Document:

EX-10.1

 Exhibit 10.1 
 FIRST AMENDMENT TO 
 THIRD AMENDED AND RESTATED CREDIT AGREEMENT
AND 
 THIRD AMENDED AND RESTATED GUARANTY OF PAYMENT OF DEBT 

This FIRST AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT AND THIRD AMENDED AND RESTATED GUARANTY OF PAYMENT
OF DEBT (this “First Amendment”) is made and entered into this 13th day of July, 2011 (the “Effective Date”), by and among FOREST CITY RENTAL PROPERTIES CORPORATION, an Ohio corporation (the “Borrower”), FOREST CITY ENTERPRISES, INC., an
Ohio corporation (the “Parent” or the “Guarantor”), KEYBANK NATIONAL ASSOCIATION, as Administrative Agent (the “Agent”), PNC BANK, NATIONAL ASSOCIATION, as Syndication Agent (the “Syndication
Agent” and, together with the Agent, the “Agents”), BANK OF AMERICA, N.A., as Documentation Agent, and the banks party to or bound by the Credit Agreement (as hereinafter defined) as of the date hereof (collectively, the
“Banks” and individually a “Bank”). Capitalized terms not otherwise defined herein shall have the respective meanings attributed to them in the Credit Agreement, as hereinafter defined and as amended by this First Amendment.

 W I T N E S S E T H: 

WHEREAS, the Borrower, the Banks and the Agents have previously entered into that certain Third Amended and Restated
Credit Agreement, dated as of March 30, 2011 (the “Original Credit Agreement”), or have become bound thereby pursuant to that certain Increase Notice dated April 21, 2011 pursuant to which the Total Revolving Loan Commitments
were increased to $450,000,000 (the Original Credit Agreement, as affected by such Increase Notice, herein referred to as the “Credit Agreement”); 
 WHEREAS, in connection with the Original Credit Agreement, the Parent made and entered into that certain Third Amended and Restated Guaranty of Payment of Debt in favor of the Agents and the Banks, dated
as of March 30, 2011 (the “Guaranty”); 
 WHEREAS, the Borrower, the Parent, the Banks and the
Agents desire to make certain amendments to the Guaranty and the Credit Agreement to modify certain provisions thereof, subject to the terms and conditions contained herein; and 

WHEREAS, the Banks and the Agents are willing to enter into this First Amendment, on the terms and conditions set forth
herein, and such terms and conditions are agreeable to the Borrower and to the Parent; 
 NOW, THEREFORE, for
and in consideration of the sum of Ten and No/100 Dollars ($10.00), the mutual covenants and promises contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is mutually agreed as
follows: 
 1. AMENDMENTS TO THE CREDIT AGREEMENT. The Credit Agreement shall be amended as
follows: 

 (a) Amendments to Article I. The definitions of “New Senior
Notes”, “Senior Notes” and “Senior Notes Indentures”, set forth in Article I of the Credit Agreement are hereby deleted in their entirety and the following new definitions are inserted in Article I of the Credit Agreement in
the appropriate alphabetical order: 
 “First Amendment” shall mean that
certain First Amendment to Third Amended and Restated Credit Agreement and Third Amended and Restated Guaranty of Payment of Debt dated as of July 13, 2011 by and among Borrower, Parent, Agent and the Banks party thereto. 

“First Amendment Effective Date” shall mean the “Effective
Date” as defined in the First Amendment. 
 “New Convertible Senior
Notes” shall mean the Senior Notes issued pursuant to the New Convertible Senior Notes Indenture or an amendment of an existing Senior Notes Indenture, which Indebtedness conforms to the requirements of Section 9.10(h) of the Guaranty
that are applicable to New Convertible Senior Notes (and are not applicable solely to New Senior Notes), together with any notes evidencing any Indebtedness incurred in connection with the refinancing of such Senior Notes in accordance with the
terms of this Agreement and the Guaranty to the extent the proceeds of such Indebtedness are applied to the Retirement of such Senior Notes. 
 “New Convertible Senior Notes Indenture” shall mean the Senior Notes Indenture relating to the New Convertible Senior Notes, if any, together with any indenture relating to new notes
which refinance any of the New Convertible Senior Notes in accordance with the terms of this Agreement and the Guaranty. 
 “New Senior Notes” shall mean the Senior Notes issued pursuant to the New Senior Notes Indenture or an amendment of an existing Senior Notes Indenture, which Indebtedness conforms to the
requirements of Section 9.10(h)(x) of the Guaranty that are applicable to New Senior Notes (and are not applicable solely to New Convertible Senior Notes), together with any notes evidencing any Indebtedness incurred in connection with the
refinancing of such Senior Notes in accordance with the terms of this Agreement and the Guaranty to the extent the proceeds of such Indebtedness are applied to the Retirement of such Senior Notes. 

“Senior Notes” shall mean the 2003 Senior Notes, the 2004 Senior Notes, the 2005 Senior
Notes, the 2006 Puttable Senior Notes, the 2009 Puttable Senior Notes, the 2009 Convertible Senior Notes, the New Senior Notes and the New Convertible Senior Notes. 

“Senior Notes Indentures” shall mean the 2003 Senior Notes Indenture, the 2006 Puttable
Senior Notes Indenture, the 2009 Puttable 

  
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Senior Notes Indenture, the 2009 Convertible Senior Notes Indenture, the New Senior Notes Indenture and the New Convertible Senior Notes Indenture. 

2. AMENDMENTS TO THE GUARANTY. The Guaranty shall be amended as follows: 

(a) Amendments to Section 1. The following new definitions are inserted in Section 1 of the Guaranty in
the appropriate alphabetical order: 
 “Minimum Gross Proceeds” shall mean,
(a) with respect to any issuance of New Senior Notes pursuant to Section 9.10(h)(x) hereof, an amount equal to two-thirds (2/3rds) of the gross proceeds of such issuance (net of issuance costs, but not hedge costs, if any) and
(b) with respect to any issuance of New Convertible Senior Notes pursuant to Section 9.10(h)(x) hereof, an amount equal to three-fourths (3/4ths) of the gross proceeds of such issuance (net of issuance costs, but not hedge costs, if
any); provided, however, that to the extent any New Convertible Senior Notes are issued by Guarantor, the Minimum Gross Proceeds with respect to any such issuance and any future issuance of New Senior Notes shall mean an amount that would, when
added to the Minimum Gross Proceeds applied by Guarantor to the repayment or Retirement of Subject Debt in connection with any and all previous issuances by Guarantor of New Senior Notes and/or New Convertible Senior Notes, equal three-fourths
(3/4ths) of the gross proceeds of any and all New Senior Notes and New Convertible Senior Notes (net of issuance costs, but not hedge costs, if any) issued by Guarantor. 

“New Convertible Notes Hedge Transactions” shall mean the hedge transactions that may be
entered into by the Guarantor in order to increase the effective conversion price of the common shares of the Guarantor into which the New Convertible Senior Notes are convertible; provided the cost of obtaining such hedge transactions does
not exceed an amount equal to fifteen percent (15%) of the aggregate principal face amount of the New Convertible Senior Notes. 
 “Subject Debt” shall mean (a) with respect to any issuance of New Senior Notes pursuant to Section 9.10(h)(x) hereof, the amount of non-recourse mortgage Indebtedness of the Borrower
and its Subsidiaries or Indebtedness of the Guarantor which is recourse to the Guarantor (other than the Debt) and which Indebtedness is to be (or, to the extent permitted under the last sentence of this definition, was) repaid or Retired with at
least the Minimum Gross Proceeds and (b) with respect to any issuance of New Convertible Senior Notes pursuant to Section 9.10(h)(x) hereof, the amount of non-recourse mortgage Indebtedness of the Borrower and its Subsidiaries or
Indebtedness of the Guarantor which is recourse to the Guarantor (other than the Debt) and which Indebtedness is to be (or, to the 

  
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extent permitted under the last sentence of this definition, was) repaid or Retired with at least the Minimum Gross Proceeds. For purposes of this definition, Subject Debt shall be deemed to
include any non-recourse mortgage Indebtedness of the Borrower and its Subsidiaries or Indebtedness of the Guarantor which is recourse to the Guarantor (other than the Debt) which was repaid or Retired not more than ninety (90) days prior to
the issuance of any New Senior Notes or New Convertible Senior Notes, as applicable. 
 (b) Amendment to
Section 9.5. Section 9.5 of the Guaranty shall be amended by deleting the last sentence thereof in its entirety and inserting in lieu thereof the following new sentence: 

“Further, the Guarantor shall provide to the Administrative Agent a copy of any proposed amendment or modification
of the terms and conditions applicable to any of the Senior Notes or the Senior Notes Indentures and any proposed termination of or amendment or modification to the Convertible Notes Hedge Transactions or the New Convertible Notes Hedge
Transactions, in each case not less than three (3) Cleveland Banking Days in advance of entering into the same, whether or not the Guarantor believes that the consent of the Required Banks is needed therefor pursuant to
Section 9.10(h)(iii) or (ix) hereof; provided, that, with respect to any proposed termination of or amendment or modification to the Convertible Notes Hedge Transactions or the New Convertible Notes Hedge Transactions that does not
require the consent of the Required Banks as a result of the proviso contained in Section 9.10(h)(ix) hereof, the Guarantor shall only be required to provide to the Administrative Agent a copy of such proposed termination of or amendment or
modification in advance of entering into the same.” 
 (c) Amendments to Section 9.10(h).
Section 9.10(h) of the Guaranty shall be amended by: 
 (i) deleting the introductory paragraph of such
section and subclauses (i), (ii) and (iii) thereof in their entirety and inserting in lieu thereof the following new introductory paragraph and new subclauses (i), (ii) and (iii): 

“(h) any Indebtedness or obligations of the Guarantor under the Senior Notes existing as of the
date hereof, any new Indebtedness under New Senior Notes and/or New Convertible Senior Notes as permitted under Section 9.10(h)(x) hereof and any refinancing of any such Senior Notes as permitted by Section 9.13(d) hereof, the Puttable
Notes Hedge and Warrant Transactions, the Convertible Notes Hedge Transactions and/or the New Convertible Notes Hedge Transactions; provided, that: 

(i) [Reserved]; 

  
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 (ii) the Indebtedness represented by the Senior Notes, the
Puttable Notes Hedge and Warrant Transactions, the Convertible Notes Hedge Transactions and the New Convertible Notes Hedge Transactions shall be unsecured, pari passu with the Guarantor’s obligations under this Guaranty and structurally
subordinate to the Debt; 
 (iii) none of the Senior Notes or the Senior Notes Indentures shall
be amended or modified (x) without the prior written consent of the Required Banks (except as provided in subclause (y) of this Section 9.10(h)(iii)) including, without limitation, (A) to allow the maturity of any of the 2003
Senior Notes, the 2004 Senior Notes, the 2005 Senior Notes or any New Senior Notes to be less than ten (10) years from the date of issuance, (B) to allow the maturity of any of the 2006 Puttable Senior Notes or the 2009 Convertible Senior
Notes to be less than five (5) years from the date of issuance, (C) to allow the maturity of any of the 2009 Puttable Senior Notes to be earlier than July 1, 2014, (D) to allow the maturity of any of the New Convertible Senior
Notes to be less than seven (7) years from the date of issuance, (E) with respect to any Senior Notes with a maturity prior to the Termination Date, to provide for a new maturity date of such Senior Notes that is prior to the Termination
Date, (F) to provide for payment of interest under any of the Senior Notes more frequently than quarterly, (G) to provide additional circumstances pursuant to which holders of the 2006 Puttable Senior Notes or any of the 2009 Puttable
Senior Notes may put the same to the Guarantor or to increase the put rate available to such holders, other than as provided in the 2006 Puttable Senior Notes Indenture or the 2009 Puttable Senior Notes Indenture, as applicable, as the same existed
as of January 29, 2010, together with any amendments or modifications thereto approved by the Administrative Agent, (H) to provide any circumstances pursuant to which holders of the 2009 Convertible Senior Notes may put to the Guarantor,
or any additional circumstances pursuant to which such holders may require the Guarantor to repurchase, the 2009 Convertible Senior Notes, other than as provided in the 2009 Convertible Senior Notes Indenture as the same existed as of
January 29, 2010, together with any amendments or modifications thereto approved by the Administrative Agent, (I) to provide any circumstances pursuant to which holders of the New Senior Notes may put to the Guarantor, or any additional
circumstances pursuant to which such holders may require the Guarantor to repurchase, the New Senior Notes, other than pursuant to provisions approved by the Administrative Agent and provided for in the New Senior Notes Indenture, (J) to
provide any circumstances pursuant to which holders of the New Convertible Senior Notes may put to the 

  
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Guarantor, or any additional circumstances pursuant to which such holders may require the Guarantor to repurchase, the New Convertible Senior Notes, other than pursuant to provisions approved by
the Administrative Agent and provided for in the New Convertible Senior Notes Indenture, (K) to permit the Guarantor to redeem any of the Senior Notes prior to their maturity other than in accordance with Section 9.10(h)(x) or
Section 9.13(d) or (e) hereof or to modify any redemption provisions contained in the Senior Notes, including adding additional redemption provisions, (L) to allow any New Senior Notes to have any mandatory repurchase or put feature
which is exercisable prior to ten (10) years after the date of issuance of any such New Senior Notes, other than pursuant to provisions approved by the Administrative Agent and provided for in the New Senior Notes Indenture, (M) to allow
any New Convertible Senior Notes to have any mandatory repurchase or put feature which is exercisable prior to seven (7) years after the date of issuance of any such New Convertible Senior Notes, other than pursuant to provisions approved by
the Administrative Agent and provided for in the New Convertible Senior Notes Indenture or (N) to increase the rate of interest payable on or any fees associated with any of the Senior Notes and (y) to the extent any such amendment or
modification is to be entered into in connection with a refinancing permitted by Section 9.13(d) hereof or an issuance of New Senior Notes or New Convertible Senior Notes pursuant to Section 9.10(h)(x) hereof, without the prior written
consent of the Administrative Agent; provided that amendments or modifications that do not adversely affect the Agreement or this Guaranty or their relationship to any of the Senior Notes or the Senior Notes Indentures shall not require the
consent of the Required Banks as provided in subclause (x) of this Section 9.10(h)(iii) (but may require the consent of the Administrative Agent to the extent provided in Section 9.10(h)(x) or Section 9.13 hereof);” and

 (ii) deleting subclauses (ix) and (x) of such section in their entirety and inserting in lieu
thereof the following new subclauses (ix) and (x): 
 “(ix) neither the Convertible
Notes Hedge Transactions nor the New Convertible Notes Hedge Transactions shall be terminated, amended or modified without the prior written consent of the Required Banks; provided that no such prior written consent shall be required in connection
with (A) an amendment to the Convertible Notes Hedge Transactions for the purpose of limiting the counterparties’ termination rights with respect to the options relating to such of the 2009 Convertible Senior Notes as may be repurchased,
exchanged, converted or repaid prior to the Maturity Date (as defined in the 2009 Convertible Senior Notes Indenture), 

  
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(B) an amendment to the New Convertible Notes Hedge Transactions for the purpose of limiting the counterparties’ termination rights, if any, with respect to any options relating to such of
the New Convertible Senior Notes as may be repurchased, exchanged, converted or repaid prior to the maturity date of the New Convertible Senior Notes or (C) any termination or amendment that does not and could not result in any liability to the
Guarantor; and 
 (x) with respect to any Indebtedness of the Guarantor under New Senior Notes
and/or New Convertible Senior Notes (A) the maximum issued, outstanding and unredeemed principal amount of (x) such New Senior Notes shall not exceed One Hundred Fifty Million Dollars ($150,000,000) in the aggregate, less the principal
amount of any and all New Convertible Senior Notes issued by the Guarantor and (y) to the extent Guarantor is not prohibited from issuing any New Convertible Senior Notes pursuant to subclauses (AA) and/or (BB) of this Section 9.10(h)(x),
such New Convertible Senior Notes shall not exceed Three Hundred Fifty Million Dollars ($350,000,000) in the aggregate, less the principal amount of any and all New Senior Notes issued by the Guarantor, (B) the maturity date of (x) such
New Senior Notes shall not be less than ten (10) years from the date of issuance and (y) such New Convertible Senior Notes shall not be less than seven (7) years from the date of issuance, (C) the effective interest rate
applicable to (x) all such New Senior Notes (after giving effect to any discount) shall not exceed eight and one-half percent (8.5%) per annum and (y) all such New Convertible Senior Notes (after giving effect to any discount) shall
not exceed four and one-half percent (4.5%) per annum, (D) neither such New Senior Notes nor such New Convertible Senior Notes shall provide any circumstances pursuant to which holders thereof may put such New Senior Notes or such New
Convertible Senior Notes to the Guarantor, except in connection with any default by the Guarantor thereunder or in exchange for shares of the Guarantor or require the Guarantor to repurchase such New Senior Notes or such New Convertible Senior
Notes, other than pursuant to provisions approved by the Administrative Agent and provided for in the New Senior Notes Indenture or the New Convertible Senior Notes Indenture, as applicable, (E) the issuance of such New Senior Notes and/or such
New Convertible Senior Notes shall be accomplished through an amendment of an existing Senior Notes Indenture (which amendment shall be subject to the terms of the Loan Documents, including, without limitation, the requirement of obtaining
Administrative Agent’s approval thereof) or through other documentation approved by Administrative Agent, and (F) not less than the Minimum Gross Proceeds shall be used to repay 

  
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or Retire the Subject Debt, such repayment or Retirement to be consummated promptly following, but in any event within fifteen (15) days of, issuance of such New Senior Notes or New
Convertible Senior Notes, or within five (5) Cleveland Banking Days following the date of receipt of the net proceeds from the issuance of New Senior Notes and/or New Convertible Senior Notes with respect to any repayment or Retirement of
Subject Debt which occurred not more than ninety (90) days prior to any such issuance; provided, however, such fifteen (15) day period may be extended for up to an additional one hundred sixty-five (165) days so long as
(1) the Guarantor has given the Administrative Agent, within five (5) Cleveland Banking Days of such issuance, written notice of its election to so extend such fifteen (15) day period (the “Extension Notice”) and has
otherwise satisfied the requirements of this Section 9.10(h)(x) and (2) a portion of the Total Revolving Loan Commitments equal to the applicable gross proceeds of such issuance to be applied to the repayment or Retirement of the Subject
Debt as identified by the Guarantor (the “Section 9.10 Reserved Commitment”) is otherwise available and has been reserved solely for purposes of repaying or Retiring the Subject Debt (or, if a Reserve Deficiency exists after giving effect
to the Reserved Commitment then in effect, including the Section 9.10 Reserved Commitment, the Guarantor has deposited into the Reserve Deficiency Account an amount of Cash sufficient to eliminate any Reserve Deficiency) (and upon receipt of
any Extension Notice, the Section 9.10 Reserved Commitment will be so established or increased); provided, further, that in the event such fifteen (15) day period has been so extended, so long as the Guarantor has, at least
thirty (30) days prior to the expiration of such extended period, provided to the Administrative Agent a plan to repay or Retire the Subject Debt with such gross proceeds, drawings under the Section 9.10 Reserved Commitment and/or funds so
deposited into the Reserve Deficiency Account on or before a specified date no later than two hundred seventy (270) days after such issuance of such New Senior Notes or such New Convertible Senior Notes, as applicable, the Administrative Agent
may extend such one hundred eighty (180) day period for up to an additional ninety (90) days. In connection with any such extension of such fifteen (15) day period, the Guarantor shall, on or before the one hundred-eightieth
(180th) day after such issuance of New Senior Notes
or New Convertible Senior Notes, as applicable (or, such later date to the extent the Administrative Agent has so extended such one-hundred eighty (180) day period), (i) apply such gross proceeds from the issuance of such New Senior
Notes or such New Convertible Senior Notes, as applicable, to the repayment or Retirement of such Subject Debt and/or (ii) to the 

  
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extent the Section 9.10 Reserved Commitment has been established and/or Cash deposited into the Reserve Deficiency Account, draw on the Section 9.10 Reserved Commitment and/or withdraw
from the Reserve Deficiency Account an amount up to (but not exceeding) those funds deposited into the Reserve Deficiency Account for purposes of eliminating any Reserve Deficiency in connection with such issuance of New Senior Notes, and shall have
applied such funds to the repayment or Retirement of such Subject Debt. Upon issuance of any such New Senior Notes or New Convertible Senior Notes, Guarantor shall promptly provide to the Banks a copy of all documentation entered into, or provided
to investors, by the Guarantor in connection therewith. Prior to the issuance of any New Senior Notes or New Convertible Senior Notes, the Guarantor shall deliver to Administrative Agent a pro-forma covenant calculation compliance certificate
indicating compliance with the financial covenants in this Guaranty after giving effect to such issuance. Not later than the fifth (5th) Cleveland Banking Day following the date of the repayment or Retirement of the Subject Debt as required by
clause (F) of this Section 9.10(h)(x), or within five (5) Cleveland Banking Days following the date of receipt of the net proceeds from the issuance of New Senior Notes and/or New Convertible Senior Notes with respect to any repayment
or Retirement of Subject Debt which occurred not more than ninety (90) days prior to any such issuance, the Guarantor shall notify the Administrative Agent in writing of the Subject Debt that has been so repaid or Retired. Furthermore, in the
event the Guarantor has satisfied the requirements contained in the first proviso of this Section 9.10(h)(x) and has extended the fifteen (15) day deadline by which the Subject Debt is to be repaid or Retired, no later than thirty
(30) days prior to the expiration of such extended period, to the extent the Guarantor has not previously repaid or Retired the Subject Debt and notified the Administrative Agent as required by the prior sentence, the Guarantor shall have
either notified the Administrative Agent in writing of the Subject Debt that will be so repaid or Retired or satisfied the requirements contained in the second proviso of this Section 9.10(h)(x). With respect to any Indebtedness of the
Guarantor under New Convertible Senior Notes (AA) such New Convertible Senior Notes must be issued either (x) within the six (6) month period following the First Amendment Effective Date or (y) so long as all of the 2009 Puttable
Senior Notes have been put for common shares of the Guarantor, at any time prior to the Termination Date, (BB) no New Senior Notes may be issued in the event the Guarantor has previously issued New Convertible Senior Notes in a principal amount of
$150,000,000 or more and (CC) the terms of such New Convertible Senior Notes and the New 

  
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Convertible Senior Notes Indenture may provide that the Guarantor may elect to convert such New Convertible Senior Notes only into common shares of the Guarantor (except that the Guarantor may
make cash payments to the holders of such New Convertible Senior Notes upon such conversion to the extent permitted under Section 9.13(b) below).” 
 (d) Amendments to Section 9.13. Section 9.13 of the Guaranty shall be amended by: 
 (i) deleting subclause (a)(i) of such section in its entirety and inserting in lieu thereof the following new subclause (a)(i): 

“(i) purchase shares of its Class A Common Stock, in an amount for any Test Period beginning July 31,
2011 not to exceed Twenty-Four Million Dollars ($24,000,000) in the aggregate, less any amounts paid during such Test Period pursuant to Section 9.13(c)(iii) below and”; 

(ii) deleting clause (b) of such section in its entirety and inserting in lieu thereof the following new clause
(b): 
 “(b) The Guarantor will not directly or indirectly pay any principal of, make
sinking fund payments in respect of or purchase any Indebtedness now or hereafter owing by the Guarantor or make cash payments in connection with any conversion thereof (including in connection with any conversion of such Indebtedness into shares of
the Guarantor’s Class A Common Stock) other than any principal payment, sinking fund payment, purchase or cash payment the omission of which would (or with the giving of notice or the lapse of any applicable grace period or both would)
accelerate, or give anyone the right to accelerate, the maturity of such Indebtedness in accordance with the original terms thereof; provided, that, notwithstanding the foregoing, (i) the Guarantor shall not make any payment on account
of any of the Senior Notes in the event of and during the continuance of any Payment Default, and (ii) subject to subclause (i) of this proviso, the Guarantor shall be permitted to (x) Retire, refinance and/or reserve for any or all
of the Senior Notes only to the extent permitted by Section 9.10(h)(x) above and Sections 9.13(d), (e), (f) and (i) below, (y) make cash payments to the holders of any 2009 Convertible Senior Notes, 2009 Puttable Senior Notes,
New Senior Notes or New Convertible Senior Notes in lieu of issuing fractional shares of its Class A Common Stock in connection with the exercise of conversion rights or put rights, as applicable, under the terms of such Senior Notes or the
Senior Notes Indenture applicable thereto and (z) make cash payments to the holders of any Senior Notes on the scheduled maturity date applicable to such Senior Notes to the extent such cash payments are required (i.e., consideration in the
form of shares of the Guarantor’s Class 

  
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A Common Stock in lieu of cash payments is prohibited) under the terms of such Senior Notes or the Senior Notes Indenture applicable thereto.” 

(iii) deleting the phrase “in an amount for any Test Period not to exceed Twenty Million Dollars ($20,000,000) in
the aggregate” in subclause (c)(iii) of such section and inserting in lieu thereof the phrase “in an amount for any Test Period beginning July 31, 2011 not to exceed Twenty-Four Million Dollars ($24,000,000) in the aggregate, less any
amounts paid during such Test Period pursuant to Section 9.13(a)(i) above”; 
 (iv)(x) deleting the
phrase “Sections 9.13(e) and (f) below” in each place such phrase appears in the first sentence of clause (d) of such section and inserting in lieu thereof the phrase “Sections (e), (f) and (i) below”,
(y) adding the phrase “and/or New Convertible Senior Notes” after each reference to “New Senior Notes” in the second and third sentences of clause (d) of such section and (z) deleting subclause (d)(ii) of such
section in its entirety and inserting in lieu thereof the following new subclause (d)(ii): 

“(ii) it does not create new Indebtedness with a maturity date earlier than the later of (A) five
(5) years from the date of such issuance and (B) the maturity date applicable to the Senior Notes being refinanced thereby, unless otherwise approved by Administrative Agent,” and 

(v) adding a new clause (i) to the end of such section to read as follows: 

“(i) Nothing in this Guaranty shall prevent the ability of the Guarantor, nor require the Guarantor
to obtain the consent of the Administrative Agent or any of the Banks, to convert or Retire any of the Senior Notes, at or before maturity and upon such terms as may be agreed upon by the Guarantor and the holders of such Senior Notes so long as any
such conversion or Retirement is completed only for common shares of the Guarantor (except that the Guarantor may make cash payments to the holders of any such Senior Notes in connection with any such conversion or Retirement in lieu of issuing
fractional shares of the Guarantor).” 
 (e) Amendment to Section 9.19. Section 9.19 of
the Guaranty shall be amended by deleting clause (v) thereof in its entirety and inserting in lieu thereof the following new clause (v): 
 “(v) none of the Senior Notes Indentures or the documents evidencing the Puttable Notes Hedge and Warrant Transactions, the Convertible Notes Hedge Transactions or the New Convertible Notes Hedge
Transactions may provide that an Event of Default constitutes a default under such Senior Notes Indenture, the Puttable Notes Hedge and Warrant Transactions, the Convertible Notes Hedge Transactions or the New Convertible Notes Hedge Transactions,
as applicable, except in the case of an Event of Default that constitutes the failure to pay the principal of any Debt when due and payable after the expiration of any applicable grace 

  
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period with respect thereto that results in the Debt becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable or constitutes the
failure to pay any portion of the principal of the Debt when due and payable at maturity or by acceleration; and” 
 3. REPRESENTATIONS AND WARRANTIES. Each of the Borrower and the Parent represents and warrants to the Agents and each of the Banks as follows: 

(a) INCORPORATION OF REPRESENTATIONS AND WARRANTIES. Each and every representation and warranty made by the
Borrower in Article IX of the Credit Agreement and by the Parent in Section 7 of the Guaranty is incorporated herein as if fully rewritten herein at length and is true, correct and complete as of the date hereof. 

(b) REQUISITE AUTHORITY. Each of the Borrower and the Parent has all requisite power and authority to execute and
deliver and to perform its obligations in respect of this First Amendment and each and every other agreement, certificate, or document required by or delivered contemporaneously with this First Amendment. Each of the Borrower and the Parent has all
requisite power and authority to perform its obligations under the Credit Agreement and the Guaranty, as applicable, as amended by this First Amendment. 
 (c) DUE AUTHORIZATION; VALIDITY. Each of the Borrower and the Parent has taken all necessary action to authorize the execution, delivery, and performance by it of this First Amendment and every
other instrument, document, and certificate relating hereto or delivered contemporaneously herewith and to authorize the performance of the Credit Agreement and the Guaranty, in each case as amended by this First Amendment. This First Amendment and
each other document and agreement delivered contemporaneously herewith has been duly executed and delivered by the Borrower and the Parent and each of this First Amendment and the Credit Agreement and the Guaranty, each as amended by this First
Amendment, is the legal, valid, and binding obligation of each of the Borrower and the Parent, enforceable against each of them in accordance with its respective terms. 

(d) NO CONSENT. No consent, approval, or authorization of, or registration with, any governmental authority or
other Person is required in connection with the execution, delivery and performance by the Borrower or the Parent of this First Amendment or any other instrument, document, and certificate relating hereto or delivered contemporaneously herewith and
the transactions contemplated hereby or thereby or in connection with the performance of the Credit Agreement and the Guaranty, in each case as amended by this First Amendment. 

(e) NO DEFAULTS. After giving effect to this First Amendment, no event has occurred and no condition exists
which, with the giving of notice or the lapse of time, or both, would constitute an Event of Default or Possible Default. 
 (f) NO CONFLICTS; NO CREATION OF LIENS. Neither the execution and delivery of this First Amendment nor the performance by the Borrower and the Parent of their respective obligations under this
First Amendment or the Credit Agreement or the Guaranty, in each case as amended by this First Amendment, (i) will violate the provisions of 

  
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any applicable law or of any applicable order or regulations of any governmental authority having jurisdiction over the Parent or the Borrower or any of its Subsidiaries, (ii) will conflict
with the organizational documents of the Parent or the Borrower or any of their material permits, licenses or authorizations, (iii) will conflict with or result in a breach of any of the terms, conditions or provisions of any restriction or of
any agreement or instrument to which the Parent or the Borrower is now a party, or will constitute a default thereunder, (iv) will conflict with or violate any judgment binding upon the Parent or the Borrower, or (v) will result in the
creation or imposition of any Lien upon any of the properties or assets of the Borrower or any of its Subsidiaries. 
 4. CONDITIONS TO EFFECTIVENESS OF FIRST AMENDMENT. 

(a) CLOSING CONDITIONS. Except as otherwise expressly provided in this First Amendment, prior to or concurrently
with the Closing Date (as hereinafter defined), and as conditions precedent to the effectiveness of the amendments and consents provided for herein, the following actions shall be taken, all in form and substance satisfactory to the Agent and its
counsel: 
 (i) AMENDMENT. The Agent shall have received counterparts of this First Amendment, executed
and delivered by the Borrower, the Parent, the Agents, and the Required Banks. 
 (ii) AMENDMENT FEE.
The Agent shall have received, by wire transfer of immediately available funds, for the account of each Bank which has executed and delivered this First Amendment on or before the Closing Date, an amendment fee in the amount of $10,000.00 for each
such Bank. 
 (iii) PAYMENT OF EXPENSES. On or before the Closing Date, the Borrower shall have paid to
the Agents all costs, fees and expenses incurred by them through the Closing Date in the preparation, negotiation and execution of this First Amendment (including, without limitation, the reasonable legal fees and expenses of McKenna Long &
Aldridge LLP). 
 (b) DEFINITION. The “Closing Date” shall mean the date this First Amendment
is executed and delivered by the Borrower, the Parent, the Required Banks and the Agents and all the conditions set forth in subsection (a) of this Section 4 have been satisfied or, in the case of subsection (a)(iii) above only, waived in
writing by the Agent. 
 5. NO WAIVER. Except as otherwise expressly provided herein, the
execution and delivery of this First Amendment by the Agents and the Banks shall not (a) constitute a waiver or release of any obligation or liability of the Borrower under the Credit Agreement, or the Parent under the Guaranty, in each case as
in effect prior to the effectiveness of this First Amendment or as amended hereby, (b) waive or release any Event of Default or Possible Default existing at any time, (c) give rise to any obligation on the part of the Agents and the Banks
to extend, modify or waive any term or condition in the Credit Agreement, the Guaranty or any of the other Related Writings or consent to any transaction or event, or (d) give rise to any defenses or counterclaims to the right of the Agents and
the Banks to compel payment of the Debt or to otherwise enforce 

  
 13 

 
their rights and remedies under the Credit Agreement, the Guaranty or any other Related Writing. 
 6. EFFECT ON OTHER PROVISIONS. Except as expressly amended by this First Amendment, all provisions of the Credit Agreement and the Guaranty continue unchanged and in full force and effect
and are hereby confirmed and ratified. All provisions of the Credit Agreement and the Guaranty shall be applicable to this First Amendment. Nothing in this First Amendment or any other document delivered in connection herewith shall be deemed or
construed to constitute, and there has not otherwise occurred, a novation, cancellation, satisfaction, release, extinguishment or substitution of the indebtedness evidenced by the Notes or the other obligations of the Borrower and the Parent under
the Credit Agreement, the Guaranty or any of the other Related Writings. Parent hereby acknowledges that it consents to this First Amendment and each and every other agreement, certificate, or document required by or delivered contemporaneously with
this First Amendment and confirms and agrees that the Guaranty, as amended to the date hereof, is and shall remain in full force and effect with respect to the Credit Agreement as in effect prior to, and from and after, the amendment thereof
pursuant to this First Amendment. 
 7. EXECUTION IN COUNTERPARTS. This First Amendment may be
executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which, when taken together, shall constitute but one and the same agreement.
Delivery of an executed counterpart of a signature page to this First Amendment by telecopier or .pdf file shall be effective as delivery of a manually executed counterpart of this First Amendment. 

8. GOVERNING LAW. This First Amendment shall be governed by, and construed in accordance with, the laws of
the State of Ohio, without regard to its principles of conflict of laws. 
 9. JURY TRIAL WAIVER.
THE BORROWER, THE PARENT, THE AGENTS AND EACH OF THE BANKS WAIVE ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AMONG BORROWER, THE PARENT, THE AGENTS AND THE BANKS, OR ANY THEREOF,
ARISING OUT OF, IN CONNECTION WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED AMONG THEM IN CONNECTION WITH THE CREDIT AGREEMENT, THE GUARANTY, THIS FIRST AMENDMENT OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED
IN CONNECTION HEREWITH OR THE TRANSACTIONS RELATED THERETO. THIS FIRST AMENDMENT SHALL NOT IN ANY WAY AFFECT, WAIVE, LIMIT, AMEND OR MODIFY ANY BANK’S ABILITY TO PURSUE REMEDIES PURSUANT TO ANY CONFESSION OF JUDGMENT OR COGNOVIT PROVISION
CONTAINED IN ANY NOTE OR OTHER INSTRUMENT, DOCUMENT OR AGREEMENT AMONG THE BORROWER, THE PARENT AND THE BANKS, OR ANY THEREOF. 

[Remainder of page intentionally left blank.] 

  
 14 

 IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to
be executed and delivered as of the date set forth above, each by an officer thereunto duly authorized. 
  

			
	FOREST CITY RENTAL PROPERTIES CORPORATION
		
	By:	 	 /s/ Robert G. O’Brien

		 	Name: Robert G. O’Brien
		 	Title: Executive Vice President and Treasurer
	
	FOREST CITY ENTERPRISES, INC.
		
	By:	 	 /s/ Robert G. O’Brien

		 	Name: Robert G. O’Brien
		 	Title: Executive Vice President, Chief Financial Officer and Treasurer

			
	 KEY BANK NATIONAL ASSOCIATION,
 individually and as Agent

		
	By:	 	 /s/ Joshua K. Mayers

		 	Name: Joshua K. Mayers
		 	Title: Vice President

			
	PNC BANK, NATIONAL ASSOCIATION, individually and as Syndication Agent
		
	By:	 	 /s/ John E. Wilgus, II

		 	Name: John E. Wilgus, II
		 	Title: Senior Vice President

			
	BANK OF AMERICA, N.A., individually and as Documentation Agent
		
	By:	 	 /s/ Michael M. Pomposelli

		 	Name: Michael M. Pomposelli
		 	Title: Senior Vice President

			
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ Dennis J. Redpath

		 	Name: Dennis J. Redpath
		 	Title: Senior Vice President

			
	THE HUNTINGTON NATIONAL BANK
		
	By:	 	 /s/ Michael L. Kauffman

		 	Name: Michael L. Kauffman
		 	Title: Senior Vice President

 
			
	THE BANK OF NEW YORK MELLON
		
	By:	 	 /s/ Kenneth R. McDonnell

		 	Name: Kenneth R. McDonnell
		 	Title: Managing Director

 
			
	FIFTH THIRD BANK, an Ohio banking corporation
		
	By:	 	 /s/ Michael Glandt

		 	Name: Michael Glandt
		 	Title: Vice President

 
			
	MANUFACTURERS AND TRADERS TRUST COMPANY
		
	By:	 	 /s/ David J. Ladori

		 	Name: David J. Ladori
		 	Title: Vice President

 
			
	GOLDMAN SACHS LENDING PARTNERS LLC
		
	By:	 	 /s/ Lauren Day

		 	Name: Lauren Day
		 	Title: Authorized Signatory

 
			
	MORGAN STANLEY SENIOR FUNDING, INC.
		
	By:	 	 /s/ Nick Zangari

		 	Name: Nick Zangari
		 	Title: Vice President

 
			
	CRÉDIT AGRICOLE CORPORATE & INVESTMENT BANK
		
	By:	 	 /s/ Paul T. Ragusin

		 	Name: Paul T. Ragusin
		 	Title:Director
		
	By:	 	 /s/ Daniel J. Reddy

		 	Name: Daniel J. Reddy
		 	Title: Director

 
			
	COMERICA BANK
		
	By:	 	 /s/ Charles Weddell

		 	Name: Charles Weddell
		 	Title: Vice President

 
			
	FIRSTMERIT BANK, N.A.
		
	By:	 	 /s/ Robert G. Morlan

		 	Name: Robert G. Morlan
		 	Title: Senior Vice President

 
			
	BARCLAYS BANK PLC
		
	By:	 	 /s/ Naomi Azachi

		 	Name: Naomi Azachi
		 	Title: Assistant Vice PresidentWarrant to Purchase Stock

 EXHIBIT 4.2 
 THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AND PURSUANT TO
THE PROVISIONS OF ARTICLE 5 BELOW, MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAW OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE
SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS EXEMPT FROM REGISTRATION. 
 WARRANT TO PURCHASE STOCK 
  

			
	 Company:
	    	ZELTIQ AESTHETICS, INC., a Delaware corporation
	 Number of Shares:
	    	125,000 (Subject to Section 1.7)
	 Class of Stock:
	    	Series C Preferred (Subject to Section 1.7)
	 Warrant Price:
	    	$1.40 per share (Subject to Section 1.7)
	 Issue Date:
	    	January 14, 2009
	 Expiration Date:
	    	The 10th anniversary after the Issue Date
	 Credit Facility:
	    	This Warrant is issued in connection with the Growth Capital Advances referenced in the Loan and Security Agreement between Company and Silicon Valley Bank dated January 14,
2009.

 THIS WARRANT CERTIFIES THAT, for good and valuable consideration, SILICON VALLEY BANK (Silicon Valley
Bank, together with any registered holder from time to time of this Warrant or any holder of the shares issuable or issued upon exercise of this Warrant, “Holder”) is entitled to purchase the number of fully paid and nonassessable shares
of the class of securities (the “Shares”) of the Company at the Warrant Price, all as set forth above and as adjusted pursuant to Article 2 of this Warrant, subject to the provisions and upon the terms and conditions set forth in this
Warrant. 
 ARTICLE 1. EXERCISE. 
 1.1 Method of Exercise. Holder may exercise this Warrant by delivering a duly executed Notice of Exercise in substantially the form attached as Appendix 1 to the principal office of the Company.
Unless Holder is exercising the conversion right set forth in Article 1.2, Holder shall also deliver to the Company a check, wire transfer (to an account designated by the Company), or other form of payment acceptable to the Company for the
aggregate Warrant Price for the Shares being purchased. 
 1.2 Conversion Right. In lieu of exercising this Warrant as
specified in Article 1.1, Holder may from time to time convert this Warrant, in whole or in part, into a number of Shares determined by dividing (a) the aggregate fair market value of the Shares or other securities otherwise issuable upon
exercise of this Warrant minus the aggregate Warrant Price of such Shares by (b) the fair market value of one Share. The fair market value of the Shares shall be determined pursuant to Article 1.3. 

1.3 Fair Market Value. If the Company’s common stock is traded in a public market and the Shares are common stock, the fair
market value of each Share shall be the closing price of a Share reported for the business day immediately before Holder delivers its 

 
Notice of Exercise to the Company (or in the instance where the Warrant is exercised immediately prior to the effectiveness of the Company’s initial public offering, the “price to
public” per share price specified in the final prospectus relating to such offering). If the Company’s common stock is traded in a public market and the Shares are preferred stock, the fair market value of a Share shall be the closing
price of a share of the Company’s common stock reported for the business day immediately before Holder delivers its Notice of Exercise to the Company (or, in the instance where the Warrant is exercised immediately prior to the effectiveness of
the Company’s initial public offering, the initial “price to public” per share price specified in the final prospectus relating to such offering), in both cases, multiplied by the number of shares of the Company’s common stock
into which a Share is convertible. If the Company’s common stock is not traded in a public market, the Board of Directors of the Company shall determine fair market value in its reasonable good faith judgment. In the instance where the Warrant
is exercised immediately prior to the closing of an Acquisition, pursuant to which the consideration to stockholders pursuant to such Acquisition includes securities, (a) if the securities are traded on a public market, the fair market value of
such securities shall be deemed to be the per share price received by all other holders of the Company’s Series C Preferred Stock in connection with the Acquisition; and (b) if the securities are not traded on a public market, the Board of
Directors of the Company shall determine fair market value in its reasonable good faith judgment. 
 1.4 Delivery of
Certificate and New Warrant. Promptly after Holder exercises or converts this Warrant and, if applicable, the Company receives payment of the aggregate Warrant Price, the Company shall deliver to Holder certificates for the Shares acquired and,
if this Warrant has not been fully exercised or converted and has not expired, a new Warrant representing the Shares not so acquired. 
 1.5 Replacement of Warrants. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or
destruction, on delivery of an indemnity agreement reasonably satisfactory in form and amount to the Company or, in the case of mutilation on surrender and cancellation of this Warrant, the Company shall execute and deliver, in lieu of this Warrant,
a new warrant of like tenor. 
 1.6 Treatment of Warrant Upon Acquisition of Company. 

1.6.1 “Acquisition”. For the purpose of this Warrant, “Acquisition” means any sale, exclusive license (other
than in the ordinary course of the Company’s business), or other disposition of all or substantially all of the assets of the Company, or any reorganization, consolidation, or merger of the Company where the holders of the Company’s
securities before the transaction beneficially own less than 50% of the outstanding voting securities of the surviving entity after the transaction. 
 1.6.2 Treatment of Warrant at Acquisition. 
 (a) Upon the written request
of the Company, Holder agrees that, in the event of an Acquisition that is not an asset sale and in which the sole consideration is cash, either (a) Holder shall exercise its conversion or purchase right under this Warrant and such exercise
will be deemed effective immediately prior to the consummation of such Acquisition or (b) if Holder elects not to exercise the Warrant, this Warrant will expire immediately prior to the consummation of such Acquisition. The Company shall
provide Holder with written notice of its request relating to the foregoing (together with such reasonable information with respect to the treatment of this Warrant as Holder may reasonably request, which is to be delivered to Holder not less than
ten (10) days prior to the closing of the proposed Acquisition. 

  
 2 

 (b) Upon the written request of the Company, Holder agrees that, in the event of an
Acquisition that is an “arms length” sale of all or substantially all of the Company’s assets (and only its assets) to a third party that is not an Affiliate (as defined below) of the Company (a “True Asset Sale”), either
(a) Holder shall exercise its conversion or purchase right under this Warrant and such exercise will be deemed effective immediately prior to the consummation of such Acquisition or (b) if Holder elects not to exercise the Warrant, this
Warrant will continue until the Expiration Date if the Company continues as a going concern following the closing of any such True Asset Sale. The Company shall provide Holder with written notice of its request relating to the foregoing (together
with such reasonable information as Holder may reasonably request in connection with such contemplated Acquisition giving rise to such notice), which is to be delivered to Holder not less than ten (10) days prior to the closing of the proposed
Acquisition. 
 (c) Upon the written request of the Company, Holder agrees that, in the event of an Acquisition of the Company
by a publicly traded acquirer where the Acquisition consideration is publicly traded stock or a combination of publicly traded stock and cash if, on the record date for the Acquisition, the fair market value of the Shares (or other securities
issuable upon exercise of this Warrant) is equal to or greater than 3.5 times the Warrant Price, Company may require the Warrant be deemed automatically exercised and the Holder shall participate in the Acquisition as a holder of the Shares (or
other securities issuable upon exercise of the Warrant) on the same terms as other holders of the same class of securities of the Company. 
 (d) Upon the closing of any Acquisition other than those particularly described in subsections (A), (B) and (C) above, the successor entity shall assume the obligations of this Warrant, and this
Warrant shall be exercisable for the same securities, cash, and property as would be payable for the Shares issuable upon exercise of the unexercised portion of this Warrant as if such Shares were outstanding on the record date for the Acquisition
and subsequent closing. The Warrant Price and/or number of Shares shall be adjusted accordingly. 
 As used herein
“Affiliate” shall mean any person or entity that owns or controls directly or indirectly ten (10) percent or more of the stock of Company, any person or entity that controls or is controlled by or is under common control with
such persons or entities, and each of such person’s or entity’s officers, directors, joint venturers or partners, as applicable. 
 1.7 Adjustment in Underlying Preferred Stock Price and Exercise Price. If the Company sells and issues to investors its Series D Preferred Stock in a bona fide equity financing after the date of
this Warrant and the per share price of the Series D Preferred Stock is less than that of the company’s Series C Preferred Stock, this Warrant shall, concurrent with the issuance of such shares of Series D Preferred Stock, automatically be
adjusted to instead be exercisable for such Series D Preferred Stock, with the Warrant Price hereunder adjusted to equal the per share purchase price of such Series D Preferred Stock, and the number of such shares subject to this Warrant adjusted to
equal (a) $175,000 divided by (b) such modified per share Warrant Price. 

  
 3 

 ARTICLE 2. ADJUSTMENTS TO THE SHARES. 

2.1 Stock Dividends, Splits, Etc. If the Company declares or pays a dividend on the Shares payable in common stock, or other
securities, then upon exercise of this Warrant, for each Share acquired, Holder shall receive, without cost to Holder, the total number and kind of securities to which Holder would have been entitled had Holder owned the Shares of record as of the
date the dividend occurred. If the Company subdivides the Shares by reclassification or otherwise into a greater number of shares or takes any other action which increase the amount of stock into which the Shares are convertible, the number of
shares purchasable hereunder shall be proportionately increased and the Warrant Price shall be proportionately decreased. If the outstanding shares are combined or consolidated, by reclassification or otherwise, into a lesser number of shares, the
Warrant Price shall be proportionately increased and the number of Shares shall be proportionately decreased. 
 2.2
Reclassification, Exchange, Combinations or Substitution. Upon any reclassification, exchange, substitution, or other event that results in a change of the number and/or class of the securities issuable upon exercise or conversion of this
Warrant, Holder shall be entitled to receive, upon exercise or conversion of this Warrant, the number and kind of securities and property that Holder would have received for the Shares if this Warrant had been exercised immediately before such
reclassification, exchange, substitution, or other event. Such an event shall include any automatic conversion of the outstanding or issuable securities of the Company of the same class or series as the Shares to common stock pursuant to the terms
of the Company’s Amended and Restated Certificate of Incorporation, as amended from time to time (“Restated Certificate”) upon the closing of a registered public offering of the Company’s common stock. The Company or its
successor shall promptly issue to Holder an amendment to this Warrant setting forth the number and kind of such new securities or other property issuable upon exercise or conversion of this Warrant as a result of such reclassification, exchange,
substitution or other event that results in a change of the number and/or class of securities issuable upon exercise or conversion of this Warrant. The amendment to this Warrant shall provide for adjustments which shall be as nearly equivalent as
may be practicable to the adjustments provided for in this Article 2 including, without limitation, adjustments to the Warrant Price and to the number of securities or property issuable upon exercise of the new Warrant. The provisions of this
Article 2.2 shall similarly apply to successive reclassifications, exchanges, substitutions, or other events. 
 2.3
Adjustments for Diluting Issuances. The Warrant Price and the number of Shares issuable upon exercise of this Warrant or, if the Shares are preferred stock, the number of shares of common stock issuable upon conversion of the Shares, shall be
subject to adjustment, from time to time in the manner set forth in the Company’s Restated Certificate as if the Shares were issued and outstanding on and as of the date of any such required adjustment. The provisions set forth for the Shares
in the Company’s Restated Certificate relating to the above in effect as of the Issue Date may not be amended, modified or waived by the Company, without the prior written consent of Holder unless such amendment, modification or waiver affects
the rights associated with the Shares in the same manner as such amendment, modification or waiver affects the rights associated with all other shares of the same series and class as the Shares granted to Holder. The foregoing notwithstanding, the
Company may amend its Restated Certificate with the requisite consent of the holders of the Company’s preferred stock or such holders may waive their rights thereunder, so long as such amendments or waivers do not materially and adversely
affect the rights of Holder in a manner that materially and disproportionately discriminates against Holder in relation to the other holders of the Company’s preferred stock without Holder’s written consent. 

  
 4 

 2.4 No Impairment. The Company will not, by amendment of its Restated Certificate or
through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, except and to the extent waived or consented to in writing by Holder, or as otherwise specifically
permitted under the terms hereof, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by the Company, but will at all times in good faith assist in carrying out of all the provisions of this
Article 2 and in the taking of all such action as may be necessary or appropriate in order to protect the rights of Holder under this Article against impairment in a manner that materially and disproportionately discriminates against Holder in
relation to all other holders of the Company’s Series C Preferred Stock. Notwithstanding the foregoing, nothing shall prohibit the Company from amending its Restated Certificate or consummate any reorganization, transfer of assets,
consolidation, merger, dissolution, issue or sale of securities or any other voluntary action with requisite consent of its Board of Directors or stockholders, as applicable. 
 2.5 Fractional Shares. No fractional Shares shall be issuable upon exercise or conversion of this Warrant and the number of Shares to be issued shall be rounded down to the nearest whole Share. If
a fractional share interest arises upon any exercise or conversion of the Warrant, the Company shall eliminate such fractional share interest by paying Holder the amount computed by multiplying the fractional interest by the fair market value of a
full Share. 
 2.6 Certificate as to Adjustments. Upon each adjustment of the Warrant Price, the Company shall promptly
notify Holder in writing, and, at the Company’s expense, promptly compute such adjustment, and furnish Holder with a certificate of its Chief Financial Officer setting forth such adjustment and the facts upon which such adjustment is based. The
Company shall, upon written request, furnish Holder a certificate setting forth the Warrant Price in effect upon the date thereof and the series of adjustments leading to such Warrant Price. 
 ARTICLE 3. REPRESENTATIONS AND COVENANTS OF THE COMPANY. 
 3.1
Representations and Warranties. The Company represents and warrants to Holder as follows: 
 (a) The initial Warrant
Price referenced on the first page of this Warrant is not greater than the price per share at which the Shares were last issued in an arms-length transaction in which at least $500,000 of the Shares were sold. 

(b) All Shares which may be issued upon the exercise of the purchase right represented by this Warrant, and all securities, if any,
issuable upon conversion of the Shares, shall, upon issuance, be duly authorized, validly issued, fully paid and nonassessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein or under applicable
federal and state securities laws. 
 (c) The Company’s capitalization table attached hereto as Schedule 1 is true
and complete as of the Issue Date. 
 3.2 Notice of Certain Events. If the Company proposes at any time (a) to
declare any dividend or distribution upon any of its stock, whether in cash, property, stock, or other securities and whether or not a regular cash dividend; (b) to offer for sale any shares of the Company’s capital stock (or other
securities convertible into such capital stock), other than (i) pursuant to the Company’s stock option or other compensatory plans, (ii) in connection with 

  
 5 

 
commercial credit arrangements or equipment financings, or (iii) in connection with strategic transactions for purposes other than capital raising; (c) to effect any reclassification or
recapitalization of any of its stock; (d) to merge or consolidate with or into any other corporation, or sell, lease, license, or convey all or substantially all of its assets, or to liquidate, dissolve or wind up; or (e) offer holders of
registration rights the opportunity to participate in an underwritten public offering of the Company’s securities for cash, then, in connection with each such event, the Company shall give Holder: (1) at least 10 days prior written notice
of the date on which a record will be taken for such dividend, distribution, or subscription rights (and specifying the date on which the holders of common stock will be entitled thereto) or for determining rights to vote, if any, in respect of the
matters referred to in (a) and (b) above; (2) in the case of the matters referred to in (c) and (d) above at least 10 days prior written notice of the date when the same will take place (and specifying the date on which the
holders of common stock will be entitled to exchange their common stock for securities or other property deliverable upon the occurrence of such event); and (3) in the case of the matter referred to in (e) above, the same notice as is
given to the holders of such registration rights. Company will also provide information reasonably requested by Holder reasonably necessary to enable Holder to comply with Holder’s accounting or reporting requirements. 

3.3 Registration Under Securities Act of 1933, as amended. The Company agrees that the Shares or, if the Shares are convertible
into common stock of the Company, such common stock, shall have certain “piggyback,” registration rights pursuant to and as set forth in the Company’s Investors’ Rights Agreement. The provisions set forth in the Company’s
Investors’ Right Agreement relating to the above in effect as of the Issue Date may be amended, modified or waived so long as such amendments or waivers do not materially and adversely affect the rights of Holder in a manner that materially and
disproportionately discriminates against Holder in relation to the other holders of the Company’s preferred stock without Holder’s written consent. 
 3.4 No Stockholder Rights. Except as provided in this Warrant, Holder will not have any rights as a stockholder of the Company until the exercise of this Warrant. 

ARTICLE 4. REPRESENTATIONS, WARRANTIES OF HOLDER. Holder represents and warrants to the Company as follows: 

4.1 Purchase for Own Account. This Warrant and the securities to be acquired upon exercise of this Warrant by Holder are being
acquired on the date hereof for investment for Holder’s account, not as a nominee or agent, and not with a view to the public resale or distribution within the meaning of the Act. Holder also represents that Holder has not been formed for the
specific purpose of acquiring this Warrant or the Shares. 
 4.2 Disclosure of Information. Holder has received or has
had full access to all the information it considers necessary or appropriate to make an informed investment decision with respect to the acquisition of this Warrant and its underlying securities. Holder further has had an opportunity to ask
questions and receive answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and to obtain additional information (to the extent the Company possessed such information or could
acquire it without unreasonable effort or expense) necessary to verify any information furnished to Holder or to which Holder has access. 
 4.3 Investment Experience. Holder understands that the purchase of this Warrant and its underlying securities involves substantial risk. Holder has experience as an

  
 6 

 
investor in securities of companies in the development stage and acknowledges that Holder can bear the economic risk of such Holder’s investment in this Warrant and its underlying securities
and has such knowledge and experience in financial or business matters that Holder is capable of evaluating the merits and risks of its investment in this Warrant and its underlying securities and/or has a preexisting personal or business
relationship with the Company and certain of its officers, directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business acumen and financial circumstances of such persons. 

4.4 Accredited Investor Status. Holder is an “accredited investor” within the meaning of Regulation D promulgated under
the Act. 
 4.5 The Act. Holder understands that this Warrant and the Shares issuable upon exercise or conversion hereof
have not been registered under the Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of Holder’s investment intent as expressed herein. Holder understands that this
Warrant and the Shares issued upon any exercise or conversion hereof must be held indefinitely unless subsequently registered under the Act and qualified under applicable state securities laws, or unless exemption from such registration and
qualification are otherwise available. 
 4.6 “Lock-Up” Agreement. Holder, if requested by the Company and the
managing underwriter of the initial public offering of the Company’s equity securities (the “Initial Public Offering”), shall not sell or otherwise transfer or dispose of the Shares or any other securities of the Company (excluding
securities acquired in the Initial Public Offering or in the public market after such offering) held by Holder for a period of 180 days (subject to extension as may be required to comply with Rule 2711 of the National Association of Securities
Dealers, Inc. (or any successor rule thereto) but not exceeding 17 days) following the effective date of the registration statement for the Initial Public Offering; provided, that all stockholders of the Company then holding at least 1% of the
outstanding common stock of the Company (“Common Stock”) (on an as-converted basis) and all officers and directors of the Company enter into similar agreements. Notwithstanding anything to the contrary in this Section, in the event there
is any release from such lock-up restrictions, at any time or from time to time during the lock-up period, of more than 100,000 Shares held by any holder of the Company’s preferred stock (or the Common Stock issuable upon conversion of such
shares) subject to such restrictions, Holder may sell, transfer or otherwise dispose of an equal percentage of Holder’s Shares (or Common Stock Issuable upon conversion of such Shares) originally subject to the such lock-up restrictions. The
Company may impose stop-transfer instructions with respect to the Shares or other securities subject to the foregoing restriction until the end of such 180-day period. 
 ARTICLE 5. MISCELLANEOUS. 
 5.1 This Warrant is exercisable in whole or in
part at any time and from time to time on or before the Expiration Date, or at such earlier time in accordance with Section 1.6.2 of this Warrant. 
 5.2 Legends. This Warrant and the Shares (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) shall be imprinted with a legend in substantially the following
form: 
 THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES

  
 7 

 
ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AND PURSUANT TO THE PROVISIONS OF ARTICLE 5 BELOW, MAY NOT BE OFFERED, SOLD OR OTHERWISE
TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAW OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR
TRANSFER, PLEDGE OR HYPOTHECATION IS EXEMPT FROM REGISTRATION. 
 5.3 Compliance with Securities Laws on Transfer. This
Warrant and the Shares issuable upon exercise of this Warrant (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part without compliance with applicable
federal and state securities laws by the transferor and the transferee (including, without limitation, the delivery of investment representation letters and legal opinions reasonably satisfactory to the Company, as reasonably requested by the
Company). The Company shall not require Silicon Valley Bank (“Bank”) to provide an opinion of counsel if the transfer is to Bank’s parent company, SVB Financial Group (formerly Silicon Valley Bancshares), or any other affiliate of
Bank. Additionally, the Company shall also not require an opinion of counsel if there is no material question as to the availability of Rule 144, including without limitation, the availability of current information as referenced in Rule 144(c),
Holder represents that it has complied with Rule 144(d) and (e) in reasonable detail, the selling broker represents that it has complied with Rule 144(f), and the Company is provided with a copy of Holder’s notice of proposed sale.

 5.4 Transfer Procedure. After receipt by Bank of the executed Warrant, Bank will transfer all of this Warrant to SVB
Financial Group by execution of an Assignment substantially in the form of Appendix 2. Subject to the provisions of Article 5.3 and upon providing the Company with written notice, SVB Financial Group and any subsequent Holder may transfer all or
part of this Warrant or the Shares issuable upon exercise of this Warrant (or the Shares issuable directly or indirectly, upon conversion of the Shares, if any) to any transferee, provided, however, in connection with any such transfer, SVB
Financial Group or any subsequent Holder will give the Company notice of the portion of the Warrant being transferred with the name, address and taxpayer identification number of the transferee and Holder will surrender this Warrant to the Company
for reissuance to the transferee(s) (and Holder if applicable) and (ii) the transferee agrees to be bound by the provisions of this Warrant. The Company may refuse to transfer this Warrant or the Shares to any person or entity which directly
competes with the Company, as determined in the Company’s reasonable business discretion unless, in either case, the stock of the Company is publicly traded. Any transferee shall take this Warrant subject to all provisions and restrictions
contained herein. 
 5.5 Notices. All notices and other communications from the Company to Holder, or vice versa, shall
be deemed delivered and effective when given personally or mailed by first-class registered or certified mail, postage prepaid, at such address as may have been furnished to the Company or Holder, as the case may (or on the first business day after
transmission by facsimile) be, in writing by the Company or such Holder from time to time. Effective upon receipt of the fully executed Warrant and the initial transfer described in Article 5.4 above, all notices to Holder shall be addressed as
follows until the Company receives notice of a change of address in connection with a transfer or otherwise: 
 SVB Financial
Group 
 Attn: Treasury Department 
 3003 Tasman Drive, HA 200 
 Santa Clara, CA 95054 

Telephone: 408-654-7400 
 Facsimile: 408-496-2405 

  
 8 

 Notice to the Company shall be addressed as follows until Holder receives notice of a change in address:

 ZELTIQ AESTHETICS, INC. 
 Attn: Eldon Bullington 
 4698 Willow Road Pleasanton, CA 94588 

Telephone: (925) 474-2500 
 Facsimile: (925) 474-2599 
 with a copy to: 

Latham & Watkins LLP 
 140 Scott Drive 
 Menlo Park, CA 94025 

Attn: Michael W. Hall 
 Telephone: 650-328-4600 
 Facsimile: 650-463-2600 

5.6 Waiver. This Warrant and any term hereof may be changed, waived, discharged or terminated only by an instrument in writing
signed by the party against which enforcement of such change, waiver, discharge or termination is sought. 
 5.7
Attorneys’ Fees. In the event of any dispute between the parties concerning the terms and provisions of this Warrant, the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such
dispute, including reasonable attorneys’ fees. 
 5.8 Automatic Conversion upon Expiration. In the event that, upon
the Expiration Date, the fair market value of one Share (or other security issuable upon the exercise hereof) as determined in accordance with Section 1.3 above is greater than the Warrant Price in effect on such date, then this Warrant shall
automatically be deemed on and as of such date to be converted pursuant to Section 1.2 above as to all Shares (or such other securities) for which it shall not previously have been exercised or converted, and the Company shall promptly deliver
a certificate representing the Shares (or such other securities) issued upon such conversion to Holder. 
 5.9
Counterparts. This Warrant may be executed in counterparts, all of which together shall constitute one and the same agreement. 
 5.10 Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of California, without giving effect to its principles regarding conflicts of law.

 [Signature page follows.] 

  
 9 

									
	“COMPANY”	 		 	    Date:	 	   JANUARY 23, 2009

									
				
	ZELTIQ AESTHETICS, INC.	 		 		 	
					
	By:	 	   /s/ Mitchell Levinson
	 		 	By:	 	   /s/ Eldon M.
Bullington

									
					
	Name:	 	  Mitchell Levinson
	 		 	  Name:	 	  ELDON M. BULLINGTON

		 	 (Print)	 		 		 	 (Print)
	Title:	 	  Chairman of the Board, President or
  Vice President
	 		 	  Title:	 	  Chief Financial Officer, Secretary,
  Assistant Treasurer  or Assistant
  Secretary

  

			
	“HOLDER”
	
	SILICON VALLEY BANK
		
	By:	 	  /s/ Ben Colombo

			
		
	Name:	 	   Ben Colombo

			
		 	            (Print)

			
	Title:	 	   Senior Relationship Manager

 SCHEDULE 1 
 CAPITALIZATION TABLE 
 [See attached.] 

 Generated: 01/05/2009 9:11:27 AM PST 

Zeltiq Aesthetics, Inc. 
 Fully Diluted Capitalization Table—Summary 
 As of 12/31/2008

  

									
	 	  	CSE Shares*	 	  	Total Fully
Diluted Shares	 
	 COMMON STOCK (Authorized: 62,450,000)
	  				  			
	 Issued and Outstanding
	  	 	3,030,829	  	  	 	3,030,829	  
			
	 PREFERRED STOCK (Authorized: 52,450,000)
	  				  			
	 SERIES A Preferred Stock (Authorized: 7,200,000)
	  	 	7,200,000	  	  			
	 SERIES B Preferred Stock (Authorized: 22,000,000)
	  	 	20,275,000	  	  			
	 SERIES C Preferred Stock (Authorized: 23,250,000)
	  	 	17,945,856	  	  	 	45,420,856	  
			
	 WARRANTS
	  				  			
	 COMMON Stock
	  	 	19,600	  	  	 	19,600	  
			
	 2005 Plan (Reserved: 8,350,000)
	  				  			
	 Shares Issuable Under Plan:
	  				  			
	 Options and SPRs Issued and Outstanding
	  	 	4,946,174	  	  			
	 Options and SPRs Committed for Issuance
	  	 	0	  	  			
	 Shares Remaining for Issuance Under Plan
	  	 	974,000	  	  	 	5,920,174	  
			
	 Reserved in Plan
	  	 	8,350,000	  	  			
	 less: Options Exercised
	  	 	2,429,826	  	  			
	 less: SPRs Exercised
	  	 	0	  	  			
			
		  	 	5,920,174	  	  			
		  				  	 	 	 
			
	Total shares issued and outstanding, including shares committed for issuance and employee reserves, assuming conversion of all convertible securities and exercise of all
outstanding options	  				  	 	54,391,459	  
		  				  	 	 	 

 CSE Shares* Common Stock Equivalent (CSE) shares reflects the Common Stock issuable for the security type (option,
stock, warrant, CPN) after the appropriate conversion ratio is applied to each individual outstanding security for the applicable security type, using standard rounding. 
 Footnotes: 
 Fully-Diluted Ownership 

 

									
	 	  	Number of
Shares	 	  	%	 
	 Common Stock
	  	 	3,030,829	  	  	 	5.57	% 
	 SERIES A Preferred Stock
	  	 	7,200,000	  	  	 	13.24	% 
	 SERIES B Preferred Stock
	  	 	20,275,000	  	  	 	37.28	% 
	 SERIES C Preferred Stock
	  	 	17,945,856	  	  	 	32.99	% 
	 COMMON Stock Warrants
	  	 	19,600	  	  	 	0.04	% 
	 Options and SPRs issued and outstanding under plan - 2005 Plan
	  	 	4,946,174	  	  	 	9.09	% 
	 Committed for Issuance - 2005 Plan
	  				  	 	0.00	% 
	 Unissued Reserve - 2005 Plan
	  	 	974,000	  	  	 	1.79	% 
		  	 	 	 	  	 	 	 
	 TOTAL
	  	 	54,391,459	  	  	 	100	% 
		  	 	 	 	  	 	 	 

 APPENDIX 1 
 NOTICE OF EXERCISE 
 1. Holder elects to purchase
                 shares of the Common/Series              Preferred [strike one] Stock of
ZELTIQ AESTHETICS, INC. pursuant to the terms of the attached Warrant, and tenders payment of the purchase price of the shares in full. 
 [or] 
 1. Holder elects to convert the attached Warrant into Shares/cash [strike
one] in the manner specified in the Warrant. This conversion is exercised for                  of the Shares covered by the Warrant. 

[Strike paragraph that does not apply.] 
 2. Please issue a certificate or certificates representing the shares in the name specified below: 
  

					
		 	  
	 	
		 	                 Holders Name
	 	
			
		 	  
	 	
			
		 	  
	 	
		 	                (Address)	 	

 3. By its execution below and for the benefit of the Company, Holder hereby restates each of the
representations and warranties in Article 4 of the Warrant as the date hereof. 
  

			
	HOLDER:
	
	  

		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

		
	(Date):	 	  

 APPENDIX 2 
 ASSIGNMENT 
 For value received, Silicon Valley Bank hereby sells,
assigns and transfers unto 
  

			
	Name:	    	SVB Financial Group
	Address:	    	3003 Tasman Drive (HA-200)
		    	Santa Clara, CA 95054
		
	Tax ID:	    	91-1962278

 that certain Warrant to Purchase Stock issued by ZELTIQ AESTHETICS, INC. (the “Company”), on
January 14, 2009 (the “Warrant”) together with all rights, title and interest therein. 
  

			
	SILICON VALLEY BANK
		
	By:	 	
 

			
	Name:	 	
 

			
	Title:	 	  

Date:                        
                                     

By its execution below, and for the benefit of the Company, SVB Financial Group makes each of the representations and warranties set forth in Article 4
of the Warrant and agrees to all other provisions of the Warrant as of the date hereof. 
  

			
	SVB FINANCIAL GROUP
		
	By:	 	
 

			
	Name:	 	
 

			
	Title:

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