant that has (or the parent entity of which has) an Investment Grade Rating
(provided that the credit rating of the parent entity shall qualify a tenant as an Investment Grade Tenant only if such tenant’s obligations under its lease are guaranteed by such parent entity); provided that each Darden Tenant
shall be deemed to be an Investment Grade Tenant if Darden guaranties the obligations of such Darden Tenant under its lease and Darden maintains a credit rating of (i) BB+ or higher by S&P, (ii) Ba1 or higher by Moody’s or
(iii) BB+ or higher by Fitch. 
 “Joint Venture” means a joint venture, partnership or other similar arrangement,
whether in corporate, partnership or other legal form. 
 “Kerrow” means Kerrow Holdings, LLC, a Texas limited liability
company. 

  
 A-15 

 “Lien” means any mortgage, deed of trust, pledge, encumbrance, security
interest, assignment, deposit arrangement, charge or encumbrance, lien (statutory or other) , or other preferential arrangement in the nature of a security interest (including any conditional sale or other title retention agreement or any financing
lease having substantially the same economic effect of any of the foregoing). 
 “Make-Whole Amount” is defined in
Section 8.6. 
 “Mandatorily Redeemable Preferred Equity Interests” means preferred stock or other equity interest
which, by its terms, or by the terms of any security into which it is convertible or for which it is exchangeable, or upon the happening of any event, matures or is mandatorily redeemable (other than as a result of a Change of Control or asset sale,
unless such Change of Control or asset sale has occurred) or is redeemable at the option of the holder thereof. 

“Material” means material in relation to the business, operations, affairs, financial condition, assets, properties, or
prospects of the Company and its Subsidiaries taken as a whole. 
 “Material Acquisition” means the acquisition of assets
(including the assets of any Person whose Equity Interests are acquired), in a single transaction or series of related transactions, with a total cost that is more than 10% of the Total Capitalization Value determined as of the end of the most
recently completed quarter. 
 “Material Adverse Effect” means a material adverse effect on (a) the business,
properties or financial condition of the Company and its Subsidiaries taken as a whole, (b) the ability of the Company or the Guarantors, taken as a whole, to perform their obligations under this Agreement or the other Financing Agreements, or
(c) the validity or enforceability of this Agreement or any other Financing Agreement. 
 “Material Indebtedness”
means Indebtedness (other than the Notes) and obligations in respect of one or more Swap Agreements, of any one or more of the Parent and its Subsidiaries in an aggregate principal amount exceeding (x) the greater of $20,000,000 and two
percent (2%) of Consolidated Capitalization Value, in the case of Recourse Indebtedness, and (y) the greater of $50,000,000 and five percent (5%) of Consolidated Capitalization Value, in the case of Nonrecourse Indebtedness. For purposes of
determining Material Indebtedness, the “principal amount” of the obligations of the Parent or any Subsidiary in respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that
the Parent or such Subsidiary would be required to pay if such Swap Agreement were terminated at such time. 
 “Material
Subsidiary” means (a) each direct or indirect Wholly-Owned Subsidiary of the Company or Kerrow that directly or indirectly owns or leases an Eligible Unencumbered Real Property Asset, (b) each direct or indirect Wholly-Owned
Subsidiary of the Company or Kerrow that has assets that constitute more than 5% of Total Capitalization Value (c) each Subsidiary of the Company or Kerrow that directly or indirectly owns Mortgage Notes included in the computation of Eligible
Unencumbered Mortgage Note Value and (d) Kerrow, if (i) Kerrow or any of its direct or indirect Wholly-Owned Subsidiaries owns or leases an Eligible Unencumbered Real Property Asset, (ii) Kerrow has assets that constitute more than 5%
of Total Capitalization Value or (iii) Kerrow directly or indirectly owns Mortgage Notes included in the computation of Eligible Unencumbered Mortgage Note Value. 

  
 A-16 

 “Maturity Date” is defined in the first paragraph of each Note. 

“Maximum Unencumbered Leverage Ratio” is defined in Section 10.6(g). 

“Memorandum” is defined in Section 5.3. 

“MFL Principles” means: 

(a) Subject to Paragraph (b) below, with respect to the following provisions and definitions in this Agreement, each of
which are expressly stated to be subject to the “MFL Principles”: 
 (i) In the case of the Parent Ownership
Requirement covenant in Section 9.11(a), to the extent and only so long as permitted by the Bank Credit Agreement, the Parent Ownership Requirement may be reduced to 60%; 

(ii) In the case of Section 10.5(g), to the extent and only so long as permitted by the Bank Credit Agreement, the Company, the
Parent and their respective Subsidiaries may incur Liens securing Indebtedness (other than with respect to Eligible Unencumbered Real Property Assets, except to the extent such Liens secure the Notes (if applicable, ratably with any Primary Credit
Facility)), the incurrence of which when combined with Secured Indebtedness incurred and outstanding pursuant to Section 10.5(c), will not cause a breach of any of the financial covenants set forth in Section 10.6; 

(iii) In the case of the Total Leverage Ratio covenant in Section 10.6(a), to the extent and only so long as permitted by
the Bank Credit Agreement, the Total Leverage Ratio may increase up to 65% for up to two consecutive quarters immediately following a Material Acquisition; 

(iv) In the case of the Secured Recourse Debt Ratio covenant in Section 10.6(c), if any correlative covenant to the Secured
Recourse Debt Ratio covenant (or the equivalent thereof, however expressed) is subsequently amended, modified or deleted, including, for the avoidance of doubt, any definition as used therein, in the Bank Credit Agreement, such amendment,
modification or deletion shall be deemed incorporated by reference into this Agreement, mutatis mutandi, as if set forth fully in, or deleted from, this Agreement, effective beginning on the date on which such amendment, modification or
deletion is effective in the Bank Credit Agreement; 

  
 A-17 

 (v) In the case of the Fixed Charge Coverage Ratio covenant in Section 10.6(d),
to the extent and only so long as permitted by the Bank Credit Agreement, the Fixed Charge Coverage Ratio may decrease down to 1.50 to 1.00; 

(vi) In the case of the Consolidated Tangible Net Worth covenant in Section 10.6(e), if any correlative covenant to the
Consolidated Tangible Net Worth covenant (or the equivalent thereof, however expressed) is subsequently amended, modified or deleted, including, for the avoidance of doubt, any definition as used therein, in the Bank Credit Agreement, such
amendment, modification or deletion shall be deemed incorporated by reference into this Agreement, mutatis mutandi, as if set forth fully in, or deleted from, this Agreement, effective beginning on the date on which such amendment,
modification or deletion is effective in the Bank Credit Agreement; 
 (vii) In the case of the Unhedged Floating Rate Debt
Ratio covenant in Section 10.6(f), if any correlative covenant to the Unhedged Floating Rate Debt Ratio covenant (or the equivalent thereof, however expressed) is subsequently amended, modified or deleted, including, for the avoidance of doubt, any
definition as used therein, in the Bank Credit Agreement, such amendment, modification or deletion shall be deemed incorporated by reference into this Agreement, mutatis mutandi, as if set forth fully in, or deleted from, this Agreement,
effective beginning on the date on which such amendment, modification or deletion is effective in the Bank Credit Agreement; 

(viii) In the case of the Maximum Unencumbered Leverage Ratio covenant in Section 10.6(g), to the extent and only so long as
permitted by the Bank Credit Agreement, the Maximum Unencumbered Leverage Ratio may increase up to 65% for up to two consecutive quarters immediately following a Material Acquisition; 

(ix) In the case of the Minimum Unencumbered Interest Coverage Ratio covenant in Section 10.6(h), if any correlative covenant
to the Minimum Unencumbered Interest Coverage Ratio covenant (or the equivalent thereof, however expressed) is subsequently amended, modified or deleted, including, for the avoidance of doubt, any definition as used therein, in the Bank Credit
Agreement, such amendment, modification or deletion shall be deemed incorporated by reference into this Agreement, mutatis mutandi, as if set forth fully in, or deleted from, this Agreement, effective beginning on the date on which such
amendment, modification or deletion is effective in the Bank Credit Agreement; 
 (x) In the case of the Stock Redemption
Condition covenant in Section 10.7(c), if any correlative covenant to the Stock Redemption Condition covenant (or the equivalent thereof, however expressed) is subsequently amended, modified or deleted, including, for the avoidance of doubt, any
definition as used therein, in the Bank Credit Agreement, such amendment, modification or deletion shall be 

  
 A-18 

 
deemed incorporated by reference into this Agreement, mutatis mutandi, as if set forth fully in, or deleted from, this Agreement, effective beginning on the date on which such amendment,
modification or deletion is effective in the Bank Credit Agreement; 
 (xi) In the case of the definition of
“Capitalization Rate”, if the correlative definition (or the equivalent thereof, however expressed) is subsequently amended or modified in the Bank Credit Agreement, such amendment or modification shall be deemed incorporated by reference
into this Agreement, mutatis mutandi, as if set forth fully in this Agreement, effective beginning on the date on which such amendment or modification is effective in the Bank Credit Agreement; provided that in no event shall the
Capitalization Rate be less than: (i) for Real Property Assets that are leased to tenants that are not Investment Grade Tenants, 6.75%, (ii) for Real Property Assets that are leased to tenants that are Investment Grade Tenants, 6.25%, and
(iii) for Real Property Assets that are leased to a Darden Tenant, during periods when Darden is or is deemed to be an Investment Grade Tenant, 6.00%; 

(xii) In the case of clauses (j), (k), (l), (m), (n), (o) and (q) in the definition of “Eligible Unencumbered Real
Property Asset”, if the correlative provision (or the equivalent thereof, however expressed) is subsequently amended, modified or deleted in the Bank Credit Agreement, such amendment, modification or deletion shall be deemed incorporated by
reference into this Agreement, mutatis mutandi, as if set forth fully in, or deleted from, this Agreement, effective beginning on the date on which such amendment, modification or deletion is effective in the Bank Credit Agreement; and 

(xiii) In the case of clauses (a), (b), (d), (e), (f) and (g) in the definition of “Total Capitalization Value”,
if the correlative provision (or the equivalent thereof, however expressed) is subsequently amended, modified or deleted in the Bank Credit Agreement, such amendment, modification or deletion shall be deemed incorporated by reference into this
Agreement, mutatis mutandi, as if set forth fully in, this Agreement, effective beginning on the date on which such amendment, modification or deletion is effective in the Bank Credit Agreement; provided that in no event shall any such
amendment, modification or deletion be deemed to have occurred with respect to such clauses for purposes of their inclusion in clause (h) of the definition of “Total Capitalization Value”. 

Each of the covenants and definitions described in clauses (i) – (xiii) above, as contemplated to be modified or amended as specifically
described therein, is referred to as an “MFL Covenant”. 
 (b) If at any time a modification, amendment or
deletion of an MFL Covenant would be incorporated into this Agreement (any such modification, amendment or deletion being referred to herein as an “MFL Modification”), and the result is to make such covenant or definition in this
Agreement less restrictive, then, as condition to the effectiveness of such MFL Modification, no Default or Event of Default shall have occurred and be continuing at such time. 

  
 A-19 

 (c) The Company shall, within 10 Business Days after any MFL Modification,
provide notice and a certification thereof by way of delivery of an Officer’s Certificate to each holder of Notes (which notice shall also include a certification that no Default or Event of Default has occurred and is continuing). 

(d) Upon the request of the Company or the Required Holders, the Company, the Parent and the holders of Notes shall enter into
an additional agreement or an amendment to this Agreement evidencing any MFL Modification, provided that the execution and delivery of any such additional agreement or amendment shall not be a precondition to the effectiveness of such MFL
Modification. 
 “Minimum Unencumbered Interest Coverage Ratio” is defined in Section 10.6(h). 

“Moody’s” means Moody’s Investors Service, Inc. 

“Mortgage Note” means a note receivable held by the Company, Kerrow or one of their respective Subsidiaries that is secured
by a mortgage Lien on real property. 
 “Mortgage-Secured Leverage Ratio” is defined in Section 10.6(b). 

“Multiemployer Plan” means any Plan that is a “multiemployer plan” (as such term is defined in section 4001(a)(3)
of ERISA). 
 “NAIC” means the National Association of Insurance Commissioners or any successor thereto. 

“Negative Pledge” means a provision of any document, instrument or agreement (including any charter, by-laws or other organizational documents), other than this Agreement or any other Financing Agreements or any other loan documents, that prohibits, restricts or limits, or purports to prohibit, restrict or limit,
the creation or assumption of any Lien on any assets of a Person as security for the Indebtedness of such Person or any other Person; provided that an agreement that conditions a Person’s ability to encumber its assets upon the
maintenance of one or more specified ratios that limit such Person’s ability to encumber its assets but that do not generally prohibit the encumbrance of its assets, or the encumbrance of specific assets, shall not constitute a Negative Pledge.

 “Net Operating Income” means, with respect to any Real Property Asset for any period of time, (i) the aggregate
gross revenues from the operations of such Real Property Asset on a standalone basis calculated in accordance with GAAP, minus (ii) the sum of (x) all expenses and other proper charges incurred in connection with the operation of
such Real Property Asset during such period (including accruals for real estate taxes and insurance, but excluding any management fees, corporate overhead allocation charges, capital expenses, debt service charges, losses to the extent covered by
insurance, income taxes, depreciation, amortization and other 

  
 A-20 

 
non-cash expenses), which expenses and accruals shall be calculated in accordance with GAAP, (y) a management fee of 2.0% of the aggregate net
revenues from the operations of such Real Property Asset during such period and (z) revenues from Real Property Assets leased to tenants that are in default in the payment of rent under the applicable lease for a period of sixty (60) days
or more; provided that to the extent that any expenses described in clause (x) are required to be paid by the tenant under such lease, such expenses will not be subtracted (except to the extent such payment is included as rent or other
revenue under clause (i) above). Net Operating Income shall also include the Net Operating Income of such Person’s pro rata share of Net Operating Income of each unconsolidated Joint Venture and Subsidiary in which such Person holds an
interest. 
 “Non-Investment Grade Tenant” means any tenant other than an
Investment Grade Tenant. 
 “Nonrecourse Indebtedness” means, with respect to a Person or group of Persons, Indebtedness
for borrowed money (or the portion thereof) in respect of which recourse for payment (except for Nonrecourse Indebtedness Exceptions) is contractually limited to specific assets of such Persons, including Equity Interests in any such Persons,
encumbered by a Lien securing such Indebtedness. 
 “Nonrecourse Indebtedness Exceptions” means, with respect to
Indebtedness for which recourse for payment is generally limited to specific assets encumbered by a Lien securing such Indebtedness, customary exceptions for fraud, misapplication of funds, environmental indemnities, violation of “special
purpose entity” covenants, bankruptcy, insolvency, receivership or other similar events and other customary exceptions to nonrecourse liability. 

“Non-U.S. Plan” means any plan, fund or other similar program that (a) is
established or maintained outside the United States of America by the Company or any Subsidiary primarily for the benefit of employees of the Company or one or more Subsidiaries residing outside the United States of America, which plan, fund or
other similar program provides, or results in, retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment, and (b) is not subject to ERISA or the Code. 

“Notes” is defined in Section 1. 

“OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury. 

“OFAC Sanctions Program” means any economic or trade sanction that OFAC is responsible for administering and enforcing. A
list of OFAC Sanctions Programs may be found at
 http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx. 

“Obligors” is defined in the first paragraph of this Agreement. 

  
 A-21 

 “Officer’s Certificate” means a certificate of a Senior Financial Officer
or of any other officer of the General Partner of the Company whose responsibilities extend to the subject matter of such certificate. 

“Parent” is defined in the first paragraph of this Agreement. 

“Parent Companies” means, collectively, the Parent and each Subsidiary thereof from time to time that directly or indirectly
owns Equity Interests in the Company. 
 “Parent Guarantors” means each Parent Company from time to time party to a Parent
Guaranty, including on the Execution Date, the Initial Parent Guarantors, and each of them is a “Parent Guarantor”. 

“Parent Guaranty” means each guaranty executed and delivered by a Parent Company in substantially the form attached hereto as
Schedule 3. 
 “Parent Ownership Requirement” is defined in Section 9.11(a). 

“Parent Release Date” means the release of the Parent from the Parent Guaranty pursuant to Section 9.8(c). 

“Parent Release Reconciliation” is defined in Section 9.8(c)(viii). 

“Pari Passu Debt” means Indebtedness of the Company, Kerrow and any of their respective Subsidiaries (including any Permitted
Separately Financed Subsidiary Debt) that will not cause a breach of the financial covenants set forth in Section 10.6 (calculated on a pro forma basis) or otherwise cause a Default or Event of Default; provided that any such
Indebtedness incurred by the Company, Kerrow or any of their respective Subsidiaries (other than any Permitted Separately Financed Subsidiary Debt) shall: (1) be unsecured (or, if secured, concurrently secured equally and ratably with the Notes
pursuant to documentation reasonably acceptable to the Required Holders), (2) not contain covenants or events of default that, taken as a whole, are more favorable to the lenders under such other Indebtedness in any material respect than the terms
of the Financing Agreements (as determined by the Company or, if requested by the Company, as approved by the Required Holders) unless the Financing Agreements are amended with the approval of the Required Holders (such approval not to be
unreasonably withheld or delayed) to reflect such more favorable terms and (3) not be guaranteed at any time by any Parent Company or any other Person unless (x) such Parent Company or such other Person is a Guarantor and (y) the
terms of the guarantee of such other Indebtedness by such Parent Company or such other Person are not more favorable to the lenders under such other Indebtedness in any material respect than the terms of the Financing Agreements (as determined by
the Company or, if requested by the Company, as approved by the Required Holders) unless the Financing Agreements are amended with the approval of the Required Holders (such approval not to be unreasonably withheld or delayed) to reflect such more
favorable terms. 
 “PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA or any successor
thereto. 

  
 A-22 

 “Permitted Encumbrances” means: 

(a) Liens imposed by law for Taxes that are not yet due or are being contested in compliance with
Section 9.4; 
 (b) carriers’, warehousemen’s, mechanics’, materialmen’s,
repairmen’s and other like Liens imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more than thirty (30) days or are being contested in compliance with
Section 9.4; 
 (c) pledges and deposits made in the ordinary course of business in compliance with
workers’ compensation, unemployment insurance and other social security laws or regulations; 
 (d) (i) deposits to
secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business, (ii) customary liens arising
under surety bond and performance bonds incurred in the ordinary course of business or (iii) earnest money deposits or similar deposits to secure the performance of obligations under any purchase or acquisition agreement; 

(e) judgment liens in respect of judgments (or liens securing appeal or other surety bonds relating to such judgments) that do
not constitute an Event of Default under Section 11(j); 
 (f) easements, zoning restrictions,
rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do
not materially detract from the value of the affected property or interfere with the ordinary conduct of business of the Parent or any Subsidiary; 

(g) the interests of lessees and lessors under leases or subleases of, and the interest of managers or operators with respect
to, real or personal property made in the ordinary course of business; 
 (h) customary Liens and rights of setoff of banks
and securities intermediaries in respect of deposit accounts and securities accounts maintained in the ordinary course of business and that do not secure Indebtedness; and 

(i) customary Liens securing assessments or charges payable to a property owner association or similar entity in the ordinary
course of business, which assessments are not yet due or are being contested in compliance with Section 10.5. 
 provided
that the term “Permitted Encumbrances” shall not include any Lien securing Indebtedness. 

  
 A-23 

 “Permitted Separately Financed Subsidiary Debt” means Nonrecourse Indebtedness
(i) incurred by one or more Subsidiaries, none of which own an Eligible Unencumbered Real Property Asset which, following the incurrence of such Nonrecourse Indebtedness, will be included in the determination of the Unencumbered Leverage Ratio,
or any Mortgage Notes included in the definition of Eligible Unencumbered Mortgage Note Value and (ii) the incurrence of which will not cause a pro forma breach of any restriction set forth in Section 10.6(b) or (c). 

“Person” means an individual, partnership, corporation, limited liability company, association, trust, unincorporated
organization, business entity or Governmental Authority. 
 “Plan” means an “employee benefit plan” (as defined
in section 3(3) of ERISA) subject to Title I of ERISA that is or, within the preceding five years, has been established or maintained, or to which contributions are or, within the preceding five years, have been made or required to be made, by the
Company or any ERISA Affiliate or with respect to which the Company or any ERISA Affiliate may have any liability. 
 “Primary
Credit Facility” means, as to the Company and its Subsidiaries, 
 (a) the Bank Credit Agreement; and 

(b) any other agreement(s) individually or creating or evidencing indebtedness for borrowed money entered into on or after the
date of Closing by the Company or any Subsidiary, or in respect of which the Company or any Subsidiary is an obligor or otherwise provides a guarantee or credit support, in a principal amount outstanding or available for borrowing equal to or
greater than $100,000,000; provided, however, that this clause (b) shall in any event exclude (i) Permitted Separately Financed Subsidiary Debt, (ii) completion and repayment guarantees in respect of construction
financings and (iii) agreements evidencing Indebtedness that is recourse solely to one or more special purpose entities (including any equity interests therein) created for the purposes of incurring such Indebtedness (or any earlier financing
or subsequent refinancing thereof) and holding the assets financed by such Indebtedness. 
 “property” or
“properties” means, unless otherwise specifically limited, real or personal property of any kind, tangible or intangible, choate or inchoate. 

“Property Capitalization Value” means, with respect to any Eligible Unencumbered Real Property Asset (or, if applicable, any
Real Property Asset), the Adjusted Annualized Net Operating Income of such Eligible Unencumbered Real Property Asset (or Real Property Asset) capitalized at the applicable Capitalization Rate; provided that the value of any Eligible
Unencumbered Real Property Asset (or Real Property Asset) that has been generating operating income for a period of less than four (4) full fiscal quarters after the date such property was acquired shall be valued at the actual cost (purchase
price) of such property if greater than the Adjusted Annualized Net Operating Income of such Eligible Unencumbered Real Property Asset (or Real Property Asset) capitalized at the applicable Capitalization Rate. Notwithstanding the foregoing, the
Property Capitalization Value of any Special Real Property Asset shall be fifty 

  
 A-24 

 
percent (50%) of the otherwise applicable Property Capitalization Value and the Property Capitalization Value of any Special Real Property Asset shall be zero six (6) months after the date
on which the applicable Real Property Asset first became a Special Real Property Asset, in each case, so long as such property continues to be a Special Real Property Asset. 

“PTE” is defined in Section 6.2(a). 

“Purchaser” or “Purchasers” means each of the purchasers that has executed and delivered this Agreement to
the Company and such Purchaser’s successors and assigns (so long as any such assignment complies with Section 13.2), provided, however, that any Purchaser of a Note that ceases to be the registered holder or a beneficial owner
(through a nominee) of such Note as the result of a transfer thereof pursuant to Section 13.2 shall cease to be included within the meaning of “Purchaser” of such Note for the purposes of this Agreement upon such transfer. 

“Qualifying Ground Lease” a ground lease that complies with each of the following: (i) such ground lease has a remaining
term (including renewal options exercisable at the ground lessee’s sole option) of at least thirty-five (35) years as calculated from the date such asset is initially counted as an Eligible Unencumbered Real Property Asset for purposes
this Agreement (or less if lessee has the unilateral option to purchase the fee interest at the end of the lease term for a de minimis purchase price), (ii) payments under such ground lease are not past due, and (iii) such ground lease includes
mortgagee protections that are consistent with the mortgagee protection requirements of institutional mortgage lenders or otherwise reasonably acceptable to the Required Holders. 

“Qualified Institutional Buyer” means any Person who is a “qualified institutional buyer” within the meaning of
such term as set forth in Rule 144A(a)(1) under the Securities Act. 
 “QPAM Exemption” is defined in Section 6.2(d).

 “Real Property Asset” means a real property asset owned by the Company, Kerrow or any of their respective Subsidiaries
or any EAT, as applicable, in fee simple or leased pursuant to a ground lease located in the United States and for retail use. 

“Recourse Indebtedness” means any Indebtedness that is not Nonrecourse Indebtedness. 

“REIT” means a domestic trust or corporation that qualifies as a real estate investment trust under the provisions of
§856, et seq. of the Code or any successor provisions. 
 “Related Fund” means, with respect to any holder of any
Note, any fund or entity that (i) invests in Securities or bank loans, and (ii) is advised or managed by such holder, the same investment advisor as such holder or by an affiliate of such holder or such investment advisor. 

“Required Holders” means at any time (a) prior to the Closing, the Purchasers and (b) on or after the Closing, the
holders of at least 51% in principal amount of the Notes at the time outstanding (exclusive of Notes then owned by the Company or any of its Affiliates). 

  
 A-25 

 “Responsible Officer” means any Senior Financial Officer and any other officer
of the General Partner of the Company with responsibility for the administration of the relevant portion of this Agreement. 

“Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to
any Equity Interests in the Parent, the Company or any their respective Subsidiaries, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement,
acquisition, cancellation or termination of any such Equity Interests or any option, warrant or other right to acquire any such Equity Interests. 

“S&P” means Standard & Poor’s Ratings Services. 

“SEC” means the Securities and Exchange Commission of the United States, or any successor thereto. 

“Secured Indebtedness” means the portion of Total Indebtedness which is secured by a Lien on any properties or assets. 

“Secured Recourse Debt Ratio” is defined in Section 10.6(c). 

“Securities” or “Security” shall have the meaning specified in section 2(1) of the Securities Act. 

“Securities Act” means the Securities Act of 1933, as amended from time to time, and the rules and regulations promulgated
thereunder from time to time in effect. 
 “Senior Financial Officer” means the chief financial officer, principal
accounting officer, treasurer or comptroller of the General Partner of the Company. 
 “Separately Financed Subsidiary”
means each Subsidiary (or group of Subsidiaries, in the case of single financing or a series of related financings involving multiple Subsidiaries) of the Company that has incurred Permitted Separately Financed Subsidiary Debt. 

“Source” is defined in Section 6.2. 

“Special Real Property Asset” means a Real Property Asset (A) that is leased to a tenant that (i) has ceased
occupancy or regular operations at such location; (ii) is in default in the payment of rent under the applicable lease, or (iii) is the subject of any liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors,
moratorium, rearrangement, receivership, insolvency or reorganization proceeding, or (B) on which a casualty event has occurred, which individually or in the aggregate with other casualty events on such Real Property Asset, could reasonably be
expected to materially affect the profitable operation of business conducted on such Real Property Asset. 

  
 A-26 

 “State Sanctions List” means a list that is adopted by any state Governmental
Authority within the United States of America pertaining to Persons that engage in investment or other commercial activities in Iran or any other country that is a target of economic sanctions imposed under U.S. Economic Sanctions Laws. 

“Static GAAP” is defined in Section 22.3(b). 

“Stock Redemption Condition” is defined in Section 10.7(c). 

“Subsequent Changes” is defined in Section 22.3(b). 

“Subsidiary” of a Person means (i) any corporation more than 50% of the outstanding securities having ordinary voting
power of which shall at the time be owned or controlled, directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries, or (ii) any partnership, association, joint venture or
similar business organization more than 50% of the ownership interests having ordinary voting power of which shall at the time be so owned or controlled. Unless otherwise expressly provided, all references herein to a “Subsidiary” shall
mean a Subsidiary of Parent. 
 “Subsidiary Guarantor” means each Subsidiary that has executed and delivered a Subsidiary
Guaranty. 
 “Subsidiary Guaranty” is defined in Section 9.7. 

“Substitute Purchaser” is defined in Section 21. 

“SVO” means the Securities Valuation Office of the NAIC or any successor to such Office. 

“Swap Agreement” means any agreement with respect to any swap, forward, future or derivative transaction or option or similar
agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any
similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of the
Company, the Company or their respective Subsidiaries shall be a Swap Agreement. 
 “Total Capitalization Value” means,
with respect to any Person, the sum of (i) the Property Capitalization Value for the Real Property Assets (including any 1031 Property) of such Person (or attributable to such Person’s interest in unconsolidated Joint Ventures or
Subsidiaries), (ii) cash and Cash Equivalents, (iii) the aggregate sums expended on the construction or redevelopment of improvements (including land acquisition costs) with respect to properties on which construction or redevelopment has
commenced but has not yet been completed, (iv) undeveloped land, valued, in accordance with GAAP, at the lower of cost and market value, (v) such Person’s economic interest in Mortgage Notes, valued, in accordance with

  
 A-27 

 
GAAP, at the lower of cost and market value; provided that any Mortgage Notes that are more than sixty (60) days past due, shall not be included in this clause (v), (vi) investments
in publicly traded securities, valued at such Person’s book value determined in accordance with GAAP, (vii) investments in non-publicly traded securities, valued at such Person’s book value
determined in accordance with GAAP and (viii) investments in non-Wholly Owned Subsidiaries and unconsolidated Joint Ventures; provided that the calculation of Total Capitalization Value shall be
subject to the following limitations (each of which, for clarity, shall be determined on a consolidated basis for the Parent and its Subsidiaries): 

(a) subject to the MFL Principles, the value of the interests described in clauses (iii) and (iv) in excess of 10% of
Total Capitalization Value shall be excluded; 
 (b) subject to the MFL Principles, the value of the interests in Mortgage
Notes described in clause (v) in excess of 10% of Total Capitalization Value shall be excluded; 
 (c) the value of the
interests in Real Property Assets consisting of ground leaseholds in excess of 15% of Total Capitalization Value shall be excluded; 

(d) subject to the MFL Principles, the value of the interests in Real Property Assets consisting of other than Real Property
Assets that are improved with structures that are net leased income producing retail locations in excess of 10% of Total Capitalization Value shall be excluded; 

(e) subject to the MFL Principles, the value attributable to interests in publicly traded securities and non-publicly traded securities described in clauses (vi) and (vii) in excess of 10% of Total Capitalization Value shall be excluded; 

(f) subject to the MFL Principles, the value attributable to interests in non-Wholly
Owned Subsidiaries and unconsolidated Joint Ventures described in clause (viii) in excess of 10% of Total Capitalization Value shall be excluded; 

(g) subject to the MFL Principles, the value of the interests in Eligible 1031 Properties in excess of 5% of Total
Capitalization Value shall be excluded; and 
 (h) the aggregate investments of the types described in clauses (a)
through (g) above, to the extent not already excluded by such clauses, in excess of 25% of Total Capitalization Value shall be excluded. 

“Total Leverage Ratio” is defined in Section 10.6(a).  

“Total Indebtedness” means, without duplication, all Indebtedness of the Parent and its Subsidiaries (excluding Included Swap
Exposure to the extent that such Included Swap Exposure does not exceed $10,000,000; provided that if such Included Swap Exposure exceeds $10,000,000, the full amount of such Included Swap Exposure shall be treated as Indebtedness for
purposes of calculating Total Indebtedness). 

  
 A-28 

 “Total Secured Recourse Indebtedness” means Indebtedness that is
(i) secured by a Lien on any assets of the Parent or any of its Subsidiaries and (ii) is not Nonrecourse Indebtedness. 

“Transaction Documents” means, collectively, the Financing Agreements and the Asset Transfer Documents. 

“Unhedged Floating Rate Debt” means Indebtedness (including any such Indebtedness under the Bank Credit Agreement) at a
floating rate of interest of the Parent and its Subsidiaries that is not subject to an interest rate hedging arrangement. 

“Unhedged Floating Rate Debt Ratio” is defined in Section 10.6(f). 

“United States Person” has the meaning set forth in Section 7701(a)(30) of the Code. 

“Unsecured Indebtedness” means the outstanding principal amount of Total Indebtedness that is not secured by a Lien on any
property, Equity Interests or other assets provided, however, that if a Lien is granted to secure the Notes (if applicable, ratably with any Primary Credit Facility), the Indebtedness secured by such Lien shall in any event be deemed to be
Unsecured Indebtedness. 
 “USA PATRIOT Act” means United States Public Law 107-56,
Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in
effect. 
 “U.S. Economic Sanctions Laws” means those laws, executive orders, enabling legislation or regulations
administered and enforced by the United States pursuant to which economic sanctions have been imposed on any Person, entity, organization, country or regime, including the Trading with the Enemy Act, the International Emergency Economic Powers Act,
the Iran Sanctions Act, the Sudan Accountability and Divestment Act and any other OFAC Sanctions Program. 
 “Weighted Average
Term” means, when applied to the leases of any group of Real Property Assets, as at any date, the amount that is the sum of the Individual Weighted Average Terms of all leases in such group. “Individual Weighted Average Term”
for any such lease shall be the product of (1) the remaining lease term of such lease and (2) the quotient of the annual rent amount under such lease divided by the aggregate annual rent amount of all leases in the applicable group of
leases. 
 “Wholly-Owned Subsidiary” means, at any time, any Subsidiary all of the equity interests (except directors’
qualifying shares) and voting interests of which are owned by any one or more of the Company and the Company’s other Wholly-Owned Subsidiaries at such time. 

  
 A-29 

 INFORMATION RELATING TO PURCHASERS

 [Redacted - Confidential Information] 

SCHEDULE B 
 (to
Note Purchase Agreement) 

 FORM OF SERIES A NOTE 

FOUR CORNERS OPERATING PARTNERSHIP, LP 

4.68% SENIOR GUARANTEED NOTE, DUE JUNE 7, 2024 

 

			
	No. [            ]	  	June 7, 2017
	$[                    ]	  	PPN: 35086@ AA9

 FOR VALUE RECEIVED, the undersigned, Four Corners Operating
Partnership, LP (herein called the “Company”), a limited partnership organized and existing under the laws of the State of Delaware, hereby promises to pay to
[                    ], or registered assigns, the principal sum of
[                    ] DOLLARS (or so much thereof as shall not have been prepaid) on June 7, 2024 (the “Maturity
Date”), with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance hereof at the rate of 4.68% per annum
from the date hereof, payable semiannually, on the 7th day of June and 7th day of December in each year, commencing on December 7, 2017, and on the Maturity Date, until the principal hereof
shall have become due and payable, and (b) to the extent permitted by law, (x) on any overdue payment of interest and (y) during the continuance of an Event of Default, on such unpaid balance and on any overdue payment of any
Make-Whole Amount, at a rate per annum from time to time equal to the greater of (i) 6.68% or (ii) 2.00% over the rate of interest publicly announced by JPMorgan Chase Bank, N.A. from time to time in New York, New York as its “base”
or “prime” rate, payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand). 

Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States
of America at JPMorgan Chase Bank, N.A. or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement referred to below. 

This Note is one of a series of Senior Guaranteed Notes (herein called the “Notes”) issued pursuant to the Note Purchase
Agreement, dated April 19, 2017 (as from time to time amended, the “Note Purchase Agreement”), among the Company, the Parent and the respective Purchasers named therein and is entitled to the benefits thereof. Each holder of
this Note will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement and (ii) made the representations set forth in Section 6 of the Note
Purchase Agreement. Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement. 

This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender of this Note for registration of transfer
accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in 

  
 SCHEDULE 1- A 
 (to Note Purchase Agreement) 

 
writing, a new Note for a like principal amount will be issued to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the
person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary. 

This Note is subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note
Purchase Agreement, but not otherwise. 
 If an Event of Default occurs and is continuing, the principal of this Note may be declared or
otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Note Purchase Agreement. 

This Note shall be construed and enforced in accordance with, and the rights of the Company and the holder of this Note shall be governed by,
the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other than
such State. 
  

			
	 FOUR CORNERS OPERATING PARTNERSHIP, LP

 

	By:	 	 Four Corners GP, LLC, its general partner
  

	By	 	  

		 	Name:
		 	Title:

  
 1-2 

 FORM OF SERIES B NOTE 

FOUR CORNERS OPERATING PARTNERSHIP, LP 

4.93% SENIOR GUARANTEED NOTE, DUE JUNE 7, 2027 

 

			
	No. [            ]	  	June 7, 2017
	$[                    ]	  	PPN: 35086@ AB7

 FOR VALUE RECEIVED, the undersigned, Four Corners Operating
Partnership, LP (herein called the “Company”), a limited partnership organized and existing under the laws of the State of Delaware, hereby promises to pay to
[                    ], or registered assigns, the principal sum of
[                    ] DOLLARS (or so much thereof as shall not have been prepaid) on June 7, 2027 (the “Maturity
Date”), with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance hereof at the rate of 4.93% per annum
from the date hereof, payable semiannually, on the 7th day of June and 7th day of December in each year, commencing on December 7, 2017,
and on the Maturity Date, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, (x) on any overdue payment of interest and (y) during the continuance of an Event of Default, on such
unpaid balance and on any overdue payment of any Make-Whole Amount, at a rate per annum from time to time equal to the greater of (i) 6.93% or (ii) 2.00% over the rate of interest publicly announced by JPMorgan Chase Bank, N.A. from time to
time in New York, New York as its “base” or “prime” rate, payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand). 

Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States
of America at JPMorgan Chase Bank, N.A. or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement referred to below. 

This Note is one of a series of Senior Guaranteed Notes (herein called the “Notes”) issued pursuant to the Note Purchase
Agreement, dated April 19, 2017 (as from time to time amended, the “Note Purchase Agreement”), among the Company, the Parent and the respective Purchasers named therein and is entitled to the benefits thereof. Each holder of
this Note will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement and (ii) made the representations set forth in Section 6 of the Note
Purchase Agreement. Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement. 

  
 SCHEDULE 1- B 
 (to Note Purchase Agreement) 

 This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender of
this Note for registration of transfer accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a like principal amount will be issued
to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all
other purposes, and the Company will not be affected by any notice to the contrary. 
 This Note is subject to optional prepayment, in whole
or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but not otherwise. 
 If an Event of
Default occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Note Purchase Agreement.

 This Note shall be construed and enforced in accordance with, and the rights of the Company and the holder of this Note shall be governed
by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other
than such State. 
  

			
	 FOUR CORNERS OPERATING PARTNERSHIP, LP

 

	By:	 	 Four Corners GP, LLC, its general partner
  

	By	 	  

		 	Name:
		 	Title:

  
 1-2 

 FORM OF PARENT GUARANTY
AGREEMENT 
 THIS GUARANTY (this “Guaranty”) is made as of
                    , 2017, by each of the Parent Companies that is a signatory to this Guaranty as a Parent Guarantor (the “Parent
Guarantors” and each, a “Parent Guarantor”), for the benefit of the purchasers listed in Schedule A of the hereinafter defined Note Purchase Agreement (the “Purchasers”) and the holders from time to time of
the Notes. The Purchasers and such holders are collectively called the “holders” and individually a “holder”. The holders, together with the Parent Guarantors, are collectively, the “Parties” and
individually, a “Party”. Capitalized terms used herein without definition shall have the meanings assigned to such terms in the Note Purchase Agreement defined below. This Guaranty is the “Parent Guaranty” referred to in
the Note Purchase Agreement. 
 RECITALS 

A. Four Corners Operating Partnership, LP, a Delaware limited partnership (the “Company”), Four Corners Property Trust, Inc.,
a Maryland corporation (the “Parent”), and the Purchasers have entered into that certain Note Purchase Agreement dated as of April 19, 2017 (as the same may be further amended, modified, renewed or extended from time to time,
the “Note Purchase Agreement”), pursuant to which the Company has issued (a) $50,000,000 aggregate principal amount of its 4.68% Senior Guaranteed Notes, Series A, due June 7, 2024 (the “Series A Notes”) and
(b) $75,000,000 aggregate principal amount of its 4.93% Senior Guaranteed Notes, Series B, due June 7, 2027 (the “Series B Notes” and together with the Series A Notes, the “Notes”); 

B. The Parent Guarantors wish to unconditionally guarantee payment and performance to the Purchasers of the Guaranteed Obligations (as defined
below); and 
 C. Each Parent Guarantor is an owner of direct and indirect equity interests in the Company and/or general partner of the
Company and each Parent Guarantor directly benefits from the Purchaser’s purchasing the Notes from the Company. 
 AGREEMENT 

NOW, THEREFORE, as an inducement to the Purchasers to purchase the Notes and in consideration of the foregoing premises, and for other good
and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, each Parent Guarantor agrees, for the benefit of each of the holders, as follows: 

Section 1. Guaranty of Obligations. 

(a) Each of the Parent Guarantors hereby absolutely, irrevocably and unconditionally, and jointly and severally, guarantees to the holders
(i) the full and prompt payment of the principal of and interest on the Notes and Make-Whole Amount, if any, when due, whether at stated maturity, upon acceleration or otherwise, and at all times thereafter, and the prompt payment of all sums
that may now be or may hereafter become due and owing under the Financing Agreements and all enforcement costs associated therewith (the “Guaranteed 

  
 SCHEDULE 2

 (to Note Purchase Agreement) 

 
Indebtedness”) and (ii) the full, complete, and punctual observance, performance, and satisfaction of all of the obligations, duties, covenants, and agreements of the
Company under the Note Purchase Agreement and the Notes and all enforcement costs associated therewith (the “Obligations” and together with the Guaranteed Indebtedness, collectively, the “Guaranteed
Obligations”). Each of the Parent Guarantors hereby absolutely, irrevocably and unconditionally covenants and agrees that it is liable, jointly and severally, for the Guaranteed Obligations as a primary obligor, and that each Parent
Guarantor shall fully perform each and every term and provision hereof. This Guaranty is an absolute, present and continuing guaranty of payment and performance in full and not solely a guaranty of collection. No holder shall be required to exhaust
any right or remedy or take any action against the Company or any other person or entity. Upon the occurrence of any Bankruptcy Event with respect to the Parent or the Company or any Event of Default under clause (g), (h) or (i) of
Section 11 of the Note Purchase Agreement, notwithstanding the existence of any dispute between any holder and the Company with respect to the existence of such Bankruptcy Event or such Event of Default, the Guaranteed Obligations will
immediately and automatically (without the requirement of the giving of any notice) become due and payable notwithstanding any stay, injunction or other prohibition which may prevent, delay or vitiate any declaration or notice with respect to the
Company, the Parent or any other obligor under the Financing Agreement. Upon the occurrence of any Event of Default under Section 11 of the Note Purchase Agreement (other than under clause (g), (h) or (i) of Section 11 of the Note
Purchase Agreement), notwithstanding the existence of any dispute between any holder and the Company with respect to the existence of such Event of Default, then, notwithstanding any stay, injunction or other prohibition which may prevent, delay or
vitiate any declaration or notice with respect to the Company, the Parent or any other obligor under the Financing Agreements, in the event of a declaration, attempted declaration, notice or attempted notice by any holder, the Guaranteed Obligations
will immediately become due and payable by each of the Parent Guarantors pursuant to this Guaranty. 
 (b) Without limiting the generality of
the foregoing, each Parent Guarantor, and by its acceptance of this Guaranty, and each holder, hereby confirms that the Parties intend that this Guaranty not constitute a fraudulent transfer or conveyance for purposes of the Bankruptcy Law (as
defined below), the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal, state or foreign law to the extent applicable to this Guaranty. In furtherance of that intention, the liabilities of each Parent
Guarantor under this Guaranty (the “Liabilities”) shall be limited to the maximum amount that will, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Parent Guarantor that are relevant
under such laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Person with respect to the Liabilities, result in the Liabilities of such Parent Guarantor under this
Guaranty not constituting a fraudulent transfer or conveyance. For purposes hereof, “Bankruptcy Law” means the Bankruptcy Code (as defined below), or any similar federal, state or foreign law for the relief of debtors. This paragraph with
respect to the maximum liability of each Parent Guarantor is intended solely to preserve the rights of the holders, to the maximum extent not subject to avoidance under applicable law, and neither a Parent Guarantor nor any other Person shall have
any right or claim under this paragraph with respect to such maximum liability, except to the extent necessary so that the obligations of a Parent Guarantor hereunder shall not be rendered voidable under applicable law. Each Parent Guarantor agrees
that the Guaranteed Obligations may at any time and from time to time exceed the maximum liability of such Parent Guarantor without impairing this Guaranty or affecting the rights and remedies of the holders hereunder; provided that nothing
in this sentence shall be construed to increase such Parent Guarantor’s obligations hereunder beyond its maximum liability. 

  
 2 

 Section 2. Guaranty Absolute. 

(a) Each Parent Guarantor guarantees that the Guaranteed Obligations shall be paid strictly in accordance with the terms of the Notes and the
Note Purchase Agreement. The liability of each Parent Guarantor under this Guaranty is absolute, irrevocable and unconditional irrespective of: (i) any change in the time, manner or place of payment of, or in any other term of, all or any of
the Guaranteed Obligations, or any other amendment or waiver of or any consent to departure from any of the terms of the Notes or the Note Purchase Agreement, including any increase or decrease in the rate of interest thereon; (ii) any release
or amendment or waiver of, or consent to departure from, or failure to act by the holders with respect to, or any impairment of any Lien on, any other guaranty or support document, or any exchange, release or
non-perfection of, or failure to act by the holders with respect to, any collateral securing payment or performance, of all or any part of the Guaranteed Obligations; (iii) any present or future law,
regulation or order of any jurisdiction (whether of right or in fact) or of any agency thereof purporting to reduce, amend, restructure or otherwise affect any term of the Guaranteed Obligations or any of the Notes or the Note Purchase Agreement;
(iv) any change in the corporate existence, structure, or ownership of the Company, the Parent or any other obligor under any Financing Agreements; (v) without being limited by the foregoing, any lack of validity or enforceability of any
Financing Agreements; and (vi) any other setoff, recoupment, defense or counterclaim whatsoever (in any case, whether based on contract, tort or any other theory) with respect to any Financing Agreements or the transactions contemplated thereby
which might constitute a legal or equitable defense available to, or discharge of, the Company, the Parent or a Guarantor, other than the Payment in Full of the Guaranteed Obligations. 

(b) Each Parent Guarantor’s liability with respect to the Guaranteed Obligations shall remain in full force and effect without regard to,
and shall not be impaired or affected by, nor shall such Parent Guarantor be exonerated or discharged by, any of the following events: 

(i) any insolvency proceeding with respect to the Company, the Parent, any Guarantor, any other party to a Financing Agreement or any other
Person; 
 (ii) any limitation, discharge, or cessation of the liability of the Company, the Parent, any Guarantor, any other party to a
Financing Agreement or any other Person for any Guaranteed Obligations due to any statute, regulation or rule of law, or any invalidity or unenforceability in whole or in part of any of the Guaranteed Obligations or any Financing Agreements; 

(iii) any merger, acquisition, consolidation or change in structure of the Company, the Parent, any Guarantor or any other party to a
Financing Agreement or Person, or any sale, lease, transfer or other disposition of any or all of the assets or shares of the Company, the Parent, any Guarantor, any other party to a Financing Agreement or other Person; 

  
 3 

 (iv) any assignment or other transfer, in whole or in part, of any holder’s interests in
and rights under this Guaranty or the other Financing Agreements, including the right to receive payment of the Guaranteed Obligations, or any assignment or other transfer, in whole or in part, of a holder’s interests in and to any of the
collateral specified in any pledge agreement; 
 (v) any claim, defense, counterclaim or setoff, other than that of prior performance of the
Obligations or Payment in Full of the Guaranteed Indebtedness, that the Company, the Parent, any Guarantor, any other party to a Financing Agreement or other Person may have or assert, including any defense of incapacity or lack of corporate or
other authority to execute any of the Financing Agreements; 
 (vi) any holder’s amendment, modification, renewal, extension,
cancellation or surrender of any Financing Agreement, any Guaranteed Obligations, any collateral securing payment or performance of all or any part of the Guaranteed Obligations, or any holder’s exchange, release, or waiver of any collateral
securing the payment or performance of all or any part of the Guaranteed Obligations; 
 (vii) any holder’s exercise or non-exercise of any power, right or remedy with respect to any of any collateral securing payment or performance of all or any part of the Guaranteed Obligations, including any holder’s compromise, release,
settlement or waiver with or of the Company, the Parent, any Guarantor, any other party to a Financing Agreement or any other Person; 

(viii) any holder’s vote, claim, distribution, election, acceptance, action or inaction in any insolvency proceeding related to the
Guaranteed Obligations; 
 (ix) any impairment or invalidity of any of any collateral securing payment or performance of all or any part of
the Guaranteed Obligations or any failure to perfect any of the holder’s Liens thereon or therein; and 
 (x) any other guaranty,
whether by such Guarantor or any other Person, of all or any part of the Guaranteed Obligations or any other indebtedness, obligations or liabilities of the Company to the holders. 

(c) The obligations of each Parent Guarantor hereunder are independent of and separate from the obligations of the Company and any other party
to a Financing Agreement and upon the occurrence and during the continuance of any Event of Default, a separate action or actions may be brought against any Parent Guarantor, whether or not the Company, the Parent or any other party to a Financing
Agreement is joined therein or a separate action or actions are brought against the Company, the Parent or any other party to a Financing Agreement. 

Section 3. Guaranty Irrevocable. This Guaranty is a continuing guaranty of the payment of all Guaranteed Obligations now or
hereafter existing and shall remain in full force and effect until this Guaranty is terminated pursuant to Section 17 hereof. 

  
 4 

 Section 4. Waiver of Certain Rights and Notices; Financial Condition of Parties. To
the fullest extent not prohibited by applicable law, except as specifically provided herein, each Parent Guarantor hereby waives and agrees not to assert or take advantage of (a) any right to require any holder to proceed against or exhaust its
recourse against the Company, the Parent, any other party to a Financing Agreement, any other guarantor or endorser, or any security or collateral securing payment or performance, of all or any part of the Guaranteed Obligations held by any
collateral agent (for the benefit of holders) at any time or to pursue any other remedy in its power before proceeding against such Parent Guarantor hereunder; (b) the defense of the statute of limitations in any action hereunder; (c) any
defense that may arise by reason of (i) the incapacity, lack of authority, death or disability, as applicable, of the Company, the Parent, any other party to a Financing Agreement, any of their respective Related Parties or any other Person,
(ii) the revocation or repudiation hereof by any Parent Guarantor or the revocation or repudiation of any of any Financing Agreement by the Company, the Parent, any other party to a Financing Agreement or any other Person, (iii) the
failure of the holders to file or enforce a claim against the estate (either in administration, bankruptcy or any other proceeding) of the Company, the Parent or any other party to a Financing Agreement, (iv) the unenforceability in whole or in
part of any Financing Agreement, (v) the holder’s election in any proceeding instituted under the Title 11 of the United States Code entitled “Bankruptcy” (the “Bankruptcy Code”), of the application of
Section 1111(b)(2) of the Bankruptcy Code, or (vi) any borrowing or grant of a security interest under Section 364 of the Bankruptcy Code; (d) presentment, demand for payment, protest, notice of discharge, notice of acceptance of
this Guaranty, and indulgences and notices of any other kind whatsoever; (e) any defense based upon an election of remedies by the holders which destroys or otherwise impairs the subrogation rights of any Guarantor or the right of such
Guarantor to proceed against the Company, the Parent or any other party to a Financing Agreement for reimbursement; (f) any defense based upon any taking, modification or release of any collateral securing payment or performance, or other
guarantees, of all or any part of the Guaranteed Obligations, or any failure to perfect, or any impairment of, any Lien on, or the taking of or failure to take any other action with respect to, any collateral securing payment or performance of the
Guaranteed Obligations; (g) any right to require marshaling of assets and liabilities, sale in inverse order of alienation, notice of acceptance of this Guaranty and of any obligations to which it applies or may apply; (h) any rights or
defenses based upon an offset by any Guarantor against any obligation now or hereafter owed to such Guarantor by the Company, the Parent or any other party to a Financing Agreement; and (i) without limiting the generality of the foregoing, to
the fullest extent permitted by law, any defenses or benefits that may be derived from or afforded by applicable law limiting the liability of or exonerating guarantors or sureties, or which may conflict with the terms of this Guaranty;
provided, however, that this Section 4 shall not constitute a waiver on the part of any Parent Guarantor of any defense of payment. Each Parent Guarantor shall remain liable hereunder to the extent set forth herein,
notwithstanding any act, omission or thing which might otherwise operate as a legal or equitable discharge of such Parent Guarantor, until the termination of this Guaranty under Section 17 hereof. In addition, each Parent Guarantor shall not
have any right to require any holder or other party to a Financing Agreement to obtain or disclose any information with respect to: (i) the financial condition or character of any other party to a Financing Agreement or the ability of any other
party to a Financing Agreement to pay and perform the Guaranteed Obligations; (ii) the Guaranteed Obligations; (iii) any collateral securing payment or performance of all or any of the Guaranteed Obligations; (iv) the existence or
nonexistence of any other guarantees of all or any part of the Guaranteed Obligations; (v) any action or inaction on the part of any holder or any other Person; or (vi) any other matter, fact or occurrence whatsoever. 

  
 5 

 Section 5. Continuing Guaranty; Reinstatement. This Guaranty is a continuing guaranty
and agreement of subordination relating to any Guaranteed Obligations, including Guaranteed Obligations which may exist continuously or which may arise from time to time under successive transactions, and each Parent Guarantor expressly acknowledges
that this Guaranty shall remain in full force and effect notwithstanding that there may be periods in which no Guaranteed Obligations exist. This Guaranty shall continue in effect and be binding upon each Parent Guarantor until this Guaranty is
terminated pursuant to Section 17 hereof. This Guaranty shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any of the Guaranteed Obligations is rescinded or must otherwise be returned by the
holders on the insolvency, bankruptcy or reorganization of the Company, the Parent or any other party to a Financing Agreement or otherwise, all as though the payment had not been made; provided, however, that no such reinstatement
shall occur if this Guaranty has terminated pursuant to Section 17(b) hereof. 
 Section 6. Subrogation. No Parent
Guarantor shall exercise any rights which it may acquire by way of subrogation, by any payment made under this Guaranty or otherwise, until all the Guaranteed Obligations have been paid in full and the Financing Agreements are no longer in effect.
If any amount is paid to a Parent Guarantor on account of subrogation rights under this Guaranty at any time when all the Guaranteed Obligations have not been paid in full, the amount shall be held in trust for the benefit of the holders and shall
be promptly paid to the holders, to be credited and applied to the Guaranteed Obligations, whether matured or unmatured or absolute or contingent, in accordance with the terms of the Financing Agreements. If any Parent Guarantor makes payment to any
holder, of all or any part of the Guaranteed Obligations and all the Guaranteed Obligations are paid in full and the Financing Agreements are no longer in effect, such holder shall, at such Parent Guarantor’s request and expense, execute and
deliver to such Parent Guarantor appropriate documents, without recourse and without representation or warranty, necessary to evidence the transfer by subrogation to such Parent Guarantor of the interest in the Guaranteed Obligations resulting from
such payment. 
 Section 7. Subordination. Without limiting any holder’s rights under any other agreement, any liabilities
owed by the Company, the Parent or any other party to a Financing Agreement to a Guarantor in connection with any extension of credit or financial accommodation by such Guarantor to or for the account of the Company, the Parent or any other party to
a Financing Agreement, including but not limited to interest accruing at the agreed contract rate after the commencement of a bankruptcy or similar proceeding, are hereby subordinated to the Guaranteed Obligations, and such liabilities of the
Company, the Parent or any other party to a Financing Agreement to such Guarantor, if any holder so requests, shall be collected, enforced and received by such Guarantor as trustee for the holders and shall be paid over to the holders, on account of
the Guaranteed Obligations but without reducing or affecting in any manner the liability of any Parent Guarantor under the other provisions of this Guaranty. 

Section 8. Payments. 

Each Parent Guarantor hereby agrees, in furtherance of the foregoing provisions of this Guaranty and not in limitation of any other right which
any holder or any other Person may have against such Parent Guarantor by virtue hereof, upon the failure of the Company to pay any of the Guaranteed Obligations when and as the same shall become due, whether at stated maturity,

  
 6 

 
by required prepayment, declaration, acceleration, demand or otherwise (including amounts that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy
Code), such Parent Guarantor shall forthwith pay, or cause to be paid, in cash, to the holders an amount equal to the amount of the Guaranteed Obligations then due as aforesaid (including interest which, but for the filing of a petition in any
insolvency proceeding with respect to the Company, would have accrued on such Guaranteed Obligations, whether or not a claim is allowed against the Company for such interest in any such insolvency proceeding). Each Parent Guarantor shall make each
payment hereunder, unconditionally in full without set-off, counterclaim or other defense, on the day when due in dollars and in same day or immediately available funds, to the holders at the addresses for
payment as set forth in Schedule A to the Note Purchase Agreement or such other address for payment as may be specified in writing by such holder. 

Section 9. Representations and Warranties. Each Parent Guarantor represents and warrants that: 

(a) (i) such Parent Guarantor is duly organized, validly existing and in good standing under the laws of the jurisdiction of its
organization, has all requisite power and authority to own or lease its properties and to carry on its business as now conducted and, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to have a
Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required, (ii) the execution, delivery and performance of this Guaranty are within such Parent Guarantor’s
corporate, limited liability company or other organizational powers and have been duly authorized by all necessary corporate, limited liability company or other organizational action, (iii) this Guaranty has been duly executed and delivered by
such Parent Guarantor and constitutes a legal, valid and binding obligation of such Parent Guarantor, enforceable against such Parent Guarantor in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or
other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law, and (iv) the execution, delivery and performance of this Guaranty by such
Parent Guarantor (A) does not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect, and any required
filing of Form 8-K with the SEC in connection with this Guaranty, (B) will not violate any applicable law or regulation or the charter, by-laws or other
organizational documents of such Parent Guarantor or any order, decree or judgment of any Governmental Authority, except for any violation of any applicable law or regulation that would not reasonably be expected to have a Material Adverse Effect,
(C) will not violate or result in a default under any indenture, agreement or other instrument binding upon such Parent Guarantor or its assets, or give rise to a right thereunder to require any payment to be made by such Parent Guarantor,
except for any violation or default that would not reasonably be expected to have a Material Adverse Effect, and (D) will not result in the creation or imposition of any Lien on any asset of such Parent Guarantor; 

(b) in executing and delivering this Guaranty, such Parent Guarantor has (i) without reliance on any holder or any information received
from any holder and based upon such documents and information it deems appropriate, made an independent investigation of the transactions contemplated hereby and the Company’s, the Parent’s and any other party to a

  
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Financing Agreement’s business, assets, operations, prospects and condition, financial or otherwise, and any circumstances which may bear upon such transactions, the Company, the Parent or
any other party to a Financing Agreement or the obligations and risks undertaken herein with respect to the Guaranteed Obligations; (ii) adequate means to obtain from the Company, the Parent or any other party to a Financing Agreement on a
continuing basis information concerning the Company, the Parent or any other party to a Financing Agreement; (iii) full and complete access to the Financing Agreements and any other documents executed in connection with the Financing
Agreements; and (iv) not relied and will not rely upon any representations or warranties of any holder not embodied herein or any acts heretofore or hereafter taken by any holder (including but not limited to any review by any holder of the
affairs of the Company, the Parent or any other party to a Financing Agreement); 
 (c) each Parent Guarantor has received at least
“reasonably equivalent value” (as such phrase is used in Section 548 of the Bankruptcy Code and in comparable provisions of other applicable law) and more than sufficient consideration to support its obligations hereunder in respect
of the Guaranteed Obligations and under any of the Financing Agreements to which it is a party; 
 (d) each representation and warranty in
the Note Purchase Agreement made by the Company and the Parent with respect to each Parent Guarantor is true and correct in all material respects (other than any representation or warranty qualified as to “materiality”, “Material
Adverse Effect” or similar language, which shall be true and correct in all respects); and 
 (e) upon the execution and delivery
hereof, such Parent Guarantor will be solvent, will be able to pay its debts as they mature and has capital sufficient to carry on its business.     

Section 10. Covenants. 

(a) Each Parent Guarantor will perform and comply with all covenants applicable to such Parent Guarantor, or which the Company, the Parent or
any other party to a Financing Agreement is required to cause such Parent Guarantor to comply with, under the terms of the Note Purchase Agreement or any of the other Financing Agreements as if the same were more fully set forth herein. 

(b) Each Parent Guarantor shall furnish to each holder such information respecting the operations, properties, business or financial condition
of such Parent Guarantor or its Subsidiaries as any holder may from time to time reasonably request, subject to the limitations set forth in Section 7.5 of the Note Purchase Agreement. 

(c) Each Parent Guarantor shall maintain and preserve its legal existence, its rights to transact business and all other rights, franchises and
privileges necessary or desirable in the normal course of its business and operations and the ownership of its properties, except (other than the maintenance of legal existence of such Parent Guarantor) as could not reasonably be expected to result
in a Material Adverse Effect or as may otherwise be permitted under the Note Purchase Agreement. 

  
 8 

 (d) Each Parent Guarantor shall maintain all authorizations, consents, approvals, licenses,
exemptions of, or filings or registrations with, any Governmental Authority, or approvals or consents of any other Person, required in connection with this Guaranty or any other Financing Agreement to which it is a party, in each case to the extent
necessary to ensure that non-compliance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. “Material Adverse Effect” means a material
adverse effect on (a) the business, operations, affairs, financial condition, assets or properties of such Parent Guarantor and its Subsidiaries taken as a whole, or (b) the ability of such Parent Guarantor to perform its obligations under
this Guaranty, or (c) the validity or enforceability of this Guaranty. 
 (e) Each Parent Guarantor shall execute, acknowledge, deliver,
file, notarize and register at its own expense all such further agreements, instruments, certificates, documents and assurances and perform such acts as the Required Holders shall deem necessary to effectuate the purposes of this Guaranty and the
other Financing Agreements to which such Parent Guarantor is a party, and promptly provide the holders with evidence of the foregoing reasonably satisfactory in form and substance to the Required Holders. 

Section 11. Remedies Generally. The remedies provided in this Guaranty are cumulative and not exclusive of any remedies provided
by law. 
 Section 12. Setoff. If an Event of Default shall have occurred and be continuing, each holder and each of its
Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to setoff and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other obligations at
any time owing by such holder or Affiliate to or for the credit or the account of any Parent Guarantor against any of and all the Guaranteed Obligations held by such holder, irrespective of whether or not such holder shall have made any demand under
this Guaranty and although such Guaranteed Obligations may be unmatured. The rights of each holder under this Section are in addition to other rights and remedies (including other rights of setoff) which such holder may have. Each holder shall
notify the Company promptly after any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and application. 

Section 13. Formalities. Each Parent Guarantor waives presentment, demand, notice of dishonor, default or nonpayment, protest,
notice of acceptance of this Guaranty or incurrence of any of the Guaranteed Obligations and any other formality with respect to any of the Guaranteed Obligations or this Guaranty. 

Section 14. Amendments and Waivers. Except as otherwise provided in Section 1(b) of this Guaranty, this Guaranty may be amended,
and the observance of any term hereof may be waived (either retroactively or prospectively), with (and only with) the written consent of each Parent Guarantor and the Required Holders, except that no amendment or waiver which results in the
limitation of the liability of any Parent Guarantor hereunder (except to the extent provided in Section 1(b) and Section 17 of this Guaranty) will be effective as to any holder unless consented to by such holder in writing and then such waiver
or consent shall be effective only in the specific instance and for the specific purpose for which given. No failure on the part of the holders to exercise, and no delay in exercising, any right under this Guaranty shall operate as a waiver or
preclude any other or further exercise thereof or the exercise of any other right. 

  
 9 

 Section 15. Expenses. Each of the Parent Guarantors shall reimburse the holders on
demand for all reasonable and documented out-of-pocket costs, expenses and charges incurred by the holders in connection with the performance or enforcement of this
Guaranty. The obligations of the Parent Guarantors under this Section shall survive the termination of this Guaranty. 
 Section 16.
Assignment; Benefits of Guaranty. This Guaranty shall be binding on, and shall inure to the benefit of each Parent Guarantor, the holders and their respective successors and assigns; provided that no Parent Guarantor may assign or
transfer its rights or obligations under this Guaranty without the prior written consent of each holder (and any attempted such assignment or transfer by any Parent Guarantor without such consent shall be null and void) (it being understood that a
merger or consolidation permitted by the Note Purchase Agreement will not constitute an assignment, transfer or delegation and does not require the consent of the holders). Without limiting the generality of the foregoing, each holder may assign,
sell participations in or otherwise transfer its rights under the Financing Agreements to any other Person in accordance with the terms of the Note Purchase Agreement, and the other person or entity shall then become vested with all the rights
granted to such holder, as applicable, in this Guaranty or otherwise. This Guaranty is entered into for the sole protection and benefit of the holders and their respective successors and assigns, and no other Person (other than any Related Party
specified herein) shall be a direct or indirect beneficiary of, or shall have any direct or indirect cause of action or claim in connection with, this Guaranty. 

Section 17. Termination. This Guaranty and all obligations (other than those expressly stated to survive such termination) of each
Guarantor hereunder shall terminate and the Guarantors shall be automatically released from their obligations under this Guaranty (other than those expressly stated to survive such termination), all without delivery of any instrument or performance
of any act by any Person, upon (a) full and indefeasible payment in cash of the Guaranteed Obligations, or (b) the release of such Parent Guarantor pursuant to Section 9.8(c) of the Note Purchase Agreement. At the request and sole expense
of any Parent Guarantor following any such termination or release, the holders shall take all such action reasonably requested by such Parent Guarantor to evidence the release of such Parent Guarantor from its obligations under this Guaranty. 

Section 18. Captions. The headings and captions in this Guaranty are for convenience only and shall not affect the interpretation
or construction of this Guaranty. 
 Section 19. Notices. All notices or other written communications hereunder shall be in
writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy or email, as follows: 

(a) if to any Parent Guarantor, to it at c/o Four Corners Operating Partnership, LP, 591 Redwood Highway, Suite 1150, Mill Valley, CA 94941,
Attention of Mr. Gerry Morgan and James L. Brat, Esq. (Email address: gerry@fourcornerspropertytrust.com and jim@fourcornerspropertytrust.com); and 

(b) if to any holder, at its address set forth in Schedule A to the Note Purchase Agreement or such other address as such holder shall have
specified in writing to the Company. 

  
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Each Parent Guarantor and each holder may change its address or telecopy number or email address for notices and other communications hereunder by notice to the other Party. All notices and other
communications given to any Parent Guarantor or any holder in accordance with the provisions of this Guaranty shall be deemed to have been given on the date of receipt, in the case of email notices, as evidenced by sender’s receipt of an
acknowledgement from the intended recipient (such as by the “return receipt function”). 
 Section 20. Governing Law;
Jurisdiction; Consent to Service of Process. 
 (a) This Guaranty shall be construed in accordance with and governed by the law of the
State of New York. 
 (b) Each Parent Guarantor hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive
jurisdiction of the Supreme Court of the State of New York sitting in New York County, Borough of Manhattan, and of the United States District Court for the Southern District of New York, and any appellate court from any thereof, in any action or
proceeding arising out of or relating to this Guaranty, or for recognition or enforcement of any judgment, and each Parent Guarantor hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be
heard and determined solely in such New York State or, to the extent permitted by law, in such federal court. Each Parent Guarantor agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Guaranty shall affect any right that any holder may otherwise have to bring any action or proceeding relating to this Guaranty against any Parent Guarantor
or its properties in the courts of any jurisdiction. 
 (c) Each Parent Guarantor hereby irrevocably and unconditionally waives, to the
fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Guaranty in any court referred to in subsection
(b) above. Each Parent Guarantor hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(d) Each Parent Guarantor irrevocably consents to service of process in the manner provided for notices herein. Nothing in this Guaranty will
affect the right of any Party to serve process in any other manner permitted by law. 
 Section 21. Invalid Provisions. If any
provision of this Guaranty is held to be illegal, invalid, or unenforceable under present or future laws effective during the term of this Guaranty, such provision shall be fully severable and this Guaranty shall be construed and enforced as if such
illegal, invalid or unenforceable provision had never comprised a part of this Guaranty, and the remaining provisions of this Guaranty shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision
or by its severance from this Guaranty, unless such continued effectiveness of this Guaranty, as modified, would be contrary to the basic understandings and intentions of the Parties as expressed herein. 

  
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 Section 22. ENTIRETY. THIS GUARANTY AND THE OTHER FINANCING AGREEMENTS EXECUTED BY
ANY PARENT GUARANTOR EMBODY THE FINAL, ENTIRE AGREEMENT OF SUCH PARENT GUARANTOR AND THE HOLDERS WITH RESPECT TO THE SUBJECT MATTER HEREOF AND THEREOF AND SUPERSEDES ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS, AND UNDERSTANDINGS,
WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF AND THEREOF. THIS GUARANTY AND THE OTHER FINANCING AGREEMENTS EXECUTED BY EACH PARENT GUARANTOR ARE INTENDED BY EACH PARENT GUARANTOR AND THE HOLDERS AS A FINAL AND COMPLETE EXPRESSION
OF THE TERMS HEREOF AND THEREOF, AND NO COURSE OF DEALING AMONG ANY PARENT GUARANTOR AND THE HOLDERS, NO COURSE OF PERFORMANCE, NO TRADE PRACTICES, AND NO EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OR OTHER
EXTRINSIC EVIDENCE OF ANY NATURE SHALL BE USED TO CONTRADICT, VARY, SUPPLEMENT OR MODIFY ANY TERM OF THIS GUARANTY OR ANY OTHER FINANCING AGREEMENT EXECUTED BY ANY PARENT GUARANTOR. THERE ARE NO ORAL AGREEMENTS BETWEEN ANY PARENT GUARANTOR AND THE
HOLDERS. 
 Section 23. WAIVER OF RIGHT TO TRIAL BY JURY. EACH PARENT GUARANTOR AND, BY ITS ACCEPTANCE HEREOF, EACH HOLDER, EACH
HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS GUARANTY OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER
BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARENT GUARANTOR AND, BY ITS ACCEPTANCE HEREOF, EACH HOLDER, EACH (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND SUCH OTHER PARTY HAVE BEEN INDUCED TO EXECUTE OR ACCEPT THIS GUARANTY BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION. 
 Section 24. Reserved. 

Section 25. Guaranteed Parties Not Fiduciaries to any Guarantor. The relationship between each Parent Guarantor and its
Affiliates, on the one hand, and each of the holders and their respective Affiliates, on the other hand, is solely that of debtor and creditor, and neither such guaranteed party nor any Affiliate thereof shall have any fiduciary or other special
relationship with any Parent Guarantor or any of its Affiliates, and no term or provision of any Financing Agreement, no course of dealing, no written or oral communication, or other action, shall be construed so as to deem such relationship to be
other than that of debtor and creditor. 

  
 12 

 Section 26. Counterparts. This Guaranty may be executed in one or more counterparts,
each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 [SIGNATURE PAGE
FOLLOWS] 

  
 13 

 IN WITNESS WHEREOF, each Parent Guarantor has caused this Guaranty to be duly executed and
delivered by its duly authorized officer as of the date first above written. 
  

	
	[Parent Guarantor Signature Blocks to be Inserted]
	
	  

	

 FORM OF SUBSIDIARY GUARANTY
AGREEMENT 
 THIS SUBSIDIARY GUARANTY (this “Guaranty”) is made as of
                    , 2017, by each Subsidiary that is a signatory to this Guaranty as a Subsidiary Guarantor (the “Subsidiary
Guarantors” and each, a “Subsidiary Guarantor”), for the benefit of the purchasers listed in Schedule A of the hereinafter defined Note Purchase Agreement (the “Purchasers”) and the holders from time to
time of the Notes. The Purchasers and such holders are collectively called the “holders” and individually a “holder”. The holders, together with the Subsidiary Guarantors, are collectively, the
“Parties” and individually, a “Party”. Capitalized terms used herein without definition shall have the meanings assigned to such terms in the Note Purchase Agreement defined below. This Guaranty is the
“Subsidiary Guaranty” referred to in the Note Purchase Agreement. 
 RECITALS 

A. Four Corners Operating Partnership, LP, a Delaware limited partnership (the “Company”), Four Corners Property Trust, Inc.,
a Maryland corporation (the “Parent”), and the Purchasers have entered into that certain Note Purchase Agreement dated as of April 19, 2017 (as the same may be further amended, modified, renewed or extended from time to time,
the “Note Purchase Agreement”), pursuant to which the Company has issued (a) $50,000,000 aggregate principal amount of its 4.68% Senior Guaranteed Notes, Series A, due June 7, 2024 (the “Series A Notes”) and
(b) $75,000,000 aggregate principal amount of its 4.93% Senior Guaranteed Notes, Series B, due June 7, 2027 (the “Series B Notes” and together with the Series A Notes, the “Notes”); 

B. The Subsidiary Guarantors wish to unconditionally guarantee payment and performance to the Purchasers of the Obligations (as defined below);
and 
 C. Each Subsidiary Guarantor is a Subsidiary (as defined in the Note Purchase Agreement) of the Company and each Subsidiary Guarantor
directly benefits from the Purchaser’s purchasing the Notes from the Company. 
 AGREEMENT 

NOW, THEREFORE, as an inducement to the Purchasers to purchase the Notes and in consideration of the foregoing premises, and for other good
and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, each Subsidiary Guarantor agrees, for the benefit of each of the holders, as follows: 

Section 1. Guaranty of Obligations. 

(a) Each of the Subsidiary Guarantors hereby absolutely, irrevocably and unconditionally, and jointly and severally, guarantees to the holders
(i) the full and prompt payment of the principal of and interest on the Notes and Make-Whole Amount, if any, when due, whether at stated maturity, upon acceleration or otherwise, and at all times thereafter, and the prompt payment of all sums
that may now be or may hereafter become due and owing under 

  
 SCHEDULE 3

 (to Note Purchase Agreement) 

 
the Financing Agreements and all enforcement costs associated therewith (the “Guaranteed Indebtedness”) and (ii) the full, complete, and punctual observance, performance,
and satisfaction of all of the obligations, duties, covenants, and agreements of the Company and the Parent under the Note Purchase Agreement and the Notes and all enforcement costs associated therewith (the “Obligations” and
together with the Guaranteed Indebtedness collectively, the “Guaranteed Obligations”). Each of the Subsidiary Guarantors hereby absolutely, irrevocably and unconditionally covenants and agrees that it is liable, jointly and
severally, for the Guaranteed Obligations as a primary obligor, and that each Subsidiary Guarantor shall fully perform each and every term and provision hereof. This Guaranty is an absolute, present and continuing guaranty of payment and performance
in full and not solely a guaranty of collection. No holder shall be required to exhaust any right or remedy or take any action against the Company or any other person or entity. Upon the occurrence of any Bankruptcy Event with respect to the Parent
or the Company or any Event of Default under clause (g), (h) or (i) of Section 11 of the Note Purchase Agreement, notwithstanding the existence of any dispute between any holder and the Company with respect to the existence of such
Bankruptcy Event or such Event of Default, the Guaranteed Obligations will immediately and automatically (without the requirement of the giving of any notice) become due and payable notwithstanding any stay, injunction or other prohibition which may
prevent, delay or vitiate any declaration or notice with respect to the Company, the Parent or any other obligor under the Financing Agreement. Upon the occurrence of any Event of Default under Section 11 of the Note Purchase Agreement (other
than under clause (g), (h) or (i) of Section 11 of the Note Purchase Agreement), notwithstanding the existence of any dispute between any holder and the Company with respect to the existence of such Event of Default, then, notwithstanding
any stay, injunction or other prohibition which may prevent, delay or vitiate any declaration or notice with respect to the Company, the Parent or any other obligor under the Financing Agreements, in the event of a declaration, attempted
declaration, notice or attempted notice by any holder, the Guaranteed Obligations will immediately become due and payable by each of the Subsidiary Guarantors pursuant to this Guaranty. 

(b) Without limiting the generality of the foregoing, each Subsidiary Guarantor, and by its acceptance of this Guaranty, and each holder,
hereby confirms that the Parties intend that this Guaranty not constitute a fraudulent transfer or conveyance for purposes of the Bankruptcy Law (as defined below), the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any
similar federal, state or foreign law to the extent applicable to this Guaranty. In furtherance of that intention, the liabilities of each Subsidiary Guarantor under this Guaranty (the “Liabilities”) shall be limited to the maximum
amount that will, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Subsidiary Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive
contribution from or payments made by or on behalf of any other Person with respect to the Liabilities, result in the Liabilities of such Subsidiary Guarantor under this Guaranty not constituting a fraudulent transfer or conveyance. For purposes
hereof, “Bankruptcy Law” means the Bankruptcy Code (as defined below), or any similar federal, state or foreign law for the relief of debtors. This paragraph with respect to the maximum liability of each Subsidiary Guarantor is intended
solely to preserve the rights of the holders, to the maximum extent not subject to avoidance under applicable law, and neither a Subsidiary Guarantor nor any other Person shall have any right or claim under this paragraph with respect to such
maximum liability, except to the extent necessary so that the obligations of a Subsidiary 

  
 2 

 
Guarantor hereunder shall not be rendered voidable under applicable law. Each Subsidiary Guarantor agrees that the Guaranteed Obligations may at any time and from time to time exceed the maximum
liability of such Subsidiary Guarantor without impairing this Guaranty or affecting the rights and remedies of the holders hereunder; provided that nothing in this sentence shall be construed to increase such Subsidiary Guarantor’s
obligations hereunder beyond its maximum liability. 
 Section 2. Guaranty Absolute. 

(a) Each Subsidiary Guarantor guarantees that the Guaranteed Obligations shall be paid strictly in accordance with the terms of the Notes and
the Note Purchase Agreement. The liability of each Subsidiary Guarantor under this Guaranty is absolute, irrevocable and unconditional irrespective of: (i) any change in the time, manner or place of payment of, or in any other term of, all or
any of the Guaranteed Obligations, or any other amendment or waiver of or any consent to departure from any of the terms of the Notes or the Note Purchase Agreement, including any increase or decrease in the rate of interest thereon; (ii) any
release or amendment or waiver of, or consent to departure from, or failure to act by the holders with respect to, or any impairment of any Lien on, any other guaranty or support document, or any exchange, release or
non-perfection of, or failure to act by the holders with respect to, any collateral securing payment or performance, of all or any part of the Guaranteed Obligations; (iii) any present or future law,
regulation or order of any jurisdiction (whether of right or in fact) or of any agency thereof purporting to reduce, amend, restructure or otherwise affect any term of the Guaranteed Obligations or any of the Notes or the Note Purchase Agreement;
(iv) any change in the corporate existence, structure, or ownership of the Company, the Parent or any other obligor under any Financing Agreements; (v) without being limited by the foregoing, any lack of validity or enforceability of any
Financing Agreements; and (vi) any other setoff, recoupment, defense or counterclaim whatsoever (in any case, whether based on contract, tort or any other theory) with respect to any Financing Agreements or the transactions contemplated thereby
which might constitute a legal or equitable defense available to, or discharge of, the Company, the Parent or a Guarantor, other than the Payment in Full of the Guaranteed Obligations. 

(b) Each Subsidiary Guarantor’s liability with respect to the Guaranteed Obligations shall remain in full force and effect without regard
to, and shall not be impaired or affected by, nor shall such Subsidiary Guarantor be exonerated or discharged by, any of the following events: 

(i) any insolvency proceeding with respect to the Company, the Parent, any Guarantor, any other party to a Financing Agreement or any other
Person; 
 (ii) any limitation, discharge, or cessation of the liability of the Company, the Parent, any Guarantor, any other party to a
Financing Agreement or any other Person for any Guaranteed Obligations due to any statute, regulation or rule of law, or any invalidity or unenforceability in whole or in part of any of the Guaranteed Obligations or any Financing Agreements; 

  
 3 

 (iii) any merger, acquisition, consolidation or change in structure of the Company, the Parent,
any Guarantor or any other party to a Financing Agreement or Person, or any sale, lease, transfer or other disposition of any or all of the assets or shares of the Company, the Parent, any Guarantor, any other party to a Financing Agreement or other
Person; 
 (iv) any assignment or other transfer, in whole or in part, of any holder’s interests in and rights under this Guaranty or
the other Financing Agreements, including the right to receive payment of the Guaranteed Obligations, or any assignment or other transfer, in whole or in part, of a holder’s interests in and to any of the collateral specified in any pledge
agreement; 
 (v) any claim, defense, counterclaim or setoff, other than that of prior performance of the Obligations or Payment in Full of
the Guaranteed Indebtedness, that the Company, the Parent, any Guarantor, any other party to a Financing Agreement or other Person may have or assert, including any defense of incapacity or lack of corporate or other authority to execute any of the
Financing Agreements; 
 (vi) any holder’s amendment, modification, renewal, extension, cancellation or surrender of any Financing
Agreement, any Guaranteed Obligations, any collateral securing payment or performance of all or any part of the Guaranteed Obligations, or any holder’s exchange, release, or waiver of any collateral securing the payment or performance of all or
any part of the Guaranteed Obligations; 
 (vii) any holder’s exercise or non-exercise of any
power, right or remedy with respect to any of any collateral securing payment or performance of all or any part of the Guaranteed Obligations, including any holder’s compromise, release, settlement or waiver with or of the Company, the Parent,
any Guarantor, any other party to a Financing Agreement or any other Person; 
 (viii) any holder’s vote, claim, distribution,
election, acceptance, action or inaction in any insolvency proceeding related to the Guaranteed Obligations; 
 (ix) any impairment or
invalidity of any of any collateral securing payment or performance of all or any part of the Guaranteed Obligations or any failure to perfect any of the holder’s Liens thereon or therein; and 

(x) any other guaranty, whether by such Guarantor or any other Person, of all or any part of the Guaranteed Obligations or any other
indebtedness, obligations or liabilities of the Company to the holders. 
 (c) The obligations of each Subsidiary Guarantor hereunder are
independent of and separate from the obligations of the Company, the Parent and any other party to a Financing Agreement and upon the occurrence and during the continuance of any Event of Default, a separate action or actions may be brought against
any Guarantor, whether or not the Company, the Parent or any other party to a Financing Agreement is joined therein or a separate action or actions are brought against the Company, the Parent or any other party to a Financing Agreement. 

  
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 Section 3. Guaranty Irrevocable. This Guaranty is a continuing guaranty of the
payment of all Guaranteed Obligations now or hereafter existing and shall remain in full force and effect until this Guaranty is terminated pursuant to Section 17 hereof. 

Section 4. Waiver of Certain Rights and Notices; Financial Condition of Parties. To the fullest extent not prohibited by
applicable law, except as specifically provided herein, each Subsidiary Guarantor hereby waives and agrees not to assert or take advantage of (a) any right to require any holder to proceed against or exhaust its recourse against the Company,
the Parent, any other party to a Financing Agreement, any other guarantor or endorser, or any security or collateral securing payment or performance, of all or any part of the Guaranteed Obligations held by any collateral agent (for the benefit of
holders) at any time or to pursue any other remedy in its power before proceeding against such Subsidiary Guarantor hereunder; (b) the defense of the statute of limitations in any action hereunder; (c) any defense that may arise by reason
of (i) the incapacity, lack of authority, death or disability, as applicable, of the Company, the Parent, any other party to a Financing Agreement, any of their respective Related Parties or any other Person, (ii) the revocation or
repudiation hereof by any Subsidiary Guarantor or the revocation or repudiation of any of any Financing Agreement by the Company, the Parent, any other party to a Financing Agreement or any other Person, (iii) the failure of the holders to file
or enforce a claim against the estate (either in administration, bankruptcy or any other proceeding) of the Company, the Parent or any other party to a Financing Agreement, (iv) the unenforceability in whole or in part of any Financing
Agreement, (v) the holder’s election in any proceeding instituted under the Title 11 of the United States Code entitled “Bankruptcy” (the “Bankruptcy Code”), of the application of Section 1111(b)(2) of
the Bankruptcy Code, or (vi) any borrowing or grant of a security interest under Section 364 of the Bankruptcy Code; (d) presentment, demand for payment, protest, notice of discharge, notice of acceptance of this Guaranty, and
indulgences and notices of any other kind whatsoever; (e) any defense based upon an election of remedies by the holders which destroys or otherwise impairs the subrogation rights of any Guarantor or the right of such Guarantor to proceed
against the Company, the Parent or any other party to a Financing Agreement for reimbursement; (f) any defense based upon any taking, modification or release of any collateral securing payment or performance, or other guarantees, of all or any
part of the Guaranteed Obligations, or any failure to perfect, or any impairment of, any Lien on, or the taking of or failure to take any other action with respect to, any collateral securing payment or performance of the Guaranteed Obligations;
(g) any right to require marshaling of assets and liabilities, sale in inverse order of alienation, notice of acceptance of this Guaranty and of any obligations to which it applies or may apply; (h) any rights or defenses based upon an
offset by any Guarantor against any obligation now or hereafter owed to such Guarantor by the Company, the Parent or any other party to a Financing Agreement; and (i) without limiting the generality of the foregoing, to the fullest extent
permitted by law, any defenses or benefits that may be derived from or afforded by applicable law limiting the liability of or exonerating guarantors or sureties, or which may conflict with the terms of this Guaranty; provided,
however, that this Section 4 shall not constitute a waiver on the part of any Subsidiary Guarantor of any defense of payment. Each Subsidiary Guarantor shall remain liable hereunder to the extent set forth herein, notwithstanding any
act, omission or thing which might otherwise operate as a legal or equitable discharge of such Subsidiary Guarantor , until the termination of this Guaranty under Section 17 hereof. In addition, each Subsidiary Guarantor shall not have any
right to require any holder or other party to a Financing Agreement to obtain or disclose any information with respect to: (i) the financial condition or character of any other party to a Financing Agreement or the ability

  
 5 

 
of any other party to a Financing Agreement to pay and perform the Guaranteed Obligations; (ii) the Guaranteed Obligations; (iii) any collateral securing payment or performance of all
or any of the Guaranteed Obligations; (iv) the existence or nonexistence of any other guarantees of all or any part of the Guaranteed Obligations; (v) any action or inaction on the part of any holder or any other Person; or (vi) any
other matter, fact or occurrence whatsoever. 
 Section 5. Continuing Guaranty; Reinstatement. This Guaranty is a continuing
guaranty and agreement of subordination relating to any Guaranteed Obligations, including Guaranteed Obligations which may exist continuously or which may arise from time to time under successive transactions, and each Subsidiary Guarantor expressly
acknowledges that this Guaranty shall remain in full force and effect notwithstanding that there may be periods in which no Guaranteed Obligations exist. This Guaranty shall continue in effect and be binding upon each Subsidiary Guarantor until this
Guaranty is terminated pursuant to Section 17 hereof. This Guaranty shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any of the Guaranteed Obligations is rescinded or must otherwise be returned
by the holders on the insolvency, bankruptcy or reorganization of the Company, the Parent or any other party to a Financing Agreement or otherwise, all as though the payment had not been made; provided, however, that no such
reinstatement shall occur if this Guaranty has terminated pursuant to Section 17(b) hereof. 
 Section 6. Subrogation. No
Subsidiary Guarantor shall exercise any rights which it may acquire by way of subrogation, by any payment made under this Guaranty or otherwise, until all the Guaranteed Obligations have been paid in full and the Financing Agreements are no longer
in effect. If any amount is paid to a Subsidiary Guarantor on account of subrogation rights under this Guaranty at any time when all the Guaranteed Obligations have not been paid in full, the amount shall be held in trust for the benefit of the
holders and shall be promptly paid to the holders, to be credited and applied to the Guaranteed Obligations, whether matured or unmatured or absolute or contingent, in accordance with the terms of the Financing Agreements. If any Subsidiary
Guarantor makes payment to any holder, of all or any part of the Guaranteed Obligations and all the Guaranteed Obligations are paid in full and the Financing Agreements are no longer in effect, such holder shall, at such Subsidiary Guarantor’s
request and expense, execute and deliver to such Subsidiary Guarantor appropriate documents, without recourse and without representation or warranty, necessary to evidence the transfer by subrogation to such Subsidiary Guarantor of the interest in
the Guaranteed Obligations resulting from such payment. 
 Section 7. Subordination. Without limiting any holder’s rights
under any other agreement, any liabilities owed by the Company, the Parent or any other party to a Financing Agreement to a Guarantor in connection with any extension of credit or financial accommodation by such Guarantor to or for the account of
the Company, the Parent or any other party to a Financing Agreement, including but not limited to interest accruing at the agreed contract rate after the commencement of a bankruptcy or similar proceeding, are hereby subordinated to the Guaranteed
Obligations, and such liabilities of the Company, the Parent or any other party to a Financing Agreement to such Guarantor, if any holder so requests, shall be collected, enforced and received by such Guarantor as trustee for the holders and shall
be paid over to the holders, on account of the Guaranteed Obligations but without reducing or affecting in any manner the liability of any Subsidiary Guarantor under the other provisions of this Guaranty. 

  
 6 

 Section 8. Payments. 

Each Subsidiary Guarantor hereby agrees, in furtherance of the foregoing provisions of this Guaranty and not in limitation of any other right
which any holder or any other Person may have against such Subsidiary Guarantor by virtue hereof, upon the failure of the Company to pay any of the Guaranteed Obligations when and as the same shall become due, whether at stated maturity, by required
prepayment, declaration, acceleration, demand or otherwise (including amounts that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code), such Subsidiary Guarantor shall forthwith pay, or cause to
be paid, in cash, to the holders an amount equal to the amount of the Guaranteed Obligations then due as aforesaid (including interest which, but for the filing of a petition in any insolvency proceeding with respect to the Company, would have
accrued on such Guaranteed Obligations, whether or not a claim is allowed against the Company for such interest in any such insolvency proceeding). Each Subsidiary Guarantor shall make each payment hereunder, unconditionally in full without set-off, counterclaim or other defense, on the day when due in dollars and in same day or immediately available funds, to the holders at the addresses for payment as set forth in Schedule A to the Note Purchase
Agreement or such other address for payment as may be specified in writing by such holder. 
 Section 9. Representations and
Warranties. Each Subsidiary Guarantor represents and warrants that: 
 (a) (i) such Subsidiary Guarantor is duly organized, validly
existing and in good standing under the laws of the jurisdiction of its organization, has all requisite power and authority to own or lease its properties and to carry on its business as now conducted and, except where the failure to do so,
individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required, (ii) the execution,
delivery and performance of this Guaranty are within such Subsidiary Guarantor’s corporate, limited liability company or other organizational powers and have been duly authorized by all necessary corporate, limited liability company or other
organizational action, (iii) this Guaranty has been duly executed and delivered by such Subsidiary Guarantor and constitutes a legal, valid and binding obligation of such Subsidiary Guarantor, enforceable against such Subsidiary Guarantor in
accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a
proceeding in equity or at law, and (iv) the execution, delivery and performance of this Guaranty by such Subsidiary Guarantor (A) does not require any consent or approval of, registration or filing with, or any other action by, any
Governmental Authority, except such as have been obtained or made and are in full force and effect, and any required filing of Form 8-K with the SEC in connection with this Guaranty, (B) will not violate
any applicable law or regulation or the charter, by-laws or other organizational documents of such Subsidiary Guarantor or any order, decree or judgment of any Governmental Authority, except for any violation
of any applicable law or regulation that would not reasonably be expected to have a Material Adverse Effect, (C) will not violate or result in a default under any indenture, agreement or other instrument binding upon such Subsidiary Guarantor
or its assets, or give rise to a right thereunder to require any payment to be made by such Subsidiary Guarantor, except for any violation or default that would not reasonably be expected to have a Material Adverse Effect, and (D) will not
result in the creation or imposition of any Lien on any asset of such Subsidiary Guarantor; 

  
 7 

 (b) in executing and delivering this Guaranty, such Subsidiary Guarantor has (i) without
reliance on any holder or any information received from any holder and based upon such documents and information it deems appropriate, made an independent investigation of the transactions contemplated hereby and the Company’s, the
Parent’s and any other party to a Financing Agreement’s business, assets, operations, prospects and condition, financial or otherwise, and any circumstances which may bear upon such transactions, the Company, the Parent or any other party
to a Financing Agreement or the obligations and risks undertaken herein with respect to the Guaranteed Obligations; (ii) adequate means to obtain from the Company, the Parent or any other party to a Financing Agreement on a continuing basis
information concerning the Company, the Parent or any other party to a Financing Agreement; (iii) full and complete access to the Financing Agreements and any other documents executed in connection with the Financing Agreements; and
(iv) not relied and will not rely upon any representations or warranties of any holder not embodied herein or any acts heretofore or hereafter taken by any holder (including but not limited to any review by any holder of the affairs of the
Company, the Parent or any other party to a Financing Agreement); 
 (c) each Subsidiary Guarantor has received at least “reasonably
equivalent value” (as such phrase is used in Section 548 of the Bankruptcy Code and in comparable provisions of other applicable law) and more than sufficient consideration to support its obligations hereunder in respect of the Guaranteed
Obligations and under any of the Financing Agreements to which it is a party; 
 (d) each representation and warranty in the Note Purchase
Agreement made by the Company and the Parent with respect to each Subsidiary Guarantor is true and correct in all material respects (other than any representation or warranty qualified as to “materiality”, “Material Adverse
Effect” or similar language, which shall be true and correct in all respects); and 
 (e) upon the execution and delivery hereof, such
Subsidiary Guarantor will be solvent, will be able to pay its debts as they mature and has capital sufficient to carry on its business.     

Section 10. Covenants. 

(a) Each Subsidiary Guarantor will perform and comply with all covenants applicable to such Subsidiary Guarantor, or which the Company, the
Parent or any other party to a Financing Agreement is required to cause such Subsidiary Guarantor to comply with, under the terms of the Note Purchase Agreement or any of the other Financing Agreements as if the same were more fully set forth
herein. 
 (b) Each Subsidiary Guarantor shall furnish to each holder such information respecting the operations, properties, business or
financial condition of such Subsidiary Guarantor or its Subsidiaries as any holder may from time to time reasonably request, subject to the limitations set forth in Section 7.5 of the Note Purchase Agreement. 

  
 8 

 (c) Each Subsidiary Guarantor shall maintain and preserve its legal existence, its rights to
transact business and all other rights, franchises and privileges necessary or desirable in the normal course of its business and operations and the ownership of its properties, except (other than the maintenance of legal existence of such
Subsidiary Guarantor) as could not reasonably be expected to result in a Material Adverse Effect or as may otherwise be permitted under the Note Purchase Agreement. 

(d) Each Subsidiary Guarantor shall maintain all authorizations, consents, approvals, licenses, exemptions of, or filings or registrations
with, any Governmental Authority, or approvals or consents of any other Person, required in connection with this Guaranty or any other Financing Agreement to which it is a party, in each case to the extent necessary to ensure that non-compliance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. “Material Adverse Effect” means a material adverse effect on (a) the
business, operations, affairs, financial condition, assets or properties of such Subsidiary Guarantor and its Subsidiaries taken as a whole, or (b) the ability of such Subsidiary Guarantor to perform its obligations under this Guaranty, or
(c) the validity or enforceability of this Guaranty. 
 (e) Each Subsidiary Guarantor shall execute, acknowledge, deliver, file,
notarize and register at its own expense all such further agreements, instruments, certificates, documents and assurances and perform such acts as the Required Holders shall deem necessary to effectuate the purposes of this Guaranty and the other
Financing Agreements to which such Subsidiary Guarantor is a party, and promptly provide the holders with evidence of the foregoing reasonably satisfactory in form and substance to the Required Holders. 

Section 11. Remedies Generally. The remedies provided in this Guaranty are cumulative and not exclusive of any remedies provided
by law. 
 Section 12. Setoff. If an Event of Default shall have occurred and be continuing, each holder and each of its
Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to setoff and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other obligations at
any time owing by such holder or Affiliate to or for the credit or the account of any Subsidiary Guarantor against any of and all the Guaranteed Obligations held by such holder, irrespective of whether or not such holder shall have made any demand
under this Guaranty and although such Guaranteed Obligations may be unmatured. The rights of each holder under this Section are in addition to other rights and remedies (including other rights of setoff) which such holder may have. Each holder shall
notify the Company promptly after any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and application. 

Section 13. Formalities. Each Subsidiary Guarantor waives presentment, demand, notice of dishonor, default or nonpayment, protest,
notice of acceptance of this Guaranty or incurrence of any of the Guaranteed Obligations and any other formality with respect to any of the Guaranteed Obligations or this Guaranty. 

  
 9 

 Section 14. Amendments and Waivers. Except as otherwise provided in Section 1(b) of
this Guaranty, this Guaranty may be amended, and the observance of any term hereof may be waived (either retroactively or prospectively), with (and only with) the written consent of each Subsidiary Guarantor and the Required Holders, except that no
amendment or waiver which results in the limitation of the liability of any Subsidiary Guarantor hereunder (except to the extent provided in Section 1(b) and Section 17 of this Guaranty) will be effective as to any holder unless consented to by
such holder in writing. Any waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. No failure on the part of any holder to exercise, and no delay in exercising, any right under this Guaranty
shall operate as a waiver or preclude any other or further exercise thereof or the exercise of any other right. 
 Section 15.
Expenses. Each of the Subsidiary Guarantors shall reimburse the holders on demand for all reasonable and documented out-of-pocket costs, expenses and charges
incurred by the holders in connection with the performance or enforcement of this Guaranty. The obligations of the Subsidiary Guarantor under this Section shall survive the termination of this Guaranty. 

Section 16. Assignment; Benefits of Guaranty. This Guaranty shall be binding on, and shall inure to the benefit of each Subsidiary
Guarantor, the holders and their respective successors and assigns; provided that no Subsidiary Guarantor may assign or transfer its rights or obligations under this Guaranty without the prior written consent of each holder (and any attempted
such assignment or transfer by any Subsidiary Guarantor without such consent shall be null and void) (it being understood that a merger or consolidation permitted by the Note Purchase Agreement will not constitute an assignment, transfer or
delegation and does not require the consent of the holders). Without limiting the generality of the foregoing, each holder may assign, sell participations in or otherwise transfer its rights under the Financing Agreements to any other Person in
accordance with the terms of the Note Purchase Agreement, and the other person or entity shall then become vested with all the rights granted to such holder, as applicable, in this Guaranty or otherwise. This Guaranty is entered into for the sole
protection and benefit of the holders and their respective successors and assigns, and no other Person (other than any Related Party specified herein) shall be a direct or indirect beneficiary of, or shall have any direct or indirect cause of action
or claim in connection with, this Guaranty. 
 Section 17. Termination. This Guaranty and all obligations (other than those
expressly stated to survive such termination) of each Guarantor hereunder shall terminate and the Guarantors shall be automatically released from their obligations under this Guaranty (other than those expressly stated to survive such termination),
all without delivery of any instrument or performance of any act by any Person, upon (a) full and indefeasible payment in cash of the Guaranteed Obligations, or (b) the release of such Subsidiary Guarantor pursuant to Section 9.7(c) of the
Note Purchase Agreement. At the request and sole expense of any Subsidiary Guarantor following any such termination or release, the holders shall take all such action reasonably requested by such Subsidiary Guarantor to evidence the release of such
Subsidiary Guarantor from its obligations under this Guaranty. 
 Section 18. Captions. The headings and captions in this
Guaranty are for convenience only and shall not affect the interpretation or construction of this Guaranty. 

  
 10 

 Section 19. Notices. All notices or other written communications hereunder shall be
in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy or email, as follows: 

(a) if to any Subsidiary Guarantor, to it at c/o Four Corners Operating Partnership, LP, 591 Redwood Highway, Suite 1150, Mill Valley, CA
94941, Attention of Mr. Gerry Morgan and James L. Brat, Esq. (Email address: gerry@fourcornerspropertytrust.com and jim@fourcornerspropertytrust.com); and 

(b) if to any holder, at its address set forth in Schedule A to the Note Purchase Agreement or such other address as such holder shall have
specified in writing to the Company. 
 Each Subsidiary Guarantor and each holder may change its address or telecopy number or email address for notices and
other communications hereunder by notice to the other Party. All notices and other communications given to any Subsidiary Guarantor or any holder in accordance with the provisions of this Guaranty shall be deemed to have been given on the date of
receipt, in the case of email notices, as evidenced by sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt function”). 

Section 20. Governing Law; Jurisdiction; Consent to Service of Process. 

(a) This Guaranty shall be construed in accordance with and governed by the law of the State of New York. 

(b) Each Subsidiary Guarantor hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the
Supreme Court of the State of New York sitting in New York County, Borough of Manhattan, and of the United States District Court for the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out
of or relating to this Guaranty, or for recognition or enforcement of any judgment, and each Subsidiary Guarantor hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined
solely in such New York State or, to the extent permitted by law, in such federal court. Each Subsidiary Guarantor agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit
on the judgment or in any other manner provided by law. Nothing in this Guaranty shall affect any right that any holder may otherwise have to bring any action or proceeding relating to this Guaranty against any Subsidiary Guarantor or its properties
in the courts of any jurisdiction. 
 (c) Each Subsidiary Guarantor hereby irrevocably and unconditionally waives, to the fullest extent it
may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Guaranty in any court referred to in subsection (b) above. Each
Subsidiary Guarantor    hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(d) Each Subsidiary Guarantor irrevocably consents to service of process in the manner provided for notices herein. Nothing in this Guaranty
will affect the right of any Party to serve process in any other manner permitted by law. 

  
 11 

 Section 21. Invalid Provisions. If any provision of this Guaranty is held to be
illegal, invalid, or unenforceable under present or future laws effective during the term of this Guaranty, such provision shall be fully severable and this Guaranty shall be construed and enforced as if such illegal, invalid or unenforceable
provision had never comprised a part of this Guaranty, and the remaining provisions of this Guaranty shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this
Guaranty, unless such continued effectiveness of this Guaranty, as modified, would be contrary to the basic understandings and intentions of the Parties as expressed herein. 

Section 22. ENTIRETY. THIS GUARANTY AND THE OTHER FINANCING AGREEMENTS EXECUTED BY ANY SUBSIDIARY GUARANTOR EMBODY THE FINAL,
ENTIRE AGREEMENT OF SUCH SUBSIDIARY GUARANTOR AND THE HOLDERS WITH RESPECT TO THE SUBJECT MATTER HEREOF AND THEREOF AND SUPERSEDES ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS, AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO
THE SUBJECT MATTER HEREOF AND THEREOF. THIS GUARANTY AND THE OTHER FINANCING AGREEMENTS EXECUTED BY EACH SUBSIDIARY GUARANTOR ARE INTENDED BY EACH SUBSIDIARY GUARANTOR AND THE HOLDERS AS A FINAL AND COMPLETE EXPRESSION OF THE TERMS HEREOF AND
THEREOF, AND NO COURSE OF DEALING AMONG ANY SUBSIDIARY GUARANTOR AND THE HOLDERS, NO COURSE OF PERFORMANCE, NO TRADE PRACTICES, AND NO EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OR OTHER EXTRINSIC EVIDENCE OF ANY
NATURE SHALL BE USED TO CONTRADICT, VARY, SUPPLEMENT OR MODIFY ANY TERM OF THIS GUARANTY OR ANY OTHER FINANCING AGREEMENT EXECUTED BY ANY SUBSIDIARY GUARANTOR. THERE ARE NO ORAL AGREEMENTS BETWEEN ANY SUBSIDIARY GUARANTOR AND THE HOLDERS. 

Section 23. WAIVER OF RIGHT TO TRIAL BY JURY. EACH SUBSIDIARY GUARANTOR AND, BY ITS ACCEPTANCE HEREOF, EACH HOLDER, EACH HEREBY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS GUARANTY OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON
CONTRACT, TORT OR ANY OTHER THEORY). EACH SUBSIDIARY GUARANTOR AND, BY ITS ACCEPTANCE HEREOF, EACH HOLDER, EACH (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER
PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND SUCH OTHER PARTY HAVE BEEN INDUCED TO EXECUTE OR ACCEPT THIS GUARANTY BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION. 
 Section 24. Reserved. 

  
 12 

 Section 25. Guaranteed Parties Not Fiduciaries to any Subsidiary Guarantor. The
relationship between each Subsidiary Guarantor and its Affiliates, on the one hand, and each of the holders and their respective Affiliates, on the other hand, is solely that of debtor and creditor, and neither such guaranteed party nor any
Affiliate thereof shall have any fiduciary or other special relationship with any Subsidiary Guarantor or any of its Affiliates, and no term or provision of any Financing Agreement, no course of dealing, no written or oral communication, or other
action, shall be construed so as to deem such relationship to be other than that of debtor and creditor. 
 Section 26.
Counterparts. This Guaranty may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

[SIGNATURE PAGE FOLLOWS] 

  
 13 

 IN WITNESS WHEREOF, each Subsidiary Guarantor has caused this Guaranty to be duly executed
and delivered by its duly authorized officer as of the date first above written. 
  

	
	[Subsidiary Guarantor Signature Blocks to be Inserted]

 [Signature Page – Subsidiary Guaranty] 

 FORM OF OPINION OF
SPECIAL COUNSEL 
 TO THE OBLIGORS 

Matters To Be Covered in 

Opinion of Special Counsel to the Obligors 

1. Each of the Parent, the Company and their respective Subsidiaries being duly incorporated, validly existing and in good standing and having
requisite corporate power and authority to issue and sell the Notes and to execute and deliver the documents. 
 2. Due authorization and
execution of the documents and such documents being legal, valid, binding and enforceable. 
 3. No conflicts with charter documents, laws or
other agreements. 
 4. All consents required to issue and sell the Notes and execute and deliver the Parent Guaranty and to execute and
deliver the documents having been obtained. 
 5. The Notes and the Parent Guaranty not requiring registration under the Securities Act of
1933, as amended; no need to qualify an indenture under the Trust Indenture Act of 1939, as amended. 
 6. No violation of Regulations T, U
or X of the Federal Reserve Board. 
 7. Neither the Company nor the Parent is an “investment company”, or a company
“controlled” by an “investment company”, under the Investment Company Act of 1940, as amended. 
 SCHEDULE
4.4(a) 
 (to Note Purchase Agreement) 

 FORM OF OPINION OF
SPECIAL COUNSEL 
 TO THE PURCHASERS 

[To Be Provided on a Case by Case Basis] 

SCHEDULE 4.4(b) 

(to Note Purchase Agreement) 

 DISCLOSURE MATERIALS 

1. Four Corners Investor Presentation dated January 2017. 

2. Four Corners Master Investor Q&A dated March 8, 2017. 

SCHEDULE 5.3 
 (to
Note Purchase Agreement) 

 SUBSIDIARIES OF THE PARENT
AND OWNERSHIP OF SUBSIDIARY STOCK 
 A. Subsidiaries

  

							
	 Name
	  	 Jurisdiction of
Organization
	  	 Material
Subsidiary
	  	 Equity Interests

	Four Corners Operating Partnership, LP	  	Delaware	  	N/A	  	Four Corners GP, LLC owns 1% of issued and outstanding partnership interests; Four Corners Property Trust, Inc. owns 98.34% of issued and outstanding partnership interests. FCPT OP Holdings, LP owns 0.2% of issued and
outstanding partnership interests, and non-affiliated third parties own approximately 0.46%
				
	Kerrow Holdings, LLC	  	Texas	  	No	  	Four Corners Property Trust, Inc. owns 100% of the issued and outstanding membership interests, as evidenced by membership interest certificate number 2
				
	Kerrow Restaurants, LLC	  	Texas	  	Yes	  	Kerrow Holdings, LLC owns 100% of the issued and outstanding membership interests
				
	FCPT Garden Properties, LLC	  	Delaware	  	Yes	  	Four Corners Operating Partnership, LP owns 100% of the issued and outstanding membership interests, as evidenced by membership interest certificate number 1
				
	FCPT Sunshine Properties, LLC	  	Delaware	  	Yes	  	Four Corners Operating Partnership, LP owns 100% of the issued and outstanding membership interests, as evidenced by membership interest certificate number 1
				
	FCPT SW Properties, LLC	  	Delaware	  	Yes	  	Four Corners Operating Partnership, LP owns 100% of the issued and outstanding membership interests, as evidenced by membership interest certificate number 1
				
	FCPT International Drive, LLC	  	Delaware	  	Yes	  	Four Corners Operating Partnership, LP owns 100% of the issued and outstanding membership interests, as evidenced by membership interest certificate number
1

  
 SCHEDULE
5.4 
 (to Note Purchase Agreement) 

							
	 Name
	  	 Jurisdiction of
Organization
	  	 Material
Subsidiary
	  	 Equity Interests

	FCPT Keystone Properties 11, LLC	  	Delaware	  	Yes	  	Four Corners Operating Partnership, LP owns 100% of the issued and outstanding membership interests, as evidenced by membership interest certificate number 1
				
	Four Corners GP, LLC	  	Delaware	  	No	  	Parent owns 100% of the issued and outstanding membership interests
				
	FCPT Keystone Properties, LLC	  	Delaware	  	Yes	  	Four Corners Operating Partnership, LP owns 89% of the issued and outstanding membership interests, as evidenced by membership interest certificate number 1; FCPT Keystone Properties 11, LLC owns 11% of the issued and
outstanding membership interests, as evidenced by membership interest certificate number 2
				
	FCPT Restaurant Properties, LLC	  	Delaware	  	Yes	  	Four Corners Operating Partnership, LP owns 100% of the issued and outstanding membership interests, as evidenced by membership interest certificate number 1
				
	FCPT Remington Properties, LLC	  	Delaware	  	Yes	  	Four Corners Operating Partnership, LP owns 100% of the issued and outstanding membership interests, as evidenced by membership interest certificate number 1
				
	FCPT Hospitality Properties, LLC	  	Delaware	  	Yes	  	Four Corners Operating Partnership, LP owns 100% of the issued and outstanding membership interests, as evidenced by membership interest certificate number 1
				
	FCPT PA Hospitality Properties 11, LLC	  	Delaware	  	Yes	  	Four Corners Operating Partnership, LP owns 100% of the issued and outstanding membership interests, as evidenced by membership interest certificate number 1
				
	FCPT PA Hospitality Properties, LLC	  	Delaware	  	Yes	  	Four Corners Operating Partnership, LP owns 89% of the issued and outstanding membership interests, as evidenced by membership interest certificate number 1; FCPT PA Hospitality Properties 11, LLC owns 11% of the
issued and outstanding membership interests, as evidenced by membership interest certificate number 2
				
	FCPT Acquisitions, LLC	  	Delaware	  	No	  	Four Corners Operating Partnership, LP owns 100% of the issued and outstanding membership interests

  
 -2- 

							
	 Name
	  	 Jurisdiction of
Organization
	  	 Material
Subsidiary
	  	 Equity Interests

	FCPT Holdings, LLC	  	Delaware	  	Yes	  	Four Corners Operating Partnership, LP owns 100% of the issued and outstanding membership interests
				
	FCPT TRS, LLC	  	Delaware	  	No	  	Parents owns 100% of the issued and outstanding membership interests
				
	FCPT OP Holdings, LP	  	Delaware	  	No	  	Parent owns 99% of the issued and outstanding partnership interests and FCPT TRS, LLC owns 1% of the issued and outstanding partnership interests

 B. Joint Ventures 

None. 
 C. Directors and Senior Officers

 Parent 
 John S. Moody, Director 

Douglas B. Hansen, Director 
 Marran H. Ogilvie, Director 

Paul E. Szurek, Director 
 Will H. Leneham, Director and CEO 

Gerald R. Morgan, CFO 
 James L. Brat, General Counsel and
Secretary 

  
 -3- 

 Company 

The Company is managed by the General Partner. The General Partner’s Managers and Senior Officers are as follows: 

Gerald R. Morgan, Sole Manager, President and Treasurer 
 James L.
Brat, Secretary 
 D. Liens on Equity Interests 

Liens under the Bank Credit Agreement will be released substantially simultaneously with Closing. 

E. Restrictions on Distributions 

1. Restrictions contained in the Bank Credit Agreement and this Agreement. 

2. Restrictions contained in Section 6.2 of the Company’s Limited Partnership Agreement dated August 11, 2015. 

  
 -4- 

 ELIGIBLE UNENCUMBERED REAL PROPERTY
ASSETS AND 
 ELIGIBLE UNENCUMBERED MORTGAGE
NOTE VALUE 
 A. Eligible Unencumbered Real Property Assets 

 

									
	 Restaurant
	  	 Address
	  	 City
	  	 State
	  	Subject to a Qualifying
Ground Lease (Y/N)?
	 Olive Garden
	  	 5021 West Irlo Bronson Hwy
	  	 Kissimmee
	  	 FL
	  	N
	 Olive Garden
	  	 1274 US Highway 31
	  	 Greenwood
	  	 IN
	  	N
	 Olive Garden
	  	 6130 E 82nd Street
	  	 Indianapolis
	  	 IN
	  	N
	 Olive Garden
	  	 1545 Flamingo Road
	  	 Las Vegas
	  	 NV
	  	N
	 Olive Garden
	  	 3363 SW College Road
	  	 Ocala
	  	 FL
	  	N
	 Olive Garden
	  	 3730 University Dr NW
	  	 Huntsville
	  	 AL
	  	N
	 Olive Garden
	  	 6410 Grape Road
	  	 Mishawaka
	  	 IN
	  	N
	 Olive Garden
	  	 1919 S Reynolds Road
	  	 Toledo
	  	 OH
	  	N
	 Olive Garden
	  	 4420 West 14th Street
	  	 Bradenton
	  	 FL
	  	N
	 Olive Garden
	  	 29461 US Hwy 19 North
	  	 Clearwater
	  	 FL
	  	N
	 Olive Garden
	  	 3911 US 98 N
	  	 Lakeland
	  	 FL
	  	N
	 Olive Garden
	  	 3816 Towne Crossing Blvd
	  	 Mesquite
	  	 TX
	  	N
	 Olive Garden
	  	 8020 Bedford/Euless Road
	  	 North Richland Hills
	  	 TX
	  	N
	 Olive Garden
	  	 925 Alta Mere Drive Ridgmartown Ctr
	  	 Fort Worth
	  	 TX
	  	N
	 Olive Garden
	  	 8155 E Washington
	  	 Indianapolis
	  	 IN
	  	N
	 Olive Garden
	  	 8833 Burnet Road
	  	 Austin
	  	 TX
	  	N
	 Olive Garden
	  	 1176 Mount Zion Road
	  	 Morrow
	  	 GA
	  	N
	 Olive Garden
	  	 12870 Cleveland Avenue
	  	 Fort Myers
	  	 FL
	  	N
	 Olive Garden
	  	 7019 S Memorial Drive
	  	 Tulsa
	  	 OK
	  	N
	 Olive Garden
	  	 3701 Airport Blvd Festival Center
	  	 Mobile
	  	 AL
	  	N
	 Olive Garden
	  	 4810 Dressler Road
	  	 Canton
	  	 OH
	  	N
	 Olive Garden
	  	 1701 New Stine Road
	  	 Bakersfield
	  	 CA
	  	N

 SCHEDULE 5.10 

(to Note Purchase Agreement) 

									
	 Restaurant
	  	 Address
	  	 City
	  	 State
	  	Subject to a Qualifying
Ground Lease (Y/N)?
	 Olive Garden
	  	 6700 Hwy 19
	  	 Pinellas Park
	  	 FL
	  	N
	 Olive Garden
	  	 3565 Mall Blvd
	  	 Duluth
	  	 GA
	  	N
	 Olive Garden
	  	 17500 Bagley Road
	  	 Middleburg Heights
	  	 OH
	  	N
	 Olive Garden
	  	 25 Ludwig Dr
	  	 Fairview Heights
	  	 IL
	  	N
	 Olive Garden
	  	 12361 State Road 535
	  	 Orlando
	  	 FL
	  	N
	 Olive Garden
	  	 13835 Lakeside Circle
	  	 Sterling Heights
	  	 MI
	  	N
	 Olive Garden
	  	 4900 S Virginia
	  	 Reno
	  	 NV
	  	N
	 Olive Garden
	  	 3924 Medina Road
	  	 Akron
	  	 OH
	  	N
	 Olive Garden
	  	 3883 28th St SE
	  	 Grand Rapids
	  	 MI
	  	N
	 Olive Garden
	  	 9251 Monte Vista
	  	 Montclair
	  	 CA
	  	N
	 Olive Garden
	  	 7206 Kingston Pike
	  	 Knoxville
	  	 TN
	  	N
	 Olive Garden
	  	 7179 Dixie Hwy
	  	 Fairfield
	  	 OH
	  	N
	 Olive Garden
	  	 5120 Monroe Street
	  	 Toledo
	  	 OH
	  	N
	 Olive Garden
	  	 16601 N Torrence Ave
	  	 Lansing
	  	 IL
	  	N
	 Olive Garden
	  	 4701 American Blvd W
	  	 Bloomington
	  	 MN
	  	N
	 Olive Garden
	  	 701 N Milwaukee Avenue
	  	 Vernon Hills
	  	 IL
	  	N
	 Olive Garden
	  	 2736 Washington Rd
	  	 Augusta
	  	 GA
	  	N
	 Olive Garden
	  	 2200 Hamilton Place Blvd
	  	 Chattanooga
	  	 TN
	  	N
	 Olive Garden
	  	 3699 Miller Rd
	  	 Flint
	  	 MI
	  	N
	 Olive Garden
	  	 807 S University Drive
	  	 Plantation
	  	 FL
	  	N
	 Olive Garden
	  	 14000 Middlebelt Rd
	  	 Livonia
	  	 MI
	  	N
	 Olive Garden
	  	 4900 S Tamiami Trail
	  	 Sarasota
	  	 FL
	  	N
	 Olive Garden
	  	 3630 Bay Road
	  	 Saginaw
	  	 MI
	  	N
	 Olive Garden
	  	 4001 W Airport Freeway
	  	 Irving
	  	 TX
	  	N
	 Olive Garden
	  	 2602 West Brandon Blvd
	  	 Brandon
	  	 FL
	  	N
	 Olive Garden
	  	 7160 Sawmill Road
	  	 Columbus
	  	 OH
	  	N
	 Olive Garden
	  	 25984 Lorain Road
	  	 North Olmsted
	  	 OH
	  	N

  
 -2- 

									
	 Restaurant
	  	 Address
	  	 City
	  	 State
	  	Subject to a Qualifying
Ground Lease (Y/N)?
	 Olive Garden
	  	 1340 Kenneth Road
	  	 York
	  	 PA
	  	N
	 Olive Garden
	  	 2321 W I 240 Service Rd
	  	 Oklahoma City
	  	 OK
	  	N
	 Olive Garden
	  	 3600 Westown Parkway
	  	 West Des Moines
	  	 IA
	  	N
	 Olive Garden
	  	 6155 NW Loop 410
	  	 San Antonio
	  	 TX
	  	N
	 Olive Garden
	  	 429 Barrett Pkwy
	  	 Kennesaw
	  	 GA
	  	N
	 Olive Garden
	  	 6700 Westnedge Ave S
	  	 Portage
	  	 MI
	  	N
	 Olive Garden
	  	 800 North 8th St
	  	 West Dundee
	  	 IL
	  	N
	 Olive Garden
	  	 5815 Suemandy Drive
	  	 Saint Peters
	  	 MO
	  	N
	 Olive Garden
	  	 13730 San Pedro
	  	 San Antonio
	  	 TX
	  	N
	 Olive Garden
	  	 5258 S Padre Island Drive
	  	 Corpus Christi
	  	 TX
	  	N
	 Olive Garden
	  	 7525 FM 1960 W
	  	 Houston
	  	 TX
	  	N
	 Olive Garden
	  	 585 I-10 North
	  	 Beaumont
	  	 TX
	  	N
	 Olive Garden
	  	 405 Cypress Garden Blvd SE
	  	 Winter Haven
	  	 FL
	  	N
	 Olive Garden
	  	 15355 Eureka Road
	  	 Southgate
	  	 MI
	  	N
	 Olive Garden
	  	 30 East Anthony Drive
	  	 Champaign
	  	 IL
	  	N
	 Olive Garden
	  	 11882 E Colonial Drive
	  	 Orlando
	  	 FL
	  	N
	 Olive Garden
	  	 315 Coliseum Blvd W
	  	 Fort Wayne
	  	 IN
	  	N
	 Olive Garden
	  	 4339 13th Avenue SW
	  	 Fargo
	  	 ND
	  	N
	 Olive Garden
	  	 2943 Lakewood Village Drive
	  	 North Little Rock
	  	 AR
	  	N
	 Olive Garden
	  	 6050 Youngerman Circle Orange Park
	  	 Jacksonville
	  	 FL
	  	N
	 Olive Garden
	  	 1361 S. Decatur Blvd
	  	 Las Vegas
	  	 NV
	  	N
	 Olive Garden
	  	 12330 Amargosa Rd
	  	 Victorville
	  	 CA
	  	N
	 Olive Garden
	  	 1565 5th Avenue S
	  	 Naples
	  	 FL
	  	N
	 Olive Garden
	  	 532 Jefferson Road
	  	 Rochester
	  	 NY
	  	N
	 Olive Garden
	  	 1631 Ring Road
	  	 Chesapeake
	  	 VA
	  	N
	 Olive Garden
	  	 1749 Beam Avenue
	  	 Maplewood
	  	 MN
	  	N
	 Olive Garden
	  	 234 N Mc Pherson Church Rd
	  	 Fayetteville
	  	 NC
	  	N

  
 -3- 

									
	 Restaurant
	  	 Address
	  	 City
	  	 State
	  	Subject to a Qualifying
Ground Lease (Y/N)?
	 Olive Garden
	  	 4221 196th Street SW
	  	 Lynnwood
	  	 WA
	  	N
	 Olive Garden
	  	 1300 Interstate 70 Dr S.W.
	  	 Columbia
	  	 MO
	  	N
	 Olive Garden
	  	 1925 SW Wanamaker Rd
	  	 Topeka
	  	 KS
	  	N
	 Olive Garden
	  	 323 N Rock Road
	  	 Wichita
	  	 KS
	  	N
	 Olive Garden
	  	 1131 Bell Road
	  	 Antioch
	  	 TN
	  	N
	 Olive Garden
	  	 4760 S 76th Street
	  	 Greenfield
	  	 WI
	  	N
	 Olive Garden
	  	 2530 Enterprise Road
	  	 Orange City
	  	 FL
	  	N
	 Olive Garden
	  	 3820 South US Hwy 41
	  	 Terre Haute
	  	 IN
	  	N
	 Olive Garden
	  	 7113 West Broad Street
	  	 Richmond
	  	 VA
	  	N
	 Olive Garden
	  	 274 Harbison Blvd
	  	 Columbia
	  	 SC
	  	N
	 Olive Garden
	  	 305 Rocky Run Parkway
	  	 Talleyville
	  	 DE
	  	N
	 Olive Garden
	  	 5380 S Wadsworth Blvd
	  	 Littleton
	  	 CO
	  	N
	 Olive Garden
	  	 8201 W Flagler
	  	 Miami
	  	 FL
	  	N
	 Olive Garden
	  	 1525 County Road C
	  	 Roseville
	  	 MN
	  	N
	 Olive Garden
	  	 513 Academy Boulevard
	  	 Colorado Springs
	  	 CO
	  	N
	 Olive Garden
	  	 2390 S Havana Street
	  	 Aurora
	  	 CO
	  	N
	 Olive Garden
	  	 320 N Milwaukee Street
	  	 Boise
	  	 ID
	  	N
	 Olive Garden
	  	 24845 Gratiot Avenue
	  	 Eastpointe
	  	 MI
	  	N
	 Olive Garden
	  	 109 Grand Central Avenue
	  	 Parkersburg
	  	 WV
	  	N
	 Olive Garden
	  	 389 Shaw Avenue
	  	 Clovis
	  	 CA
	  	N
	 Olive Garden
	  	 9079 Vantage Point Dr
	  	 Dallas
	  	 TX
	  	N
	 Olive Garden
	  	 12711 Gulf Freeway
	  	 Houston
	  	 TX
	  	N
	 Olive Garden
	  	 8315 Benson Drive
	  	 Columbia
	  	 MD
	  	N
	 Olive Garden
	  	 222 Expressway 83
	  	 McAllen
	  	 TX
	  	N
	 Olive Garden
	  	 10144 Phillips Hwy
	  	 Jacksonville
	  	 FL
	  	N
	 Olive Garden
	  	 853 Boardman-Poland Rd
	  	 Boardman
	  	 OH
	  	N
	 Olive Garden
	  	 460 Hospitality Lane
	  	 San Bernardino
	  	 CA
	  	N

  
 -4- 

									
	 Restaurant
	  	 Address
	  	 City
	  	 State
	  	Subject to a Qualifying
Ground Lease (Y/N)?
	 Olive Garden
	  	 2508 W New Haven Avenue
	  	 West Melbourne
	  	 FL
	  	N
	 Olive Garden
	  	 9080 SW Freeway
	  	 Houston
	  	 TX
	  	N
	 Olive Garden
	  	 1051 W Rancho Vista Blvd
	  	 Palmdale
	  	 CA
	  	N
	 Olive Garden
	  	 14405 Gideon Drive
	  	 Woodbridge
	  	 VA
	  	N
	 Olive Garden
	  	 1925 Valley View Blvd NW
	  	 Roanoke
	  	 VA
	  	N
	 Olive Garden
	  	 504 W 2230 North
	  	 Provo
	  	 UT
	  	N
	 Olive Garden
	  	 7505 Dodge Street
	  	 Omaha
	  	 NE
	  	N
	 Olive Garden
	  	 40 McIntyre Square Drive
	  	 Pittsburgh
	  	 PA
	  	N
	 Olive Garden
	  	 5102 Jonestown Road
	  	 Harrisburg
	  	 PA
	  	N
	 Olive Garden
	  	 9421 Pineville Matthews Road
	  	 Pineville
	  	 NC
	  	N
	 Olive Garden
	  	 72225 Highway 111
	  	 Palm Desert
	  	 CA
	  	N
	 Olive Garden
	  	 3003 Brittany Court
	  	 Elkhart
	  	 IN
	  	N
	 Olive Garden
	  	 5743 Johnston Street
	  	 Lafayette
	  	 LA
	  	N
	 Olive Garden
	  	 10715 N Rodney Parham Rd
	  	 Little Rock
	  	 AR
	  	N
	 Olive Garden
	  	 475 Ohio Pike
	  	 Cincinnati
	  	 OH
	  	N
	 Olive Garden
	  	 1405 N. Kings Highway
	  	 Myrtle Beach
	  	 SC
	  	N
	 Olive Garden
	  	 1320 Hurstbourne Lane
	  	 Louisville
	  	 KY
	  	N
	 Olive Garden
	  	 2520 E Co Line Road
	  	 Highlands Ranch
	  	 CO
	  	N
	 Olive Garden
	  	 43300 Crescent Blvd
	  	 Novi
	  	 MI
	  	N
	 Olive Garden
	  	 104 W Loop 281
	  	 Longview
	  	 TX
	  	N
	 Olive Garden
	  	 5945 Peach Street
	  	 Erie
	  	 PA
	  	N
	 Olive Garden
	  	 5163 Route 30
	  	 Greensburg
	  	 PA
	  	N
	 Olive Garden
	  	 905 Holcomb Bridge Rd
	  	 Roswell
	  	 GA
	  	N
	 Olive Garden
	  	 2782 Wilma Rudolph Blvd
	  	 Clarksville
	  	 TN
	  	N
	 Olive Garden
	  	 2819 Oneida Street
	  	 Green Bay
	  	 WI
	  	N
	 Olive Garden
	  	 4900 Fields-Ertel Road
	  	 Cincinnati
	  	 OH
	  	N
	 Olive Garden
	  	 3121 West 41st Street
	  	 Sioux Falls
	  	 SD
	  	N

  
 -5- 

									
	 Restaurant
	  	 Address
	  	 City
	  	 State
	  	Subject to a Qualifying
Ground Lease (Y/N)?
	 Olive Garden
	  	 222 Yakima Avenue
	  	 Yakima
	  	 WA
	  	N
	 Olive Garden
	  	 1802 W Lincoln St
	  	 Harlingen
	  	 TX
	  	N
	 Olive Garden
	  	 1025 Dana Drive
	  	 Redding
	  	 CA
	  	N
	 Olive Garden
	  	 6850 W. Cheyenne Ave.
	  	 Las Vegas
	  	 NV
	  	N
	 Olive Garden
	  	 14650 Baltimore Ave.
	  	 Laurel
	  	 MD
	  	N
	 Olive Garden
	  	 4604 S. Cooper Street
	  	 Arlington
	  	 TX
	  	N
	 Olive Garden
	  	 6000 Durand Avenue
	  	 Racine
	  	 WI
	  	N
	 Olive Garden
	  	 6201 E. Southern Ave.
	  	 Mesa
	  	 AZ
	  	N
	 Olive Garden
	  	 3905 S. College Ave.
	  	 Fort Collins
	  	 CO
	  	N
	 Olive Garden
	  	 4805 Capital Blvd
	  	 Raleigh
	  	 NC
	  	N
	 Olive Garden
	  	 263 N Dupont Hwy
	  	 Dover
	  	 DE
	  	N
	 Olive Garden
	  	 4151 South Street
	  	 Lafayette
	  	 IN
	  	N
	 Olive Garden
	  	 4240 Beltline Rd
	  	 Addison
	  	 TX
	  	N
	 Olive Garden
	  	 1275 N. Casaloma
	  	 Appleton
	  	 WI
	  	N
	 Olive Garden
	  	 2397 SR 77
	  	 Panama City
	  	 FL
	  	N
	 Olive Garden
	  	 10212 Emmett F. Lowry Expressw
	  	 Texas City
	  	 TX
	  	N
	 Olive Garden
	  	 304 W. McGalliard Rd.
	  	 Muncie
	  	 IN
	  	N
	 Olive Garden
	  	 1315 W. Esplanade Ave.
	  	 Kenner
	  	 LA
	  	N
	 Olive Garden
	  	 639 N. Cockrell Hill
	  	 Duncanville
	  	 TX
	  	N
	 Olive Garden
	  	 2044 South Road
	  	 Poughkeepsie
	  	 NY
	  	N
	 Olive Garden
	  	 2201 Grant Rd
	  	 Billings
	  	 MT
	  	N
	 Olive Garden
	  	 100 Paddy Creek Circle
	  	 Rochester
	  	 NY
	  	N
	 Olive Garden
	  	 715 Grape St
	  	 Whitehall
	  	 PA
	  	N
	 Olive Garden
	  	 5150 Hinkleville Rd
	  	 Paducah
	  	 KY
	  	N
	 Olive Garden
	  	 16151 Ford Rd.
	  	 Dearborn
	  	 MI
	  	N
	 Olive Garden
	  	 741 Hogan Rd
	  	 Bangor
	  	 ME
	  	N
	 Olive Garden
	  	 3030 Alpine Ave Nw
	  	 Grand Rapids
	  	 MI
	  	N

  
 -6- 

									
	 Restaurant
	  	 Address
	  	 City
	  	 State
	  	Subject to a Qualifying
Ground Lease (Y/N)?
	 Olive Garden
	  	 3915 W War Memorial Dr
	  	 Peoria
	  	 IL
	  	N
	 Olive Garden
	  	 2048 Woodbury Ave.
	  	 Newington
	  	 NH
	  	N
	 Olive Garden
	  	 5520 S. Broadway Ave.
	  	 Tyler
	  	 TX
	  	N
	 Olive Garden
	  	 2813 Humes Rd.
	  	 Janesville
	  	 WI
	  	N
	 Olive Garden
	  	 80 N. Nellis Blvd.
	  	 Las Vegas
	  	 NV
	  	N
	 Olive Garden
	  	 6710 Roosevelt Ave
	  	 Middletown
	  	 OH
	  	N
	 Olive Garden
	  	 223 Loudon Rd.
	  	 Concord
	  	 NH
	  	N
	 Olive Garden
	  	 3790 W 76 Country Blvd
	  	 Branson
	  	 MO
	  	N
	 Olive Garden
	  	 150 Coon Rapids Blvd.
	  	 Coon Rapids
	  	 MN
	  	N
	 Olive Garden
	  	 12980 Fair Lakes Ctr
	  	 Fairfax
	  	 VA
	  	N
	 Olive Garden
	  	 3951 Maple Rd.
	  	 Amherst
	  	 NY
	  	N
	 Olive Garden
	  	 10280 E. Technology Blvd
	  	 Dallas
	  	 TX
	  	N
	 Olive Garden
	  	 121 Tunnel Rd
	  	 Asheville
	  	 NC
	  	N
	 Olive Garden
	  	 3620 Crain Hwy
	  	 Waldorf
	  	 MD
	  	N
	 Olive Garden
	  	 2865 Centre Dr.
	  	 Fairborn
	  	 OH
	  	N
	 Olive Garden
	  	 3031 E Hammonds Blvd
	  	 Joplin
	  	 MO
	  	N
	 Olive Garden
	  	 200 N. Galleria Dr.
	  	 Middletown
	  	 NY
	  	N
	 Olive Garden
	  	 367 Collins Rd.
	  	 Cedar Rapids
	  	 IA
	  	N
	 Olive Garden
	  	 4920 Golf Rd.
	  	 Eau Claire
	  	 WI
	  	N
	 Olive Garden
	  	 202 Laurel Oak Rd
	  	 Voorhees
	  	 NJ
	  	N
	 Olive Garden
	  	 4400 E. Sunset Rd.
	  	 Henderson
	  	 NV
	  	N
	 Olive Garden
	  	 4125 Route 31
	  	 Clay
	  	 NY
	  	N
	 Olive Garden
	  	 117 Ed Noble Parkway
	  	 Norman
	  	 OK
	  	N
	 Olive Garden
	  	 898 Hebron Rd.
	  	 Heath
	  	 OH
	  	N
	 Olive Garden
	  	 3500 O’Neill Dr.
	  	 Jackson
	  	 MI
	  	N
	 Olive Garden
	  	 1049 W. Mercury Blvd
	  	 Hampton
	  	 VA
	  	N
	 Olive Garden
	  	 1010 W. Elliott Rd.
	  	 Tempe
	  	 AZ
	  	N

  
 -7- 

									
	 Restaurant
	  	 Address
	  	 City
	  	 State
	  	Subject to a Qualifying
Ground Lease (Y/N)?
	 Olive Garden
	  	 1315 E. San Marnan Dr
	  	 Waterloo
	  	 IA
	  	N
	 Olive Garden
	  	 12 Mall Rd. Huntington Mall
	  	 Barboursville
	  	 WV
	  	N
	 Olive Garden
	  	 7889 W Bell Rd.
	  	 Peoria
	  	 AZ
	  	N
	 Olive Garden
	  	 9413 State Rd 16
	  	 Onalaska
	  	 WI
	  	N
	 Olive Garden
	  	 301 W. State Highway 114
	  	 Grapevine
	  	 TX
	  	N
	 Olive Garden
	  	 2705 W. Loop 250 N.
	  	 Midland
	  	 TX
	  	N
	 Olive Garden
	  	 26715 Interstate 45 N.
	  	 Spring
	  	 TX
	  	N
	 Olive Garden
	  	 178 Wolf Road
	  	 Colonie
	  	 NY
	  	N
	 Olive Garden
	  	 7515 Rogers Ave.
	  	 Fort Smith
	  	 AR
	  	N
	 Olive Garden
	  	 6347 I-55 North
	  	 Jackson
	  	 MS
	  	N
	 Olive Garden
	  	 2093 Schorrway Dr.
	  	 Lancaster
	  	 OH
	  	N
	 Olive Garden
	  	 1936 Roschman Ave
	  	 Lima
	  	 OH
	  	N
	 Olive Garden
	  	 2150 Richmond Rd.
	  	 Williamsburg
	  	 VA
	  	N
	 Olive Garden
	  	 3350 Dodge St
	  	 Dubuque
	  	 IA
	  	N
	 Olive Garden
	  	 907 Howard St.
	  	 Zanesville
	  	 OH
	  	N
	 Olive Garden
	  	 5609 Spectrum Dr.
	  	 Frederick
	  	 MD
	  	N
	 Olive Garden
	  	 500 Gorsuch Rd
	  	 Westminster
	  	 MD
	  	N
	 Olive Garden
	  	 1095 Iyannough Rd
	  	 Hyannis
	  	 MA
	  	N
	 Olive Garden
	  	 1700 Crossing Drive
	  	 Wyomissing
	  	 PA
	  	N
	 Olive Garden
	  	 1077 Valley River Dr
	  	 Eugene
	  	 OR
	  	N
	 Olive Garden
	  	 11333 Abercorn St
	  	 Savannah
	  	 GA
	  	N
	 Olive Garden
	  	 7740 Mentor Ave
	  	 Mentor
	  	 OH
	  	N
	 Olive Garden
	  	 6710 Douglas Blvd
	  	 Douglasville
	  	 GA
	  	N
	 Olive Garden
	  	 3220 Buford Dr
	  	 Buford
	  	 GA
	  	N
	 Olive Garden
	  	 12520 Elm Creek Blvd N
	  	 Maple Grove
	  	 MN
	  	N
	 Olive Garden
	  	 15090 West 119th Street
	  	 Olathe
	  	 KS
	  	N
	 Olive Garden
	  	 12827 Ranch Rd 620 N
	  	 Austin
	  	 TX
	  	N

  
 -8- 

									
	 Restaurant
	  	 Address
	  	 City
	  	 State
	  	Subject to a Qualifying
Ground Lease (Y/N)?
	 Olive Garden
	  	 525 W. Canfield Ave
	  	 Coeur D’Alene
	  	 ID
	  	N
	 Olive Garden
	  	 2886 Preston Road
	  	 Frisco
	  	 TX
	  	N
	 Olive Garden
	  	 215 S. Weber Road
	  	 Bolingbrook
	  	 IL
	  	N
	 Olive Garden
	  	 1651 Sternberg Road
	  	 Muskegon
	  	 MI
	  	N
	 Olive Garden
	  	 8405 US Highway 64
	  	 Memphis
	  	 TN
	  	N
	 Olive Garden
	  	 1420 N Louisiana Ave
	  	 Kennewick
	  	 WA
	  	N
	 Olive Garden
	  	 100 Sundance Pkwy
	  	 Round Rock
	  	 TX
	  	N
	 Olive Garden
	  	 2811 E. Central Texas Expwy
	  	 Killeen
	  	 TX
	  	N
	 Olive Garden
	  	 4403 E. Mills Circle
	  	 Ontario
	  	 CA
	  	N
	 Olive Garden
	  	 16929 Lakeside Hills Plaza
	  	 Omaha
	  	 NE
	  	N
	 Olive Garden
	  	 320 North Jacobs Dr
	  	 Bloomington
	  	 IN
	  	N
	 Olive Garden
	  	 6722 Miller Lane
	  	 Dayton
	  	 OH
	  	N
	 Olive Garden
	  	 3616 North Mall Ave
	  	 Fayetteville
	  	 AR
	  	N
	 Olive Garden
	  	 1844 Northwest Expressway
	  	 Oklahoma City
	  	 OK
	  	N
	 Olive Garden
	  	 3011 Turner Hill Road
	  	 Lithonia
	  	 GA
	  	N
	 Olive Garden
	  	 380 17th Ave. NW
	  	 Rochester
	  	 MN
	  	N
	 Olive Garden
	  	 12560 Jefferson Ave
	  	 Newport News
	  	 VA
	  	N
	 Olive Garden
	  	 10500 Coors Blvd By-Pass NW
	  	 Albuquerque
	  	 NM
	  	N
	 Olive Garden
	  	 4210 24th Avenue
	  	 Fort Gratiot
	  	 MI
	  	N
	 Olive Garden
	  	 2809 I-35E South
	  	 Denton
	  	 TX
	  	N
	 Olive Garden
	  	 4038 Wards Road
	  	 Lynchburg
	  	 VA
	  	N
	 Olive Garden
	  	 901 Mall Dr
	  	 Duluth
	  	 MN
	  	N
	 Olive Garden
	  	 1213 West Irvington Road
	  	 Tucson
	  	 AZ
	  	N
	 Olive Garden
	  	 10136-112 Two Notch Road
	  	 Columbia
	  	 SC
	  	N
	 Olive Garden
	  	 4110 South Mooney Blvd
	  	 Visalia
	  	 CA
	  	N
	 Olive Garden
	  	 15814 Interstate 10 West
	  	 San Antonio
	  	 TX
	  	N
	 Olive Garden
	  	 200 Station Drive
	  	 Anderson
	  	 SC
	  	N

  
 -9- 

									
	 Restaurant
	  	 Address
	  	 City
	  	 State
	  	Subject to a Qualifying
Ground Lease (Y/N)?
	 Olive Garden
	  	 1725 West Prien Lake Rd
	  	 Lake Charles
	  	 LA
	  	N
	 Olive Garden
	  	 1757 Martin Luther King Drive
	  	 Houma
	  	 LA
	  	N
	 Olive Garden
	  	 3242 North Gloster Street
	  	 Tupelo
	  	 MS
	  	N
	 Olive Garden
	  	 1067 Vann Drive
	  	 Jackson
	  	 TN
	  	N
	 Olive Garden
	  	 510 Earl Rudder Freeway South
	  	 College Station
	  	 TX
	  	N
	 Olive Garden
	  	 212 Newnan Crossing By-Pass
	  	 Newnan
	  	 GA
	  	N
	 Olive Garden
	  	 5204 Frederica Street
	  	 Owensboro
	  	 KY
	  	N
	 Olive Garden
	  	 1261 W Southern Ave
	  	 Mesa
	  	 AZ
	  	N
	 Olive Garden
	  	 6615 Airways Blvd
	  	 Southaven
	  	 MS
	  	N
	 Olive Garden
	  	 1720 E. 16th Street
	  	 Yuma
	  	 AZ
	  	N
	 Olive Garden
	  	 8367 3rd Street N.
	  	 Oakdale
	  	 MN
	  	N
	 Olive Garden
	  	 4840 North George Bush Hwy
	  	 Garland
	  	 TX
	  	N
	 Olive Garden
	  	 1010 Pittsburgh Mills Blvd
	  	 Tarentum
	  	 PA
	  	N
	 Olive Garden
	  	 3101 Mall Drive
	  	 Texarkana
	  	 TX
	  	N
	 Olive Garden
	  	 4108 Central Ave
	  	 Hot Springs
	  	 AR
	  	N
	 Olive Garden
	  	 2901 W Radio Rd
	  	 Florence
	  	 SC
	  	N
	 Olive Garden
	  	 7609 NE Zac Lentz Parkway
	  	 Victoria
	  	 TX
	  	N
	 Olive Garden
	  	 3360 Ross Clark Circle
	  	 Dothan
	  	 AL
	  	N
	 Olive Garden
	  	 4399 W. Houston Harte Expy
	  	 San Angelo
	  	 TX
	  	N
	 Olive Garden
	  	 1354 IH 35 North
	  	 New Braunfels
	  	 TX
	  	N
	 Olive Garden
	  	 1514 Stringtown Rd
	  	 Grove City
	  	 OH
	  	N
	 Olive Garden
	  	 2254 Tiger Town Parkway
	  	 Opelika
	  	 AL
	  	N
	 Olive Garden
	  	 2641 N. Maize Rd
	  	 West Wichita
	  	 KS
	  	N
	 Olive Garden
	  	 3240 N. Elizabeth St
	  	 Pueblo
	  	 CO
	  	N
	 Olive Garden
	  	 4930 Sergeant Road
	  	 Sioux City
	  	 IA
	  	N
	 Olive Garden
	  	 6870 Whitmore Lake Rd
	  	 Brighton
	  	 MI
	  	N
	 Olive Garden
	  	 2626 N. 75th Avenue
	  	 Phoenix
	  	 AZ
	  	N

  
 -10- 

									
	 Restaurant
	  	 Address
	  	 City
	  	 State
	  	Subject to a Qualifying
Ground Lease (Y/N)?
	 Olive Garden
	  	 1415 Western Blvd
	  	 Jacksonville
	  	 NC
	  	N
	 Olive Garden
	  	 1417 N Bridge St
	  	 Chillicothe
	  	 OH
	  	N
	 Olive Garden
	  	 401 South Mt. Juliet Road Suite 115
	  	 Mount Juliet
	  	 TN
	  	N
	 Olive Garden
	  	 510 Cabela Drive
	  	 Triadelphia
	  	 WV
	  	N
	 Olive Garden
	  	 2439 Taylor Square Drive
	  	 Reynoldsburg
	  	 OH
	  	N
	 Olive Garden
	  	 7844 Mall Road
	  	 Florence
	  	 KY
	  	N
	 Olive Garden
	  	 3725 Stone Creek Blvd
	  	 Cincinnati
	  	 OH
	  	N
	 Olive Garden
	  	 3400 North 14th Street
	  	 Bismarck
	  	 ND
	  	N
	 Olive Garden
	  	 1098 Crossings Circle
	  	 Spring Hill
	  	 TN
	  	N
	 Olive Garden
	  	 7811 S IH 35
	  	 San Antonio
	  	 TX
	  	N
	 Olive Garden
	  	 4441 S. Franklin St
	  	 Michigan City
	  	 IN
	  	N
	 Olive Garden
	  	 1301 E Hillside Dr
	  	 Broken Arrow
	  	 OK
	  	N
	 Olive Garden
	  	 2935 Meadow Creek Drive
	  	 Bossier City
	  	 LA
	  	N
	 Olive Garden
	  	 13040 City Station Drive
	  	 Jacksonville
	  	 FL
	  	N
	 Olive Garden
	  	 2168 Lantern Ridge Drive
	  	 Richmond
	  	 KY
	  	N
	 Olive Garden
	  	 770 SE Oralabor Rd
	  	 Ankeny
	  	 IA
	  	N
	 Olive Garden
	  	 1919 N Eastman Road
	  	 Kingsport
	  	 TN
	  	N
	 Olive Garden
	  	 100 N Telshor Blvd
	  	 Las Cruces
	  	 NM
	  	N
	 Olive Garden
	  	 715 Tuttle Creek Blvd
	  	 Manhattan
	  	 KS
	  	N
	 Olive Garden
	  	 10110 77th Street
	  	 Pleasant Prairie
	  	 WI
	  	N
	 Olive Garden
	  	 5152 Highway 70
	  	 Morehead City
	  	 NC
	  	N
	 Olive Garden
	  	 4811 R Outer Loop
	  	 Louisville
	  	 KY
	  	N
	 Olive Garden
	  	 3401 Raleigh Road Parkway W Bldg. 7
	  	 Wilson
	  	 NC
	  	N
	 Olive Garden
	  	 3707 Denmark Drive
	  	 Council Bluffs
	  	 IA
	  	N
	 Olive Garden
	  	 21422 S Ellsworth Loop Road
	  	 Queen Creek
	  	 AZ
	  	N
	 Olive Garden
	  	 4636 Commercial Dr
	  	 New Hartford
	  	 NY
	  	N
	 Olive Garden
	  	 1532 Military Road
	  	 Niagara Falls
	  	 NY
	  	N

  
 -11- 

									
	 Restaurant
	  	 Address
	  	 City
	  	 State
	  	Subject to a Qualifying
Ground Lease (Y/N)?
	 Olive Garden
	  	 1175 Dawsonville Hwy NW
	  	 Gainesville
	  	 GA
	  	N
	 Olive Garden
	  	 4499 Keith St. NW
	  	 Cleveland
	  	 TN
	  	N
	 Bahama Breeze
	  	 8849 International Drive
	  	 Orlando
	  	 FL
	  	N
	 Bahama Breeze
	  	 3309 Wake Forest Dr.
	  	 Raleigh
	  	 NC
	  	N
	 Bahama Breeze
	  	 3590 Breckinridge Blvd
	  	 Duluth
	  	 GA
	  	N
	 Bahama Breeze
	  	 12395 SW 88th Sreet
	  	 Miami
	  	 FL
	  	N
	 Bahama Breeze
	  	 14701 S. Tamiami Trail
	  	 Fort Myers
	  	 FL
	  	N
	 Bahama Breeze
	  	 11000 Pines Blvd
	  	 Pembroke Pines
	  	 FL
	  	N
	 Bahama Breeze
	  	 19600 Haggerty Rd
	  	 Livonia
	  	 MI
	  	N
	 Bahama Breeze
	  	 2750 Sawgrass Mills Circle
	  	 Sunrise
	  	 FL
	  	N
	 Bahama Breeze
	  	 10205 River Coast Drive
	  	 Jacksonville
	  	 FL
	  	N
	 Bahama Breeze
	  	 1200 N Alafaya Trail
	  	 Orlando
	  	 FL
	  	N
	 Olive Garden
	  	 21220 Katy Freeway
	  	 Katy
	  	 TX
	  	N
	 Olive Garden
	  	 4289 Robert C. Byrd Drive
	  	 Beckley
	  	 WV
	  	N
	 Olive Garden
	  	 2048 N State Route 50
	  	 Bourbonnais
	  	 IL
	  	N
	 Olive Garden
	  	 6330 SW 3rd St
	  	 Oklahoma City
	  	 OK
	  	N
	 Olive Garden
	  	 5450 Renner Rd
	  	 Columbus
	  	 OH
	  	N
	 Seasons 52
	  	 8930 Tamiami Trail North
	  	 Naples
	  	 FL
	  	N
	 Seasons 52
	  	 5096 Big Island Dr
	  	 Jacksonville
	  	 FL
	  	N
	 Longhorn Steakhouse
	  	 4315 Hugh Howell Road
	  	 Tucker
	  	 GA
	  	N
	 Longhorn Steakhouse
	  	 2120 Killian Hill Road
	  	 Snellville
	  	 GA
	  	N
	 Longhorn Steakhouse
	  	 3072 Riverside Drive
	  	 Macon
	  	 GA
	  	N
	 Longhorn Steakhouse
	  	 3241 Washington Road
	  	 Augusta
	  	 GA
	  	N
	 Longhorn Steakhouse
	  	 307 S E 17th Street
	  	 Ocala
	  	 FL
	  	N
	 Longhorn Steakhouse
	  	 149 Douglas Avenue
	  	 Altamonte Springs
	  	 FL
	  	N
	 Longhorn Steakhouse
	  	 7501 Foltz Drive
	  	 Florence
	  	 KY
	  	N
	 Longhorn Steakhouse
	  	 1709 Browns Bridge Road
	  	 Gainesville
	  	 GA
	  	N

  
 -12- 

									
	 Restaurant
	  	 Address
	  	 City
	  	 State
	  	Subject to a Qualifying
Ground Lease (Y/N)?
	 Longhorn Steakhouse
	  	 2633 Floy Farr Parkway
	  	 Peachtree City
	  	 GA
	  	N
	 Longhorn Steakhouse
	  	 800 Lawrenceville-Suwanee Rd
	  	 Lawrenceville
	  	 GA
	  	N
	 Longhorn Steakhouse
	  	 2901 NW Federal Hwy
	  	 Jensen Beach
	  	 FL
	  	N
	 Longhorn Steakhouse
	  	 34863 Emerald Coast Parkway
	  	 Destin
	  	 FL
	  	N
	 Longhorn Steakhouse
	  	 2733 Dawson Road
	  	 Albany
	  	 GA
	  	N
	 Longhorn Steakhouse
	  	 6035 Blazer Memorial Pkwy
	  	 Dublin
	  	 OH
	  	N
	 Longhorn Steakhouse
	  	 171 Harbison Road
	  	 Columbia
	  	 SC
	  	N
	 Longhorn Steakhouse
	  	 10605 Centrum Parkway
	  	 Pineville
	  	 NC
	  	N
	 Longhorn Steakhouse
	  	 10845 Medlock Bridge Rd
	  	 Johns Creek
	  	 GA
	  	N
	 Longhorn Steakhouse
	  	 6012 Landmark Center Blvd
	  	 Greensboro
	  	 NC
	  	N
	 Longhorn Steakhouse
	  	 1450 Perimeter Pkwy
	  	 Huntsville
	  	 AL
	  	N
	 Longhorn Steakhouse
	  	 1332 Highway 70 SE
	  	 Hickory
	  	 NC
	  	N
	 Longhorn Steakhouse
	  	 8212 Citrus Park Drive
	  	 Tampa
	  	 FL
	  	N
	 Longhorn Steakhouse
	  	 2788 Wilma Rudolph Blvd
	  	 Clarksville
	  	 TN
	  	N
	 Longhorn Steakhouse
	  	 12901 S Orange Blossom Trail
	  	 Orlando
	  	 FL
	  	N
	 Longhorn Steakhouse
	  	 217 Loudon Rd
	  	 Concord
	  	 NH
	  	N
	 Longhorn Steakhouse
	  	 309 North Alafaya Trail
	  	 Orlando
	  	 FL
	  	N
	 Longhorn Steakhouse
	  	 4907 Grande Blvd
	  	 Medina
	  	 OH
	  	N
	 Longhorn Steakhouse
	  	 4775 Hwy 280 South
	  	 Hoover
	  	 AL
	  	N
	 Longhorn Steakhouse
	  	 953 Boardman-Poland Rd
	  	 Boardman
	  	 OH
	  	N
	 Longhorn Steakhouse
	  	 2295 Cobbs Ford Rd
	  	 Prattville
	  	 AL
	  	N
	 Longhorn Steakhouse
	  	 100 Rockhill Drive
	  	 Bensalem
	  	 PA
	  	N
	 Longhorn Steakhouse
	  	 1696 NW Chipman
	  	 Lee’s Summit
	  	 MO
	  	N
	 Longhorn Steakhouse
	  	 20017 Century Blvd
	  	 Germantown
	  	 MD
	  	N
	 Longhorn Steakhouse
	  	 4171 Rockside Rd
	  	 Independence
	  	 OH
	  	N
	 Longhorn Steakhouse
	  	 4800 Jimmy Lee Smith Pkwy
	  	 Hiram
	  	 GA
	  	N
	 Longhorn Steakhouse
	  	 2535 Hurstbourne Gem Lane
	  	 Louisville
	  	 KY
	  	N

  
 -13- 

									
	 Restaurant
	  	 Address
	  	 City
	  	 State
	  	Subject to a Qualifying
Ground Lease (Y/N)?
	 Longhorn Steakhouse
	  	 4100 Town Center Blvd
	  	 Bowie
	  	 MD
	  	N
	 Longhorn Steakhouse
	  	 3315 Crain Highway
	  	 Waldorf
	  	 MD
	  	N
	 Longhorn Steakhouse
	  	 6841 Okeechobee Blvd
	  	 West Palm Beach
	  	 FL
	  	N
	 Longhorn Steakhouse
	  	 8650 Snowden River Pkwy
	  	 Columbia
	  	 MD
	  	N
	 Longhorn Steakhouse
	  	 3480 Camp Creek Pkwy
	  	 East Point
	  	 GA
	  	N
	 Longhorn Steakhouse
	  	 2217 Harrodsburg Rd
	  	 Lexington
	  	 KY
	  	N
	 Longhorn Steakhouse
	  	 875 1st Street SW
	  	 Winter Haven
	  	 FL
	  	N
	 Longhorn Steakhouse
	  	 1366 Airport Rd
	  	 Jacksonville
	  	 FL
	  	N
	 Longhorn Steakhouse
	  	 6870 US Highway 90
	  	 Daphne
	  	 AL
	  	N
	 Longhorn Steakhouse
	  	 3730 Clemson Blvd
	  	 Anderson
	  	 SC
	  	N
	 Longhorn Steakhouse
	  	 35645 US Hwy 19
	  	 Palm Harbor
	  	 FL
	  	N
	 Longhorn Steakhouse
	  	 7711 Voice of America Centre D
	  	 West Chester
	  	 OH
	  	N
	 Longhorn Steakhouse
	  	 3545 Missouri Blvd
	  	 Jefferson City
	  	 MO
	  	N
	 Longhorn Steakhouse
	  	 14056 Thunderbolt Place
	  	 Chantilly
	  	 VA
	  	N
	 Longhorn Steakhouse
	  	 795 Hwy 400 South
	  	 Dawsonville
	  	 GA
	  	N
	 Longhorn Steakhouse
	  	 2601 Gateway Dr
	  	 Opelika
	  	 AL
	  	N
	 Longhorn Steakhouse
	  	 10240 East Washington St
	  	 Indianapolis
	  	 IN
	  	N
	 Longhorn Steakhouse
	  	 1742 Stringtown Rd
	  	 Grove City
	  	 OH
	  	N
	 Longhorn Steakhouse
	  	 2451 Wabash Ave
	  	 Springfield
	  	 IL
	  	N
	 Longhorn Steakhouse
	  	 6112 Pavilion Way NW
	  	 Covington
	  	 GA
	  	N
	 Longhorn Steakhouse
	  	 410 West Waterfront Dr
	  	 West Homestead
	  	 PA
	  	N
	 Longhorn Steakhouse
	  	 1155 Bankhead Hwy
	  	 Carrollton
	  	 GA
	  	N
	 Longhorn Steakhouse
	  	 1000 Pittsburgh Mills Blvd
	  	 Tarentum
	  	 PA
	  	N
	 Longhorn Steakhouse
	  	 30769 Hwy 441 South
	  	 Commerce
	  	 GA
	  	N
	 Longhorn Steakhouse
	  	 30 Highland Xing South
	  	 East Ellijay
	  	 GA
	  	N
	 Longhorn Steakhouse
	  	 3366 Cobb Parkway NW
	  	 Acworth
	  	 GA
	  	N
	 Longhorn Steakhouse
	  	 7401 North Grand Praire Dr
	  	 Peoria
	  	 IL
	  	N

  
 -14- 

									
	 Restaurant
	  	 Address
	  	 City
	  	 State
	  	Subject to a Qualifying
Ground Lease (Y/N)?
	 Longhorn Steakhouse
	  	 5583 Highway 153
	  	 Hixson
	  	 TN
	  	N
	 Longhorn Steakhouse
	  	 10012 Southpoint Pkwy
	  	 Fredericksburg
	  	 VA
	  	N
	 Longhorn Steakhouse
	  	 1201 University Town Center Bl
	  	 Morgantown
	  	 WV
	  	N
	 Longhorn Steakhouse
	  	 3021 West Radio Dr
	  	 Florence
	  	 SC
	  	N
	 Longhorn Steakhouse
	  	 1650 Olmstead Dr
	  	 Portage
	  	 IN
	  	N
	 Longhorn Steakhouse
	  	 100 Hampton Court
	  	 Perry
	  	 GA
	  	N
	 Longhorn Steakhouse
	  	 15721 Panama City Beach Pkwy
	  	 Panama City Beach
	  	 FL
	  	N
	 Longhorn Steakhouse
	  	 1518 Lafayette Pkwy
	  	 LaGrange
	  	 GA
	  	N
	 Longhorn Steakhouse
	  	 1301 Lovers Lane Rd
	  	 Calhoun
	  	 GA
	  	N
	 Longhorn Steakhouse
	  	 106 Travel Center Blvd
	  	 Dublin
	  	 GA
	  	N
	 Longhorn Steakhouse
	  	 185 Martin Luther King Jr. Blv
	  	 Monroe
	  	 GA
	  	N
	 Longhorn Steakhouse
	  	 249 Range 12 Blvd
	  	 Denham Springs
	  	 LA
	  	N
	 Longhorn Steakhouse
	  	 278 Carpenters Cove Lane
	  	 Cornelia
	  	 GA
	  	N
	 Longhorn Steakhouse
	  	 4409 S. Laburnum Ave
	  	 Richmond
	  	 VA
	  	N
	 Longhorn Steakhouse
	  	 7059 Arundel Mills Circle
	  	 Hanover
	  	 MD
	  	N
	 Longhorn Steakhouse
	  	 5449 Gateway Village Circle
	  	 Orlando
	  	 FL
	  	N
	 Longhorn Steakhouse
	  	 1294 SW Iris Drive
	  	 Conyers
	  	 GA
	  	N
	 Longhorn Steakhouse
	  	 21 Constitution Avenue
	  	 Thomasville
	  	 GA
	  	N
	 Longhorn Steakhouse
	  	 1035 Grape Street
	  	 Whitehall
	  	 PA
	  	N
	 Longhorn Steakhouse
	  	 3805 Phoenix Ave
	  	 Fort Smith
	  	 AR
	  	N
	 Longhorn Steakhouse
	  	 631 Vann Drive
	  	 Jackson
	  	 TN
	  	N
	 Longhorn Steakhouse
	  	 121 Crown Pointe
	  	 Kingsland
	  	 GA
	  	N
	 Longhorn Steakhouse
	  	 2626 Red Wolf Blvd.
	  	 Jonesboro
	  	 AR
	  	N
	 Longhorn Steakhouse
	  	 3600 Expressway 83
	  	 McAllen
	  	 TX
	  	N
	 Longhorn Steakhouse
	  	 3727 Denmark Drive
	  	 Council Bluffs
	  	 IA
	  	N
	 Longhorn Steakhouse
	  	 3574 North Gloster Street
	  	 Tupelo
	  	 MS
	  	N
	 Longhorn Steakhouse
	  	 2101 N Prospect Ave
	  	 Champaign
	  	 IL
	  	N

  
 -15- 

									
	 Restaurant
	  	 Address
	  	 City
	  	 State
	  	Subject to a Qualifying
Ground Lease (Y/N)?
	 Longhorn Steakhouse
	  	 1510 Eglin St.
	  	 Rapid City
	  	 SD
	  	N
	 Longhorn Steakhouse
	  	 255 Palm Bay Rd
	  	 West Melbourne
	  	 FL
	  	N
	 Longhorn Steakhouse
	  	 2170 W Broad Street
	  	 Athens
	  	 GA
	  	N
	 Longhorn Steakhouse
	  	 114 Laurel Park Cove
	  	 Flowood
	  	 MS
	  	N
	 Longhorn Steakhouse
	  	 1440 Almonesson Road
	  	 Deptford
	  	 NJ
	  	N
	 Longhorn Steakhouse
	  	 7401 N 10th Street
	  	 McAllen
	  	 TX
	  	N
	 Longhorn Steakhouse
	  	 25 Bear Creek Blvd
	  	 Wilkes Barre
	  	 PA
	  	N
	 Longhorn Steakhouse
	  	 5120 Hwy 70
	  	 Morehead City
	  	 NC
	  	N
	 Longhorn Steakhouse
	  	 2023 Highway 45 N
	  	 Columbus
	  	 MS
	  	N
	 Longhorn Steakhouse
	  	 5219 Milan Road
	  	 Sandusky
	  	 OH
	  	N
	 Longhorn Steakhouse
	  	 2671 James Street
	  	 Coralville
	  	 IA
	  	N
	 Longhorn Steakhouse
	  	 9681 Colerain Ave
	  	 Cincinnati
	  	 OH
	  	N
	 Longhorn Steakhouse
	  	 4305 Holiday Inn Express Way N
	  	 Cleveland
	  	 TN
	  	N
	 Longhorn Steakhouse
	  	 1707 22nd Ave SW
	  	 Minot
	  	 ND
	  	N
	 Longhorn Steakhouse
	  	 420 Exchange Blvd
	  	 Bethlehem
	  	 GA
	  	N
	 Wildfish
	  	 1834 N Loop 1604 W.
	  	 San Antonio
	  	 TX
	  	N
	 Pizza Hut
	  	 1156 W Jefferson St
	  	 Joliet
	  	 IL
	  	N
	 Pizza Hut
	  	 2429 Sycamore Dr
	  	 Morris
	  	 IL
	  	N
	 Pizza Hut
	  	 603 Center Pkwy
	  	 Yorkville
	  	 IL
	  	N
	 Pizza Hut
	  	 1916 E Commercial Ave
	  	 Lowell
	  	 IN
	  	N
	 Pizza Hut
	  	 975 W Lincoln Hwy
	  	 Schereville
	  	 IN
	  	N
	 Pizza Hut
	  	 6159 US Highway 6
	  	 Portage
	  	 IN
	  	N
	 Wendy’s
	  	 2646 John Ben Shepperd Pkwy
	  	 Odessa
	  	 TX
	  	N
	 Arby’s
	  	 778 Word Plaza
	  	 Rocky Mount
	  	 NC
	  	N
	 Arby’s
	  	 293 Premier Blvd
	  	 Roanoke Rapids
	  	 NC
	  	N
	 KFC
	  	 9848 Livernois Ave
	  	 Detroit
	  	 MI
	  	N
	 KFC
	  	 1361 N Opdyke Rd
	  	 Auburn Hills
	  	 MI
	  	N

  
 -16- 

									
	 Restaurant
	  	 Address
	  	 City
	  	 State
	  	Subject to a Qualifying
Ground Lease (Y/N)?
	 KFC
	  	 9041 Chalmers St
	  	 Detroit
	  	 MI
	  	N
	 KFC
	  	 13546 W McNichols Rd
	  	 Detroit
	  	 MI
	  	N
	 Buffalo Wild Wings
	  	 1053 Lawrence Dr.
	  	 Burlington
	  	 IA
	  	N
	 Buffalo Wild Wings
	  	 2683 N. Seminary Street,
	  	 Galesburg
	  	 IL
	  	N
	 Buffalo Wild Wings
	  	 1724 E. Jackson Street
	  	 Macomb
	  	 IL
	  	N
	 Dairy Queen
	  	 7819 East Admiral Place
	  	 Tulsa
	  	 OK
	  	N
	 Burger King
	  	 660 King Street
	  	 Keysville
	  	 VA
	  	N
	 Burger King
	  	 231 S Madison Boulevard
	  	 Roxboro
	  	 NC
	  	N
	 Burger King
	  	 825 Martin Luther King Jr Ave
	  	 Oxford
	  	 NC
	  	N
	 Burger King
	  	 925 Winchester Road NE
	  	 Huntsville
	  	 AL
	  	N
	 Burger King
	  	 803 Highway 278 East
	  	 Amory
	  	 MS
	  	N
	 Arby’s
	  	 1149 East Atlantic Street
	  	 South Hill
	  	 VA
	  	N
	 Arby’s
	  	 2104 South Main Street
	  	 Wake Forest
	  	 NC
	  	N
	 Arby’s
	  	 8685 Birch Run Rd
	  	 Birch Run
	  	 MI
	  	N
	 Arby’s
	  	 8254 W Grand River Rd
	  	 Brighton
	  	 MI
	  	N
	 Burger King
	  	 1490 Chelsa Drive
	  	 Madisonville
	  	 KY
	  	N
	 Denny’s
	  	 900 North Leavitt Rd
	  	 Amherst
	  	 OH
	  	N
	 Fazoli’s
	  	 3457 State Road 26 East
	  	 Lafayette
	  	 IN
	  	N
	 Steak ’n Shake
	  	 4240 Venture Dive
	  	 Peru
	  	 IL
	  	N
	 Steak ’n Shake
	  	 1940 94th Court
	  	 Vero Beach
	  	 FL
	  	N
	 Wendy’s
	  	 3955 Wadsworth
	  	 Wheat Ridge
	  	 CO
	  	N
	 Wendy’s
	  	 11779 East 8 Mile Rd
	  	 Warren
	  	 MI
	  	N
	 Zaxby’s
	  	 3951 Stone Mountain Highway
	  	 Snellville
	  	 GA
	  	N
	 KFC
	  	 2003 S Hasting Way
	  	 Altoona
	  	 WI
	  	N
	 KFC
	  	 3415 Fiesta Court
	  	 LaCrosse
	  	 WI
	  	N
	 KFC
	  	 2301 S Main St
	  	 Rice Lake
	  	 WI
	  	N
	 KFC
	  	 1017 Woodward Ave
	  	 Chippewa Falls
	  	 WI
	  	N

  
 -17- 

									
	 Restaurant
	  	 Address
	  	 City
	  	 State
	  	Subject to a Qualifying
Ground Lease (Y/N)?
	 KFC
	  	 2001 Rose Street
	  	 LaCrosse
	  	 WI
	  	N
	 KFC
	  	 327 Division St
	  	 Stevens Point
	  	 WI
	  	N
	 KFC
	  	 1750 S 8th St
	  	 Wisconsin Rapids
	  	 WI
	  	N
	 KFC
	  	 222 Stewart Ave
	  	 Wausau
	  	 WI
	  	N
	 KFC
	  	 1512 North Lincoln
	  	 Escanaba
	  	 MI
	  	N
	 KFC
	  	 1146 10th Ave
	  	 Menominee
	  	 MI
	  	N
	 KFC
	  	 321 W Pike St
	  	 Goshen
	  	 IN
	  	N
	 KFC
	  	 4207 S Michigan St
	  	 South Bend
	  	 IN
	  	N
	 KFC
	  	 5011 Western Ave
	  	 South Bend
	  	 IN
	  	N
	 KFC
	  	 2612 Lincolnway West
	  	 Mishawaka
	  	 IN
	  	N
	 KFC
	  	 810 N Washington
	  	 Kokomo
	  	 IN
	  	N
	 KFC
	  	 1523 S Reed Road
	  	 Kokomo
	  	 IN
	  	N
	 Taco Bell
	  	 8099 State Road 66
	  	 Newburgh
	  	 IN
	  	N
	 Hardee’s
	  	 3106 E Meighan Blvd
	  	 Gadsden
	  	 AL
	  	N
	 Hardee’s
	  	 653 S Main St
	  	 Baxley
	  	 GA
	  	N
	 Hardee’s
	  	 706 E 1st St
	  	 Vidalia
	  	 GA
	  	N
	 Hardee’s
	  	 21 E Coffee St
	  	 Hazlehurst
	  	 GA
	  	N
	 Burger King
	  	 258 Stratton Avenue
	  	 Monterey
	  	 TN
	  	N
	 Burger King
	  	 1060 North Main Street
	  	 Crossville
	  	 TN
	  	N
	 Burger King
	  	 4305 Bradford Hicks Dr.
	  	 Livingston
	  	 TN
	  	N
	 Burger King
	  	 11547 Lebanon Road
	  	 Mount Juliet
	  	 TN
	  	N
	 Burger King
	  	 11 5 W State Street
	  	 Herkimer
	  	 NY
	  	N
	 Burger King
	  	 7950 E. Brainerd Road
	  	 Chattanooga
	  	 TN
	  	N
	 Steak N’ Shake
	  	 8640 N. Michigan Road
	  	 Indianapolis
	  	 IN
	  	N
	 Taco Bell
	  	 2130 Quintard Ave
	  	 Anniston
	  	 AL
	  	N
	 Taco Bell
	  	 1928 Broad River Road
	  	 Columbia
	  	 SC
	  	N
	 McAlister’s Deli
	  	 1680 W State Highway 46
	  	 New Braunfels
	  	 TX
	  	N

  
 -18- 

									
	 Restaurant
	  	 Address
	  	 City
	  	 State
	  	Subject to a Qualifying
Ground Lease (Y/N)?
	 McAlister’s Deli
	  	 1200 N. Main Street
	  	 Andrews
	  	 TX
	  	N
	 McAlister’s Deli
	  	 16820 NW Military Highway
	  	 Shavano Park
	  	 TX
	  	N
	 McAlister’s Deli
	  	 2952 North Bryant Street
	  	 San Angelo
	  	 TX
	  	N
	 Longhorn Steakhouse
	  	5803 N Loop 1604 W	  	San Antonio	  	TX	  	N
	 Longhorn Steakhouse
	  	5706 W Loop 1604 N	  	San Antonio	  	TX	  	N
	 Longhorn Steakhouse
	  	7833 Interstate 35 S	  	San Antonio	  	TX	  	N

 B. Mortgage Notes included in Eligible Unencumbered Note Value 

None. 

  
 -19- 

 EXISTING INDEBTEDNESS 

Indebtedness outstanding under that certain Revolving Credit and Term Loan Agreement dated as of November 9, 2015 among the
Company, Parent, JPMorgan Chase Bank, N.A., as administrative agent and the other lender parties thereto, as amended by that certain Omnibus Amendment and Waiver dated as of August 2, 2016 and as further amended by that Second Omnibus Amendment
and Waiver dated as of February 14, 2017. 
 SCHEDULE 5.15 

(to Note Purchase Agreement) 

 FORM OF COMPLIANCE CERTIFICATE

 [For the Fiscal [Quarter][Year]
ended                    ,         ][As of
                    , 20        ] 

To:        Each holder of a Note under the Agreement that is an Institutional Investor 

Ladies and Gentlemen: 
 Reference is made to that certain Note
Purchase Agreement, dated as of April [19], 2017 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement”), among Four Corners Operating Partnership, LP, a Delaware limited
partnership (the “Company”), Four Corners Property Trust, Inc., a Maryland corporation (the “Parent”) and each holder of a Note from time to time party thereto (collectively, the “holders” and
individually, a “holder”). Capitalized terms used and not defined herein shall have the meanings assigned thereto in the Agreement. This Compliance Certificate is being delivered pursuant to Section 7.2 of the Agreement.
 
 The undersigned Senior Financial Officer hereby certifies as of the date hereof that [he][she] is
the                      of Four Corners GP, LLC, the general partner of the Company, and that, as such, [he][she] is authorized to execute and
deliver this Compliance Certificate to the holders that are Institutional Investors on the behalf of the Company in [his][her] capacity as an officer of the general partner of the Company and not individually, and that: 

 

	1.	The financial statements attached hereto as Schedule 1 and delivered herewith pursuant to Section 7.1[a][b] of the Agreement have been prepared in accordance with GAAP, and fairly present in all material respects
the financial position of the companies being reported on and their results of operations and cash flows [(subject to changes resulting from year-end adjustments and the absence of footnotes)] 1/.

  

	2.	I have reviewed the terms of the Agreement and have made, or caused to be made under my supervision, a review in reasonable detail of the transactions and the condition of the Parent, the Company and its Subsidiaries
during the accounting period covered by the financial statements referred to in Paragraph 1 above. [Such review has not disclosed the existence during or at the end of such accounting period of any condition or event that constitutes a Default or an
Event of Default.] [Such review has disclosed the existence during or at the end of such accounting period of a condition or event that constitutes a Default or an Event of Default, and set forth below is a description of the nature and period of
existence thereof and what action the Parent or the Company, as applicable, has taken or proposes to take with respect thereto:]  

 
  

	1/	Include only for quarterly certifications. 

  
 SCHEDULE
7.2 
 (to Note Purchase Agreement) 

	3.	The Borrower is in compliance with the financial covenants in Section 10.6 of the Agreement as of the last day of the accounting period covered by the financial statements referred to in
Paragraph 1 above. Attached hereto as Schedule 2 is the information from such financial statements required in order to establish such compliance (including with respect to each such provision that involves mathematical calculations, the
information from such financial statements that is required to perform such calculations) and a statement of the maximum or minimum amount, ratio or percentage, as the case may be, permissible under the terms of
Section 10.6, and the calculation of the amount, ratio or percentage then in existence demonstrating such compliance. 

  

	4.	[Included as part of the calculations on Schedule 2 is a reconciliation of the financial statements referred to in Paragraph 1 above with Static GAAP, showing in reasonable detail the effect of the application of
Static GAAP.] 2/ 

  

	5.	[Included as part of the calculations on Schedule 2 is a Parent Release Reconciliation showing in reasonable detail the effect of the exclusion of Kerrow and its Subsidiaries from the calculation of the financial
covenants, in each case, in the event that there is any impact on the financial covenant calculations as a result of such exclusion.] 3/ 

  

	6.	[Included as part of the calculations on Schedule 2 is a reconciliation from GAAP resulting from the Parent, the Company or any Subsidiary making an election to measure any financial liability using fair value
(which election is being disregarded for purposes of determining compliance with the Agreement pursuant to Section 22.3) as to the period covered by the financial statements referred to in Paragraph 1 above.] 4/ 

 

	7.	Attached hereto as Schedule 3 is a list of all Persons that are Guarantors (if any). Each Person that is required to be a Guarantor pursuant to Section 9.7 and 9.8 of the Agreement is a Guarantor on the date
hereof. 

 [Signature Page to Follow] 
  

 

	2/	Include only if, as a result of changes to GAAP, any of the covenants in Section 10.6 no longer apply as intended, and Static GAAP is therefore being applied (see Section 22.3(b) of the Agreement).

	3/	Include only after a release of the Parent from the Parent Guaranty pursuant to Section 9.8(c)(viii) of the Agreement. 

	4/	Include only if the Company has elected to measure any financial liability using fair value (as permitted by Financial Accounting Standards Board Accounting Standards Codification Topic No. 825-10-25 – Fair Value Option, International Accounting Standard 39 – Financial Instruments: Recognition and Measurement) pursuant to Section 22.3 of the Agreement.

 IN WITNESS WHEREOF, the undersigned has executed this Compliance Certificate as
of                    ,        . 

	
	
	   

	 Name:

	 Title:

 SCHEDULE 1 

Financial Statements 
 See attached. 

 SCHEDULE 2 

Financial Covenant Compliance Calculations 

See attached. 

 SCHEDULE 3 

Guarantors 

 DARDEN ACQUIRED TENANTS 

None. 
 SCHEDULE DAT 

(to Note Purchase Agreement) 

 DARDEN TENANTS 

 

	1.	Bahama Breeze Holdings, LLC 

  

	2.	Eddie V’s Holdings, LLC 

  

	3.	Florida SE, LLC 

  

	4.	GMR Anne Arundel, Inc. 

  

	5.	GMR Restaurants of Pennsylvania, LLC 

  

	6.	GMRI, Inc. 

  

	7.	N and D Restaurants, LLC 

  

	8.	Olive Garden of Texas, LLC 

  

	9.	Rare Hospitality International, Inc. 

  

	10.	Rare Hospitality Management, LLC 

  

	11.	Seasons 52 Holdings, LLC 

 SCHEDULE DT 

(to Note Purchase Agreement) 

 EXCLUDED DARDEN LEASES 

 

	 	1.	8849 International Drive, Orlando, FL 

  

	 	2.	3309 Wake Forest Drive, Raleigh, NC 

  

	 	3.	3590 Breckinridge Blvd, Duluth, GA 

  

	 	4.	12395 SW 88th Street, Miami FL 

  

	 	5.	14701 S. Tamiami Trail, Fort Meyers, FL 

  

	 	6.	11000 Pines Blvd, Pembroke Pines, FL 

  

	 	7.	19600 Haggerty Road, Livonia, MI 

  

	 	8.	2750 Sawgrass Mills Circle, Sunrise, FL 

  

	 	9.	10205 River Coast Drive, Jacksonville, FL 

  

	 	10.	1200 N Alafaya Trail, Orlando, FL 

  

	 	11.	8930 Tamiami Trail North, Naples, FL 

  

	 	12.	5096 Big Island Drive, Jacksonville, FL 

  

	 	13.	1834 N Loop 1604 W., San Antonio, TX 

  

	 	14.	1696 NW Chipman, Lee’s Summit, MO 

  

	 	15.	3545 Missouri Blvd, Jefferson City, MO 

  

	 	16.	3600 Expressway 83, McAllen, TX 

  

	 	17.	3727 Denmark Drive, Council Bluffs, IA 

  

	 	18.	1510 Eglin Street, Rapid City, SD 

  

	 	19.	7401 N 10th Street, McAllen, TX 

  

	 	20.	1707 22ND Ave SW, Minot, ND 

SCHEDULE EDL 
 (to
Note Purchase Agreement)EX-10.1

 Exhibit 10.1 

CONFIDENTIAL INFORMATION REDACTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. OMITTED PORTIONS INDICATED BY [...***...]. 

AMENDED AND RESTATED SUPPLY AGREEMENT 

This AMENDED AND RESTATED SUPPLY AGREEMENT (“Agreement”) is entered into as of September 28, 2016 (the “Effective
Date”), by and between GENERAL ELECTRIC INTERNATIONAL, INC., a Delaware corporation, through its GE RENEWABLE ENERGY BUSINESS (formerly known as its GE Power & Water Business), having a principal place of business at 1 River Road,
Schenectady, NY 12345 (“GEREN” or “Buyer”) and TPI Iowa, LLC, a Delaware limited liability company, having a principal place of business at 2300 North 33rd Ave E, P.O. Box 847,
Newton, IA 50208 (“Seller”). 
 RECITALS 

WHEREAS, on or about September 6, 2007, Buyer and Seller entered into a Supply Agreement, as amended by that First Amendment to the Supply
Agreement dated effective June 1, 2010, that Second Amendment to Supply Agreement dated effective October 29, 2010, that Third Amendment to the Supply Agreement dated October 31, 2013, that Fourth Amendment to the Supply Agreement
dated effective December 1, 2014, and that Fifth Amendment to the Supply Agreement dated effective January 7, 2016 collectively, the “Supply Agreement”) for the purchase and sale of certain wind turbine blades, as more
specifically set forth in the Supply Agreement; 
 WHEREAS, Buyer and Seller desire to streamline the relationship between the parties by
incorporating all previous amendments into this Amended and Restated Supply Agreement to replace the Supply Agreement in its entirety; and 

WHEREAS, capitalized terms not otherwise defined herein shall have the meanings assigned to them in Appendix 1. 

NOW, THEREFORE, in consideration of the premises and mutual covenants set forth herein, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows: 
 1. BUYER PURCHASES 

(a) This Agreement provides for the manufacturing, sale and delivery by Seller and the purchase by Buyer or any of its “Affiliates” (as defined
herein) of those goods (“Components”) specified in Appendix 2 during the Term (as defined herein) of this Agreement at the prices agreed to in this Agreement. “Affiliate” with respect to Buyer and Seller means any
entity, including without limitation, any individual, corporation, company, partnership, limited liability company or group, that directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with
Buyer or Seller, as applicable. All purchases under this Agreement are subject to issuance of firm purchase orders (“POs” or “Orders”) by Buyer pursuant to the GE RENEWABLE ENERGY STANDARD TERMS REV A (modified) (the “GEREN
Purchase Terms”), which are attached to this Agreement as Appendix 3 and incorporated herein by reference, and any agreed updates, changes and modifications to the same which have been executed by written amendment signed by the parties.
All POs, acceptances and other writings or electronic communications between the parties shall be governed by this Agreement. In case of conflict, the following order of precedence shall prevail: a) this Agreement; 

 b) the Attachments to this Agreement; c) individual POs; and d) drawings, specifications and related documents
specifically incorporated herein by reference. 
 (b)(i) Subject to Seller being able to meet the established quality, technical and qualification
requirements for Components, and the possible reductions in this Section 1, Sections 3 and 9 below, and Appendix 3, Buyer agrees to purchase the minimum number of Components specified in Appendix 2 (the “Buyer’s Purchase
Obligation”) during the time periods specified in Appendix 2 (each a “Purchase Time Period”). In the event that Buyer fails to purchase its Buyer’s Purchase Obligation in a particular Purchase Time Period, Buyer’s
sole and exclusive liability with respect to its Buyer’s Purchase Obligation for such Purchase Time Period shall be calculated as provided in Subsection 1(b) (iv). 

(ii) Commencing in calendar year 2016 for Purchase Time Period 2017 and in each Purchase Time Period thereafter through 2020, Buyer shall provide a monthly non-binding forecast to Seller for the anticipated volume in the following Purchase Time Period by no later than September 1 to coincide with the Seller’s global procurement activities. Commencing in
calendar year 2016 for Purchase Time Period 2017 and in each calendar year thereafter through calendar year 2019 for Purchase Time Period 2020, Seller shall provide Buyer by October 15th (i) a forecasted list of parts for each Component model,
identifying all direct materials and the proper country(ies) of origin and supplier(s) for each, all indirect materials (other than consumables related to employee protection or consumed in the Production Facility ((as defined herein), on a periodic
basis), subassemblies, parts required in the manufacture of such Component, the costs associated with each item and an aggregate cost for all items (a “Bill of Materials”). Seller’s Bill of Materials shall be comprised of
Seller’s actual unit costs and total costs and usages. The current Bill of Materials for the Components is attached as Appendix 2(a). 
 (iii)
Buyer and Seller each acknowledges that Buyer has placed a PO or PO’s for [...***...] Component Sets for the 2016 Purchase Time Period. Commencing with calendar year 2016 for Purchase Time Period 2017 and for each calendar year thereafter
through 2019 for Purchase Time Period 2020, Buyer shall issue a PO or POs to Seller on or before October 31st for [...***...] (the “October Orders”) provided that (i) Buyer
receives by October 15 the Component Bill of Materials used to calculate the baseline Component price for the following Purchase Time Period; and (ii) Buyer has consented to any changes in the Bill of Materials for the following Purchase
Time Period by October 29th, which consent shall not be unreasonably withheld. Subject to the terms of this Subsection 1 (b) (iii), and only for Purchase Time Periods 2019 and 2020, provided
the October Orders are equal to or greater than the Buyer’s Purchase Obligation listed in Appendix 2, Buyer shall have the right to place PO’s in December for additional Components (the “December Orders”) up to a maximum of
[...***...] and if combined October Orders and December Orders are a minimum of
 [...***...] Component sets, Buyer shall have the right to place PO’s in March for additional Components (the “March Orders”). The maximum
quantity of the March Orders will be equal to [...***...]. If the combined October Orders and December Orders for Purchase Time Period 2020 are [...***...]. Nothing in this Subsection 1 (b)(iii) shall prevent Buyer’s October Orders
from equaling Seller’s Guaranteed Capacity. 

  
 2 

 (iv) If the aggregate number of Components to be purchased in the October Orders and December Orders is less than
the Buyer’s Purchase Obligation for the applicable Purchase Time Period, then Buyer shall issue a PO (the “Adjustment PO”) to Seller no later than [...***...] of such Purchase Time Period. The dollar amount of the Adjustment PO
shall be calculated by multiplying
 [...***...]. Payment by Buyer to Seller under the Adjustment PO shall satisfy all of Buyer’s obligations under this Agreement with respect to its commitment to purchase Buyer’s Purchase
Obligation during the applicable Purchase Time Period for which the Adjustment PO was issued. Buyer agrees that to the extent practicable and using its commercially reasonable efforts, it shall place Orders with Seller that create a level loaded
production schedule capable of being achieved by Seller over the course of the Purchase Time Period. 
 (c) In addition to any other Buyer’s rights or
remedies under this Agreement, commencing [...***...] after the confirmed delivery date, Buyer may at its option elect, without liability to Buyer, reduce Buyer’s Purchase Obligation in any Purchase Time Period commensurate with the
applicable number of Components set forth in the PO that have not been delivered by [...***...] after the confirmed delivery date. 
 (d) During each
applicable Purchase Time Period, Seller shall be obligated to sell to Buyer, in accordance with the terms of this Agreement, the number of Components set forth on the chart in Appendix 2 under Guaranteed Capacity as more fully defined in
Appendix 2, but in no event shall Seller be obligated to sell any Components in excess of the Guaranteed Capacity. Notwithstanding the foregoing, Buyer shall have no obligation to purchase in any Purchase Time Period Seller’s Guaranteed
Capacity to the extent that it exceeds Buyer’s Purchase Obligation as may be adjusted hereunder. 
 (e) Seller covenants and agrees to possess and
maintain the necessary capacity, machinery, personnel, resources and space to manufacture and sell to Buyer in each applicable Purchase Time Period, at the Production Facility, Seller’s Guaranteed Capacity for each Purchase Time Period. During
the Term, Seller shall not enter into any contracts that would prevent Seller from complying with its obligations to maintain the Guaranteed Capacity for each applicable Purchase Time Period; provided that Seller has the right to make reasonable
revisions to the Component manufacturing schedule to fulfill Buyer’s PO’s that are less than Seller’s Guaranteed Capacity in any given Purchase Time Period. 

(f) Buyer shall not have any obligations or responsibility to make any purchases or payments, as the case may be, pursuant to this Agreement in the event and
to the extent Seller is unable, unwilling or incapable of accepting, performing or completing any PO that includes reasonable, mutually agreed upon delivery schedules from Buyer to Seller for Components, including, without limitation, due to an
excused or unexcused performance by Seller under any PO issued pursuant to this Agreement, default or other non-compliance by Seller of its obligations under this Agreement. The Buyer’s Purchase
Obligation for each applicable Purchase Time Period shall be reduced in an amount equal to [...***...] and in the case of a Force Majeure Event (as defined herein) reduced after the time period set forth in Section 9. 

(g) Except for Buyer’s obligations pursuant to this Section 1, this Agreement does not create any commitment by or obligation upon Buyer to place any
minimum percentage or volume of its requirements for Components with Seller. As provided for in Section 3, Buyer may terminate this Agreement prior to the expiration of the Term without liability in the event of any material breach by Seller of
the terms of 

  
 3 

 
this Agreement that remains uncured pursuant to Section 3(c) of this Agreement. In such event, Buyer shall no longer have any liability to purchase the Buyer’s Purchase Obligation and may
exercise its rights in accordance with the terms of this Agreement. 
 2. PRICES AND PAYMENT 

(a) Component pricing and payment terms are set forth in Appendix 2. No extra charges of any kind shall be allowed unless specifically agreed to in
writing by Buyer. Component prices for each Purchase Time Period shall be subject to change as set forth in Appendix 2 and shall remain firm for PO’s issued with respect to such Purchase Time Period. In addition, Buyer reserves the right, at
any time, to renegotiate pricing for quantities ordered in excess of Guaranteed Capacity. Payment shall be in U.S. Dollars (“USD”). 
 (b) During
the Term of the Agreement, [...***...]. Notwithstanding the preceding sentence, [...***...]. 
 3. TERM AND TERMINATION 

(a) Unless extended or terminated under this Section 3 or pursuant to any other termination provision within this Agreement, this Agreement shall remain
in effect until December 31, 2020 (the “Term”). 
 (b) With respect to Purchase Time Period 2019 and 2020, Buyer may terminate this Agreement
without cause by giving prior written notice to Seller in accordance with Appendix 4, provided that Buyer shall pay to Seller the applicable termination for convenience fees set forth in Appendix 4. In such case and upon receipt of the
applicable termination for convenience fee, Seller waives all termination claims not specifically reserved in this Agreement. Once Buyer has provided Seller with a termination notice pursuant to this Section 3(b), Seller shall have the right to
negotiate and contractually dedicate manufacturing capacity to other customers of Seller for any period on or after the effective termination date of this Agreement provided that Seller’s negotiations or contracts with another customer of
Seller do not prevent Seller from complying with its obligations to maintain Seller’s Guaranteed Capacity to Buyer prior to the effective date of termination of this Agreement. 

(c) Either party may terminate this Agreement if the other party commits a material breach of this Agreement that remains uncured thirty (30) days after
written notice is delivered to such breaching party. In the event Buyer terminates this Agreement due to Seller’s material breach, Buyer may terminate this Agreement, in whole or in part, including any or all POs issued hereunder, without
liability consistent with the foregoing and the rights set forth in Section 11 of the GEREN Purchase Terms, attached as Appendix 3. Any failure by Seller to deliver Components to the Storage Facility in accordance with the schedule
identified at the time a PO is accepted shall not be deemed a material breach of this Agreement until [...***...] after such due date. In the event that Buyer provides notice of a material breach to Seller for late delivery of components,
Seller will deliver to Buyer a written plan for the remediation of the material breach, for late delivery (“Late Delivery Remediation Plan”) which will include a date by which Seller plans to fully remediate such material breach (the
“Late Delivery Remediation Target Date’’). In the case of a failure by Seller to deliver Components to the Storage 

  
 4 

 Facility in accordance with the schedule identified at the time a PO is accepted that continues for at least
[...***...], such Late Delivery Remediation Target Date shall be no later than [...***...]. Buyer must then accept or reject Seller’s Late Delivery Remediation Plan in writing. If Buyer accepts Seller’s Late Delivery
Remediation Plan, Buyer’s right to terminate this Agreement and/or recover damages with respect to the material breach for late delivery will be tolled until the Remediation Target Date; and if actual, full remediation of the material breach
for late delivery is achieved, then Buyer’s right to terminate this Agreement and/or recover damages with respect to such material breach shall terminate. If Buyer rejects Seller’s Late Delivery Remediation Plan, the parties must then
undertake to resolve the breach and any related conflict pursuant to the conflict resolution procedures of this Agreement, which will toll Buyer’s right to terminate this Agreement and/or recover damages with respect to the material breach
until completion of the conflict resolution procedures. If Buyer does not respond to Seller’s Late Delivery Remediation Plan within ten (10) days of its proposal, Buyer will be deemed to have accepted Seller’s Late Delivery
Remediation Plan. In the case of a failure by Seller to deliver Components to the Storage Facility in accordance with the schedule identified at the time a PO is accepted that continues for [...***...], if Seller fails to fully remediate its
failure to deliver Components by the Late Delivery Remediation Target Date, then [...***...], the Buyer may elect in a writing delivered to Seller to terminate this Agreement. 

(d) Upon termination of this Agreement for any reason, each party agrees to return all Confidential Information belonging to the other party or its Affiliates
(unless such party or any Affiliate of such party has a separate contractual right to maintain such Confidential Information belonging to the other party), and Seller agrees to return to Buyer all Tooling, test equipment and other property owned by
Buyer pursuant to the terms of this Agreement. Buyer shall bear all usual and reasonable costs of the return of such tooling, test equipment and property. Such returned Tooling, test equipment and property must be fully functional and undamaged,
except for reasonable wear, otherwise Seller shall bear all costs associated with repair or replacement. 
 (e) All provisions or obligations contained in
this Agreement, which by their nature or effect are required or intended to be observed, kept or performed after termination or expiration of the Agreement shall survive and remain binding upon and for the benefit of the parties, their successors
(including, without limitation, successors by merger) and permitted assigns including, without limitation, Buyer’s obligation to make any payment of any amounts owed on or prior to the date of termination or expiration and Section 7 of the
Agreement. 
 4. NOTICES 
 All notices under this
Agreement shall be in writing and (i) if delivered personally or by an internationally recognized overnight courier, be deemed given upon delivery; (ii) if sent by registered or certified mail, return receipt requested, be deemed given
upon receipt; or (iii) if transmitted electronically, be deemed given on the date accessible electronically. Notwithstanding the foregoing, any notice under this Agreement regarding a claim, demand, breach, termination or extension of Term or
assignment, shall be sent by an internationally recognized overnight courier. A party may from time to time change its address or designee for notification purposes by giving the other prior written notice of the new address or designee and the date
upon which it will become effective. Notices shall be sent to the parties at the following addresses: 

  
 5 

			
	Buyer	  	Seller
	ATTN: [...***...]	  	ATTN: [...***...]
	1 River Road, Building 53	  	8501 N. Scottsdale Rd., Suite 100
	Schenectady. NY 12345	  	Scottsdale, AZ 85253
	Telephone: [...***...]	  	Telephone: [...***...]
	[...***...]	  	[...***...]

 5. TOOLING 
 (a) For the
purposes of this Agreement, the term “Seller Provided Tooling” shall mean all of the molds, including the associated plugs and fixtures (collectively the “Molds”), and any other tools or capital equipment identified on
Appendix 5 of this Agreement. Buyer has paid to Seller in full for all Seller Provided Tooling and Seller, upon request from Buyer, agrees to execute and deliver to Buyer the bills of sale, instruments of conveyance, certificates or other
documentation and take such other actions as Buyer may reasonably request in order to confirm and complete transfer ownership of such Seller Provided Tooling from Seller to Buyer. In addition, Buyer may provide to Seller tooling or tools as
determined by Buyer to be suitable for use in the Production Facility and Storage Facility (“Buyer Provided Tooling”). The Buyer Provided Tooling and the Seller Provided Tooling are collectively referred to herein as the
“Tooling”. The Buyer Provided Tooling is and shall be at all times the sole and exclusive property of Buyer. 
 (b) Buyer has paid Seller in full
for all shipping, transport costs, duties, value added taxes and any other applicable taxes with respect to relocating all Seller Provided Tooling and installing it at the Production Facility. Seller shall ensure that, while in its possession, it
shall not cause or allow the Tooling to be subject to any claims, liens or encumbrances except to the extent that any claim alleges that the design of the Tooling to the extent that the design is provided by Buyer to Seller, infringes the rights of
a third party, as that portion of any claim shall not be Seller’s responsibility under this Section 5. Upon any of the Tooling reaching the end of its useful life, and where such Tooling is still necessary for the ongoing manufacture of
Components pursuant to this Agreement, Buyer shall repair or replace such Tooling at its sole cost and expense except to the extent that such replacement was necessitated by Seller’s misuse, abuse, or failure to properly maintain such Tooling
in which case the cost of such replacement Tooling shall be borne by both Buyer and Seller in an amount to be negotiated and agreed upon by the parties. Tooling, including any repaired or replaced Tooling or any part thereof or any materials affixed
or attached thereto, shall be, and remain, the sole and exclusive property of Buyer. 
 (c) Without the prior written consent of Buyer, Seller shall not:
(i) substitute any Tooling to be used on Buyer’s POs, (ii) dispose of, change or move the Tooling from the Production Facility, or (iii) use the Tooling for any purpose other than to manufacture Components for Buyer. 

(d) Seller shall conspicuously identify and label each piece of Tooling and, whenever practical, each individual item thereof, as the property of Buyer and
shall safely store the Tooling separate and apart from Seller’s property to the extent practicable. 
 (e) Seller shall keep the Tooling in a good and
safe working condition and in compliance with all applicable laws at its own cost and expense, in its own custody at the Production Facility, and at all times shall exercise reasonable care and control in using and maintaining the Tooling so that
upon return to Buyer, the Tooling shall be in as good of a working order and in as good of a condition as it was upon delivery, except for reasonable wear and tear consistent with the Tooling’s intended use during its projected useful life,
which for molds, excluding any associated plugs, is [...***...] Component Sets). Buyer 

  
 6 

 may enter the Production Facility of Seller at any reasonable time to conduct a physical inspection and inventory
of the Tooling. 
 (f) Seller shall inspect the Tooling prior to use and shall train and supervise its employees in the proper and safe operation of the
Tooling. Further, Seller shall release, defend, hold harmless and indemnify Buyer, its Affiliates and each of their directors, officers, employees, agents, representatives, successors and assigns from any and all claims, demands, losses, judgments,
damages, costs, expenses or liabilities arising from any negligent act or omission of Seller related to the Tooling while it is in Seller’s care, custody and/or control. 

(g) The Tooling, while in Seller’s care, custody and/or control, shall be: (i) held at Seller’s risk and (ii) kept insured by Seller: at
Seller’s expense with loss payable to Buyer in an amount equal to the replacement cost and against loss or damage by fire, flood and other common perils by an insurance company acceptable to Buyer. Seller shall deliver proof of such
insurance to Buyer within [...***...] after all such Tooling has been delivered at the Production Facility and Storage Facility. 
 (h) The Tooling
shall be subject to removal at Buyer’s written request (, in which event Seller shall prepare the Tooling for shipment and shall redeliver such Tooling to Buyer in the same condition as originally received (excluding normal wear and tear
consistent with the Tooling’s intended use during its projected useful life, which for Molds, excluding any associated plugs, is [...***...] sets of wind turbine blades); otherwise, Seller shall bear all costs associated with repair or
replacement of the Tooling. Buyer shall bear all usual and reasonable costs of the return of the Tooling. 
 (i) In addition to any other representations or
warranties made with respect to the Seller Provided Tooling, Seller represents and warrants that the Tooling at the time shall be: (i) free of any claims of any nature and Seller will cause any lien or encumbrance asserted to be discharged, at
its sole cost and expense, within [...***...] of its assertion (provided such liens do not arise out of Buyer’s failure to pay amounts not in dispute under this Agreement or an act or omission of Buyer); (ii) new and of merchantable
quality, not used, rebuilt or made of refurbished material unless approved in writing by Buyer; (iii) free from all defects in workmanship and material; (iv) provided in strict accordance with all specifications, samples, drawings,
designs, descriptions or other requirements approved or adopted by Buyer; and (v) fit and sufficient for its intended use. 
 6. COMPLIANCE AND
GOVERNING OF LAW 
 Seller represents and warrants that it shall comply with all laws applicable to this Agreement, and acknowledges that it has
received, reviewed and agrees to follow the GE Renewable Energy Integrity Guide for Suppliers, Contractors and Consultants set forth in Appendix 6. This Agreement shall be
governed by New York law, excluding its conflicts of law rules. All disputes relating to this Agreement that cannot be resolved by negotiation shall be resolved by litigation in the state or federal courts of New York. All rights of the parties are
as set forth in this Agreement. 
 7. COSTS AND ATTORNEYS’ FEES 

Except as otherwise provided in this Agreement, each of the parties shall bear its own costs related to the business relationship contemplated herein,
including the fees and expenses of its advisors, attorneys and accountants. The prevailing party in any legal action brought by one party against the other arising out of this Agreement shall be entitled, in addition to any other rights it may have,
to reimbursement of its 

  
 7 

 reasonable costs and expenses associated with such legal action, including court costs, arbitration costs and
reasonable attorneys’ fees. 
 8. ASSIGNMENT, CHANGE OF CONTROL, WAIVER AND SURVIVAL 

(a) Buyer may assign this Agreement to any of its Affiliates. Because performance of this Agreement is specific to Seller, Seller may assign this Agreement,
only upon Buyer’s prior written consent, which consent shall not be unreasonably withheld, delayed or conditioned. Notwithstanding the foregoing, except with respect to Competitors (as defined herein) of Buyer, Seller may assign this Agreement
without the written consent of Buyer to a corporation or other business entity in a Change of Control (as defined herein). Seller shall provide Buyer with written notice of any Change of Control (a “Change of Control Notice”) within seven
(7) days of such Change of Control, but in no event later than the closing related to such Change of Control. 
 (b) Notwithstanding anything herein to
the contrary, Buyer may terminate this Agreement (together with all outstanding POs hereunder) without any liability immediately upon giving written notice to Seller where: 

(i) Seller fails to provide Buyer with a Change of Control Notice within seven (7) days of such Change of Control, but in no event later than the closing
related to such Change of Control; 
 (ii) any time after the receipt of the Change of Control Notice or the closing of such Change of Control if such Change
of Control involves an Acquirer (as defined herein) who is a Competitor of Buyer; or 
 (iii) if Seller, an Acquirer or any of their successors or assigns
becomes, directly or indirectly, a Competitor of Buyer. 
 In no event shall Seller, an Acquirer or any of their successors or assigns be entitled to any
termination costs in the event that Buyer exercises its termination rights under this Section 8. 
 “Change of Control” means the execution
of a purchase agreement, merger agreement or other similar definitive agreement with a third party (an “Acquirer”) with respect to: (a) a merger, consolidation, business combination or similar transaction directly or indirectly
relating to Seller or TPI Composites, Inc.; (b) the sale of [...***...] or more of the voting or capital stock of Seller or TPI Composites, Inc.; (c) the sale or transfer of all or any substantial portion of the assets relating to the business
of the manufacture of wind turbine blades of Seller or TPI Composites, Inc.; or (d) any liquidation or similar extraordinary transaction with respect to Seller or TPI Composites, Inc., provided in each case that a Change of Control shall not
include: (i) any public offering; or (ii) an internal restructuring of the Seller or any of its Affiliates in the ordinary course of its business. “Competitor of Buyer” means, any person or entity [...***...]. 

(c) No claim or right arising out of a breach of this Agreement shall be discharged in whole or part by waiver or renunciation unless such waiver or
renunciation is supported by consideration and is in writing signed by the aggrieved party. No failure by either party to enforce any rights hereunder shall be construed a waiver. All parts of this Agreement relating to liability and its
limitations, warranties, indemnities and 

  
 8 

 
confidentiality shall survive expiration and termination of this Agreement. 
 9. FORCE MAJEURE

 (a) For the purposes of this Agreement, a “Force Majeure Event” means any circumstances that are beyond the control of either party and are
without the fault or negligence of either party, including but not limited to the following circumstances: 
 (i) War (whether declared or not), armed
conflict or the serious threat of same (including but not limited to hostile attack, blockade, military embargo), hostilities, invasion, act of a foreign enemy, extensive military mobilization; 

(ii) Civil war, riot, rebellion and revolution, military or usurped power, insurrection, civil commotion or disorder, mob violence, act of civil disobedience;

 (iii) Act of terrorism; sabotage or piracy; 
 (iv) Act of
authority whether lawful or unlawful, compliance with any law or governmental order, rule, regulation or direction, curfew restriction, expropriation, compulsory acquisition, seizure of works, requisition, nationalisation; 

(v) Act of God, plague, epidemic, natural disaster such as but not limited to violent storm, cyclone, typhoon, hurricane, tornado, earthquake, volcanic
activity, landslide, tidal wave, tsunami, flood, damage or destruction by lightning; or 
 (vi) Explosion, fire, destruction of machines, equipment,
factories and of any kind of installation. 
 (b) Neither party shall be in breach of this Agreement or otherwise be responsible for any delay or other
failure in performing its obligations hereunder if such breach, delay or other failure is directly caused by a Force Majeure Event. 
 (c) A party seeking
relief under this Section shall provide written notice to the other party within seventy-two (72) hours after obtaining knowledge of the commencement of the Force Majeure Event. Notice shall also promptly
be given when such event ceases. Any date of delivery or time for performance shall be extended by a period of time reasonably necessary to overcome the Force Majeure Event and its consequence, including time for the resumption of the work. Each
party shall make its reasonable efforts to minimize the consequences of the Force Majeure Event. 
 (d) Notwithstanding the foregoing, in the event that
Seller’s performance under this Agreement is delayed more than [...***...] days from the date Seller notifies Buyer of the Force Majeure Event, Buyer’s purchase commitment set forth in Section 1 shall be reduced in an
amount equal to the number of Components that Seller is not able to deliver due to the Force Majeure Event (“Undelivered Blades”), and Buyer may procure the Undelivered Blades from other suppliers. The parties understand and agree that as
soon as Seller is able to resume production of the Components within standard lead times, then Buyer shall resume purchases of the Components from Seller under this Agreement in accordance with the purchase commitment in Section 1 less the
number of Undelivered Blades that Seller was unable to deliver as set forth above. 
 (e) In no event shall either party be entitled to any price adjustment,
compensation or other financial relief. 
 10. NEW BLADE MODEL; EXTENSION OF LENGTHS OF COMPONENTS. 

(a) In the event that Buyer proposes a new blade model during the Term (a “New Blade Model”), the parties agree that Buyer’s Purchase Obligation
and Seller’s Guaranteed Capacity under this 

  
 9 

 Agreement shall remain the same and any unfulfilled Buyer Purchase Obligation and Seller Guaranteed Capacity
shall be applied to the New Blade Model; provided that if an existing model of a Component is still being produced, the parties shall agree on the allocation between the existing Component and the New Blade Model. Seller shall quote a price for
such New Blade Model and establish an initial Bill of Materials and delivery schedule for such New Blade Model based on a maximum of [...***...] for New Blade Models and calculated using agreed upon [...***...]. The New Blade Model price
shall also apply [...***...] and also include [...***...]. The parties agree that [...***...]. Seller acknowledges that the calculation and amount of the [...***...] is highly confidential. Buyer may terminate this Agreement
for cause and without a termination fee upon [...***...]. 
 (b) The parties agree that after Seller commences serial production of the
[...***...] Component, a change by Buyer of either extending the length of the [...***...] blade Component by less than [...***...] to a new blade Component of length less than
 [...***...] provided,
(i) [...***...] shall not be treated as a New Blade Model under this Agreement, but rather as a PO change subject to the provisions of Section 6 of the GEREN Purchase Terms. 

11. CONSTRUCTION OF PRODUCTION AND STORAGE FACILITIES 

(a) Seller will operate the Production Facility and the Storage Facility. The specifications of the Production Facility and the Storage Facility are set forth
in Appendix 7 and Appendix 8, respectively. Provided that Seller complies with Sections 1(e) and 10(b), the Storage Facility may be used by Seller for the storage of other goods. If the capacity of the Storage Facility becomes
inadequate, Seller will have no obligation to increase such capacity beyond the Storage Facility specifications detailed in Appendix 8 attached hereto. 

(b) Seller may expand the Production Facility and the Storage Facility to add products that do not service the wind energy segment without the consent of Buyer
and to add products that service the wind energy segment only with Buyer’s prior written consent, in each case provided that the manufacturing and storage capacity originally allocated to Buyer as of the Effective Date remains unchanged and, in
the case of products that service the wind energy segment, that the manufacturing area allocated to Buyer’s Orders is physically partitioned via a wall, a separate building or other similar means. Further, in each case, Seller’s overhead
cost savings from any such expansion will be shared equally with Buyer through reduced Component pricing starting when such overhead cost savings are actually realized by Seller. 

  
 10 

 12. STORAGE 

Seller will deliver the finished Components to the Storage Facility in, if appropriate, shipping cradles provided by Buyer that are capable of appropriately
transporting the Components from the Production Facility to the Storage Facility. If required, shipping cradles will be delivered by Buyer to the Production Facility or Storage Facility at the instruction of Seller and stored at either the
Production Facility or the Storage Facility at Seller’s discretion. If required, storage cradles will be provided and maintained by Seller. Seller will be responsible for the proper care and regular maintenance of the shipping and storage
cradles and, subject to payment as discussed herein, for all loading and unloading of trailers at the Storage Facility. [...***...]. All damages or losses at the Storage Facility will be borne by Seller (unless such damages or losses were
caused by Buyer or Buyer’s Affiliates), and Seller will be responsible for insuring against the risk of loss or damage at the Storage Facility. Buyer will be responsible for the delivery of the Components to the wind farm sites of its
customers. Seller shall be responsible for the loading of Components onto trailers for transport to the wind farm sites of Buyer’s customers. 
 13.
LIQUIDATED DAMAGES 
 (a) With respect to Components [...***...] after the Seller’s confirmed delivery date (it being understood that such
[...***...], Seller agrees to pay to Buyer as liquidated damages an amount as set forth below for the period of time that delivery of the Component is late: 
  

			
	Number of Days Late:	  	Amount of Liquidated Damages:
		
	[...***...] or less:	  	[...***...]
		
	[...***...]:	  	[...***...]
		
	[...***...] Late:	  	[...***...]

 Provided, however, that such liquidated damages will not exceed the sum of [...***...]. 

(b) In addition to the liquidated damages set forth above, Seller agrees to pay to Buyer the costs actually incurred by Buyer in transportation over and above
normal transportation costs, up to a maximum of [...***...], during the period of time starting [...***...] after the Seller’s confirmed delivery date (it being understood that such [...***...] period shall be treated as a
grace period) through the earlier of the actual delivery date of a Component or the termination or expiration of this Agreement. Notwithstanding anything herein to the contrary, and without limiting Buyer’s other rights herein, no liquidated
damages shall apply to late delivery [...***...]. 
 (c) In the event that Seller and Buyer mutually agree in writing that Components installed on wind
turbines that are operational may fail due to potential material or workmanship problems and provided that any such Component is then covered by the Seller’s warranty, then Seller agrees to inspect such 

  
 11 

 Components for such potential problems on a schedule determined by Seller (such scheduled shutdown herein
referred to as a “Planned Shutdown Event”). In the event of a Planned Shutdown Event, as liquidated damages for such wind turbine downtime, Seller shall pay to Buyer [...***...] while the wind turbine is shut down up to a maximum of
[...***...]. In addition to such liquidated damages and in the event of a Planned Shutdown Event, Seller will be responsible for [...***...] with cranes that are required for the inspection of Components or that are required to repair or
replace any Component due to defects in materials or workmanship then under the Seller’s warranty. In the event that a wind turbine stops working or must be shut down due to a wind turbine blade failure that is solely and directly Seller’s
fault (herein referred to as a “Catastrophic Shutdown Event”) and if the Component(s) at issue are then under the Seller’s warranty, in addition to any other warranty obligation of the Seller, Seller shall pay to Buyer
[...***...] while the wind turbine is shut down up to a maximum of [...***...] as liquidated damages for such wind turbine downtime. In addition to such liquidated damages and in the event of a Catastrophic Shutdown Event, Seller will be
responsible for [...***...] with cranes that are required to repair or replace any Component due to defects in materials or workmanship then under the Seller’s warranty. 

14. TECHNOLOGY LICENSE 
 (a) Buyer may at any time during
the Term, request in writing Seller to manufacture [...***...] Components in a country that at the time of the request Seller does not have manufacturing capabilities (“Country Request”). Buyer’s Country Request shall specify
the anticipated volume and the date required for production to commence. In the event that Seller determines that it cannot comply with Buyer’s Country Request, Seller agrees that Seller or its applicable Seller Affiliates shall, provide a
[...***...] license to Seller’s know-how and work instructions for such [...***...] Components or [...***...] Components to Buyer that may be sublicensed to a third party to manufacture
such Components for Buyer in that country; provided, however, that Buyer shall not sublicense to [...***...] or their respective affiliates. Seller shall notify Buyer within [...***...] of Buyer’s Country Request of its decision
regarding such request; provided however, in the event that Seller determines to move forward with such request and subsequently decides otherwise the grant of the license shall come into effect. 

(b) Seller has provided to Buyer one copy in the Native editable Format for each document listed in Appendix 9, [...***...] Manufacturing Process Plan
(MPP)/Product Quality Plan (PQP), herein referred to as the [...***...] Documents, by GE Support Central Library (collectively, the “Licensed Material”). The Licensed Material was and is being provided on an “as-is” basis without warranty and Seller has no obligation to update the Licensed Material. 
 (c) Subject to
Seller’s right to terminate the sublicense set forth below, Seller hereby grants and agrees to grant to Buyer and its Affiliates a paid-up license to the Licensed Material for the sole purpose of
manufacturing the [...***...] Components in [...***...] and thereafter servicing and selling such [...***...] Components [...***...], and such license shall include a limited right to sublicense
[...***...] in [...***...]: (a) to manufacture such [...***...] Component exclusively for Buyer and its Affiliates, and for sale, import and use to GE and its Affiliates [...***...]; and (b) to copy,
distribute, make derivative works and disclose such Licensed Material [...***...]. Such license is conditioned upon Buyer contractually obligating [...***...] to keep the Licensed Material confidential substantially to the same
extent as provided in Section 16 Confidential or Proprietary Information and Publicity, of the GEREN Purchase Terms, and for use in accordance 

  
 12 

 with the license granted herein (the [...***...] Confidential Obligations”). The license granted
herein shall extend [...***...], and expires thereafter. Seller may terminate the sublicense granted herein to [...***...] if [...***...] either i) manufactures the [...***...] Component outside the scope of the sublicense
granted in clause (a) of this paragraph and Buyer fails to cause [...***...] to cure sure such breach within [...***...] of receipt of notice of such breach from Seller, or ii) after finding a breach of the [...***...]
Confidential Obligations, resulting from any claims against Buyer or its Affiliates arising or relating to such breach of the [...***...] Confidential Obligations brought in accordance with Section 21 Dispute Resolution, of the GEREN
Purchase Terms; provided that nothing in this subsection shall limit Seller from pursing or legal or equitable claims or relief in any jurisdiction or venue against [...***...] or other third parties (other than Affiliates of Buyer) relating
to or arising from any breach of the sublicense granted to [...***...] herein. If the sublicense is terminated pursuant to the preceding sentence. Buyer shall and shall cause [...***...] to promptly return the Licensed Materials to
Seller. 
 (d) Buyer has paid Seller [...***...] for the limited license to the Licensed Material granted in Section 14 (b) above. For all other
prospective third party sublicensees [...***...] to whom Seller shall have no obligation to grant a sublicense to the Licensed Materials), where such prospective third party sublicensee is [...***...], Seller reserves the right to review
the licensing fee agreement on a case by case basis, including without limitation, whether such licensing fee will be based on a [...***...] or other criteria. The provisions of this Section 14 shall survive any termination or expiration
of the Agreement. 
 15. [...***...] TOOLING DESIGN DRAWINGS 

Buyer has provided Seller a functional specification required to manufacture the Tooling for the [...***...] Components that Buyer has purchased. All
design drawings prepared by Seller for the Tooling for the [...***...] Components shall be owned by Buyer. If required, Seller shall execute assignments to effectuate that result. Seller has delivered all such design drawings to Buyer and
Buyer has paid Seller in full for drawings. Drawings provided remain the sole and exclusive property of Buyer. 
 16. RESOLUTON OF DISPUTED CLAIMS

 Buyer acknowledges that as of the Effective Date, the parties have resolved all purported claims that General Electric International, Inc. has or may
have against TPI Iowa, LLC with respect to liquidated damages and late deliveries of Components pursuant to Section 13 of the Supply Contract dated September 6th, 2007, as amended relating to
the missed delivery of [...***...] Components in 2015. 

  
 13 

 17. ENTIRE AGREEMENT 

This instrument, with such documents expressly incorporated by reference, is intended as a complete, exclusive and final expression of the parties’
agreement with respect to such terms as are included herein. There are no representations, understandings or agreements, written or oral, which are not included herein. This Agreement may be executed in one or more counterparts in facsimile or other
written form, each of which shall be considered an original instrument, but all of which shall be considered one and the same agreement, and shall become binding when one or more counterparts have been signed by each of the parties hereto and
delivered to the other party. 
 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their respective authorized
representatives as of the Effective Date first set forth above. 
  

									
	 GENERAL ELECTRIC INTERNATIONAL, INC.

THROUGH ITS GE RENEWABLE ENERGY BUSINESS
	 		 	TPI IOWA, LLC
			
	Signed: /s/ Micaela Niven Bulich            	 		 	Signed: /s/ Steven Lockard            
	Print Name: Micaela Niven Bulich         	 		 	Print Name: Steven Lockard         
	Title: VP GE Onshore GSCW                 	 		 	Title: President & CEO                 
	Date:	 	10/4/2016	 		 	Date:	  	9/28/16

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 14 

 ATTACHMENTS 

Appendix 1: Definitions 
 Appendix 2: Description, Quantity and
Price List of Components 
 Appendix 2a: [...***...] Component Bill of Materials 

Appendix 3: GEREN Purchase Terms 
 Appendix 4: Premium Payable by
Buyer upon Termination for Convenience 
 Appendix 5: Tooling 

Appendix 6: GEREN Integrity Guide for Suppliers, Contractors and Consultants 

Appendix 7: Production Facility Specifications 
 Appendix 8:
Storage Facility Specifications 
 Appendix 9: [...***...] Manufacturing Process Plan (MPP)/Product Quality Plan (PQP) 

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 APPENDIX 1 

Definitions 
 Many of the capitalized
words and phrases used in this Agreement are defined below. Some defined terms used in this Agreement are applicable to only a particular section of this Agreement or an appendix and are not listed below, but are defined in the section or appendix
in which they are used. 
 “Bill of Materials” means a list of parts prepared at least annually by Seller for each blade model then in
production, or forecasted to be in production in the following calendar year if such new blade model was presented to Seller in May of the current calendar year, identifying all direct materials, all indirect materials (other than consumables
related to employee protection or consumed in the Production Facility on a periodic basis), subassemblies, parts and Tools required in the manufacture of such blade, the cost associated with each item and an aggregate cost for all items. 

“Production Facility” means the factory located in Newton, Iowa, or such other location in Iowa as Seller may determine, that is or shall be
constructed and leased by Seller during the Term of the Agreement for the purpose of producing the Components. The specifications of the Production Facility are set forth in Appendix 7.” 

“Storage Facility” means a fenced land site located in Iowa contiguous with the Production Facility that will be constructed and leased by
Seller for the purpose of storing the blades on a non-exclusive basis prior to transport of the blades by Buyer to locations determined by Buyer and its customers. The specifications of the Storage Facility
are set forth in Appendix 8. 
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 APPENDIX 2 

Description, Quantity and Price List of Components 

Components: 
  

					
	 Component
	  	 GE Part #
	  	 Description

	[...***...]	  	[...***...]	  	[...***...]
	[...***...]	  	[...***...]	  	[...***...]
	[...***...]	  	[...***...]	  	[...***...]

 For purposes of this Agreement, the term Component shall mean the wind turbine blade specified in Buyer’s
[...***...] which specifications may be changed by Buyer and agreed to by the Seller from time to time. Components shall be delivered in [...***...] blades per set. In addition, when the term Component(s) is used in this Agreement in
reference to the quantity ordered, price per Component, Buyer’s Purchase Obligation and Seller’s Guaranteed Capacity, the number referred to means [...***...] blades per Component which is also referred to herein as “sets” or Component sets. 
 Purchase Time Periods, Pricing, Seller’s Guaranteed Capacity and
Buyer’s Purchase Obligation 
 Set forth in the chart below are the Purchase Time Periods, the pricing for such Purchase Time Period, Seller’s
Guaranteed Capacity (as defined below) for such Purchase Time Period and Buyer’s Purchase Obligation for such Purchase Time Period. 

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 17 

 [...***...] 

  
 18 

 Material Cost Out 

If the parties implement measures that reduce the cost of the Bill of Materials for the [...***...] Components, then upon completion of such
implementation, the cost of such [...***...] Component set purchased under this Agreement shall be immediately [...***...] to Buyer for each such Component set (each an [...***...]). To the extent that Seller shall incur any
[...***...] with regards to the foregoing measures, [...***...]. 
 Seller’s Guaranteed Capacity 

The parties agree that Seller’s guaranteed capacity at Seller’s Production Facility to Buyer shall be equivalent to and equal to the capacity of
[...***...] (“Seller’s Guaranteed Capacity”). 
 Payment Terms 

Notwithstanding anything to the contrary contained in the Agreement, including without limitation Section 2 of the GEREN Purchase Terms, Buyer intends,
and shall be entitled, to take early payment discount on Components as shown below under “New Payment Terms.” The New Payment Terms shall remain in effect unless the parties mutually decide otherwise; provided however, that in the event
that Buyer does note execute payment as intended within the applicable discount period for at least [...***...] of the invoices submitted by Seller in any calendar year quarter, the payment terms will revert to “Prior Payment Terms”
in the following calendar year quarter. 
 New Payment Terms 

Buyer shall initiate payment on or before [...***...] from the Payment Start Date (the [...***...] Net Due Date”). An early payment discount
of [...***...] of the gross invoice price will be applied if Buyer initiates payment within [...***...] after the payment start date. 

Prior Payment Terms 
 Buyer shall initiate payment on or
before [...***...] from the Payment Start Date (the [...***...] Net Due Date”). An early payment discount of [...***...] of the gross invoice price will be applied if Buyer initiates payment within [...***...] after the
payment start date. The price all Components listed in the table above purchased by Buyer with the Prior Payment Terms shall be reduced by
 [...***...]. 

  
 19 

 Storage Facility 

(a) The Storage Facility shall be co-located with the Production Facility with a maximum storage capacity of
[...***...] Components, of which a maximum of [...***...] Components capacity is available for rail shipment storage. 
 (b) Seller shall deliver
the finished Components to the Storage Facility in either truck or rail shipping fixtures provided by Buyer that are capable of appropriately storing the Components at the Storage Facility. Buyer shall provide truck and rail shipping fixtures to the
Storage Facility. Seller shall be responsible for the proper care of the shipping fixtures, and all unloading of trailers at the Storage Facility. All damages or losses at the Storage Facility, including without limitation, the Components shall be
borne by Seller, and Seller shall be responsible for insuring against risk of loss or damage at the Storage Facility. 
 (c) Buyer shall provide shipping
method a minimum of [...***...] ahead of the agreed to production schedule to avoid changing out shipping fixtures from blades in the Storage Facility. 

(d) Buyer is responsible for transporting blades from the Storage Facility to the rail siding. 

Rest of this page intentionally left blank 

  
 20 

 Appendix 2a 

[...***...] Component Bill of Materials 

(As of the Effective Date) 

[...***...] 

  
 21 

 [...***...] 

  
 22 

 [...***...] 

  
 23 

 [...***...] 

TPI lowa - [...***...] Pricing Calculation 

[...***...] 

  
 24 

 APPENDIX 3 

GEREN PURCHASE TERMS 

GE RENEWABLE ENERGY STANDARD TERMS OF PURCHASE REV. A (modified) 

1. ACCEPTANCE OF TERMS. Seller agrees to be bound by and to comply with all terms set forth herein and in the purchase order, to which these terms are
attached and are expressly incorporated by reference (collectively, the “Order”), including any amendments, supplements, specifications and other documents referred to in this Order. Acknowledgement of this Order, including without
limitation, by beginning performance of the work called for by this Order, shall be deemed acceptance of this Order. The terms set forth in this Order take precedence over any alternative terms in any other document connected with this transaction
unless such alternative terms are: (a) part of a written supply agreement (“Supply Agreement”), which has been negotiated between the parties and which the parties have expressly agreed may override these terms in the event of a
conflict; and/or (b) set forth on the face of the Order to which these terms are attached. In the event these terms are part of a written Supply Agreement between the parties, the term “Order” used herein shall mean any purchase order
issued under the Supply Agreement. This Order does not constitute an acceptance by Buyer of any offer to sell, any quotation, or any proposal. Reference in this Order to any such offer to sell, quotation or proposal shall in no way constitute a
modification of any of the terms of this Order. ANY ATTEMPTED ACKNOWLEDGMENT OF THIS ORDER CONTAINING TERMS INCONSISTENT WITH OR IN ADDITION TO THE TERMS OF THIS ORDER IS NOT BINDING UNLESS SPECIFICALLY ACCEPTED BY BUYER IN WRITING. 

2. PRICES, PAYMENTS AND QUANTITIES. 
 2.1 Prices.
All prices are firm and shall not be subject to change. Seller’s price includes all payroll and/or occupational taxes, any value added tax that is not recoverable by Buyer and any other taxes, fees and/or duties applicable to the goods and/or
services purchased under this Order: provided, however, that any value added tax that is recoverable by Buyer, state and local sales, use, excise and/or privilege taxes, if applicable, will not be included in Seller’s price but will be
separately identified on Seller’s invoice. If Seller is obligated by law to charge any value added and/or similar tax to Buyer, Seller shall ensure that if such value added and/or similar tax is applicable, that it is invoiced to Buyer in
accordance with applicable rules so as to allow Buyer to reclaim such value added and/or similar tax from the appropriate government authority. Neither party is responsible for taxes on the other party’s income or the income of the other
party’s personnel or subcontractors. If Buyer is required by government regulation to withhold taxes for which Seller is responsible, Buyer will deduct such withholding tax from payment to Seller and provide to Seller a valid tax receipt in
Seller’s name. If Seller is exempt from such withholding taxes or eligible for a reduced rate of withholding tax as a result of a tax treaty or other regime, Seller shall provide to Buyer a valid tax residency certificate or other
documentation, as required by the applicable government regulations, at a minimum of thirty (30) days prior to payment being due. Seller agrees that it will not sell goods using comparable material systems and technology to other customers at
more favorable gross margins than those given Buyer. 
 2.2 Payments. 

(a) Payment Terms. Unless otherwise stated on the face of this Order, Buyer will initiate payment on or before [...***...] from the Payment Start
Date. The [...***...] after the Payment Start Date shall hereinafter be referred to as the “Net Due Date”. The Payment Start Date is the latest of the required date identified on the Order, the date of receipt of valid invoice by
Buyer, or the received date of the goods and/or services in Buyer’s receiving system. The received date of the goods and/or services in Buyer’s receiving system will occur: (i) in the case where the goods are placed in the Storage
Facility (as defined in the Supply Agreement), within forty-eight (48) hours of the goods being placed in the Storage Facility; (ii) in the case where services are performed directly for Buyer, within forty-eight (48) hours of
Buyer’s physical receipt of the services; or (iii) in the case of services performed directly for a third party in accordance with this Order, within forty-eight (48) hours of Buyer’s receipt of written certification from Seller
of completion of the services. 
 (b) Discounts. Buyer shall be entitled, either directly or through an Affiliate (defined in subsection
(c) below) of Buyer to take an early payment discount of [...***...] (the “Daily Base Discount Rate”) for each day before the Net Due Date that payment is initiated. For example, a discount of [...***...] would correspond
to payment initiated [...***...] early (i.e. [...***...] after the Payment Start Date) and a discount [...***...] would correspond to payment initiated [...***...] early (i.e., [...***...] after the Payment Start Date).
Unless otherwise agreed. Buyer agrees not to apply more than [...***...] early payment equal to [...***...] early payment reduction. The Daily Discount Rate is based on a “Prime Rate” (defined below) of [...***...] (the
“Base Prime Rate”). If the Prime Rate in effect on the last business day of any month exceeds the Base Prime Rate, the Daily Discount rate will be adjusted upward or downward on [...***...] fluctuation between the Prime Rate and the
Base Prime Rate on such date; provided, however, that if the Prime Rate ever falls below the Base Prime Rate, then the Daily Discount Rate will never fall below [...***...]. If the Daily Discount Rate is adjusted on [...***...] as set
forth above, then such adjusted Daily Discount 

  
 25 

 Rate will be applicable to all invoices posted for payment during the following month. For purposes of this
Section, “Prime Rate” shall be the Prime Rate as published in the “Money Rates” section of The Wall Street Journal (or, in the event that such rate is not so published, as published in another nationally recognized
publication) on [...***...]. For example, if the Prime Rate exceeds the Base Prime Rate by [...***...], the Daily Discount Rate for the following [...***...] will increase by [...***...]. Notwithstanding Buyer’s
obligations in Section 2.2(a), if the Net Due Date falls on a weekend or a holiday, the Net Due Date will be moved to the next business day (the “Reset Net Due Date”). If Buyer initiates payment before such Reset Net Due Date and takes an
early payment discount as set forth above. Buyer will be entitled to take the early payment discount based upon each day payment is initiated before the Reset Net Due Date. lf Buyer and Seller agree that Buyer may take a fixed-percentage early
payment discount (the “Flat Discount”) whereby Buyer will take the Flat Discount for initiating payment on or before a date certain prior to the Net Due Date or the Reset Net Due Date, if applicable (the “Flat Discount Date”),
e.g., a [...***...] discount for initiating payment on or before the [...***...] after the Payment Start Date, and the Flat Discount Date falls on a weekend or a holiday, Buyer shall be entitled to initiate payment to Seller on the next
business day following the Flat Discount Date and take the Flat Discount as if it initiated payment on the Flat Discount Date. Each discount will be rounded to the nearest one hundredth of a percent. Notwithstanding anything to the contrary in this
Order, if Buyer elects to take the early payment discount to settle an invoice, Seller acknowledges and confirms that: (1) title to the goods and services shall pass directly to General Electric Capital Corporation (“GE Capital”) in
accordance with the terms of this Order; (2) once title to the goods and services has passed to GE Capital, GE Capital shall immediately and directly transfer such title to Buyer; and (3) any and all of the obligations, including
representations and warranties Seller has provided with respect to the goods and services, shall be retained by Buyer, and Buyer may rely upon the same. 

(c) Miscellaneous. Payment shall be in US dollars. Seller’s invoice shall in all cases bear Buyer’s Order number and shall be issued no later
than [...***...] after receipt of the goods by Buyer and/or Seller’s completion of the services. Buyer shall be entitled to reject Seller’s invoice if it fails to include Buyer’s Order number, is issued after the time set forth
above or is otherwise inaccurate, and any resulting: (i) delay in Buyer’s payment; or (ii) nonpayment by Buyer shall be Seller’s responsibility. Seller warrants that it is authorized to receive payment in the currency stated in this
Order. No extra charges of any kind will be allowed unless specifically agreed in writing by Buyer. Buyer shall be entitled at any time to set-off any and all amounts owed by Seller to Buyer or a Buyer
Affiliate (defined below) on this or any other order. ‘‘Affiliate” shall for the purposes of this Order mean, with respect to either party, any entity, including without limitation, any individual, corporation, company, partnership,
limited liability company or group, that directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with such party. 

2.3 Quantities. 
 (a) General. Buyer is not
obligated to purchase any quantity of goods and/or services except for such quantity(ies) as may be specified either: (i) on the face of an Order; (ii) in a release on the face of an Order; or (iii) on a separate written release
issued by Buyer pursuant to an Order. Unless otherwise agreed to in writing by Buyer, Seller shall not make material commitments or production arrangements in excess of the quantities specified in Buyer’s Order or release and/or in advance of
the time necessary to meet Buyer’s delivery schedule. Should Seller enter into such commitments or engage in such production, any resulting exposure shall be for Seller’s account. Goods delivered to Buyer in excess of the quantities
specified in Buyer’s Order or release and/or in advance of schedule may be returned to Seller at Seller’s risk and expense, including but not limited to any cost incurred by Buyer related to storage and handling of such goods. 

(b) Replacement Parts. Replacement parts for goods purchased by Buyer hereunder are for the purpose of this Section defined as “Parts” and are
included in the definition of “goods” under this Order. For all goods ordered by Buyer’s Measurement and Control Solutions, Industrial Solutions or Wind Energy businesses and if expressly required on the face of this Order by another
Affiliate, group, division and/or business unit of Buyer, Seller shall provide Parts: (i) to Buyer’s Measurement and Control Solutions and Industrial Solutions businesses for a period of [...***...]; and (ii) to Buyer’s Wind
Energy business for a period of [...***...]. Seller shall continue to supply such Parts past the [...***...] or [...***...] for so long as the Seller continues to produce goods for Buyer. After a good is no longer in production,
the prices for Parts shall be [...***...] of those amounts. No minimum order requirements shall apply unless the parties mutually agree in advance. After the end of the above referenced periods, Seller shall continue to maintain in good
working condition all Seller-owned tooling required to produce the Parts, and shall not dispose of such tooling without first contacting Buyer and offering Buyer the right to purchase such tooling from Seller. Seller’s obligations with regard
to Buyer owned tooling are set forth in Section 4, “Buyer’s Property”. 

  
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 3. DELIVERY AND TITLE PASSAGE. 

3.1 Delivery. Time is of the essence of this Order. All delivery designations are INCOTERMS 2010. Unless otherwise stated on the face of this Order, all
goods provided under this Order shall be [...***...]. Notwithstanding the foregoing Incoterm, Seller shall not be responsible for clearing the goods for export. 

3.2 Title Passage. Unless otherwise stated on the face of this Order, title to all goods ordered by Buyer pursuant to the terms of the Supply Agreement
shall pass from Seller to Buyer when the goods are delivered and loaded by Seller onto Buyer’s carrier at the Storage Facility. Notwithstanding anything herein to the contrary, all damages and losses at the Storage Facility, including, without
limitation, the goods will be borne by Seller, and Seller will be responsible for insuring against the risk of loss or damage at the Storage Facility. 

4. BUYER’S PROPERTY. Unless otherwise agreed in writing, all tangible and intangible property, including, but not limited to, information or data
of any description, tools, materials, drawings, computer software, know-how, documents, trademarks, copyrights, equipment or material furnished to Seller by Buyer or specifically paid for by Buyer, and any
replacement thereof, or any materials affixed or attached thereto, shall be and remain Buyer’s personal property. Except as set forth in Section 5 of the Supply Agreement, such property furnished by Buyer shall be accepted by Seller “AS
IS” with all faults and without any warranty whatsoever, express or implied. Seller shall use such property at its own risk, and Buyer makes no warranty or representation concerning the condition of such property. Such property and, whenever
tractical, each individual item thereof, shall be tlainly marked or otherwise adequately identified by Seller as Buyer’s property, safety stored separate and apart from Seller’s property and properly maintained by Seller. Seller further
agrees to comply with any handling and storage requirements provided by Buyer for such property. Seller shall not substitute any other property for Buyer’s property. Seller will inspect Buyer’s property prior to use and will train and
supervise its employees and other authorized users of such property in its proper and safe operation. Seller shall use Buyer’s property only to meet Buyer’s orders, and shall not use it, disclose it to others or reproduce it for any other
purpose. Such property, while in Seller’s care, custody or control, shall be held at Seller’s risk, shall be kept free of encumbrances and insured by Seller at Seller’s expense in an amount equal to the replacement cost thereof with
loss payable to Buyer and shall be subject to removal at Buyer’s written request, in which event Seller shall prepare such property for shipment and redeliver to Buyer in the same condition as originally received by Seller, reasonable wear and
tear excepted, all at Seller’s expense. As noted in Section 15.4(b), “Assists”, any consigned material, tooling or technology used in production of the goods shall be identified on the commercial or pro forma invoice used for
international shipments. Buyer hereby grants a non-exclusive, non-assignable license, which is revocable with or without cause at any time, to Seller to use any
information, drawings, specifications, computer software, know-how and other data furnished or paid for by Buyer hereunder for the sole purpose of performing this Order for Buyer. Buyer shall own exclusively
all rights in ideas, inventions, works of authorship, strategies, plans and data created in or resulting from Seller’s performance under this Order, including all patent rights, copyrights, moral rights, rights in proprietary information,
database rights, trademark rights and other intellectual property rights. All such intellectual property that is protectable by copyright will be considered work(s) made for hire for Buyer (as the phrase “work(s) made for hire” is defined
in the U.S. Copyright Act (17 U.S.C. § 101)) or Seller will give Buyer “first owner” status related to the work(s) under local copyright law where the work(s) was created. If by operation of law any such intellectual property is not
owned in its entirety by Buyer automatically upon creation, then Seller agrees to transfer and assign to Buyer, and hereby transfers and assigns to Buyer, the entire right, title and interest throughout the world to such intellectual property.
Seller further agrees to enter into and execute any documents that may be required to transfer or assign ownership in and to any such intellectual property to Buyer. Notwithstanding the foregoing, the mutual
non-disclosure agreement dated September 27, 2013 between General Electric Company acting though its Renewable Energy business and TPI Composites, Inc. (“MNDA”) shall govern in the event there
is a conflict with this section as to any project referenced in the MNDA that may pertain to this Order. Should Seller, without Buyer’s prior written consent and authorization, design or manufacture for sale to any person or
entity other than Buyer any goods substantially simltar to, or which reasonably can substitute or repair, a Buyer good, Buyer, in any adjudication or otherwise, may require Seller to establish by clear and convincing evidence that neither Seller nor
any of its employees, contractors or agents used in whole or in part, directly or indirectly, any of Buyer’s property, as set forth herein, in such design or manufacture of such goods. Further, Buyer shall have the right to audit all pertinent
records of Seller, and to make reasonable inspections of Seller facilities, to verify compliance with this Section. Subject to the terms of the MNDA, Seller’s and its Affiliates’ (i) existing intellectual property shall remain the sole and
exclusive property of Seller, including without limitation TPI Composites, Inc.’s proprietary and patented SCRIMP® technology and (ii) any intellectual property created or discovered
by Seller or its Affiliates outside the scope of this Order and without any reference to or in reliance on any of Buyer’s intellectual property or Confidential Information shall remain the sole and exclusive property of Seller unless otherwise
agreed in writing. 
 5. DRAWINGS. Any review or approval of drawings by Buyer will be for Seller’s convenience and will not relieve Seller of
its responsibility to meet all requirements of this Order. 

  
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 6. CHANGES. 

6.1 Buyer may at any time make changes within the general scope of this Order in any one or more of the following: (a) drawings, designs or specifications
where the goods to be furnished are to be specially manufactured for Buyer, (b) method of shipment or packing; (c) place and time of delivery; (d) amount of Buyer’s furnished property; (e) quality; (f) quantity; or (g) scope or
schedule of goods and/or services. Buyer shall document such change request in writing, and Seller shall not proceed to implement any change unless and until such change is provided in writing by Buyer. If any changes cause an increase or decrease
in the cost of, or the time required for the performance of, any work under this Order, an equitable adjustment shall be made in the Order price or delivery schedule, or both, in writing. Any Seller claim for adjustment under this clause will be
deemed waived unless asserted within thirty (30) days from Seller’s receipt of the change or suspension notification, and may only include [...***...]. 

6.2 Seller shall notify Buyer in writing in advance of any and all: (a) changes to the goods and/or services, their specifications and/or composition;
(b) process changes; (c) plant and/or equipment/tooling changes or moves; (d) transfer of any work hereunder to another site; and/or (c) sub-supplier changes, and no such change shall occur
until Buyer has had the opportunity to conduct such audits, surveys and/or testing necessary to determine the impact of such change on the goods and/or services and has approved such change in writing. Seller shall be responsible for obtaining,
completing and submitting proper documentation regarding any and all changes, including complying with any written change procedures issued by Buyer. 

7. PLANT ACCESS/INSPECTION AND QUALITY. 
 7.1
Inspection/Testing. In order to assess Seller’s work quality, conformance with Buyer’s specifications and compliance with this Order, including but not limited to Seller’s representations, warranties, certifications and
covenants under this Order, upon reasonable notice by Buyer, all: (a) goods, materials and services related in any way to the goods and services purchased hereunder (including without limitation raw materials, components, intermediate
assemblies, work in process, tools and end products) shall be subject to inspection and test by Buyer and its customer or representative at all times and places, including sites where the goods and services are created or performed, whether they are
at premises of Seller, Seller’s suppliers or elsewhere; and (b) of Seller’s books and records relating to this Order shall be subject to inspection by Buyer. If any inspection, test, audit or similar oversight activity is made on
Seller’s or its suppliers’ premises, Seller shall, without additional charge: (i) provide all reasonable access and assistance for the safety and convenience of the inspectors and (ii) take all necessary precautions and implement
appropriate safety procedures for the safety of Buyer’s personnel while they are present on such premises. If Buyer’s personnel require medical attention on such premises, Seller will arrange for appropriate attention. If in Buyer’s
opinion the safety of its personnel on such premises may be imperiled by local conditions. Buyer may remove some or all of its personnel from such premises, and Buyer shall have no responsibility for any resulting impact on Seller or its suppliers.
If specific Buyer and/or Buyer’s customer tests, inspection and/or witness points are included in this Order, the goods shall not be shipped without an inspector’s release or a written waiver of test/inspection/witness with respect to each
such point; however. Buyer shall not be permitted to unreasonably delay shipment; and Seller shall notify Buyer in writing at least twenty (20) days prior to each of Seller’s scheduled final and, if applicable, intermediate
test/inspection/witness points. Buyer’s failure to inspect, accept, reject or detect defects by inspection shall neither relieve Seller from responsibility for such goods or services that are not in accordance with the Order requirements nor
impose liabilities on Buyer. 
 7.2 Quality. When requested by Buyer, Seller shall promptly submit real time production and process measurement and
control data (the “Quality Data”) in the form and manner requested by Buyer. Seller shall provide and maintain an inspection, testing and process control system (“Seller’s Quality System”) covering the goods and services
provided hereunder that is acceptable to Buyer and its customer and complies with Buyer’s quality policy and/or other quality requirements that are set forth on the face of this Order or are otherwise agreed to in writing by the parties
(“Quality Requirements”). Acceptance of Seller’s Quality System by Buyer shall not alter the obligations and liability of Seller under this Order. If Seller’s Quality System fails to comply with the terms of this Order, Buyer may
require additional quality assurance measures at Seller’s expense. Such measures may include, but are not limited to, Buyer requiring Seller to install a Buyer-approved third party quality auditor(s)/inspector(s) at Seller’s facility(ies)
to address the deficiencies in Seller’s Quality System or other measures that may be specified in Buyer’s Quality Requirements or otherwise agreed upon by the parties in writing. Seller shall keep complete records relating to Seller’s
Quality System and shall make such records available to Buyer and its customer for: (a) three (3) years after completion of this Order; (b) such period as set forth in the specifications applicable to this Order, or (c) such period as
required by applicable law, whichever period is the longest. 
 7.3 Product Recall. 

(a) If any governmental agency with jurisdiction over the recall of any goods supplied hereunder provides written notice to Buyer or Seller, or Buyer or Seller
has a reasonable basis to conclude, that any goods supplied hereunder could possibly create a potential safety hazard or unsafe condition, pose an unreasonable risk of serious injury or 

  
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death, contain a defect or a quality or performance deficiency, or are not in compliance with any applicable code, standard or legal requirement so as to make it advisable, or required, that such
goods be recalled and/or repaired, Seller or Buyer will promptly communicate such relevant facts to each other. Buyer shall determine whether a recall of the affected goods is warranted or advisable, unless Buyer or Seller has received notice to
that effect from any governmental agency with jurisdiction over the recalled goods. 
 (b) If a recall is required under the law or Buyer determines that it
is advisable, Seller shall promptly develop a corrective action plan(s) (collectively, the “Corrective Action Plan”), which shall include all actions required by any applicable consumer protection or similar law and any applicable
regulations and provide Buyer with an opportunity to review and approve such plan. Seller and Buyer agree to cooperate and work together to ensure that such plan is acceptable to both parties prior to its implementation. If Buyer does
not respond to Seller regarding its review and approval of such Corrective Action Plan within a reasonable time period, Buyer shall be deemed to have approved such plan. In addition. Buyer shall cooperate with and assist Seller in any corrective
actions and/or filings; provided, however, that nothing contained in this Section shall preclude Buyer from taking any action or making any filings, and in such event, Seller shall cooperate with and assist Buyer in any corrective actions and/or
filings it undertakes. 
 (c) To the extent such recall is determined to have been caused by a defect, quality or performance deficiency, other deficiency, non-conformance or non-compliance, which is the responsibility of Seller, at Buyer’s election, Seller shall perform all necessary repairs or modifications at its sole
expense, or Buyer shall perform such necessary repairs or modifications and Seller shall reimburse Buyer for all reasonable out-of-pocket costs and expenses incurred by
Buyer in connection therewith. In either case, Seller shall reimburse Buyer for all reasonable out-of-pocket costs and expenses incurred by Buyer in connection with any
recall, repair, replacement or refund program, including without limitation all costs related to: (i) investigating and/or inspecting the affected goods; (ii) locating, identifying and notifying Buyer’s customers;
(iii) repairing, or where repair of the goods is impracticable or impossible, repurchasing or replacing the recalled goods; (iv) packing and shipping the recalled goods; and (v) media notification, if such form of notifications is
needed or required. Each party shall consult the other before making any statements to the public or a governmental agency relating to potential safety hazards affecting the goods, except where such consultation would prevent timely notification
required by law. 
 8. REJECTION. If any of the goods and/or services furnished pursuant to this Order are found within a reasonable time after
delivery to be defective or otherwise not in conformity with the requirements of this Order, including any applicable drawings and specifications, whether such defect or non-conformity relates to scope
provided by Seller or a direct or indirect supplier to Seller, then Buyer, in addition to any other rights, remedies and choices it may have by law, contract or at equity, and in addition to seeking recovery of any and all damages and costs
emanating therefrom, at its option and sole discretion and at Seller’s expense may: (a) require Seller to immediately re-perform any defective portion of the services and/or require Seller to
immediately repair or replace non-conforming goods with goods that conform to all requirements of this Order; (b) take such actions as may be required to cure all defects and/or bring the goods and/or
services into conformity with all requirements of this Order, in which event, all related costs and expenses (including, but not limited to, material, labor and handling costs and any required re-performance
of value added machining or other service) and other reasonable charges shall be for Seller’s account: (c) withhold total or partial payment; (d) reject and return all or any portion of such goods and/or services; and/or
(e) rescind this Order without liability. For any repairs or replacements, Seller, at its sole cost and expense, shall perform any tests requested by Buyer to verify conformance to this Order. 

9. WARRANTIES. 
 9.1 Seller warrants that all goods and
services provided pursuant to this Order, whether provided by Seller or a direct or indirect supplier of Seller, will be: (a) free of any claims of any nature, including without limitation title claims, and Seller will cause any lien or
encumbrance asserted to be discharged, at its sole cost and expense, within thirty (30) days of its assertion (provided such liens do not arise out of Buyer’s failure to pay amounts not in dispute under this Order or an act or omission of
Buyer); (b) new and of merchantable quality, not used, rebuilt or made of refurbished material unless approved in writing by Buyer; (c) free from all defects in workmanship and material; and (d) provided in strict accordance with all
specifications, samples, drawings, designs, descriptions or other requirements approved or adopted by Buyer. Seller further warrants that all services will be performed in a competent and professional manner in accordance with the highest standards
and best practices of Supplier’s industry. Any attempt by Seller to limit, disclaim or restrict any such warranties or remedies by acknowledgment or otherwise shall be null, void and ineffective. 

9.2 The foregoing warranties shall, in the case of turbine plant related goods and services, apply for a period of: (a) twenty-four (24) months from
the Date of Commercial Operation (defined below) of the turbine plant (in the case of Nuclear power-related goods and services, thirty-six (36) months from the Date of Commercial Operation of the nuclear
power plant), which Buyer supplies to its customer or (b) [...***...], whichever occurs first. “Date of Commercial Operation” means the date on which the plant has successfully passed all performance and operational tests required by
Buyer’s customer for commercial operation. In all other cases the warranty shall apply for twenty-four (24) months from delivery of the goods or performance of the 

  
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 services, or such longer period of time as customarily provided by Seller, plus delays such as those due to non-conforming goods and services. The warranties shall apply to Buyer, its successors, assigns and the users of goods and services covered by this Order. 

9.3 If any of the goods and/or services are found to be defective or otherwise not in conformity with the warranties in this Section during the warranty
period, then, Buyer, in addition to any other rights, remedies and choices it may have by law, contract or at equity, and in addition to seeking recovery of any and all damages and costs emanating therefrom, at its option and sole discretion and at
Seller’s expense may: (a) require Seller to inspect, remove, reinstall, ship and repair or replace/re-perform nonconforming goods and/or services with goods and/or services that conform to all
requirements of this Order; (b) take such actions as may be required to cure all defects and/or bring the goods and/or services into conformity with all requirements of this Order, in which event all related costs and expenses (including, but
not limited to, material, labor and handling costs and any required re-performance of value added machining or other service) and other reasonable charges shall be for Seller’s account; and/or
(c) reject and return all or any portion of such goods and/or services. Any repaired or replaced good, or part thereof, or re-performed services shall carry warranties on the same terms as set forth
above, with the warranty period being the greater of the original unexpired warranty or twenty-four (24) months after repair or replacement. 
 10.
SUSPENSION. Buyer may at any time, by notice to Seller, suspend performance of the work for such time as it deems appropriate. Upon receiving notice of suspension, Seller shall promptly suspend work to the extent specified, properly caring for
and protecting all work in progress and materials, supplies and equipment Seller has on hand for performance. Upon Buyer’s request, Seller shall promptly deliver to Buyer copies of outstanding purchase orders and subcontracts for materials,
equipment and/or services for the work and take such action relative to such purchase orders and subcontracts as Buyer may direct. Buyer may at any time withdraw the suspension as to all or part of the suspended work by written notice specifying the
effective date and scope of withdrawal. Seller shall resume diligent performance on the specified effective date of withdrawal. All claims for increase or decrease in the cost of or the time required for the performance of any work caused by
suspension shall be pursued pursuant to, and consistent with, Section 6.1. Where any of Buyer’s obligations under this Order are suspended [...***...], the term of the Supply Agreement and any Order) applicable to the suspended
goods, shall be extended by the same amount of time that Buyer’s obligations to purchase those goods are suspended pursuant to this Section 10. The foregoing language shall not in any way suspend or diminish Buyer’s Purchase
Obligation or Seller’s obligations regarding the Guaranteed Capacity as set forth in the Supply Agreement. 
 11. TERMINATION. 

11.1 Termination for Convenience. Subject to the provisions of Section 1 of the Supply Agreement, Buyer may terminate all or any part of this Order
at any time by written notice to Seller. Upon termination (other than due to Seller’s insolvency or default including failure to comply with this Order), Buyer and Seller shall negotiate reasonable termination costs consistent with costs
allowable under Section 6.1 and identified by Seller within thirty (30) days of Buyer’s termination notice to Seller, unless the parties have agreed to a termination schedule in writing. 

11.2 Termination for Default. Except for delays due to causes beyond the control and without the fault or negligence of Seller and all of its suppliers
(lasting not more than sixty (60) days) or otherwise covered by Section 3.1 hereof, Buyer, without liability, may by written notice of default, terminate the whole or any part of this Order if Seller: (a) fails to perform within the
time specified or in any written extension granted by Buyer, (b) fails to make progress which, in Buyer’s reasonable judgment, endangers performance of this Order in accordance with its terms; or (c) fails to comply with any of the
terms of this Order. Such termination shall become effective if Seller does not cure such failure within thirty (30) days of receiving notice of default. Upon such termination, Buyer may procure at Seller’s expense and upon terms it deems
appropriate, goods or services similar to those so terminated. Seller shall continue performance of this Order to the extent not terminated and shall be liable to Buyer for any excess costs for such similar goods or services. As an alternate remedy
and in lieu of termination for default. Buyer, at its sole discretion, may elect to extend the delivery schedule and/or waive other deficiencies in Seller’s performance, making Seller liable for any costs, expenses or damages arising from any
failure of Seller’s performance. If Seller for any reason anticipates difficulty in complying with the required delivery date, or in meeting any of the other requirements of this Order, Seller shall promptly notify Buyer in writing. If Seller
does not comply with Buyer’s delivery schedule, Buyer subject to Section 3.1 may require delivery by fastest method and charges resulting from the premium transportation must be fully prepaid by Seller. Buyer’s rights and remedies in
this clause are in addition to any other rights and remedies provided by law or equity or under this Order. 
 11.3 Termination for Insolvency/Prolonged
Delay. If Seller ceases to conduct its operations in the normal course of business or fails to meet its obligations as they mature or if any proceeding under the bankruptcy or insolvency laws is brought by or against Seller, a receiver for
Seller is appointed or applied for, an assignment for the benefit of creditors is made or an excused delay (or the aggregate time of multiple excused delays) lasts more than sixty (60) days, Buyer may immediately terminate this Order without
liability, except for goods or services completed, delivered and accepted within a reasonable period after termination (which will be paid for at the Order price). 

  
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 11.4 Obligations on Termination. Unless otherwise directed by Buyer, upon completion of this Order or
after receipt of a notice of termination of this Order for any reason, Seller shall immediately: (a) stop work as directed in the notice. (b) place no further subcontracts or purchase orders for materials, services or facilities hereunder,
except as necessary to complete any continued portion of this Order; and (c) terminate all subcontracts to the extent they relate to work terminated. Promptly after termination of this Order and unless otherwise directed by Buyer, Seller shall
deliver to Buyer all completed work, work in process, including all designs, drawings, specifications, other documentation and material required or produced in connection with such work and all of Buyer’s Confidential Information as defined in
Section 16. 
 12. INDEMNITY AND INSURANCE. 
 12.1
Indemnity. Subject to Section 12.2 below. Seller shall defend, indemnify, release and hold harmless Buyer, its Affiliates and, its or their directors, officers, employees, agents representatives, successors and assigns, whether acting in
the course of their employment or otherwise, against any and all suits, actions, or proceedings, at law or in equity, and from any and all claims, demands, losses, judgments, fines, penalties, damages, costs, expenses, or liabilities (including
without limitation claims for personal injury or property or environmental damage, claims or damages payable to customers of Buyer, and breaches of Sections 15 and/or 16 below) arising from any act or omission of Seller, its agents, employees, or
subcontractors, except to the extent attributable to the gross negligence of Buyer or willful misconduct of Buyer. Seller further agrees to indemnify Buyer for any reasonable attorneys’ fees or other costs that Buyer incurs in the event that
Buyer has to file a lawsuit to enforce any indemnity or additional insured provision of this Order. 
 12.2 Limitation of Liability. Except as
expressly provided elsewhere in the Supply Agreement, including all of its Appendices, in no circumstances whatsoever shall either party he liable (whether in negligence, contract, tort, or pursuant to a warranty or any statutory obligation) to the
other party or any third party for any lost profits or special, incidental, exemplary, consequential or punitive damages, even if such party has been advised of the possibility of such damages. Furthermore, notwithstanding any provision in the
Supply Agreement, these GEREN Purchase Terms or any related agreements or Orders, the maximum, aggregate liability of either party to the other party in any circumstance whatsoever (excluding either party’s liability for personal injury or
third party property damage or Seller’s liability for its obligation to repay the Advance) for all warranties, indemnifications (excluding either party’s liability for its indemnity obligations under Sections 16 and 17 hereof) and
liquidated damages, for all breaches of representations and covenants in the Supply Agreement, these GEREN Purchase Terms and any related agreements and Orders, and for any and all other rights, remedies and choices either party may have by law
(whether in negligence, contract, tort, or pursuant to any statutory obligation) or at equity during any calendar year of the Supply Agreement (each a “Calendar Year”) shall not exceed [...***...] the price of all Components
purchased by Buyer from Seller in the previous Calendar year; provided, however, that in the event that any claim occurs during the 2007 or 2008 Calendar Year, then the maximum liability of either party to the other party in any circumstance
whatsoever (excluding either party’s liability for personal injury or third party property damage or Seller’s liability for its obligation to repay the Advance) for all warranties, indemnifications (excluding either party’s liability
for its indemnity obligations under Sections 16 and 17 hereof) and liquidated damages. for all breaches of representations and covenants in the Supply Agreement, these GEREN Purchase Terms and any related agreements or Orders, and for any and all
other rights, remedies and choices either party may have by law (whether in negligence, contract, tort, or pursuant to any statutory obligation) or at equity shall not exceed
 [...***...] in each Calendar Year. For purposes of clarity,
any reference made to “related agreements” in this Section 12.2 does not include any agreements between Buyer and any Affiliate of Seller. 

12.3 Insurance. For the duration of this Order and for period of ten (10) years from the date or deli very of the goods or performance of the
services, Seller shall maintain, through insurers with a minimum Best rating of A- VII or S&P A and licensed in the jurisdiction where goods arc manufactured and/or sold and where services are performed,
the following insurance: (a) Commercial General Liability, on an occurrence form, in the minimum amount of USD $5,000,000.00 per occurrence with coverage for: (i) bodily injury/property damage, including coverage for contractual liability
insuring the liabilities assumed in this Order, (ii) products/completed operations liability; and (iii) all of the following types of coverages where applicable: (A) contractors protective liability; (B) collapse or structural injury;
and/or (C) damage to underground utilities with all such coverages in this Section 12.2(a) applying on a primary basis, providing for cross liability, not being subject to any self-insured retention and being endorsed to name General Electric
Company, its Affiliates (defined in Section 2.2(c)), directors, officers, agents and employees (collectively, the “GE Parties”) as additional insureds; (b) Business Automobile Liability Insurance covering all owned, hired and non-owned vehicles used in the performance of the Order in the amount of USD $5,000,000.00 combined single limit each occurrence, endorsed to name the GE Parties as additional insureds; (c) Employers’
Liability in the amount of USD $5,000,000.00, each occurrence; (d) Property Insurance on an “All-risk” basis covering the full replacement cost value of all property owned, rented or leased by
Seller in connection with this Order and covering damage to Buyer’s property in Seller’s care, custody and control, with such policy being endorsed to name Buyer as “Loss Payee” relative to its property in Seller’s care,
custody and control; and (c) appropriate Workers’ Compensation Insurance protecting Seller from all claims under any applicable Workers’ Compensation and 

  
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 Occupational Disease Act. Seller shall obtain coverage similar to Worker’s compensation and Employer’s
liability for each Seller employee performing work under this Order outside the U.S. All insurance specified in this Section shall be endorsed to provide a waiver of subrogation in favor of Buyer, its Affiliates (defined in Section 2.2(c)) and its
and their respective employees for all losses and damages covered by the insurances required in this Section. The application and payment of any self-insured retention or deductible on any policy carried by Seller shall be the sole responsibility of
Seller. Should Buyer be called upon to satisfy any self-insured retention or deductible under Seller’s policies, Buyer may seek indemnification or reimbursement from Seller where allowable by law. Upon
request by Buyer, Seller shall provide Buyer with a certificate(s) of insurance evidencing that the required minimum insurance is in effect. The certificate(s) of insurance shall reference that the required coverage extensions are included on the
required policies and state that: “General Electric Company, its subsidiaries, affiliates, directors, officers, agents and employees shall be named as additional insureds”. Copies of endorsements evidencing the required additional insured
status, waiver of subrogation provision and/or loss payee status shall be attached to the certificate(s) of insurance. Buyer shall have no obligation to examine such certificate(s) or to advise Seller in the event its insurance is not in compliance
herewith. Acceptance of such certificate(s), which are not compliant with the stipulated coverages, shall in no way whatsoever imply that Buyer has waived its insurance requirements. 

13. ASSIGNMENT AND SUBCONTRACTING. Seller may not assign (including by change of ownership or control, by operation of law or otherwise) this Order or
any interest herein including payment, without Buyer’s prior written consent. Seller shall not subcontract or delegate performance of all or any substantial part of the work called for under this Order without Buyer’s prior written
consent. Any assignee of Seller shall be bound by the terms and conditions of this Order. Should Buyer grant consent to Seller’s assignment. Seller will ensure that such assignee shall be bound by the terms and conditions of this Order.
Further, Seller shall advise Buyer of any subcontractor or supplier to Seller: (a) that will have at its facility any parts or components with Buyer’s or any of its Affiliates’ name, logo or trademark (or that will be responsible to
affix the same); and/or (b) fifty percent (50%) percent or more of whose output from a specific location is purchased directly or indirectly by Buyer. In addition, Seller will obtain for Buyer, unless advised to the contrary in writing, written
acknowledgement by such assignee, subcontractor and/or supplier to Seller of its commitment to act in a manner consistent with Buyer’s integrity policies, and to submit to, from time to time, on-site
inspections or audits by Buyer or Buyer’s third party designee as requested by Buyer. If Seller subcontracts any part of the work under this Order outside of the final destination country where the goods purchased hereunder will be shipped,
Seller shall be responsible for complying with all customs requirements related to such sub-contracts, unless otherwise set forth in this Order. 

14. PROPER BUSINESS PRACTICES. Seller shall act in a manner consistent with Buyer’s Integrity Guide for Suppliers, Contractors and
Consultants, a copy of which has been provided to Seller, all laws concerning improper or illegal payments and gifts or gratuities and agrees not to pay, promise to pay or authorize the payment of any money or anything of value, directly
or indirectly, to any person for the purpose of illegally or improperly inducing a decision or obtaining or retaining business in connection with this Order. Further, in the execution of its obligations under this Order, Seller shall take the
necessary precautions to prevent any injury to persons or to property. 
 15. COMPLIANCE WITH LAWS. 

15.1 General. Seller represents, warrants, certifies and covenants (“Covenants”) that it will comply with all: (a) laws applicable to the
goods, services and/or the activities contemplated or provided under this Order, including, but not limited to, any national, international, federal, state, provincial or local law, treaty, convention, protocol, common law, regulation, directive or
ordinance and all lawful orders, including judicial orders, rules and regulations issued thereunder, including without limitation those dealing with the environment, health and safety, employment, records retention, personal data protection and the
transportation or storage of hazardous materials and (b) good industry practices, including the exercise of that degree of skill, diligence, prudence and foresight, which can reasonably be expected from a competent Seller who is engaged in the
same type of service or manufacture under similar circumstances. As used in this Order, the term “hazardous materials” shall mean any substance or material defined as a hazardous material, hazardous substance, toxic substance, pesticide or
dangerous good under 49 CFR 171.8 or any other substance regulated on the basis of potential impact to safety, health or the environment pursuant to an applicable requirement of any entity with jurisdiction over the activities, goods or services,
which are subject to this Order. Seller agrees to cooperate fully with Buyer’s audit and/or inspection efforts (including completing and returning questionnaires) intended to verify Seller’s compliance with Sections 14 and/or 15 of this
Order. Seller further agrees at Buyer’s request to provide certificates relating to any applicable legal requirements or to update any and all of the representations, warranties, certifications and covenants under this Order in form and
substance satisfactory to Buyer. Buyer shall have the right to audit all pertinent records of Seller, and to make reasonable inspections of Seller facilities, to verify compliance with this Section 15. 

15.2 Environment, Health and Safety. 
 (a) General.
Seller Covenants that it will take appropriate actions necessary to protect health, safety and the environment, including, without limitation, in the workplace and during transport and has established an effective 

  
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 program to ensure any suppliers it uses to perform the work called for under this Order will be in compliance
with Section 15 of this Order. 
 (b) Material Suitability. Seller Covenants that each chemical substance constituting or contained in goods sold or
otherwise transferred to Buyer is suitable for use and/or transport in any jurisdiction to or through which Buyer informs Seller the goods will likely be shipped or to or through which Seller otherwise has knowledge that shipment will likely occur
and is listed on or in: (i) the list of chemical substances compiled and published by the Administrator of the U.S. Environmental Protection Agency pursuant to the U.S. Toxic Substances Control Act (“TSCA”) (15 U.S.C. § 2601),
otherwise known as the TSCA Inventory, or exempted from such list under 40 CFR 720.30-38; (ii) the Federal Hazardous Substances Act (P.L. 92-516) as amended;
(iii) the European Inventory of Existing Commercial Chemical Substances (“EINECS”) as amended; (iv) the European List of Notified Chemical Substances (“ELINCS”) and lawful standards and regulations thereunder; or
(v) any equivalent or similar lists in any other jurisdiction to or through which Buyer informs Seller the goods will likely be shipped or to or through which Seller otherwise has knowledge that shipment will likely occur. 

(c) Material Registration and Other Documentation. Seller Covenants that each chemical substance constituting or contained in goods sold or otherwise
transferred to Buyer: (i) is properly documented and/or registered as required in the jurisdiction to or through which Buyer informs Seller the goods will likely be shipped or to or through which Seller otherwise has knowledge that shipment
will likely occur, including but not limited to pre-registration and registration if required, under Regulation (EC) No. 1907/2006 (“REACH”); (ii) is not restricted under Annex XVII of REACH;
and (iii) if subject to authorization under REACH, is authorized for Buyer’s use. In each case, Seller will timely provide Buyer with supporting documentation, including without limitation,
(A) pre-registration numbers for each substance; (B) the exact weight by weight percentage of any REACH Candidate List (defined below) substance constituting or contained in the goods; (C) all
relevant information that Buyer needs to meet its obligations under REACH to communicate safe use to its customers; and (D) the documentation of the authorization for Buyer’s use of an Annex XIV substance. Seller shall notify Buyer if it
decides not to register substances that are subject to registration under REACH and are constituting or contained in goods supplied to Buyer at least twelve (12) months before their registration deadline. Seller will monitor the publication by
the European Chemicals Agency of the list of substances meeting the criteria for authorization under REACH (the “Candidate List”) and immediately notify Buyer if any of the goods supplied to Buyer contain a substance officially proposed
for listing on the Candidate List. Seller shall provide Buyer with the name of the substance as well as with sufficient information to allow Buyer to safely use the goods or fulfill its own obligations under REACH. 

(d) Restricted Materials. Seller Covenants that none of the goods sold or transferred to Buyer contains any: (i) of the following chemicals:
arsenic, asbestos, benzene, beryllium, carbon tetrachloride, cyanide, lead or lead compounds, cadmium or cadmium compounds, hexavalent chromium, mercury or mercury compounds, trichloroethylene, tetrachloroethylene, methyl chloroform, polychlorinated
biphenyls (“PCBs”), polybrominated biphenyls (“PBBs”), polybrominated diphenyl ethers (“PBDEs”); (ii) chemical or hazardous material otherwise prohibited pursuant to Section 6 of TSCA; (iii) chemical or
hazardous material otherwise restricted pursuant to EU Directive 2002/95/EC (27 January 2003) (the “ROHS Directive”); (iv) designated ozone depleting chemicals as restricted under the Montreal Protocol (including, without limitation, 1,1,1
trichloroethane, carbon tetrachloride, Halon-1211, 1301, and 2402, and chlorofluorocarbons (“CFCs”) 11-13, 111-l15 -,
211-217); (v) substance listed on the REACH Candidate List, subject to authorization and listed on Annex XIV of REACH, or restricted under Directive 76/769/EEC and when it shall be repealed. Annex XVII of
REACH; or (vi) other chemical or hazardous material the use of which is restricted in any other jurisdiction to or through which Buyer informs Seller the goods are likely to be shipped or to or through which Seller otherwise has knowledge that
shipment will likely occur, unless with regard to all of the foregoing. Buyer expressly agrees in writing and Seller identifies an applicable exception from any relevant legal restriction on the inclusion of such chemicals or hazardous materials in
the goods sold or transferred to Buyer. Upon request from Buyer and subject to reasonable confidentiality provisions which enable Buyer to meet its compliance obligations. Seller will provide Buyer with the chemical composition, including
proportions, of any substance, preparation, mixture, alloy or goods supplied under this Order and any other relevant information or data regarding the properties including without limitation test data and hazard information. 

(e) Take-back of Electrical and Electronic Components, Including Batteries or Accumulators. Seller Covenants that, except as specifically listed on the
face of this Order or in an applicable addendum, none of the goods supplied under this Order are electrical or electronic equipment or batteries or accumulators as defined by laws, codes or regulations of a jurisdiction to or through which Buyer
informs Seller the goods are likely to be shipped or to or through which Seller otherwise has knowledge that shipment will likely occur, including but not limited to EU Directive 2002/96/EC (27 January 2003) (the “WEEE Directive”), as
amended and EU Directive 2006/66/EC (26 September 2006) (the “Batteries Directive”) and/or any other legislation providing for the taking back of such electrical or electronic equipment or batteries or accumulators (collectively,
‘Take-Back Legislation”). For any goods specifically listed on the face of this Order or in such addendum as electrical or electronic equipment or batteries or accumulators that are covered by any Take-Back Legislation and purchased by
Buyer hereunder, Seller agrees to: (i) assume responsibility for taking back such goods in the future upon the request of Buyer and treating or otherwise managing them in accordance with the requirements of the applicable Take-Back Legislation;
(ii) take back as of the 

  
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 date of this Order any used goods currently owned by Buyer of the same class of such goods purchased by Buyer
hereunder up to the number of new units being purchased by Buyer or to arrange with a third party to do so in accordance with all applicable requirements; and (iii) appropriately mark and/or label the goods as required by any applicable
Take-Back Legislation, Seller will not charge Buyer any additional amounts, and no additional payments will be due from Buyer for Seller’s agreement to undertake these responsibilities. 

(f) CE Directives. Seller Covenants that all goods conform with applicable Conformité Européenne (“CE”) directives for goods
intended for use in the EU, including those regarding electrical/electronic devices, machinery and pressure vessels/equipment. Seller will affix the CE mark on goods as required. Seller will provide all documentation required by the applicable CE
directives, including but not limited to Declarations of Conformity, Declarations of Incorporation, technical files and any documentation regarding interpretations of limitations or exclusions. 

(g) Nanoscale Material. With respect to any goods sold or otherwise transferred to Buyer hereunder, Seller shall notify Buyer in writing of the presence
of any engineered nanoscale material (defined for these purposes as any substance with at least one dimension of such substance known to be less than one hundred (100) nanometers in length). With respect to all such nanoscale material(s),
Seller shall provide a description of its regulatory status and any safety data or other notifications that are appropriate in the EU, U.S. and any other jurisdictions to which Buyer informs Seller the goods will be shipped or to which the Seller
otherwise has knowledge that shipment will likely occur. 
 (h) Labeling/Shipping Information. With respect to any goods or other materials sold or
otherwise transferred to Buyer hereunder, Seller shall provide all relevant information, including without limitation, safety data sheets in the language and the legally required format of the location to which the goods will be shipped and mandated
labeling information, required pursuant to applicable requirements such as: (i) the Occupational Safety and Health Act (“OSHA”) regulations codified’ at 29 CFR 1910.1200; (ii) EU REACH Regulation (EC) No. 1907/2006, EU
Regulation (EC) No. 1272/2008 classification, labeling and packaging of substances and mixtures (“CLP”), EU Directives 67/548/EEC and 1999/45/EC, as amended, if applicable, and (iii) any other applicable law, rule or regulation
or any similar requirements in any other jurisdictions to or through which Buyer informs Seller the goods are likely to be shipped or through which Seller otherwise has knowledge that shipment will likely occur, such as U.S. Department of
Transportation regulations governing the packaging, marking, shipping and documentation of hazardous materials, including hazardous materials specified pursuant to 49 CFR, the International Maritime Organization (“IMO”) and the
International Air Transport Association (“IATA”). 
 15.3 Subcontractor Flow-downs for U.S. Government Commercial Items Contracts.
Where the goods and/or services being procured by Buyer from Seller are in support of a U.S. Government end customer or an end customer funded in whole or part by the U.S. Government, Seller Covenants to comply with the terms of FAR 52.2l2-5(c) or 52.244-6 and DFARS 252.212-7001(c) or DFARS 252.244-7000 to the extent those
terms are applicable to commercially available off-the-shelf (“COTS”) items or commercial items and as appropriate for the dollar value of this Order. In
addition, if this Order is in support of a project involving Rural Utility Service (“RUS”) funds, then the following additional requirements apply: (a) Article VI, Section 4 of RUS Form 198, “Compliance with Laws”,
specifically the certification as to Debarment and Suspension set forth in 7 CFR part 3017; and (b) Article VI, Section 5 of RUS Form 198, “Equal Opportunity Provisions”, including the requirements for Seller to provide a
certification that Seller has filed a current report on Standard Form 100 and a Certificate of Non-segregated Facilities. The version of these clauses/provisions/requirements shall be those that are in effect
as of the date of this Order. 
 15.4 Import/Export. 

(a) Packing List and Pro Forma Invoice. In all cases, Seller must provide to Buyer, a packing list containing all information
specified in Section 19 below and a commercial or pro forma invoice. The commercial/pro forma invoice shall be in English or if requested by Buyer, the language of the destination country and shall include: contact
names and telephone numbers of representatives of Buyer and Seller who have knowledge of the transaction; Buyer’s order number, order line item, release number (in the case of a “blanket order”) and part number, detailed description
of the merchandise; unit purchase price in the currency of the transaction; quantity; INCOTERM; the named location; “country of origin” of the goods as determined under applicable customs laws, and the appropriate export classification
code for each item as determined by the law of the exporting country (for example, for exports from the U.S., Seller shall provide the U.S. Commerce Department’s Export Control Classification Number). 

(b) Assists. All goods and/or services provided by Buyer to Seller for the production of goods and/or services delivered under this Order, which are not
included in the purchase price of the goods and/or services delivered by Seller, shall be separately identified on the invoice (i.e., consigned material, tooling, etc.). Each invoice shall also include the applicable Order number or other reference
information for any consigned goods and shall identify any discounts or rebates from the base price used in determining the invoice value. 
 (c) Importer
of Record and Drawback. If goods are to be delivered EXW (INCOTERMS 2010) from the Storage Facility, Seller agrees that Buyer will not be a party to the importation of the goods, that the transaction(s) represented by this Order will be
consummated after importation and that Seller will neither cause nor permit Buyer’s name to be shown as ‘‘Importer of Record” on any customs declaration. Seller also confirms that it has
non-resident importation rights, if necessary, into the destination country and knowledge of the necessary import laws. If Seller is the importer of record for any goods, including any component parts thereof,
associated with this Order, Seller shall provide Buyer 

  
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 with the customs documentation required by the country of import to allow Buyer to file for duty drawback and a
copy of Seller’s invoice. If Seller is the importer of record as set forth above into the U.S., such documentation shall include, but not be limited to, the following customs forms, which shall be property executed: Customs Form 7552,
“Certificate of Delivery” and Customs Form 7501,” “Entry Summary”. 
 (d) Preferential Trade Agreements. If goods will be
delivered to a destination country having a trade preferential or customs union agreement (“Trade Agreement”) with Seller’s country, Seller shall cooperate with Buyer to review the eligibility of the goods for any special program for
Buyer’s benefit and provide Buyer with any required documentation (e.g., NAFTA Certificate, EUR 1 Certificate, GSP Declaration, FAD or other Certificate of Origin) to support the applicable special customs program (e.g., NAFTA, EEA, Lome
Convention, GSP, EU-Mexico FTA, EU/Mediterranean partnerships, etc.) to allow duty free or reduced duty for entry of goods into the destination country. Similarly, should any Trade Agreement or special customs
program applicable to the scope of this Order exist at any time during the execution of the same and be of benefit to Buyer in Buyer’s judgment. Seller shall cooperate with Buyer’s efforts to realize any such available credits, including
counter-trade or offset credit value which may result from this Order and acknowledges that such credits and benefits shall inure solely to Buyer’s benefit. Seller shall indemnify Buyer for any costs, fines, penalties or charges arising from
Seller’s inaccurate documentation or untimely cooperation. Seller shall immediately notify Buyer of any known documentation errors and/or changes to the origin of goods. Failure of Supplier to comply with the requirements of this Section shall
render Supplier liable for any resulting damage and/or expense incurred by Buyer. 
 (e) Importer Security Filing. Seller shall provide Buyer or
Buyer’s designated agent in a timely fashion with all the data required to enable Buyer’s compliance with the U.S. Customs’ Importer Security Filing regulation, see 19 CFR Part 149 (the “ISF Rule”) for all of Seller’s
ocean shipments of goods to Buyer destined for or passing through a U.S. port. Seller hereby Covenants to provide Buyer or Buyer’s designated agent with accurate “Data Elements” as defined in and required by the ISF Rule in a timely
fashion to ensure Buyer or Buyer’s designated agent has sufficient opportunity to comply with its filing obligations thereunder. 
 (f) Foreign Trade
Zone. If Buyer and Seller agree to operate from a foreign trade zone (“FTZ”), any benefit arising from operation in such FTZ will inure to Buyer, and both parties will cooperate and adopt procedures designed to capture and maximize
such benefit. 
 (g) Anti-Dumping/Countervailing Duties. Seller Covenants that all sales made hereunder shall be made in circumstances that will not
give rise to the imposition of new anti-dumping or countervailing duties under U.S. law (19 U.S.C. § 1671), EU Council Regulation (EC) No. 1225/2009 of November 30, 2009 and Commission Decision No. 2277/96/ECSC of November 28,
1996, or similar laws in such jurisdictions or the law of any other country to which the goods may be exported. To the full extent permitted by law, Seller will indemnify, defend and hold Buyer harmless from and against any costs or expenses
(including any countervailing duties which may be imposed and, to the extent permitted by law, any preliminary dumping duties that may be imposed) arising out of or in connection with any breach of this warranty. In the event that countervailing or
anti-dumping duties are imposed that cannot be readily recovered from Seller, Buyer may terminate this Order with no further liability of any nature whatsoever to Seller hereunder. In the event that any jurisdiction imposes punitive or other
additional tariffs on goods subject to this agreement in connection with a trade dispute or as a remedy in an “escape clause” action or for any other reason, Buyer may, at its option, treat such increase in duties as a condition of
force majeure. 
 (h) International Trade Controls. All transactions hereunder shall at all times be subject to and conditioned upon compliance
with all applicable export control laws and regulations and any amendments thereto. The parties hereby agree that they shall not, except as said applicable laws and regulations may expressly permit, make any disposition by way of transshipment, re-export, diversion or otherwise, of any goods, technical data, or software, or the direct product thereof, furnished by either party in connection with this Order. The obligations of the parties to comply with all
applicable export control laws and regulations shall survive any termination or discharge of any other contract obligations. 
 (i) Suspension/Debarment
and Trade Restrictions. Seller shall provide immediate notice to Buyer in the event of Seller being suspended, debarred or declared ineligible by any government entity or upon receipt of a notice of proposed debarment from any such entity during
the performance of this Order. In the event that Seller is suspended, debarred or declared ineligible by any government entity. Buyer may terminate this Order immediately without liability to Buyer. In addition, subject to applicable law. Seller
agrees that it will not supply any goods to Buyer under this Order that are sourced directly or indirectly from a: (i) government of a country defined by the U.S. State Department as a “State Sponsor of Terrorism” or ”SST’;
or (ii) company incorporated, formed or otherwise organized in a SST country of owned, in whole or in part, by the government of a SST country or a national of a SST country, regardless or where that company is located or doing business, in
addition. Buyer may, from time-to-time and for business reasons, withdraw from and/or restrict its business dealings in certain jurisdictions, regions, territories
and/or countries. Thus, subject to applicable law. Seller hereby agrees not to supply any goods to Buyer under this Order that are sourced directly or indirectly from any such jurisdiction, region, territory and/or country identified to Seller by
Buyer, which currently includes, but is not limited to Myanmar (Burma) and North Korea. 
 15.5 Miscellaneous. Seller Covenants that, if applicable,
it will comply with Section 211 of the Energy Reorganization Act, 10 CFR 50.7 (Employee Protection) and 29 CFR 24.2 (Obligations and Prohibited Acts), 

  
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 prohibiting discrimination against employees for engaging in “protected activities”, which include
reporting of nuclear safety or quality concerns, and Seller shall immediately inform Buyer of any alleged violations, notice of filing of a complaint or investigation related to any such allegation or complaint. Seller Covenants that no goods or
services supplied under this Order have been or will be produced: (a) utilizing forced, indentured or convict labor; (b) utilizing the labor of persons younger than sixteen (16) years of age or in violation of the minimum working age
law in the country of manufacture of the goods or performance of the services under this Order, whichever is higher; or (c) in violation of minimum wage, hours or days of service, or overtime laws in the country of manufacture or of the goods
or performance of the services under this Order. If forced or prison labor, or labor below applicable minimum working age, is determined to have been used in connection with this Order, Buyer shall have the right to terminate this Order immediately
without further compensation to Seller. To the extent Seller engages employees, representatives, contractors, subcontractors, agents and sub-agents (collectively, “Seller Personnel”) to perform work
under this Order in the U.S., Seller Covenants that for all such Seller Personnel it has completed an Employment Eligibility Verification (1-9) Form and all such Seller Personnel are lawfully residing in the U.S. and do not appear on the
comprehensive list of terrorists and groups identified by Executive Order of the U.S. Government. To the extent Seller engages Seller Personnel to perform work under this Order outside of the U.S., Seller Covenants that it is in compliance with all
applicable labor and employment laws, including but not limited to laws governing the authorization to work in the jurisdictions where such work is performed. Seller agrees to provide small business as well as minority and/or women-owned business
utilization and demographic data upon request. 
 16. CONFIDENTIAL OR PROPRIETARY INFORMATION AND PUBLICITY. Seller shall keep confidential any:
(a) any other tangible or intangible property furnished by Buyer in connection with this Order, including any drawings, specifications, data, goods and/or information; (b) technical, process, proprietary or economic information derived
from drawings or 3D or other models owned or provided by Buyer; and (c) any other tangible or intangible property furnished by Buyer in connection with this Order, including any drawings, specifications, data, goods and/or information (the
“Confidential Information”) and shall not divulge, directly or indirectly, the Confidential Information for the benefit of any other party without Buyer’s prior written consent. Confidential Information shall also include any notes,
summaries, reports, analyses or other material derived by Seller in whole or in part from the Confidential Information in whatever form maintained (collectively, “Notes”). Except as required for the efficient performance of this Order,
Seller shall not use or permit copies to be made of the Confidential Information without Buyer’s prior written consent. If any such reproduction is made with prior written consent, notice referring to the foregoing requirements shall be
provided thereon. The restrictions in this Section regarding the Confidential Information shall be inoperative as to particular portions of the Confidential Information disclosed by Buyer to Seller if such information: (i) is or becomes
generally available to the public other than as a result of disclosure by Seller; (ii) was available on a non-confidential basis prior to its disclosure to Seller; (iii) is or becomes available to Seller on a
non-confidential basis from a source other than Buyer when such source is not, to the best of Seller’s knowledge, subject to a confidentiality obligation with Buyer, (iv) was independently developed
by Seller, without reference to the Confidential Information, and Seller can verify the development of such information by written documentation or (v) is required to be disclosed by applicable law, rule, injunction or administrative order provided
Seller first gives Buyer prompt written notice and the opportunity to seek a protective order prior to the disclosure. Upon completion or termination of this Order, Seller shall promptly return to Buyer all Confidential Information, including any
copies thereof, and shall destroy (with such destruction certified in writing by Seller) all Notes and any copies thereof. Any knowledge or information, which Seller shall have disclosed or may hereafter disclose to Buyer and which in any way
relates to the goods or services purchased under this Order (except to the extent deemed to be Buyer’s property or Seller’s and its Affiliates’ intellectual property as set forth in Section 4), shall not be deemed to be
confidential or proprietary and shall be acquired by Buyer free from any restrictions (other than a claim for infringement) as part of the consideration for this Order, and notwithstanding any copyright or other notice thereon, Buyer shall have the
right to use, copy, modify and disclose the same as it sees fit. Seller shall not make any announcement, take or release any photographs (except for its internal operation purposes for the manufacture and assembly of the goods), or release any
information concerning this Order or any part thereof or with respect to its business relationship with Buyer, to any third party, member of the public, press, business entity, or any official body except as required by applicable law, rule,
injunction or administrative order without Buyer’s prior written consent. Seller may allow third parties into the finishing bay of Seller’s production facility and make shared use of such finishing bay for goods and services provided to
Buyer under this Order provided Seller does so without breaching any of its confidentiality obligations as set forth in this Agreement. Buyer acknowledges that Seller may be required to grant access to its other customers in order to view their
blades in Seller’s finishing bay and to the extent that Seller’s other customers are able to sec Buyer’s blades while walking towards their own shall not be in and of itself deemed a breach of Seller’s confidentiality
obligations. However, Seller shall ensure that no third party shall inspect, photograph, measure, or physically touch any of Buyer’s property stored in Seller’s finishing bay. Buyer agrees that notwithstanding the foregoing, Seller shall
be permitted to disclose the Supply Agreement and/or any Appendices thereto and this Order thereunder to current and potential investors, stockholders and lenders that have agreed in writing to maintain the confidentiality of such documents; 

  
 36 

 provided that no such potential investor, stockholder or lender is a Competitor of Buyer (as defined in the
Supply Agreement). 
 17. INTELLECTUAL PROPERTY INDEMNIFICATION. Seller shall defend, indemnify and hold harmless Buyer from all costs and expenses
related to any suit, claim or proceeding brought against Buyer or its customers to the extent based on a claim that any Seller manufacturing process used to manufacture goods hereunder (other than those specifically required by Buyer) constitutes
(i) an infringement of any patent, copyright or trademark of any third party in any Covered Jurisdiction (as defined below), or (ii) a misappropriation of the subject matter of any trade secret or other intellectual property right of any
third party in any Covered Jurisdiction. Buyer shall defend, indemnify and hold Seller harmless from all cost and expenses related to any suit, claim or proceeding brought against Seller or its customers to the extent based on a claim that any
design or specification provided by Buyer to Seller hereunder constitutes (i) an infringement of any patent, copyright or trademark of any third party in any Covered Jurisdiction, or (ii) a misappropriation of the subject matter of any
trade secret or other intellectual property right of any third party in any Covered Jurisdiction. For purposes of this Section 17, “Covered Jurisdiction” means [...***...]. The indemnified party shall notify the indemnifying
party promptly and give authority, information, and assistance (at the indemnifying party’s expense) for the defense of same, and the indemnifying party shall pay all damages and costs awarded therein. If use of the goods is enjoined as a
result of an infringement for which Seller is responsible hereunder, Seller shall, at its own expense and option, either (i) procure for Buyer the right to continue using the goods, or (ii) modify the goods so that they become non-infringing, or (iii) replace the goods with non-infringing goods. [...***...]. 

18. SECURITY AND BUSINESS CONTINUITY MANAGEMENT POLICY; SUPPLY CHAIN SECURITY REQUIREMENTS. 

18.1 Security and Business Continuity Management Policy. Seller shall have and comply with a company security and business continuity management
policy, which shall be revised and maintained proactively and as may be requested by Buyer (“Security and Business Continuity Management Policy”). The Security and Business Continuity Management Policy shall identify and require
Seller’s management and employees to take appropriate measures necessary to do the following: 
 (a) provide for the physical security of the people
working on Seller’s premises and others working for or on behalf of Seller; 
 (b) provide for the physical security of Seller’s facilities and
physical assets related to the performance of work, for Buyer or its Affiliates (“Work”) including, in particular, the protection of Seller’s mission critical equipment and assets; 

(c) protect software related to the performance of the Work from loss, misappropriation, corruption and/or other damage; 

(d) protect Buyer and/or its Affiliates’ and Seller’s drawings, technical data and other proprietary information related to the performance of the
Work from loss, misappropriation, corruption and/or other damage; 
 (e) provide for the prompt recovery, including through preparation, adoption and
maintenance of a crisis management and disaster recovery plan, of facilities, physical assets, software, drawings, technical data, other intellectual property and/or the Seller’s business operations in the event of a security
breach, incident, crisis or other disruption in Seller’s ability to use the necessary facilities, physical assets, software, drawings, technical data or other intellectual property and/or to continue its operations; and 

(f) ensure the physical integrity and security of all shipments against the unauthorized introduction of harmful or dangerous materials (such measures may
include, but are not limited, physical security of manufacturing, packing and shipping areas; restrictions on access of unauthorized personnel to such areas; personnel screening; and maintenance of procedures to protect the integrity of shipments);
and 
 (g) report to Buyer all crises and/or supply chain security breaches and/or situations where illegal or suspicious activities relating to the Work are
detected. In the event of such crisis, supply chain security breach and/or the detection of illegal or suspicious activity related to the Work, Seller shall contact Buyer’s sourcing representative or the GE emergency hotline (U.S. toll-free
[...***...] direct dial from outside U.S. [...***...] no later than twenty-four (24) hours after inception of the incident. At a minimum, the following details must be provided: (i) date and time of the incident;
(ii) site/location of the incident; and (iii) incident description. 
 Buyer reserves the right to receive and review a physical or electronic
copy of Seller’s Security and Business Continuity Management Policy and to conduct on-site audits of Seller’s facility and practices to determine whether such policy and Seller’s implementation
of such policy are reasonably sufficient to protect Buyer’s property and/or interests. If Buyer reasonably determines that Seller’s Security and Business Continuity Management Policy and/or such policy’s implementation is/are
insufficient to protect Buyer’s property and/or interests, Buyer may give Seller notice of such determination. Upon receiving such notice, Seller shall have
 [...***...] thereafter to make 

  
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 such policy changes and take the implementation actions reasonably requested by Buyer. Seller’s failure to
take such actions shall give Buyer the right to terminate this Order immediately without further compensation to Seller. 
 18.2 Supply Chain
Security. The Customs-Trade Partnership Against Terrorism (“C-TPAT”) program of the U.S. Customs and Border Protection, the Authorized Economic Operator for Security program of the European Union
(“EU AEO”) and similar World Customs Organization SAFE Framework of Standards (collectively, “SAFE Framework”) programs are designed to improve the security of shipments in international trade.
C-TPAT applies only to Sellers with non-U.S. locations that are involved in the manufacture, warehousing or shipment of goods to Buyer or to a customer or supplier of
Buyer located in the U.S. EU AEO applies only to Sellers that are involved in the manufacture, warehousing or shipment of goods originating in, transported through or destined for the EU. Seller agrees that it will review the C-TPAT requirements for foreign manufacturers as outlined at: http://www.cbp.gov/xp/cgov/trade/cargo_security/ctpat/ctpat_application_material/ctpat_security_guidelines/ and the EU AEO and other SAFE
Framework requirements appropriate for its business and that it will maintain and implement a written plan for security procedures in accordance with them as applicable (“Security Plan”). The Security Plan shall address security criteria
such as: container security and inspection, physical access controls, personnel security, procedural security, security training and threat awareness, and information technology security. Upon request of Buyer, Seller shall: 

(a) certify to Buyer in writing that it has read the C-TPAT, EU AEO and/or other applicable SAFE Framework security
criteria (collectively, the “Security Criteria”), maintains a written Security Plan consistent with such Security Criteria and has implemented appropriate procedures pursuant to such plan; 

(b) identify an individual contact responsible for Seller’s facility, personnel and shipment security measures and provide such individual’s name,
title, address, email address and telephone and fax numbers to Buyer; and 
 (c) inform Buyer of its C-TPAT, EU AEO
and/or other applicable SAFE Framework membership status and any changes thereto including changes to certification and/or any notice of suspension or revocation. 

Where Seller does not exercise control of manufacturing or transportation of goods destined for delivery to Buyer or its customers in international trade,
Seller agrees to communicate the C-TPAT, EU AEO and/or other applicable SAFE Framework recommendations and/or requirements to its suppliers and transportation providers and condition its relationship with
those entities upon their implementation of such recommendations and/or requirements. Further, upon advance notice by Buyer to Seller and during Seller’s normal business hours, Seller shall make its facility available for inspection by
Buyer’s representative for the purpose of reviewing Seller’s compliance with the C-TPAT, EU AEO and/or other applicable SAFE Framework security recommendations and/or requirements and with
Seller’s Security Plan. Each party shall bear its own costs in relation to such inspection and review. All other costs associated with Seller’s development and implementation of Seller’s Security Plan and C-TPAT, EU AEO and/or other applicable SAFE Framework compliance shall be borne by Seller. 
 19. PACKING, PRESERVATION
AND MARKING. Packing, preservation and marking will be in accordance with the specification drawing or as specified on the Order, or if not specified, the best commercially accepted practice will be used, which will be consistent with applicable
law. All goods shall be packed in an appropriate manner, giving due consideration to the nature of the goods, with packaging suitable to protect the goods during transport from damage and otherwise to guarantee the integrity of the goods to
destination. Goods that cannot be packed due to size or weight shall be loaded into suitable containers, pallets or crossbars thick enough to allow safe lifting and unloading. Vehicles that reach their destination and present unloading difficulties
will be sent back to their point of departure. Seller shall place all markings in a conspicuous location as legibly, indelibly and permanently as the nature of the article or container will permit. Each package shall bear Buyer’s order number
and be accompanied by a readily accessible packing list detailing the contents and including the following information on each shipment under this Order: Buyer’s order number; case number; routing center number (if provided by Buyer’s
routing center); country of manufacture; destination shipping address; commodity description; gross/net weight in kilograms and pounds; dimensions in centimeters and inches; center of gravity for items greater than one (1) ton; precautionary
marks (e.g., fragile, glass, air ride only, do not stack, etc.), loading hook/lifting points and chain/securing locations where applicable to avoid damage and improper handling. Seller Covenants (defined in Section 15.1) that any wood packing
or wood pallet materials delivered or used to deliver, pack and/or transport any goods delivered to Buyer hereunder are in compliance with the International Standards for Phytosanitary Measures (ISPM): Guidelines for Regulating Wood Packaging
Material (WPM) in International Trade (ISPM Publication No. 15), U.S. Code of Federal Regulations, 7 CFR 319.40-1 through 319.40-11, as may be changed or amended,
if the goods are being shipped to the U.S., and similar laws of other jurisdictions to or through which Buyer informs Seller the goods are likely to be shipped or to or through which Seller otherwise has knowledge that shipment will likely occur.
Seller shall provide Buyer with any certifications required by Buyer to evidence its compliance with the foregoing sentence. 
 20. GOVERNING LAW.
This Order shall in all respects be governed by and interpreted in accordance with the substantive law of the State of New York, U.S., excluding its conflicts of law provisions. The parties exclude application of the United Nations Convention on
Contracts for the International Sale of Goods. 

  
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 21. DISPUTE RESOLUTION. 

21.1 If Seller is a permanent resident of the U.S., or a corporation or partnership existing under the laws of the U.S., and Seller and Buyer have a
controversy, dispute or difference arising out of this Order (“Dispute”), either party may initiate litigation. Litigation may be brought only in the U.S. District Court for the Northern District of Georgia or, if such court lacks subject
matter jurisdiction, in the State or Superior Court of Georgia in Cobb County. The parties submit to the jurisdiction of said courts and waive any defense of forum non conveniens. The parties waive all rights to jury trials. 

21.2 If Seller is a permanent resident of a country other than the U.S., or is a corporation or partnership existing under the laws of any country other than
the U.S., and Seller and Buyer have a Dispute, the parties agree to submit any such Dispute to settlement proceedings under the Alternative Dispute Resolution Rules (the “ADR Rules”) of the International Chamber of Commerce
(“ICC”). If the Dispute has not been settled pursuant to the ADR Rules within forty-five (45) days following the filing of a request for ADR or within such other period as the parties may agree in writing, such Dispute shall be
finally settled under the Rules of Arbitration and Conciliation of the ICC (the “ICC Rules”) by one or more arbitrators appointed in accordance with such ICC Rules. The place for arbitration shall be Atlanta, Georgia, U.S. and proceedings
shall be conducted in the English language, unless otherwise stated in this Order. The award shall be final and binding on both Buyer and Seller, and the parties hereby waive the right of appeal to any court for amendment or modification of the
arbitrators’ award. 
 22. WAIVER. No claim or right arising out of a breach of this Order can be discharged in whole or in part by a waiver or
renunciation unless supported by consideration and made in writing signed by the aggrieved party. Either party’s failure to enforce any provisions hereof shall not be construed to be a waiver of a party’s right thereafter to enforce each
and every such provision. 
 23. ELECTRONIC COMMERCE. Seller agrees to participate in all of Buyer’s current and future electronic commerce
applications and initiatives upon Buyer’s request. For contract formation, administration, changes and all other purposes, each electronic message sent between the parties within such applications or initiatives will be deemed: (a)
“written” and a “writing”; (b) “signed” (in the manner below); and (c) an original business record when printed from electronic files or records established and maintained in the normal course of business. The
parties expressly waive any right to object to the validity, effectiveness or enforceability of any such electronic message on the ground that a “statute of frauds” or any other law requires written, signed agreements. Between the parties,
any such electronic documents may be introduced as evidence in any proceedings as business records originated and maintained in paper form. Neither party shall object to the admission of any such electronic document under either the best evidence
rule or the business records exception to the hearsay rule. By placing a name or other identifier on any such electronic message, the party doing so intends to sign the message with his/her signature attributed to the message content. The effect of
each such message will be determined by the electronic message content and by New York law, excluding any such law requiring signed agreements or otherwise in conflict with this paragraph. 

24. PERSONAL DATA PROTECTION. 
 24.1 “Personal
Data” includes any information relating to an identified or identifiable natural person; “Buyer Personal Data” includes any Personal Data obtained by Seller from Buyer; and “Processing” includes any operation or set of
operations performed upon Personal Data, such as collection, recording, organization, storage, adaptation or alteration, retrieval, accessing, consultation, use, disclosure by transmission, dissemination or otherwise making available, alignment or
combination, blocking, erasure or destruction. 
 24.2 Seller, including its officers, directors, employees and/or agents, shall view and Process Buyer
Personal Data only on a need-to-know basis and only to the extent necessary to perform this Order or to carry out Buyer’s further written instructions. 

24.3 Seller shall use reasonable technical and organizational measures to ensure the security and confidentiality of Buyer Personal Data in order to prevent,
among other things, accidental, unauthorized or unlawful destruction, modification, disclosure, access or loss. Seller shall immediately inform Buyer of any Security Breach involving Buyer Personal Data, where “Security Breach” means any
event involving an actual, potential or threatened compromise of the security, confidentiality or integrity of the data, including but not limited to any unauthorized access or use. Seller shall also provide Buyer with a detailed description of the
Security Breach, the type of data that was the subject of the Security Breach, the identity of each affected person and any other information Buyer may request concerning such affected persons and the details of the breach, as soon as such
information can be collected or otherwise becomes available. Seller agrees to take action immediately, at its own expense, to investigate the Security Breach and to identify, prevent and mitigate the effects of any such Security Breach and to carry
out any recovery necessary to remedy the impact. Buyer must first approve the content of any filings, communications, notices, press releases or reports related to any Security Breach (“Notices”) prior to any publication or communication
thereof to any third party. Seller also agrees to bear any cost or loss Buyer may incur as a result of the Security Breach, including without limitation, the cost of Notices. 

  
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 24.4 Upon termination of this Order, for whatever reason, Seller shall stop the Processing of Buyer Personal
Data, unless instructed otherwise by Buyer, and these undertakings shall remain in force until such time as Seller no longer possesses Buyer Personal Data. 

24.5 Seller understands and agrees that Buyer may require Seller to provide certain Personal Data (“Seller Personal Data”) such as the name, address,
telephone number and email address of Seller’s representatives in transactions and that Buyer and its Affiliates and its or their contractors may store such data in databases located and accessible globally by their personnel and use it for
purposes reasonably related to the performance of this Order, including but not limited to supplier and payment administration. Seller agrees that it will comply with all legal requirements associated with transferring any Seller Personal Data to
Buyer, including but not limited to obtaining the consent of any data subject, where required, prior to transferring any Seller Personal Data to Buyer and/or making any required disclosures, filings or the like with relevant data privacy
authorities. Buyer will be the Controller of this data for legal purposes and agrees not to share Seller Personal Data beyond Buyer, its Affiliates and its or their contractors, and to use reasonable technical and organizational measures to ensure
that Seller Personal Data is processed in conformity with applicable data protection laws. “Controller” shall mean the legal entity which alone or jointly with others determines the purposes and means of the processing of Personal Data. By
written notice to Buyer, Seller may obtain a copy of the Seller Personal Data and submit updates and corrections to it. 
 25. ENTIRE AGREEMENT. This
Order, with documents as are expressly incorporated by reference, is intended as a complete, exclusive and final expression of the parties’ agreement with respect to the subject matter herein and supersedes any prior or contemporaneous
agreements, whether written or oral, between the parties. This Order may be executed in one or more counterparts, each of which shall for all purposes be deemed an original and all of which shall constitute the same instrument. Facsimile signatures
on such counterparts are deemed originals. No course of prior dealings and no usage of the trade shall be relevant to determine the meaning of this Order even though the accepting or acquiescing party has knowledge of the performance and opportunity
for objection. The term “including” shall mean and be construed as “including, but not limited to”, unless expressly stated to the contrary. The invalidity, in whole or in part, of any of the foregoing articles or paragraphs of
this Order shall not affect the remainder of such articles or paragraphs or any other article or paragraph of this Order, which shall continue in full force and effect. Further, the parties agree to give any such article or provision deemed invalid,
in whole or in part, a lawful interpretation that most closely reflects the original intention of Buyer and Seller. All provisions or obligations contained in this Order, which by their nature or effect are required or intended to be observed, kept
or performed after termination or expiration of an Order will survive and remain binding upon and for the benefit of the parties, their successors (including without limitation successors by merger) and permitted assigns including, without
limitation, Sections 2.3(b) 4,5,7, 8,9,12, 15, 16, 17 and 24. 

  
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 APPENDIX 4 

Premium Payable by Buyer upon Termination for Convenience 

Buyer will pay to Seller a termination for convenience fee in accordance with the following schedule: 

 

					
	 Effective date of
 termination
for
 convenience
	  	 Termination for

convenience notice

obligations:
	  	 Termination for convenience fee

payable by Buyer:

	December 31, 2018	  	Notice must be received by Seller before December 31, 2017	  	[...***...] payable in one lump sum on or before effective date of termination
			
	December 31, 2019	  	Notice must be received by Seller before December 31, 2018	  	[...***...] payable in one lump sum on or before effective date of termination

 Rest of page intentionally left blank. 

  
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 APPENDIX 5 

Tooling 

[...***...] Component Mold Additions 

[...***...] 
 Rest of page
intentionally left blank. 

  
 42 

 Buyer Approved Tooling Exceptions 

Based upon [...***...] Tooling Specification 

[...***...] 

  
 43 

 [...***...] 

  
 44 

 APPENDIX 6 

GE Renewable Energy Integrity Guide for Suppliers, Contractors and Consultants 

A Message from GE Renewable Energy 
 The General Electric
Company and its GE Renewable Energy business (“GE”) are committed to unyielding Integrity and high standards of business conduct in everything we do, especially in our dealings with GE suppliers, contractors and consultants (collectively
“Suppliers”). For well over a century, GE people have created an asset of incalculable value: the company’s worldwide reputation for integrity and high standards of business conduct. That reputation, built by so many people over so
many years, depends on upholding it in each business transaction we make. 
 GE bases its Supplier relationships on lawful, efficient and fair practices,
and expects its Suppliers to adhere to applicable legal and regulatory requirements in their business relationships, including those with their employees, their local environments, and GE. The quality of our Supplier relationships often has a direct
bearing on the quality of our customer relationships. Likewise, the quality of our Suppliers’ products and services affects the quality of our own products and services. 

To help GE Suppliers understand both: (1) the GE commitment to unyielding Integrity and (2) and the standards of business conduct that all GE
Suppliers must meet, GE has prepared this GE Renewable Energy Integrity Guide for Suppliers, Contractors and Consultants. Suppliers are expected to collaborate with GE’s employees so that those employees can continue to consistently meet these
GE integrity commitments. 
 The Guide is divided into four sections: 

	 	•	 	GE Code of Conduct 

	 	•	 	GE Compliance Obligations 

	 	•	 	Responsibilities of GE Suppliers 

	 	•	 	How to Raise an Integrity Concern 

 Suppliers should carefully review this Guide, including but
not limited to the section entitled “Responsibilities of GE Suppliers.” Suppliers are responsible for ensuring that they and their employees, workers, representatives and subcontractors comply with the standards of conduct required of GE
Suppliers. Please contact the GE manager you work with or any GE Compliance Resource if you have any questions about this Guide or the standards of business conduct that all GE Suppliers must meet. 

 

			
	Jerome Pecresse	  	Olivier Fontan
	President & CEO	  	Vice President
		  	Global Supply Chain Management

 GE Code of Conduct 

GE’s commitment to total, unyielding Integrity is set forth in GE’s compliance handbook, The Spirit & The Letter. The
policies set forth in The Spirit & The Letter govern the conduct of all GE employees and are supplemented by compliance procedures and guidelines adopted by GE business components. All GE employees must not only comply
with the “letter” of the Company’s compliance policies, but also with their “spirit.” 
 The “spirit” of GE’s
Integrity commitment is set forth in the GE Code of Conduct, which each GE employee has made a personal commitment to follow: 
  

	 	•	 	Obey the applicable laws and regulations governing our business conduct worldwide. 

  

	 	•	 	Be honest, fair and trustworthy in all of your GE activities and relationships. 

  

	 	•	 	Avoid all conflicts of interest between work and personal affairs. 

  

	 	•	 	Foster an atmosphere in which fair employment practices extend to every member of the diverse GE community. 

  

	 	•	 	Strive to create a safe workplace and to protect the environment. 

  
 45 

	 	•	 	Through leadership at all levels, sustain a culture where ethical conduct is recognized, valued and exemplified by all employees. 

No matter how high the stakes, no matter how great the challenge, GE will do business only by lawful and ethical means. When working with customers and
Suppliers in every aspect of our business, we will not compromise our commitment to integrity. 
 GE Compliance Obligations 

All GE employees are obligated to comply with the requirements — the “letter”— of GE’s compliance policies set forth in The
Spirit & The Letter. These policies implement the GE Code of Conduct and are supplemented by compliance procedures and guidelines adopted by GE business components and/or affiliates. A summary of some of the key compliance
obligations of GE employees follows: 
 IMPROPER PAYMENTS 
  

	 	•	 	Always adhere to the highest standards of honesty and integrity in all contacts on behalf of GE. Never offer bribes, kickbacks, illegal political contributions or other improper payments to any customer,
government official or third party. Follow the laws of the United States and other countries relating to these matters. 

  

	 	•	 	Do not give gifts or provide any entertainment to a customer or supplier without prior approval of GE management. Make sure all business entertainment and gifts are lawful and disclosed to the other
party’s employer. 

  

	 	•	 	Employ only reputable people and firms as GE representatives and understand and obey any requirements governing the use of third party representatives. 

INTERNATIONAL TRADE CONTROLS 
  

	 	•	 	Understand and follow applicable international trade control and customs laws and regulations, including those relating to licensing, shipping and import documentation and reporting, and record retention
requirements. 

  

	 	•	 	Never participate in boycotts or other restrictive trade practices prohibited or penalized under United States or applicable local laws. 

 

	 	•	 	Make sure all transactions are screened in accordance with applicable export/import requirements; and that any apparent conflict between U.S. and applicable local law requirements, such as the laws
blocking certain U.S. restrictions adopted by Canada, Mexico and the members of the European Union, is disclosed to GE counsel. 

 MONEY
LAUNDERING PREVENTION 
  

	 	•	 	Follow all applicable laws that prohibit money laundering and that require the reporting of cash or other suspicious transactions. 

 

	 	•	 	Learn to identify warning signs that may indicate money laundering or other illegal activities or violations of GE policies. Raise any concerns to GE counsel and GE management. 

PRIVACY 
  

	 	•	 	Never acquire, use or disclose individual information in ways that are inconsistent with GE privacy policies or with applicable privacy and data protection laws, regulations and treaties.

  

	 	•	 	Maintain secure business records of information, which is protected by applicable privacy regulations, including computer-based information. 

SUPPLIER RELATIONSHIPS 
  

	 	•	 	Only do business with suppliers who comply with local and other applicable legal requirements and any additional GE standards relating to labor, environment, health and safety, intellectual property rights
and improper payments. 

  

	 	•	 	Follow applicable laws and government regulations covering supplier relationships. 

  

	 	•	 	Provide a competitive opportunity for suppliers to earn a share of GE’s purchasing volume, including small businesses and businesses owned by the disadvantaged, minorities and women.

 REGULATORY EXCELLENCE 
  

	 	•	 	Be aware of the specific regulatory requirements of the country and region where the work is performed and that affect the GE business. 

 

	 	•	 	Gain a basic understanding of the key regulators and the regulatory priorities that affect the GE business. 

  

	 	•	 	Promptly report any red flags or potential issues that may lead to a regulatory compliance breach. 

  
 46 

	 	•	 	Always treat regulators professionally and with courtesy and respect. 

  

	 	•	 	Assure that coordination with business or corporate experts is sought when working with or responding to requests of regulators. 

WORKING WITH GOVERNMENTS 
  

	 	•	 	Follow applicable laws and regulations associated with government contracts and transactions. 

  

	 	•	 	Be truthful and accurate when dealing with government officials and agencies. 

  

	 	•	 	Require any supplier or subcontractor providing goods or services for GE on a government project or contract to agree to comply with the intent of GE’s Working with Governments policy and applicable government
contract requirements. 

  

	 	•	 	Do not do business with suppliers or subcontractors that are prohibited from doing business with the government. 

  

	 	•	 	Do not engage in employment discussions with a government employee or former government employee without obtaining prior approval of GE management and counsel. 

COMPLYING WITH COMPETITION LAWS 
  

	 	•	 	Never propose or enter into any agreement or understanding with a GE competitor to fix prices, terms and conditions of sale, costs, profit margins or other aspects of the competition for sales to third parties.

  

	 	•	 	Do not propose or enter into any agreements or understandings with GE customers restricting resale prices. 

  

	 	•	 	Never propose or enter into any agreements or understandings with suppliers that restrict the price or other terms at which GE may resell or lease any product or service to a third party. 

ENVIRONMENT, HEALTH & SAFETY 
  

	 	•	 	Conduct your activities in compliance with all relevant environmental and worker health and safety laws and regulations and conduct your activities accordingly. 

 

	 	•	 	Ensure that all new product designs or changes or service offerings are reviewed for compliance with GE guidelines. 

  

	 	•	 	Use care in handling hazardous materials or operating processes or equipment that use hazardous materials to prevent unplanned releases into the workplace or the environment. 

 

	 	•	 	Report to GE management all spills of hazardous materials; any concern that GE products are unsafe: and any potential violation of environmental, health or safety laws, regulations or company practices or requests to
violate established EHS procedures. 

 FAIR EMPLOYMENT PRACTICES 
  

	 	•	 	Extend equal opportunity, fair treatment and a harassment-free work environment to all employees, coworkers, consultants and other business associates without regard to their race, color, religion, national origin, sex
(including pregnancy), sexual orientation, age, disability, veteran status or other characteristic protected by law. 

 SECURITY AND CRISIS
MANAGEMENT 
  

	 	•	 	Implement rigorous plans to address security of employees, facilities, information, IT assets and business continuity. 

  

	 	•	 	Protect access to GE facilities from unauthorized personnel. 

  

	 	•	 	Protect IT assets from theft or misappropriation. 

  

	 	•	 	Create and maintain a safe working environment. 

  

	 	•	 	Ensure proper business continuity plans are prepared for emergencies. 

  

	 	•	 	Screen all customers, suppliers, agents and dealers against terrorist watchlists. 

  

	 	•	 	Report any apparent security lapses. 

 CONFLICTS OF INTEREST 

 

	 	•	 	Financial, business or other non-work related activities must be lawful and free of conflicts with one’s responsibilities to GE. 

 

	 	•	 	Report all personal or family relationships, including those of significant others, with current or prospective suppliers you select, manage or evaluate. 

 

	 	•	 	Do not use GE equipment, information or other property (including office equipment, e-mail and computer applications) to conduct personal or
non-GE business without prior permission from the appropriate GE manager. 

 CONTROLLERSHIP 

  
 47 

	 	•	 	Keep and report all GE records, including any time records, in an accurate, timely, complete and confidential manner. Only release GE records to third parties when authorized by GE. 

 

	 	•	 	Follow GE’s General Accounting Procedures (GAP), as well as all generally accepted accounting principles, standards, laws and regulations for accounting and financial reporting of transactions,
estimates and forecasts. 

  

	 	•	 	Financial statements and reports prepared for or on behalf of GE (including any component or business) must fairly present the financial position, results of operations and/or other financial data for the
periods and/or the dates specified. 

 INSIDER TRADING OR DEALING & STOCK TIPPING 

 

	 	•	 	Never buy, sell or suggest to someone else that they should buy or sell stock or other securities of any company (including GE) while you are aware of significant or material
non-public information (“inside information”) about that company. Information is significant or material when it is likely that an ordinary investor would consider the information important in making
an investment decision. 

  

	 	•	 	Do not pass on or disclose inside information unless lawful and necessary for the conduct of GE business — and never pass on or disclose such information if you suspect that the information will be
used for an improper trading purpose. 

 INTELLECTUAL PROPERTY 
  

	 	•	 	Identify and protect GE intellectual property in ways consistent with the law. 

  

	 	•	 	Consult with GE counsel in advance of soliciting, accepting or using proprietary information of outsiders, disclosing GE proprietary information to outsiders or permitting third parties to use GE
intellectual property. 

  

	 	•	 	Respect valid patents, trademarks, copyrighted materials and other protected intellectual property of others; and consult with GE counsel for licenses or approvals to use such intellectual property.

 Responsibilities of GE Suppliers 
 GE
will only do business with Suppliers that comply with all applicable legal and regulatory requirements. Today’s regulatory environment is becoming more challenging, subjecting GE and its Suppliers to a growing number of regulations and
enforcement activities around the world. This environment requires that GE and its Suppliers continue to be knowledgeable about and compliant with all applicable regulations and committed to regulatory excellence. Suppliers that transact business
with GE are also expected to comply with their contractual obligations under any purchase order or agreement with GE and to adhere to the standards of business conduct consistent with GE’s obligations set forth in the “GE Compliance
Obligations” section of this Guide and to the standards described in this section of the Guide. A Supplier’s commitment to full compliance with these standards and all applicable laws and regulations is the foundation of a mutually
beneficial business relationship with GE. 
 GE expects its Suppliers, and any Supplier’s subcontractors, that support GE’s work with government
customers to be truthful and accurate when dealing with government officials and agencies, and adhere strictly to all compliance obligations relating to government contracts that are required to flow down to GE’s suppliers. 

As stated above, GE requires and expects each GE Supplier to comply with all applicable laws and regulations. Unacceptable practices by a GE Supplier include:

  

	 	•	 	Minimum Age. Employing workers younger than sixteen (16) years of age or the applicable required minimum age, whichever is higher. 

 

	 	•	 	Forced Labor. Using forced, prison or indentured labor or workers subject to any form of compulsion or coercion or trafficking in persons in violation of the U.S. Government’s zero tolerance policy or
other applicable laws or regulations. 

  

	 	•	 	Environmental Compliance. Lack of commitment to observing applicable environmental laws and regulations. Actions that GE will consider evidence of a lack of commitment to observing applicable environmental
laws and regulations include: 

  

	 	•	 	Failure to maintain and enforce written and comprehensive environmental management programs, which are subject to periodic audit. 

  

	 	•	 	Failure to maintain and comply with all required environmental permits. 

  

	 	•	 	Permitting any discharge to the environment in violation of law or issued/required permits or that would otherwise have an adverse impact on the environment. 

  
 48 

	 	•	 	Health & Safety. Failure to provide workers a workplace that meets applicable health, safety and security standards. 

 

	 	•	 	Human Rights. 

  

	 	•	 	Failure to respect human rights of Supplier’s employees. 

  

	 	•	 	Failure to observe applicable laws and regulations governing wage and hours. 

  

	 	•	 	Failure to allow workers to freely choose whether or not to organize or join associations for the purpose of collective bargaining as provided by local law or regulation. 

 

	 	•	 	Failure to prohibit discrimination, harassment and retaliation. 

  

	 	•	 	Code of Conduct. Failure to maintain and enforce GE policies requiring adherence to lawful business practices, including a prohibition against bribery of government officials. 

 

	 	•	 	Business Practices and Dealings with GE. Offering or providing, directly or indirectly, anything of value, including cash, bribes, gifts, entertainment or kickbacks, to any GE employee, representative or
customer or to any government official in connection with any GE procurement, transaction or business dealing. Such prohibition includes the offering or providing of any consulting, employment or similar position by a Supplier to any GE employee (or
their family member or significant other) involved with a GE procurement. GE also prohibits a GE Supplier from offering or providing GE employees, representatives or customers or any government officials with any gifts or entertainment, other than
those of nominal value to commemorate or recognize a particular GE Supplier business transaction or activity. In particular, a GE Supplier shall not offer, invite or permit GE employees and representatives to participate in any Supplier or
Supplier-sponsored contest, game or promotion. 

  

	 	•	 	Business Entertainment of GE Employees and Representatives. Failure to respect and comply with the business entertainment (including travel and living) policies established by GE and governing GE employees and
representatives. A GE Supplier is expected to understand the business entertainment policies of the applicable GE business component or affiliate before offering or providing any GE employee or representative any business entertainment. Business
entertainment should never be offered to a GE employee or representative by a Supplier under circumstances that create the appearance of an impropriety. 

  

	 	•	 	Collusive Conduct and GE Procurements. Sharing or exchanging any price, cost or other competitive information or the undertaking of any other collusive conduct with any other third party to GE with respect
to any proposed, pending or current GE procurement. 

  

	 	•	 	Intellectual Property and Other Data and Security Requirements. Failure to respect the intellectual and other property rights of others, especially GE. In that regard, a GE Supplier shall: 

 

	 	•	 	Only use GE information and property (including tools, drawings and specifications) for the purpose for which they are provided to the Supplier and for no other purposes. 

 

	 	•	 	Take appropriate steps to safeguard and maintain the confidentiality of GE proprietary information, including maintaining it in confidence and in secure work areas and not disclosing it to third parties (including other
customers, subcontractors, etc.) without the prior written permission of GE. 

  

	 	•	 	If requested by GE, only transmit information over the Internet on an encrypted basis. 

  

	 	•	 	Observe and respect all GE patents, trademarks and copyrights and comply with such restrictions or prohibitions on their use as GE may from time to time establish. 

 

	 	•	 	Comply with all applicable rules concerning cross-border data transfers. 

  

	 	•	 	Maintain all personal and sensitive data, whether of GE employees or its customers in a secure and confidential manner, taking into account both local requirements and the relevant GE policies provided to the Supplier.

  

	 	•	 	Trade Controls & Customs Matters. The transfer of any GE technical information to any third party without the express, written permission of GE. Failure to comply with all applicable trade
control laws and regulations in the import, export, re-export or transfer of goods, services, software, technology or technical data including any restrictions on access or use by unauthorized persons or
entities, and failure to ensure that all invoices and any customs or similar documentation submitted to GE or governmental authorities in connection with transactions involving GE accurately describe the goods and services provided or delivered and
the price thereof. 

  

	 	•	 	Use Of Subcontractors or Third Parties to Evade Requirements. The use of subcontractors or other third parties to evade legal requirements applicable to the Supplier and any of the standards set forth in
this Guide. 

 The foregoing standards are subject to modification at the discretion of GE. Please contact the GE manager you work with or any
GE Compliance Resource if you have any questions about these standards and/or their application to particular circumstances. Each GE Supplier is responsible for ensuring that its employees and representatives understand and comply with these
standards. GE will only do business with those Suppliers that comply with applicable legal and regulatory requirements and reserves the right, based on its assessment of 

  
 49 

 
information available to GE, to terminate, without liability to GE, any pending purchase order or contract with any Supplier that does not comply with the standards set forth in this section of
the Guide. 
 How to Raise an Integrity Concern 

Subject to local laws and any legal restrictions applicable to such reporting, each GE Supplier is expected to promptly inform GE of any Integrity concern
involving or affecting GE, whether or not the concern involves the Supplier, as soon as the Supplier has knowledge of such Integrity concern. A GE Supplier shall also take such steps as GE may reasonably request to assist GE in the investigation of
any Integrity concern involving GE and the Supplier. 
 I. Define your concern: Who or what is the concern? When did it arise? What are the relevant facts?

 II. Prompt reporting is crucial — an Integrity concern may be raised by a GE Supplier as follows: 

 

	 	•	 	By discussing it with a cognizant GE Renewable Energy Manager; 

  

	 	•	 	By calling the GE Corporate Integrity Helpline at [...***...]; 

  

	 	•	 	By emailing [...***...] or 

  

	 	•	 	By contacting any Compliance Resource (e.g., GE legal counsel or auditor). A GE Compliance Resource will promptly review and investigate the concern. 

III. GE Policy forbids retaliation against any person reporting an Integrity concern. 

  
 50 

 APPENDIX 7 

Production Facility Specifications 
  

	 	•	 	[...***...] production lines or equivalent 

  

	 	•	 	Approximately [...***...] of manufacturing and office space 

  

	 	•	 	Capable of producing blades at the Planned Capacity level 

  

	 	•	 	Will accommodate the production of wind turbine blades of [...***...] in length. 

 Rest of
page intentionally left blank. 

  
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 APPENDIX 8 

Storage Facility Specifications 
  

	 	•	 	Sufficient in size to store [...***...] wind turbine blades each [...***...] in length or their equivalent 

  

	 	•	 	Storage site is contiguous with the Production Facility 

  

	 	•	 	Appropriately secured 

  

	 	•	 	Serviceable by truck and accessible for rail shipments 

  

	 	•	 	Site graded and compacted for year around storage, [...***...] for rail, [...***...] for truck. 

Rest of page intentionally left blank. 

  
 52 

 Appendix 9 

[...***...] Manufacturing Process Plan (MPP)/Product Quality Plan (PQP) 

[...***...] 

  
 53 

 [...***...] 

  
 54

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