Document:

EX-10.9

 Exhibit 10.9 

CO-INVESTMENT AGREEMENT 

THIS CO-INVESTMENT AGREEMENT is entered into as
of                , 2018, between Cerberus Capital Management, L.P. (“CCM”), Iron Horse Acquisition Corp., a Cayman Islands exempted company (the
“Company”), and, solely for the purposes of Section 3(b) and Section 3(d) hereof, Cerberus Iron Horse Holdings, LLC, a Delaware limited liability company (the
“Sponsor”). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in Section 1. 

Recitals 
 WHEREAS,
the Company was incorporated for the purpose of effecting a Business Combination; 
 WHEREAS, the Company has confidentially submitted to
the SEC a draft Registration Statement for its IPO of Public Units at a price of $10.00 per Public Unit, each comprised of one Class A Share and one-third of one Warrant; 

WHEREAS, following the closing of the IPO, the Company will seek to identify and consummate a Business Combination; 

WHEREAS, the potential Business Combinations that the Company intends to seek may provide an opportunity for the Co-Investors (as determined by CCM in accordance with the terms hereof) to participate in such Business Combination on and subject to the terms set forth in this Agreement and such other terms as may be agreed in
connection with the consummation of such Business Combination; and 
 WHEREAS, the parties wish to enter into this Agreement, pursuant to
which, to the extent CCM exercises its rights to effect a Co-Investment in accordance with the terms hereof, immediately prior to the Business Combination Closing, the Company shall issue and sell, and the Co-Investors shall purchase, on a private placement basis, Co-Investment Shares and Co-Investment Warrants in accordance with the terms
hereof; 
 NOW, THEREFORE, in consideration of the premises, representations, warranties and the mutual covenants contained in this
Agreement, and for other good and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

1. Definitions. In addition to the capitalized terms otherwise expressly defined in this Agreement, as used in this Agreement, the following
capitalized terms shall have the following meanings: 
 “Agreement” means this
Co-Investment Agreement, as it may be amended, modified and/or waived from time to time in accordance with the terms hereof. 

“Business Combination” means the first merger, share exchange, asset acquisition, share purchase, reorganization or similar
business combination involving the Company and one or more other companies or businesses that is consummated (whether in one transaction or a series of related transactions) after the IPO Closing Date. 

“Business Combination Closing” means the consummation of the Business Combination. 

“Business Combination Closing Date” means the date upon which the Business Combination Closing occurs. 

“Business Day” means any day, other than a Saturday or a Sunday, that is neither a legal holiday nor a day on which banking
institutions are generally authorized or required by law or regulation to close in the City of New York, New York. 

 “CCM Parties” has the meaning ascribed to it in
Section 5(e). 
 “CCM” has the meaning ascribed to it in the first paragraph of this Agreement.

 “Charter” means the Memorandum and Articles of Association of the Company, as amended from time to time in accordance
with its terms. 
 “Claim” has the meaning ascribed to it in Section 7(a)(ii). 

“Class A Share” means a class A ordinary share, par value $0.0001 per share, of the Company, having such
rights and obligations as described in the Registration Statement and set forth in the Charter. 
 “Class B
Share” means a class B ordinary share, par value $0.0001 per share, of the Company, having such rights and obligations as described in the Registration Statement and set forth in the Charter, including with respect to conversion of such
shares to Class A Shares set forth in the Charter. 
 “Co-Investment” means
the subscription, pursuant to one or more Subscription Agreements, by one or more Co-Investors designated by CCM in the Co-Investment Exercise Notice, in which the
Company shall issue and sell to such Co-Investors the Co-Investment Securities comprising the Co-Investment Units set forth in
the Co-Investment Exercise Notice contemporaneously with the Business Combination Closing in an aggregate amount determined by CCM in its discretion up to 50,000,000
Co-Investment Units, for $10.00 per unit, or an aggregate maximum purchase price of $500,000,000 (or such greater number of Co-Investment Units at $10.00 per unit for a
greater aggregate maximum purchase price and on such other terms and conditions as agreed in writing by the parties hereto prior to the Business Combination Closing). 

“Co-Investment Exercise Notice” means a written notice delivered by CCM to the
Company in accordance with Section 2 exercising the Co-Investment rights set forth in this Agreement, in the form attached hereto as Exhibit A. 

“Co-Investment Purchase Price” means, with respect to all Co-Investors, the aggregate amount equal to the product of (a) the number of Co-Investment Units to be purchased by such
Co-Investors as set forth in a validly delivered Co-Investment Exercise Notice multiplied by (b) $10.00, and, with respect to any Co-Investor, such Co-Investor’s pro rata portion of such aggregate amount based on the number of Co-Investment Units to be
purchased by such Co-Investor compared to the total number of Co-Investment Units to be be purchased by all Co-Investors. 

“Co-Investment Securities” means the
Co-Investment Shares and the Co-Investment Warrants. 

“Co-Investment Shares” means the Class A Shares to be issued to Co-Investor(s) upon CCM’s election to exercise its Co-Investment rights pursuant to this Agreement. 

“Co-Investment Units” means the units, if any, issued to the Co-Investors in connection with the Co-Investment, each consisting of one (1) Class A Share and one-third (1/3) of one
Warrant to purchase one (1) Class A Share. 
 “Co-Investment Warrants”
means each whole Warrant to be issued to Co-Investor(s) upon CCM’s election to exercise its Co-Investment rights pursuant to this Agreement, with one Warrant being
issuable to the Co-Investors per each increment of three Co-Investment Shares actually issued and sold to the Co-Investors. No
fractional Co-Investment Warrants will be issued. 

“Co-Investors” means any existing and future investment funds, accounts, co-investment vehicles, special purpose vehicles and other entities managed or controlled by CCM or its affiliates and/or investors in such funds, accounts, vehicles and other entities, in each case, as and to the
extent determined by CCM in its discretion. 

  
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 “Company Covered Person” means, with respect to the Company as an
“issuer” for purposes of Rule 506 promulgated under the Securities Act, any Person listed in the first paragraph of Rule 506(d)(1). 

“Company Parties” has the meaning ascribed to it in Section 5(e). 

“Company” has the meaning ascribed to it in the first paragraph of this Agreement. 

“Excusal Notice” means the written notice from CCM to the Company stating that CCM has decided withdraw its election to
exercise its Co-Investment rights granted pursuant to this Agreement for any reason. 

“Governmental Entity” means the United States of America or any other nation, country, any state or other political
subdivision thereof, or any entity exercising executive, legislative, judicial, regulatory or administrative functions of government. 

“IPO Closing Date” means the closing day of the IPO. 

“IPO” means the underwritten initial public offering of the Company contemplated by the Registration Statement. 

“Per Unit Price” means US $10.00 per Co-Investment Unit. 

“Person” means means an individual, a partnership, a corporation, a company, a limited liability company, an association, a
joint stock company, a trust, a joint venture, an unincorporated organization, association or other entity or a Governmental Entity. 

“Public Shares” means the Class A Shares issued as part of the Public Units sold in the IPO. 

“Public Unit” means one (1) Class A Share and one-third (1/3) of one
Warrant issued in connection with the IPO. 
 “Registration Statement” means the Company’s initial filing of a
registration statement with the SEC on Form S-1 (File No. 333-222446) on January 5, 2018 and any post-effective amendment thereto, that was declared effective
on                , 2018. 
 “SEC” means
U.S. Securities and Exchange Commission. 
 “Sponsor” has the meaning ascribed to it in the first paragraph of this
Agreement. 
 “Subscription Agreement” means a subscription agreement to be entered into by and between the Company and one
or more Co-Investors in connection with any Co-Investment entered into accordance with the terms of this Agreement and, with respect to any Co-Investment up to $500,000,000, in substantially the form attached hereto as Exhibit B. 

“Trust Account” has the meaning ascribed to it in Section 7(a)(i). 

“Warrant” means a whole redeemable warrant exercisable to purchase one (1) Class A Share at an exercise price of
$11.50 per share, subject to adjustment as described in the Warrant Agreement. 
 “Warrant Agent” means Continental Stock
Transfer & Trust Company. 
 “Warrant Agreement” means the agreement executed or to be executed between the
Company and the Warrant Agent in connection with the Company’s IPO. 

  
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 2. Co-Investment Right. On and subject to the
terms set forth in this Agreement, for good and valuable consideration, the receipt and sufficiency of which has been agreed and acknowledged by the parties hereto, the Company hereby grants to CCM, and CCM hereby accepts (on behalf of itself and
each Co-Investor), the right, exercisable at any time after the IPO Closing Date in CCM’s sole and absolute discretion by delivery of a Co-Investment Exercise
Notice to the Company on or prior to the date on which the definitive proxy materials related to the proposed Business Combination are distributed to the public shareholders (such date, with respect to any proposed Business Combination, the
“Election Period Expiration Date”), to cause the Company to effect the Co-Investment with the Co-Investors designated by CCM in its discretion;
provided, that the Company shall provide CCM with at least five (5) Business Days’ notice of the date of such distribution. For the avoidance of doubt, neither CCM, any Co-Investor nor any of
their respective affiliates shall have any obligation whatsoever to exercise any Co-Investment or other participation rights with respect to any Business Combination or any other transaction. 

3. Notice of Business Combination; Exercise of Right. 

(a) The Company shall keep CCM reasonably apprised on a prompt basis of each potential Business Combination opportunity that the Company has
spent or intends to spend a material amount of time or other resources pursuing. Without limiting the foregoing, the Company shall provide CCM and the Co-Investors with access to any information reasonably
requested by any of them regarding any company and/or business which is the target any potential Business Combination. Prior to consummating any Business Combination, the Company shall provide CCM with written notice of such proposed Business
Combination as soon as reasonably practicable after the signing of a definitive transaction agreement concerning such proposed Business Combination (each a “Transaction Notice”). Each Transaction Notice shall set forth the material
terms and such other information as is reasonably necessary for CCM and the Co-Investors to evaluate the proposed Business Combination. In the event that there are any material changes to the terms or
conditions of a proposed Business Combination after the date upon which the Company delivers a Transaction Notice with respect to such Business Combination, the Company will promptly provide written notice to CCM describing in reasonable detail all
of such material changes (each a “Material Change Notice”) and CCM (on behalf of the Co-Investors) shall have until the Election Period Expiration Date applicable to such proposed Business
Combination to deliver a Co-Investment Exercise Notice (or, if any Co-Investment Exercise Notice has been previously delivered by CCM in respect of such Business
Combination, an Excusal Notice) to the Company in respect of such Business Combination. 
 (b) If CCM timely delivers a Co-Investment Exercise Notice in accordance with Section 2 (for which no superseding Excusal Notice is delivered in accordance with Section 3(a)), electing to cause the Company
to effect the Co-Investment and specifying the number of Co-Investment Units that each Co-Investors wishes to purchase
(collectively, the “Purchased Co-Investment Units”), then the Company and the Sponsor shall promptly, and in any event at least two (2) Business Days prior to the Business Combination
Closing Date, enter into one or more Subscription Agreements with the Co-Investors set forth in such Co-Investment Exercise Notice providing for the issuance by the
Company, at the Business Combination Closing, of the Co-Investment Securities comprising such Purchased Co-Investment Units to such
Co-Investors in the proportions set forth in such Co-Investment Exercise Notice in exchange for the Co-Investment Purchase Price.

 (c) If, with respect to any Business Combination, CCM fails to timely deliver a Co-Investment
Exercise Notice in accordance with Section 2 of this Agreement (or validly delivers a superseding Excusal Notice in accordance with Section 3(a) with respect to any previously delivered Co-Investment Exercise Notice) and, in each case, there is a Business Combination Closing with respect to such Business Combination, then none of the Company, CCM nor any
Co-Investor shall have any further obligations hereunder in respect of any Business Combination, any Co-Investment or any other transaction. 

(d) The parties hereto acknowledge that, subject to any applicable waivers by the Sponsor or its permitted transferee (as the Class B
Share majority holder) and Section 5(b) of the Subscription Agreement, except as otherwise agreed by the applicable parties, if the Co-Investment right set forth herein is validly exercised,

  
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the issuance of Co-Investment Securities as part of the Co-Investment, and any other third party co-investment or future issuance, will result in an adjustment to the conversion ratio of the Class B Shares set forth in the Charter such that (after giving effect to the Business Combination, the Co-Investment and the conversion of Class B Shares contemplated by the Charter to occur in connection with a Business Combination) the initial holders of the Company’s Class B Shares as of immediately
prior to the IPO and their permitted transferees, if any, would retain their aggregate percentage ownership at 20% of the sum of (i) the total number of Class A Shares issued and outstanding upon completion of the IPO (not including any
shares issued upon the exercise of Warrants after the completion of the IPO) plus (ii) the sum of (a) the total number of Class A Shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked
securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the Business Combination (for such purposes, without regard for any vesting or other contingencies with respect to the exercise,
exchange or conversion thereof), excluding any Class A Shares or equity-linked securities exercisable for or convertible into Class A Shares issued, or to be issued, to any seller in the Business Combination and any Warrants issued to the
Sponsor upon conversion of working capital loans, minus (b) the number of Public Shares redeemed by public shareholders in connection with the Business Combination; (however in no event shall the Class B Shares convert into
Class A Shares at a ratio that is less than one-for-one). In connection with the Business Combination Closing and in accordance with Section 5(b) of the
Subscription Agreement,, the Sponsor shall contribute and forfeit to the Company (at no additional cost), and the Company shall accept from the Sponsor, the number of Class B Shares (or Class A Shares issued upon conversion of such shares)
and Warrants held by the Sponsor (and, in addition to the Co-Investment Securities otherwise issuable to the Co-Investors hereunder and in connection with the
transactions contemplated hereby, at the Co-Investment Closing the Company shall, and the Sponsor shall cause the Company to, issue and deliver to the Co-Investors
(pro rata in accordance with their Co-Investment Purchase Price paid hereunder) a sufficient number of additional Class A Shares and Warrants) necessary to (when taken together with all applicable
Sponsor waivers and all redemptions of Public Shares) prevent dilution of the holdings of the Co-Investors in the Company due to the holdings of the Sponsor in the Company. 

4. Co-Investment Units. If the Co-Investment right set
forth herein is validly exercised, (i) the Co-Investment Shares that are issued to the Co-Investor(s) will be identical to the Class A Shares included in the
Public Units being sold to investors in the Company’s IPO, except that the Co-Investment Shares will be subject to transfer restrictions and certain registration rights, as described in the Subscription
Agreement and (ii) the Co-Investment Warrants that are issued to the Co-Investors will be identical to the Warrants included in the Public Units sold to investors
in the Company’s IPO and and will be subject to the terms and conditions of the Warrant Agreement (it being agreed that each Co-Investment Warrant will entitle the holder thereof to purchase one
Class A Share at a price of $11.50 per share, subject to adjustment as described in the Warrant Agreement and only whole Warrants will be exercisable) and such other terms as may be agreed in connection with the consummation of a business
combination. The Warrants will become exercisable upon the later of (a) 30 days after the Business Combination Closing Date and (b) 12 months after the IPO closing date, and will expire five years after the Business Combination Closing or
earlier upon redemption or the liquidation of the Company, as described in the Warrant Agreement. 
 5. Representations and Warranties of
CCM. CCM represents and warrants to the Company as follows, as of the date hereof: 
 (a) Organization and Power. CCM is duly
organized, validly existing, and in good standing under the laws of the jurisdiction of its formation (if the concept of “good standing” is a recognized concept in such jurisdiction) and has all requisite power and authority to carry on
its business as presently conducted and as proposed to be conducted. 
 (b) Authorization. CCM has full power and authority to enter
into this Agreement. This Agreement, when executed and delivered by CCM, will constitute the valid and legally binding obligation of CCM, enforceable in accordance with its terms, except (a) as limited by applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent conveyance and any other laws of general application affecting enforcement of creditors’ rights generally, or (b) as limited by laws relating to the availability of specific performance, injunctive
relief or other equitable remedies. 

  
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 (c) Compliance with Other Instruments. The execution, delivery and performance by CCM of
this Agreement and the consummation by CCM of the transactions contemplated by this Agreement will not result in any violation or default (i) of any provisions of its organizational documents, (ii) of any instrument, judgment, order, writ
or decree to which it is a party or by which it is bound, (iii) under any note, indenture or mortgage to which it is a party or by which it is bound, (iv) under any lease, agreement or contract to which it is a party or by which it is
bound or (v) of any provision of federal or state statute, rule or regulation applicable to CCM, in each case, which would have a material adverse effect on CCM or its ability to consummate the transactions contemplated by this Agreement. 

(d) Affiliation of Certain FINRA Members. CCM is neither a person associated nor affiliated with Citigroup Global Markets Inc., Goldman
Sachs & Co. LLC or, to its actual knowledge, any other member of the Financial Industry Regulatory Authority (“FINRA”) that is participating in the IPO. 

(e) No Other Representations and Warranties; Non-Reliance. Except for the specific
representations and warranties contained in this Section 5 and in any certificate or agreement delivered pursuant hereto (including, if applicable, in any Subscription Agreement), none of CCM nor any person acting on behalf
of CCM nor any of CCM’s affiliates (the “CCM Parties”) has made, makes or shall be deemed to make any other express or implied representation or warranty with respect to CCM and this offering, and the CCM Parties disclaim any
such representation or warranty. Except for the specific representations and warranties expressly made by the Company in Section 6 of this Agreement and in any certificate or agreement delivered pursuant hereto (including,
if applicable, in any Subscription Agreement), CCM specifically disclaims that it is relying upon any other representations or warranties that may have been made by the Company, any person on behalf of the Company or any of the Company’s
affiliates (collectively, the “Company Parties”). 
 6. Representations and Warranties of the Company. The Company
represents and warrants to CCM as follows: 
 (a) Incorporation and Corporate Power. The Company is an exempted company duly
incorporated and validly existing and in good standing as an exempted company under the laws of the Cayman Islands and has all requisite corporate power and authority to carry on its business as presently conducted and as proposed to be conducted.
The Company has no subsidiaries. 
 (b) Authorization. All corporate action required to be taken by the Company’s Board of
Directors and shareholders in order to authorize the Company to enter into this Agreement, has been taken. All action on the part of the shareholders, directors and officers of the Company necessary for the execution and delivery of this Agreement
has been taken. This Agreement, when executed and delivered by the Company, shall constitute the valid and legally binding obligation of the Company, enforceable against the Company in accordance with its terms except (i) as limited by
applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other laws of general application relating to or affecting the enforcement of creditors’ rights generally, or (ii) as limited by laws relating to the
availability of specific performance, injunctive relief, or other equitable remedies. 
 (c) Governmental Consents and Filings.
Assuming the accuracy of the representations made by CCM in this Agreement, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal, state or local governmental authority
is required on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement. 

  
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 (d) Compliance with Other Instruments. The execution, delivery and performance of this
Agreement and the consummation of the transactions contemplated by this Agreement will not result in any violation or default (i) of any provisions of the Charter, (ii) of any instrument, judgment, order, writ or decree to which it is a
party or by which it is bound, (iii) under any note, indenture or mortgage to which it is a party or by which it is bound, (iv) under any lease, agreement, contract or purchase order to which it is a party or by which it is bound or
(v) of any provision of federal or state or local statute, rule or regulation applicable to the Company, in each case which would have a material adverse effect on the Company or its ability to consummate the transactions contemplated by this
Agreement. 
 (e) No General Solicitation. Neither the Company, nor any of its officers, directors, employees, agents or stockholders
has either directly or indirectly, including, through a broker or finder (i) engaged in any general solicitation, or (ii) published any advertisement in connection with the offer and sale of the
Co-Investment Securities. 
 (f) No Other Representations and Warranties; Non-Reliance. Except for the specific representations and warranties contained in this Section 6 and in any certificate or agreement delivered pursuant hereto (including, if applicable, in any
Subscription Agreement), none of the Company Parties has made, makes or shall be deemed to make any other express or implied representation or warranty with respect to the Company, this offering, the proposed IPO or a potential Business Combination,
and the Company Parties disclaim any such representation or warranty. Except for the specific representations and warranties expressly made by CCM in Section 5 of this Agreement and in any certificate or agreement delivered pursuant
hereto (including, if applicable, in any Subscription Agreement), the Company Parties specifically disclaim that they are relying upon any other representations or warranties that may have been made by CCM Parties. 

7. Additional Agreements and Acknowledgements of CCM. 

(a) Trust Account. 
 (i)
CCM (on behalf of itself and each Co-Investor) hereby acknowledges that it is aware that the Company will establish a trust account (the “Trust Account”) for the benefit of its public
shareholders upon the closing of the IPO. CCM, for itself and its affiliates, hereby agrees that it has no right, title, interest or claim of any kind in or to any monies held in the Trust Account, or any other asset of the Company as a result of
any liquidation of the Company, except for redemption and liquidation rights, if any, CCM and the Co-Investors may have in respect of any Public Shares, if any, held by it. 

(ii) CCM (on behalf of itself and each Co-Investor) hereby agrees that it shall have no right of set-off or any right, title, interest or claim of any kind (“Claim”) to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account
that it may have now or in the future, except for redemption and liquidation rights, if any, CCM and the Co-Investors may have in respect of any Public Shares, if any, held by it. In the event CCM or any Co-Investor has any Claim against the Company under this Agreement, CCM or such Co-Investor shall pursue such Claim solely against the Company and its assets outside the Trust
Account and not against the property or any monies in the Trust Account, except for redemption and liquidation rights, if any, CCM or such Co-Investor may have in respect of any Public Shares, if any, held by
it. 
 (b) Redemption and Liquidation. CCM, on behalf of itself and the Co-Investor(s), hereby
waives, with respect to any Class A Shares or Class B Shares from time to time held by it (if any) prior to the occurrence of a shareholder vote to approve a Business Combination, any redemption rights it may have in connection with
(i) the consummation of such Business Combination, including any such rights available in the context of a shareholder vote to approve such Business Combination and (ii) any shareholder vote to approve an amendment to the Charter that
would affect the substance or timing of the Company’s obligation to redeem 100% of the Class A Shares sold in the IPO if the Company has not consummated an initial Business Combination within the time period set forth in the Charter or in
the context of a tender offer made by the Company to purchase Class A Shares; provided, however, for the avoidance of doubt, the parties acknowledge and agree that the Co-Investor(s) shall
be entitled to redemption and liquidation rights with respect to any Public Shares, if any, held by them. 

  
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 (c) Voting. CCM, on behalf of itself and the
Co-Investor(s), hereby agrees that if the Company seeks shareholder approval of a proposed Business Combination, then in connection with such proposed Business Combination, CCM shall (and shall cause each Co-Investor to) vote any voting securities of the Company owned by it (if any) in favor of any proposed Business Combination; provided, that for the avoidance of doubt, the
Co-Investment Securities shall not be issued to the Co-Investors until immediately prior to such Business Combination Closing and subsequent to the shareholder vote to
approve such Business Combination. 
 (d) No Short Sales. CCM, on behalf of itself and the
Co-Investor(s), hereby agrees that neither it, nor any person or entity acting on its behalf or pursuant to any understanding with it, will engage in any Short Sales with respect to securities of the Company
prior to the Business Combination Closing. For purposes of this Section, “Short Sales” shall include all “short sales” as defined in Rule 200 promulgated under Regulation SHO under the Securities Exchange Act of 1934, as
amended, and all types of direct and indirect stock pledges (other than pledges in the ordinary course of business as part of prime brokerage arrangements), forward sale contracts, options, puts, calls, swaps and similar arrangements (including on a
total return basis), and sales and other transactions through non-U.S. broker dealers or foreign regulated brokers. 

8. Additional Agreements of the Sponsor and the Company. 

(a) IPO. The Company will offer at least 50,000,000 Public Units in the IPO. Each Public Unit will be comprised of one Class A
Share and one-third of one Warrant. Each whole Warrant will have an exercise price of $11.50 per share. 

(b) Use of CCM’s Name. Except as used in the Registration Statement or in the name of the Sponsor, neither the Company nor the
Sponsor will, without the prior written consent of CCM in each instance, use in advertising, publicity or otherwise the name of CCM, any of its affiliates, or any director, officer or employee of CCM, nor any trade name, trademark, trade device,
service mark, symbol or any abbreviation, contraction or simulation thereof owned by CCM or its affiliates or any information relating to the business or operations of CCM or its affiliates (including, for the avoidance of doubt, any investment
vehicles, funds or accounts managed thereby). Except as used in the Registration Statement or in the name of the Sponsor, neither the Company nor the Sponsor shall use any derivatives, combinations or trademarks of CCM without the prior written
approval of CCM. Notwithstanding the foregoing, the Company may disclose (i) CCM’s name and information concerning CCM (A) to the extent required by law, regulation or regulatory request, including pursuant to a request for such
disclosure from the Staff of the SEC or FINRA (including in connection with the IPO) or (B) to the Company’s lawyers, independent accountants and to other advisors and service providers who reasonably require CCM’s information in
connection with the provision of services to the Company, are advised of the confidential nature of such information and are obligated to keep such information confidential, and (ii) CCM’s name and the terms of this Agreement to the any
other Person investing in the Business Combination. The Company and the Sponsor agree to provide to CCM for CCM’s review any disclosure in any registration statement or other document no later than two (2) Business Days prior to the
submission, filing or disclosure of such document in connection with the transactions contemplated by this Agreement with respect to CCM or any of its affiliates. 

(c) NYSE Listing. The Company will use commercially reasonable efforts to effect and maintain the listing of the Class A Shares and
Warrants on the New York Stock Exchange (or another national securities exchange). 
 9. General Provisions. 

(a) Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed
effectively given upon the earlier of actual receipt, or (a) personal delivery to the party to be notified, (b) when sent, if sent by electronic mail or facsimile (if any) during normal business hours of the recipient, and if not sent
during normal business hours, then on the recipient’s next Business Day, (c) five (5) Business Days after having been sent by registered or certified mail, return receipt requested, postage

  
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prepaid, or (d) one (1) Business Day after deposit with a nationally recognized overnight courier, freight prepaid, specifying next Business Day delivery, with written verification of
receipt. All communications sent to the Company shall be sent to: Iron Horse Acquisition Corp., c/o Cerberus Capital Management, 875 Third Avenue, New York, New York 10022, Attn: Mark Neporent, email: mneporent@cerberuscapital.com, with a copy to
the Company’s counsel at: Kirkland & Ellis LLP, 601 Lexington Avenue, New York, NY 10022, Attn: Douglas Ryder, P.C. and Joshua F. Soszynski, Esq., emails: douglas.ryder@kirkland.com and joshua.soszynski@kirkland.com, fax: (212) 446-4900. 
 All communications to CCM shall be sent to CCM’s address as set forth on the signature
page hereof, or to such e-mail address, facsimile number (if any) or address as subsequently modified by written notice given in accordance with this Section 9(a). 

(b) No Finder’s Fees. Other than fees payable to Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC in connection
with the IPO, which shall be the responsibility of the Company, each party represents that it neither is nor will be obligated for any finder’s fee or commission in connection with this transaction. The Company agrees to indemnify and hold
harmless CCM and the Co-Investors from any liability for any commission or compensation in the nature of a finder’s or broker’s fee arising out of this transaction (and the costs and expenses of
defending against such liability or asserted liability) for which the Company or any of its officers, employees or representatives is responsible. 

(c) Survival of Representations and Warranties. All of the representations and warranties contained herein shall survive in accordance
with applicable law. 
 (d) Entire Agreement. This Agreement, together with any documents, instruments and writings that are delivered
pursuant hereto or referenced herein, constitutes the entire agreement and understanding of the parties hereto in respect of its subject matter and supersedes all prior understandings, agreements, or representations by or among the parties hereto,
written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. 
 (e)
Successors. All of the terms, agreements, covenants, representations, warranties, and conditions of this Agreement are binding upon, and inure to the benefit of and are enforceable by, the parties hereto and their respective successors.
Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement,
except as expressly provided in this Agreement. 
 (f) Assignments. Except as otherwise specifically provided herein, no party hereto
may assign either this Agreement or any of its rights, interests, or obligations hereunder without the prior written approval of the other party. 

(g) Counterparts. This Agreement may be executed in two or more counterparts, each of which will be deemed an original but all of which
together will constitute one and the same instrument. 
 (h) Headings. The section headings contained in this Agreement are inserted
for convenience only and will not affect in any way the meaning or interpretation of this Agreement. 
 (i) Governing Law. This
Agreement, the entire relationship of the parties hereto, and any litigation between the parties (whether grounded in contract, tort, statute, law or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of
the State of Delaware, without giving effect to its choice of laws principles. 

  
 9 

 (j) Jurisdiction. The parties (i) hereby irrevocably and unconditionally submit to
the jurisdiction of the state courts of Delaware and to the jurisdiction of the United States District Court for the State of Delaware for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement,
(ii) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement except in state courts of Delaware or the United States District Court for the State of Delaware , and (iii) hereby waive, and
agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from
attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such
court. 
 (k) Waiver of Jury Trial. The parties hereto hereby waive any right to a jury trial in connection with any litigation
pursuant to this Agreement and the transactions contemplated hereby. 
 (l) Amendments. This Agreement may not be amended, modified or
waived as to any particular provision, except with the written consent of the Company, the Sponsor and CCM. 
 (m) Severability. The
provisions of this Agreement will be deemed severable and the invalidity or unenforceability of any provision will not affect the validity or enforceability of the other provisions hereof; provided that if any provision of this Agreement, as
applied to any party hereto or to any circumstance, is adjudged by a governmental authority, arbitrator, or mediator not to be enforceable in accordance with its terms, the parties hereto agree that the governmental authority, arbitrator, or
mediator making such determination will have the power to modify the provision in a manner consistent with its objectives such that it is enforceable, and/or to delete specific words or phrases, and in its reduced form, such provision will then be
enforceable and will be enforced. 
 (n) Expenses. Each of the Company, the Sponsor and the
Co-Investor(s) will bear its own costs and expenses incurred in connection with the preparation, execution and performance of this Agreement and the consummation of the transactions contemplated hereby,
including all fees and expenses of agents, representatives, financial advisors, legal counsel and accountants; provided, that if the Co-Investment Closing occurs, then at the Business Combination
Closing, the Company shall reimburse the Co-Investors for a portion of such costs and expenses borne by the Co-Investors solely to the extent necessary to cause all such
costs and expenses of the Company, the Sponsor and the Co-Investors in the aggregate to be shared pro rata among the Sponsor, the Co-Investors and the other
shareholders of the Company based on their relative ownership of Company securities. For the avoidance of doubt, if the Co-Investment Closing does not occur, the
Co-Investors shall not be entitled to reimbursement of such costs and expenses by the Company. The Company shall be responsible for the fees of its transfer agent, stamp taxes and all The Depository Trust
Company fees associated with the issuance of any Co-Investment Securities. 
 (o)
Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the
parties hereto and no presumption or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement. Any reference to any federal, state, local, or foreign law will be deemed also to
refer to law as amended and all rules and regulations promulgated thereunder, unless the context requires otherwise. The words “include,” “includes,” and “including” will be deemed to be followed by
“without limitation.” Pronouns in masculine, feminine, and neuter genders will be construed to include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context
otherwise requires. The words “this Agreement,” “herein,” “hereof,” “hereby,” “hereunder,” and words of similar import refer to this Agreement as a whole and not to
any particular subdivision unless expressly so limited. The parties hereto intend that each representation, warranty, and covenant contained herein will have independent significance. If any party hereto has breached any representation, warranty, or
covenant contained herein in any respect, the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached will
not detract from or mitigate the fact that such party hereto is in breach of the first representation, warranty, or covenant. 

  
 10 

 (p) Waiver. No waiver by any party hereto of any default, misrepresentation, or breach of
warranty or covenant hereunder, whether intentional or not, may be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way any rights arising because of any prior or
subsequent occurrence. 
 (q) Confidentiality. Except as may be required by law, regulation or applicable stock exchange listing
requirements, unless and until the transactions contemplated hereby and the terms hereof are publicly announced or otherwise publicly disclosed by the Company, the parties hereto shall keep confidential and shall not publicly disclose the existence
or terms of this Agreement. 
 (r) Specific Performance. Each of the parties hereto agrees that irreparable damage may occur in the
event any provision of this Agreement was not performed by the parties hereto in accordance with the terms hereof and that the other parties hereto each shall be entitled to specific performance of the terms hereof, in addition to any other remedy
at law or equity, without the posting of any bond and without proof of actual damages. No party will oppose the granting of any such relief on the ground(s) that any other party has an adequate remedy at law, that any such party has not proven
actual damages, and/or that such party should be required to post a bond. 
 (s) Favorable Terms. The Company hereby represents and
warrants that as of the date hereof, and covenants and agrees that after the date hereof, none of the agreements with any other Person for the purchase of Class A Shares includes or will include terms, rights or other benefits that are more
favorable, in any material respect, to such other Person than the terms, rights and benefits in favor of CCM and the Co-Investors under this Agreement and the Subscription Agreement, and the Company will not
waive any material obligation under the agreements with such other Person unless, in any such case, CCM (and the Co-Investors) has been offered in writing the opportunity to concurrently receive the benefits
of all such terms, rights and benefits or waiver. CCM (on behalf of the Co-Investors) shall notify the Company in writing, within ten (10) days after the date it has been offered the opportunity to
receive the benefit of such terms, rights, benefits or waiver, of its election to receive any such term, right, benefit or waiver so offered. 

[Signature Page Follows] 

  
 11 

 IN WITNESS WHEREOF, the undersigned have executed this
Co-Investment Agreement to be effective as of the date first set forth above. 
 CCM: 

CERBERUS CAPITAL MANAGEMENT, L.P. 

By:                          
              , acting as general partner 
  

					
		  	Address for Notices:	  	Cerberus Capital Management, L.P.
		  		  	875 Third Avenue
		  		  	New York, NY 10022
	By:	  		  	Attn: Mark Neporent, General Counsel
	Name:	  	E-mail:	  	mneporent@cerberus.com
	Title	  	Fax:	  	  

  
  

COMPANY: 
 IRON HORSE ACQUISITION CORP. 

 

					
	By:	 	  

		 	Name:	 	Steven F. Mayer
		 	Title:	 	Chief Executive Officer and Director

  
  

SPONSOR (solely for the purposes of Section 8 hereof) 

CERBERUS IRON HORSE HOLDINGS, LLC 
  

					
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 [Signature Page to
Co-Investment Agreement] 

 Exhibit A 

Form of Co-Investment Exercise Notice 

[DATE] 
 Iron Horse Acquisition Corp. 

875 Third Avenue 
 New York, NY 10022 

 

	 	Re:	Exercise of Co-Investment Rights 

 Ladies and Gentlemen: 

Pursuant to Section 2 of the Co-Investment Agreement, dated [•], 2018 (the “Co-Investment Agreement”), among Cerberus Capital Management, L.P. (“CCM”), Iron Horse Acquisition Corp. (the “Company”), and, solely for purposes of Section 3(b) and
Section 3(d) thereof Cerberus Iron Horse Holdings, LLC (“Sponsor”), CCM, on behalf of the Co-Investors, hereby delivers this Co-Investment Exercise
Notice and exercises its Co-Investment rights to cause the Company to issue to the the Co-Investment Units [and other
Co-Investment Securities] to the Co-Investors and in the amounts, in each case, set forth below. Capitalized terms used herein but not otherwise defined herein shall
have the respective meanings ascribed to them in the Co-Investment Agreement. 
  

									
	 Co-Investor
	  	 Number of

Co-Investor Units
	  	
Co-Investment

Purchase Price
	  	 Co-Investment
Securities 
Underlying Co-Investor Units

	  	  	  	 Co-Investment
Shares
	  	 Co-investment
Warrants

	 Total
	  		  		  		  	

  

									
	 Co-Investor
	  	 [Additional
Co-Investor Securities]
	  	 [Additional
Investment Purchase
Price]

	  	 [Co-Investment

Shares
	  	 Co-investment

Warrants
	  	 Other]
	  
	 Total
	  		  		  		  	

 If you have any questions, please contact [•], at [•]. 

 
			
	CCM:
	
	CERBERUS CAPITAL MANAGEMENT, L.P.

 
			
		
	By:	 	
	Its:	 	
		
	By:	 	  

	Name:
	Title:

 Exhibit B 

Form of Subscription Agreement 

See attached. 

 SUBSCRIPTION AGREEMENT 

This SUBSCRIPTION AGREEMENT, dated as of [•], 201[•] (this “Agreement”), is made by and between each
Co-Investor listed on the signature pages hereto (each a “Co-Investor”), Iron Horse Acquisition Corp., a Cayman Islands exempted company (the
“Company”), and Cerberus Iron Horse Holdings, LLC, a Delaware limited liability company (the “Sponsor”). Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to such
terms in the Co-Investment Agreement (as defined below). 
 WHEREAS, pursuant to that certain Co-Investment Agreement, dated [•], 2018, by and between the Company, Cerberus Capital Management, L.P. (“CCM”), and, solely for the purposes of Section 3(b) and Section 3(d) thereof,
the Sponsor, CCM, on behalf of the Co-Investor(s) on a several and not joint basis, has exercised the Co-Investment rights set forth in the Co-Investment Agreement by delivering a Co-Investment Exercise Notice with respect to the Purchased Co-Investment Units set forth
herein in exchange for a Co-Investment Purchase Price equal to $[•]; and 
 WHEREAS, on and subject to the
terms and conditions set forth in this Agreement and the Co-Investment Agreement, the Company desires to issue and deliver to the Co-Investors the Co-Investment Securities comprising the Purchased Co-Investment Units. 
 NOW,
THEREFORE, in consideration of the foregoing premises, the mutual covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 1. Sale and Purchase of Co-Investment Securities. 

(a) On and subject to the terms and conditions hereof, the Company shall issue and sell to each
Co-Investor, and each Co-Investor shall subscribe for and purchase from the Company, the number of Co-Investment Shares and Co-Investment Warrants set forth opposite such Co-Investor’s name on Annex A attached hereto in exchange for a cash payment to the Company equal to the Co-Investment Purchase Price set forth opposite such Co-Investor’s name on Annex A attached hereto. Notwithstanding anything in this Agreement to the contrary, the
Company shall have no obligation to issue any Co-Investment Securities to any Person who is a resident of a jurisdiction in which the issuance of such securities to such Person would constitute a violation of
the securities, “blue sky” or other similar laws of such jurisdiction. 
 (b) No fractional
Co-Investment Warrants will be issued, but the aggregate number of Co-Investment Warrants to be issued hereunder shall be no less than the number of warrants that would
be issuable hereunder if the entire Co-Investment of all Co-Investors was made by a single Co-Investor. Each Co-Investment Warrant will have the same terms as each Warrant sold as part of the Public Units in the IPO and will be subject to the terms and conditions of the Warrant Agreement (it being agreed that each Co-Investment Warrant will entitle the holder thereof to purchase one Class A Share at a price of $11.50 per share, subject to adjustment as described in the Warrant Agreement, and only whole Warrants will be
exercisable). The Warrants will become exercisable on the later of (i) thirty (30) days after the Business Combination Closing Date or (ii) twelve (12) months after the completion of the IPO, and will expire five years after the Business
Combination Closing or earlier upon redemption or the liquidation of the Company, as described in the Warrant Agreement. 
 (c) On [•]1 (the “Deposit Date”), each Co-Investor shall deposit, by wire transfer of immediately available funds to the escrow account listed on Annex
B attached hereto (or other means approved by the Company’s board of directors (the “Board”) in its discretion), a cash amount equal to the Co-Investment Purchase Price set forth
opposite such Co-Investor’s name on Annex A attached hereto, which amount shall be held in escrow pending the Business Combination Closing by the Company’s transfer agent (as a third party
escrow agent) in accordance with the terms of an escrow agreement between the Company, the Co-Investors and the Company’s transfer agent. If (i) the Business Combination Closing does not occur within
thirty (30) days after the Deposit Date, or (ii) the Co-Investors deliver an Excusal Notice after the Deposit Date and prior to the Business Combination Closing in accordance with the terms of the Co-Investment Agreement, then the escrow agreement will provide that, in each case, the escrow agent 

 

	1 	 To be the date that is three (3) Business Days prior to the date on which the Business Combination Closing
is expected to occur. 

 
automatically, and without any further action of any Person, return to each Co-Investor the amount actually deposited by such Co-Investor on the date hereof pursuant to this Section 1(c), provided, however, that the return of the funds placed in the escrow in accordance with this
Section 1(c) shall not terminate this Agreement or otherwise relieve any Person of any of its obligations under the Co-Investment Agreement. 

(d) The closing of the purchase and sale of the Co-Investment Securities comprising the Purchased Co-Investment Units (the “Co-Investment Closing”) shall be held on the same date and immediately prior the Business Combination Closing, or at such other date
and/or time in advance of the Business Combination Closing as the parties hereto may agree in writing (the date on which the Co-Investment Closing occurs is referred to herein as the “Closing
Date”). At the Co-Investment Closing: 
 (i) the Company shall issue to each Co-Investor who has paid in full its Co-Investment Purchase Price in accordance with the terms of this Agreement the number of
Co-Investment Shares and Co-Investment Warrants set forth opposite such Co-Investor’s name on Annex A attached
hereto, each registered in the name of such Co-Investor, against (and concurrently with) release by the escrow agent to the Company of the Co-Investment Purchase Price
paid by such Co-Investor; 
 (ii) the Company shall register each
Co-Investor as the owner(s) of the Co-Investment Securities purchased by such Co-Investor and issued hereunder in the register of
members of the Company and with the Company’s transfer agent by book entry on or promptly after (but in no event more than two (2) Business Days after) the date of the Co-Investment Closing; and 

(iii) each register and book entry for the Co-Investment Securities shall contain a notation, and each
certificate (if any) evidencing the Co-Investment Securities shall be stamped or otherwise imprinted with a legend, in substantially the following form: 

“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF
ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE TRANSFERRED IN VIOLATION OF SUCH ACT AND LAWS.” 
 2. Shareholders Agreement;
Registration Rights. The Co-Investors shall have shareholder rights and registration rights with respect to the Co-Investment Securities and the Company and each Co-Investor shall execute and deliver (a) a shareholders agreement governing certain rights, obligations and preferences of the Co-Investors with respect to the Co-Investment Securities and the Company containing terms customary for investments of this nature and such other terms as may be mutually agreed by the Company, the
Co-Investors and the other parties thereto, if any (the “Shareholders Agreement”) and (b) the registration rights agreement attached hereto as Exhibit A (the “Registration
Rights Agreement”). For the avoidance of doubt, the Shareholders Agreement shall provide for director nomination rights entitling the Co-Investors to collectively nominate a proportion of the number
of directors of the Board that the Company is entitled to elect or appoint as of immediately following the Business Combination Closing which is proportionate to the number of Company voting securities owned by all
Co-Investors relative to the total number of Company voting securities to be issued and outstanding as of immediately following the Business Combination Closing, rounding down to the nearest whole number of
directors (which nominees shall meet the requirements of applicable law and exchange rules and other requirements determined by the Board which are reasonable and appropriate in the context of a public company). Additionally, the Shareholders
Agreement shall set forth such other rights and obligations of the Co-Investors and the Company (including, without limitation, with respect to shareholder approvals, voting, and disclosure of information) as
may be mutually agreed upon by the Company, the Co-Investors and the other parties thereto, if any, and which are otherwise not inconsistent with this Agreement, applicable law, the rules of any applicable
securities exchange and are appropriate for public companies. 
 3. Representations and Warranties. Each Co-Investor hereby makes (on a several and not joint basis) the following representations and warranties to the Company, solely with respect to itself and not with respect to or on behalf of any other Co-Investor, each and all of which shall be true and correct as of the date of this Agreement and the Closing Date, and shall survive the execution and delivery of this Agreement. 

  
 3 

 (a) Organization and Power. If an entity, such
Co-Investor is duly organized, validly existing, and in good standing under the laws of the jurisdiction of its formation (if the concept of “good standing” is a recognized concept in such
jurisdiction) and has all requisite power and authority to carry on its business as presently conducted and as proposed to be conducted. 

(b) Authorization. The Co-Investor has full power and authority to enter into this Agreement.
This Agreement, when executed and delivered by such Co-Investor, will constitute the valid and legally binding obligation of such Co-Investor, enforceable in accordance
with its terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and any other laws of general application affecting enforcement of creditors’ rights generally or as limited by laws
relating to the availability of specific performance, injunctive relief or other equitable remedies. 
 (c) Governmental Consents and
Filings. No consent, approval, order of authorization of, or registration, qualification, designation, declaration or filing with, any federal state or local government authority is required on the part of such
Co-Investor in connection with the consummation of the transactions contemplated by this Agreement. 

(d) No Conflict. The execution, delivery and performance by such Co-Investor of this Agreement
and the other agreements contemplated hereby and the consummation by such Co-Investor of the transactions contemplated by this Agreement and such other agreements will not result in any violation or default
(i) of any provisions of its organizational documents, if applicable, (ii) of any instrument, judgment, order, writ or decree to which it is a party or by which it is bound, (iii) under any note, indenture or mortgage to which it is a
party or by which it is bound, or (iv) under any lease, agreement, contract or purchase order to which it is a party or by which it is bound or (v) of any provision of federal or state statute, rule or regulation applicable to the Co-Investor, in each case, which would have a material adverse effect on such Co-Investor or its ability to consummate the transactions contemplated by this Agreement. 

(e) Purchase Entirely for Own Account. This Agreement is made with such Co-Investor in reliance
upon such Co-Investor’s representation to the Company, which by such Co-Investor’s execution of this Agreement, such
Co-Investor hereby confirms, that the Co-Investment Securities to be acquired by such Co-Investor hereunder will be acquired for
investment for such Co-Investor’s own account, not as a nominee or agent of any other Person, and not with a view to the resale or distribution of any part thereof, and that such Co-Investor has no present intention of selling, granting any participation in, or otherwise distributing the same in violation of law. By executing this Agreement, such
Co-Investor further represents that, except as set forth herein, such Co-Investor does not presently have any contract, undertaking, agreement or arrangement with any
Person to sell, transfer or grant participations to such Person or to any third Person, with respect to any of the Co-Investment Securities. If such Co-Investor was
formed for the specific purpose of acquiring the Co-Investment Securities, each of its equity owners is an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the Securities Act.

 (f) Disclosure of Information. The Co-Investor has had an opportunity to discuss the
Company’s business, management, financial affairs and the terms and conditions of the offering of the Co-Investment Securities, as well as the terms of the Company’s IPO, with the Company’s
board of directors and management. 
 (g) Restricted Securities. Such Co-Investor understands
that the Co-Investment Securities issued to it have not been, and will not be, registered under the Securities Act, by reason of a specific exemption from the registration provisions of the Securities Act
which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of each Co-Investor’s representations as expressed herein. Such
Co-Investor understands that the Co-Investment Securities are “restricted securities” under applicable U.S. federal and state securities laws and that,
pursuant to these laws, such Co-Investor must hold the Co-Investment Securities issued to it indefinitely unless they are registered with the SEC and qualified by state
authorities, or an exemption from such registration and qualification requirements is available. Such Co-Investor acknowledges that the Company has no obligation to register or qualify the Co-Investment, except as set forth in the Registration Rights Agreement. Such Co-Investor further acknowledges that if an exemption from registration or qualification is
available, it may be conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period for the Co-Investment Securities, and on requirements relating to the
Company which are outside of such Co-Investor’s control, and which the Company is under no obligation and may not be able to satisfy. Such Co-Investor acknowledges
and understands that the offering of the Co-Investment Securities is not and is not intended to be part of the IPO, and that such Co-Investor will not be able to rely on
the protection of Section 11 of the Securities Act. 

  
 4 

 (h) No Public Market. Such Co-Investor understands
that, unless until the Co-Investment Securities are registered in accordance with the Registration Rights Agreement, no public market exists for the Co-Investment
Securities. 
 (i) High Degree of Risk. Such Co-Investor understands that its agreement to
purchase the Co-Investment Securities involves a high degree of risk which could cause such Co-Investor to lose all or part of its investment. 

(j) Accredited Investor. Such Co-Investor represents that it is an “accredited
investor” as defined in Rule 501(a) promulgated under Regulation D of the Securities Act, or an entity in which all of the equity holders are accredited investors within the meaning of Rule 501(a) under the Securities Act, and has (or, in the
case of a trust, the trustee has) such knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risks of his, her or its investment in the Co-Investment
Securities, and such Co-Investor is capable of bearing the economic risks of such investment and is able to bear the complete loss of his, her or its investment in the
Co-Investment Securities. Rule 501(a), in relevant part, states that an “accredited investor” shall mean any person who comes within any of the following categories, or who the issuer reasonably
believes comes within any of the following categories, at the time of the sale of the securities to that Person: 
 (i) any bank, registered
broker or dealer, insurance company, registered investment company, business development company, or small business investment company; 

(ii) any plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political
subdivisions for the benefit of its employees, if such plan has total assets in excess of $5,000,000; 
 (iii) any employee benefit plan,
within the meaning of the Employee Retirement Income Security Act of 1974, if a bank, insurance company, or registered investment adviser makes the investment decisions, or if the plan has total assets in excess of $5,000,000; 

(iv) any organization described in Section 501(c)(3) of the Internal Revenue Code, corporation, Massachusetts or similar business trust,
or partnership, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000; 
 (v)
any director, executive officer, or general partner of the issuer of the securities being offered or sold, or any director, executive officer, or general partner of a general partner of that issuer; 

(vi) any natural person whose individual net worth, or joint net worth with that person’s spouse, at the time of his purchase exceeds
$1,000,000, excluding the value of the primary residence of such natural person, calculated by subtracting from the estimated fair market value of the property the amount of debt secured by the property, up to the estimated fair market value of the
property; 
 (vii) any natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint
income with that person’s spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year; 

(viii) any trust with assets in excess of $5,000,000, not formed to acquire the securities offered, whose purchase is directed by a
sophisticated person; or 
 (ix) any entity in which all of the equity owners are accredited investors. 

  
 5 

 (k) Foreign Investor. If such Co-Investor is not a
United States person (as defined by Section 7701(a)(30) of the Code), such Co-Investor hereby represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in
connection with any invitation to subscribe for the Co-Investment Securities or any use of this Agreement, including (i) the legal requirements within its jurisdiction for the purchase of the Co-Investment Securities, (ii) any foreign exchange restrictions applicable to such purchase, (iii) any governmental or other consents that may need to be obtained, and (iv) the income tax and other
tax consequences, if any, that may be relevant to the purchase, holding, redemption, sale, or transfer of the Co-Investment Securities. Such Co-Investor’s
subscription and payment for and continued beneficial ownership of the Co-Investment Securities will not violate any applicable securities or other laws of such
Co-Investor’s jurisdiction. 
 (l) No General Solicitation. Neither such Co-Investor, nor any of its officers, directors, employees, agents, shareholders or partners has either directly or indirectly, including, through a broker or finder (i) to its knowledge, engaged in any general
solicitation, or (ii) published any advertisement to connection with the offer and sale of the Co-Investment Securities such Co-Investor has not incurred or become
liable for any broker’s commission or finder’s fee relating to the transactions contemplated by this Agreement. 
 (m) Non-Public Information. Such Co-Investor acknowledges its obligations under applicable securities laws with respect to the treatment of
non-public information relating to the Company. 
 (n) Adequacy of Financing. Such Co-Investor has available to it sufficient funds to satisfy its obligations under this Agreement. 
 (o)
Disclosure. Such Co-Investor has been afforded the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives of Company concerning the terms and
conditions of the offering of the Co-Investment Securities and the merits and risks of investing in Company and has had an opportunity to fully evaluate an investment in the
Co-Investment Securities, is in a financial position to hold the Co-Investment Securities for an indefinite period of time and is able to bear the economic risk and
withstand a complete loss of the Co-Investor’s investment in the Co-Investment Securities. Furthermore, such Co-Investor has
been afforded the opportunity to examine all documents related to and, if applicable, executed in connection with the transactions contemplated by this Agreement, which such Co-Investor has requested to
examine. 
 (p) Tax and Legal Advice. Such Co-Investor has obtained such tax and legal advice
that it deemed appropriate, and has had an opportunity to consult with legal and financial advisors concerning this Agreement and its subject matter. Such Co-Investor has read and understood this Agreement.
Such Co-Investor has not relied on the Company or the Company for any information regarding the Company or the value of the Co-Investment Securities. Such Co-Investor acknowledges that the Company is not acting as a fiduciary or financial or investment advisor to such Co-Investor, and has not given the Co-Investor any investment advice, opinion or other information on whether the exchange described herein is prudent. 

(q) Residence. Such Co-Investor represents that such
Co-Investor’s home address (and principal place of residence is in the country or state) or address of the principal place of business, as applicable, is as set forth on the signature page hereof. 

(r) OFAC. Such Co-Investor understands that federal regulations and executive orders
administered by the United States Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) prohibit, among other things, the engagement in transactions with, and the provision of services to, certain foreign
countries, territories, entities and individuals. Such Co-Investor represents and warrants that it is not a person named on an OFAC list, nor is such Co-Investor a
person with whom dealings are prohibited under any OFAC regulation. 
 (s) No Other Representations and Warranties; Non-Reliance. Except for the specific representations and warranties contained in this Section 2 and in any certificate or agreement delivered pursuant hereto, none of such Co-Investor nor any Person acting on behalf of such Co-Investor nor any of such Co-Investor’s affiliates (the “Co-Investor Parties”) has made, makes or shall be deemed to make any other express or implied representation or warranty with respect to such Co-Investor and this
offering, and the Co-Investor Parties disclaim any such representation or warranty. 

  
 6 

 
Except for the specific representations and warranties expressly made by the Company in Section 4 of this Agreement and in any certificate or agreement delivered pursuant hereto, the Co-Investor Parties specifically disclaim that they are relying upon any other representations or warranties that may have been made by the Company, any Person on behalf of the Company or any of the Company’s
affiliates (collectively, the “Company Parties”). 
 4. Representations and Warranties of the Company. The Company
makes the following representations and warranties to each Co-Investor, each of which shall be true and correct as of the date of this Agreement and as of the
Co-Investment Closing, and shall survive the execution and delivery of this Agreement: 
 (a)
Capitalization. The authorized share capital of the Company consists of: 
 (i) [•] Class A Shares, [•] of which are
issued and outstanding; and 
 (ii) [•] Class B Shares, all of which are issued and outstanding and held by the Sponsor. All of
the issued and outstanding Class A Shares and Class B Shares have been duly authorized, are fully paid and nonassessable and were issued in compliance with all applicable federal and state securities laws. 

(b) Incorporation and Power. The Company is duly incorporated, validly existing, and in good standing under the laws of the Cayman
Islands and has all requisite power and authority to carry on its business as presently conducted and as proposed to be conducted. 
 (c)
Authorization. The Company has full power and authority to enter into this Agreement. This Agreement, when executed and delivered by the Company, will constitute the valid and legally binding obligation of such the Company, enforceable in
accordance with its terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and any other laws of general application affecting enforcement of creditors’ rights generally or as limited by
laws relating to the availability of specific performance, injunctive relief or other equitable remedies. 
 (d) Valid Issuance of
Securities. 
 (i) The Co-Investment Securities, when issued, sold and delivered in accordance
with the terms and for the consideration set forth in this Agreement and registered in the register of members of the Company, and the securities issuable upon conversion or exercise of the Co-Investment
Securities, when issued in accordance with the terms of the Co-Investment Securities, this Agreement and the Warrant Agreement, and registered in the register of members of the Company, will be validly issued,
fully paid and nonassessable and free of all preemptive or similar rights, taxes, liens, encumbrances and charges with respect to the issue thereof and restrictions on transfer other than restrictions on transfer specified under this Agreement, the
Shareholders Agreement, applicable state and federal securities laws and liens or encumbrances created by or imposed by such Co-Investor. Assuming the accuracy of the representations of such Co-Investor in this Agreement and subject to the filings described in Section 4(e) below, the Co-Investment Securities will be issued in compliance
with all applicable federal and state securities laws. 
 (ii) No “bad actor” disqualifying event described in Rule
506(d)(1)(i)-(viii) of the Securities Act (a “Disqualification Event”) is applicable to the Company or, to the Company’s knowledge, any Company Covered Person (as defined below), except for a Disqualification Event as to which
Rule 506(d)(2)(ii–iv) or (d)(3), is applicable. “Company Covered Person” means, with respect to the Company as an “issuer” for purposes of Rule 506 promulgated under the Securities Act, any Person listed in the first
paragraph of Rule 506(d)(1). 
 (e) Governmental Consents and Filings. Assuming the accuracy of the representations made by each Co-Investor in this Agreement, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal, state or local governmental authority is required
on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement, except for filings pursuant to Regulation D of the Securities Act, and applicable state securities laws. 

  
 7 

 (f) No Conflict. The execution, delivery and performance by the Company of this Agreement
and the other agreements contemplated hereby and the consummation by the Company of the transactions contemplated by this Agreement and such other agreements will not result in any violation or default (i) of any provisions of the
Company’s memorandum and articles of association, attached hereto as Exhibit B (as amended, including in connection with the Business Combination Closing, the “Charter”), or other governing documents, (ii) of any
instrument, judgment, order, writ or decree to which it is a party or by which it is bound, (iii) under any note, indenture or mortgage to which it is a party or by which it is bound, or (iv) under any lease, agreement, contract or
purchase order to which it is a party or by which it is bound or (v) of any provision of federal or state statute, rule or regulation applicable to the Company, in each case, which would have a material adverse effect on the Company or its
ability to consummate the transactions contemplated by this Agreement. 
 (g) Operations. As of the date hereof, the Company has not
conducted, and prior to the Business Combination Closing the Company will not conduct, any operations other than organizational activities and activities in connection with the IPO, the pursuit of a Business Combination (together with all co-investments in connection therewith), the offerings of the Co-Investment Securities, and matters reasonably related thereto. 

(h) Foreign Corrupt Practices. Neither the Company, nor any director, officer, agent, employee or other Person acting on behalf of the
Company has, in the course of its actions for, or on behalf of, the Company (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expenses relating to political activity; (ii) made any direct or
indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; (iii) violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended; or (iv) made any
unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment to any foreign or domestic government official or employee. 

(i) Compliance with Anti-Money Laundering Laws. The operations of the Company are and have been conducted at all times in compliance
with applicable financial recordkeeping and reporting requirements and all other applicable U.S. and non-U.S. anti-money laundering laws and regulations, including, but not limited to, those of the Currency
and Foreign Transactions Reporting Act of 1970, as amended, the USA Patriot Act of 2001 and the applicable money laundering statutes of all applicable jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations
or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Anti-Money Laundering Laws”), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any
arbitrator involving the Company with respect to the Anti-Money Laundering Laws is pending or, to the knowledge of the Company, threatened. 

(j) Absence of Litigation. There is no action, suit, proceeding, inquiry or investigation before or by any court, public board,
government agency, self-regulatory organization or body pending or, to the knowledge of the Company, threatened against or affecting the Company or any of the Company’s officers or directors, whether of a civil or criminal nature or otherwise,
in their capacities as such. 
 (k) No General Solicitation. Neither the Company, nor any of its officers, directors, employees,
agents or shareholders has either directly or indirectly, including, through a broker or finder (i) engaged in any general solicitation, or (ii) published any advertisement in connection with the offer and sale of the Co-Investment Securities. 
 (l) No Other Representations and Warranties;
Non-Reliance. Except for the specific representations and warranties contained in this Section 4 and in any certificate or agreement delivered pursuant hereto, none of the Company Parties has
made, makes or shall be deemed to make any other express or implied representation or warranty with respect to the Company, this offering, the IPO or the Business Combination, and the Company Parties disclaim any such representation or warranty.
Except for the specific representations and warranties expressly made by such Co-Investor in Section 2 of this Agreement and in any certificate or agreement delivered pursuant hereto, the
Company Parties specifically disclaim that they are relying upon any other representations or warranties that may have been made by the Co-Investor Parties. 

  
 8 

 5. Additional Agreements and Acknowledgements. 

(a) Transfer Restrictions. Until such time as the Co-Investors cease to own Company securities,
the Sponsor agrees that it shall not Transfer any securities of the Company held by it from time to time except pursuant to its tag-along rights with respect to Transfers of Company securities by the Co-Investors set forth in the Shareholders Agreement. Notwithstanding the foregoing, Transfers of the Company securities are permitted (i) to any members, partners, officers or directors of any of the Co-Investors, the Company or the Sponsor, or any affiliates or immediate family members of any of the foregoing; (ii) to any affiliates of the Sponsor or any Co-Investor;
(iii) to charitable organizations; (iv) in the case of any permitted transferee of the Sponsor who is an individual, (A) to the individual’s immediate family, (B) to a trust controlled by such individual, the sole
beneficiaries of which are such individual and members such individual’s immediate family, (C) a controlled affiliate of such individual, or (D) by virtue of laws of descent and distribution upon death of such individual); (v) in
the event of the Company’s liquidation, bankruptcy or dissolution prior to the completion of a Business Combination; (vi) to any investment fund or other entity controlled or managed by CCM, the Sponsor or any of their respective
affiliates, or to any investment manager or investment advisor of any of the foregoing; (vii) indirectly as a consequence of any permitted transfers of Sponsor equity in accordance with the Sponsor’s governing documents; (viii) to a
nominee or custodian of a Person to whom a disposition or Transfer would be permissible under clauses (i) through (vii) above, and (ix) pursuant to an order of a court or regulatory agency; provided, however,
that, as required by the Company after delivery to the Company of advance written notice of any such proposed permitted transfer by the Sponsor, permitted transferees must enter into a written agreement agreeing to be bound by these transfer
restrictions. For the avoidance of doubt, this section shall not restrict the ability to exercise any Warrants in accordance with their terms. 

(b) Sponsor Promote Anti-Dilution. The parties hereto acknowledge that, subject to any applicable waivers by the Sponsor or its
permitted transferee (as the Class B Share majority holder), the issuance of Co-Investment Securities as part of the Co-Investment, and any other third party co-investment or future issuance, will result in an adjustment to the conversion ratio of the Class B Shares set forth in the Charter such that (after giving effect to the Business Combination, the Co-Investment and the conversion of Class B Shares contemplated by the Charter to occur in connection with a Business Combination) the initial holders of the Company’s Class B Shares as of prior to
the IPO and their permitted transferees, if any, would retain their aggregate percentage ownership at 20% of the sum of (i) the total number of Class A Shares issued and outstanding upon completion of the IPO (not including any shares
issued upon the exercise of Warrants after the completion of the IPO) plus (ii) the sum of (a) the total number of Class A Shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities
or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the Business Combination (for such purposes, without regard for any vesting or other contingencies with respect to the exercise, exchange or
conversion thereof), excluding any Class A Shares or equity-linked securities exercisable for or convertible into Class A Shares issued, or to be issued, to any seller in the Business Combination and any Warrants issued to the Sponsor upon
conversion of working capital loans, minus (b) the number of Public Shares redeemed by public shareholders in connection with the Business Combination (however in no event shall the Class B Shares convert into Class A Shares at
a ratio that is less than one-for-one). The Co-Investment Securities will not be aggregated with the holdings of the Sponsor in calculating the anti-dilution adjustment
described in this Section 5(b). In connection with the Business Combination Closing, the Sponsor shall contribute and forfeit to the Company (at no additional cost), and the Company shall accept from the Sponsor, the number
of Class B Shares (or Class A Shares issued upon conversion of such shares) and Warrants held by the Sponsor (and, in addition to the Co-Investment Securities otherwise issuable to the Co-Investors hereunder and in connection with the transactions contemplated hereby, at the Co-Investment Closing the Company shall, and the Sponsor shall cause the Company to,
issue and deliver to the Co-Investors (pro rata in accordance with their Co-Investment Purchase Price paid hereunder) a sufficient number of additional
Class A Shares and Warrants) necessary to (when taken together with all applicable Sponsor waivers and all redemptions of Public Shares) prevent dilution of the holdings of the Co-Investors in the Company
due to the holdings of the Sponsor in the Company. The Sponsor, the Co-Investors and the Company shall take all necessary actions to effect the anti-dilution terms of this
Section 5(b) and shall use commercially reasonable efforts to effect any required contributions and issuances of securities contemplated by this Section 5(b) in a manner that is intended to be tax
efficient to the Sponsor, the Co-Investors and the Company. Any transfer of any portion of the Sponsor’s holdings in the Company pursuant to this Section 5(b) will take effect as
a surrender for no-consideration or contribution (as applicable) of Class B Shares (or Class A Shares received upon conversion of such Class B Shares) and Warrants by the Sponsor to the Company
and an issuance of Class A Shares and Warrants to the applicable Co-Investor(s) as a matter of Cayman Islands law. For the avoidance of doubt, the parties hereto acknowledge and agree that any
Class 

  
 9 

 
A Shares and Warrants issued to the Sponsor as a result of this Section 5(b) shall constitute “Co-Investment Shares”, “Co-Investment Warrants” and “Co-Investment Securities”, as applicable, for purposes hereof. The parties hereto acknowledge that, for U.S. federal income
tax purposes, unless otherwise required by Law, (x) the sale and purchase of the Co-Investment Securities in the Co-Investment and the issuance of Class A
Shares and Warrants to the applicable Co-Investor(s) pursuant to the anti-dilution terms of this Section 5(b) shall together be treated as (A) in part a contribution of cash to
the Company by the applicable Co-Investor(s) in exchange for (1) the Co- Investment Shares that constitute Co-Investment
Securities issued in the Co-Investment and (2) the Class A Shares issued pursuant to the anti-dilution terms of this Section 5(b), that is intended to be a contribution
described in Section 351 of the Code, and (B) in part an acquisition for cash by the applicable Co-Investor(s) of (1) the Co-Investment Warrants that
constitute Co-Investment Securities issued in the Co-Investment and (2) the Warrants issued pursuant to the anti-dilution terms of this
Section 5(b), and (y) the Co-Investment Purchase Price shall be allocated among such securities in accordance with their respective fair market values. As used in this Agreement,
the term “equity-linked securities” refers to any debt or equity securities that are convertible, exercisable or exchangeable for our Class A Shares issued in a financing transaction in connection with the Business Combination,
including but not limited to a private placement of equity or debt. 
 (c) Trust Account. 

(i) The Co-Investor hereby acknowledges that it is aware that the Company will establish a trust
account (the “Trust Account”) for the benefit of its public shareholders upon the closing of the IPO. Each Co-Investor, for itself and its affiliates, hereby agrees that it has no right,
title, interest or claim of any kind in or to, or to any monies held in, the Trust Account, or any other asset of the Company as a result of any liquidation of the Company, except for redemption and liquidation rights, if any, the Co-Investor may have in respect of any Public Shares. 
 (ii) Each
Co-Investor hereby agrees that it shall have no right of set-off or any right, title, interest or claim of any kind (“Claim”) to, or to any monies in,
the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account that it may have now or in the future, except for redemption and liquidation rights, if any, the
Co-Investor may have in respect of any Public Shares held by it. In the event a Co-Investor has any Claim against the Company under this Agreement, such Co-Investor shall pursue such Claim solely against the Company and its assets outside the Trust Account and not against the Trust Account, its trustee or any property or monies in the Trust Account, except for
redemption and liquidation rights, if any, the Co-Investor may have in respect of any Public Shares held by it. 

(d) Redemption and Liquidation. Each Co-Investor hereby waives, with respect to any Co-Investment Securities comprising any Class A Shares or Class B Shares from time to time held by it (if any), any redemption rights it may have in connection with (i) the consummation of a Business
Combination, including any such rights available in the context of a shareholder vote to approve such Business Combination and (ii) any shareholder vote to approve an amendment to the Charter that would affect the substance or timing of the
Company’s obligation to redeem 100% of the Class A Shares sold in the IPO if the Company has not consummated an initial Business Combination within the time period set forth in the Charter or in the context of a tender offer made by the
Company to purchase Class A Shares; provided, however, for the avoidance of doubt, the parties acknowledge and agree each such Co-Investor shall be entitled to redemption and liquidation
rights with respect to any Public Shares, if any, held by it. 
 (e) Voting. Each Co-Investor
hereby agrees that if the Company seeks shareholder approval of a proposed Business Combination, then in connection with such proposed Business Combination, such Co-Investor shall vote any voting securities of
the Company owned by it (if any) in favor of any proposed Business Combination; provided, that for the avoidance of doubt, the Co-Investment Securities shall not be issued to the Co-Investors until immediately prior to such Business Combination Closing and subsequent to the shareholder vote to approve such Business Combination. 

(f) No Short Sales. Each Co-Investor hereby agrees that neither it, nor any Person acting on its
behalf or pursuant to any understanding with it, will engage in any Short Sales with respect to securities of the Company prior to the Business Combination Closing. 

  
 10 

 (g) IRS Forms. On the Deposit Date, each
Co-Investor shall deliver to the Company a properly completed (including any required attachment) and duly executed applicable IRS Form W-8 or W-9, and shall from time to time deliver to the Company updates of such forms as they become invalid or obsolete. 

6. Additional Agreements of the Sponsor and the Company. 

(a) QEF Election Information. The Company shall use commercially reasonable efforts to determine whether, in any year, the Company is a
“passive foreign investment company” (a “PFIC”) within the meaning of U.S. Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder (collectively, the “Code”). If the Company
determines that it is a PFIC in any year, for the year of determination and for each year thereafter during which the Co-Investor holds an equity interest in the Company, including warrants, the Company shall
use commercially reasonable efforts to (i) make available to the Co-Investor the information that may be required to make or maintain a “qualified electing fund” election under the Code with
respect to the Company and (ii) furnish the information required to be reported under Section 1298(f) of the Code. 
 (b) NYSE
Listing. The Company will use commercially reasonable efforts to effect and maintain the listing of the Class A Shares and Warrants on the New York Stock Exchange (or another national securities exchange). 

7. Closing Conditions. 

(a) The obligation of the Co-Investor to purchase the
Co-Investment Securities at the Co-Investment Closing under this Agreement shall be subject to the fulfillment, at or prior to the
Co-Investment Closing of each of the following conditions, any of which, to the extent permitted by applicable laws, may be waived by the Co-Investor: 

(i) the Business Combination shall be consummated substantially concurrently with, and immediately following, the issuance of the Co-Investment Securities and release of the Co-Investment Purchase Price to the Company from the escrow account in accordance with the terms hereof; 

(ii) the Company shall have delivered to each Co-Investor a certificate evidencing the Company’s
good standing as a Cayman Islands exempted company, as of a date within ten (10) Business Days of the Co-Investment Closing; 

(iii) the representations and warranties of the Company set forth in Section 4 of this Agreement shall have been true and
correct as of the date hereof and shall be true and correct as of the Co-Investment Closing, as applicable, with the same effect as though such representations and warranties had been made on and as of such
date (other than any such representation or warranty that is made by its terms as of a specified date, which shall be true and correct as of such specified date), except where the failure to be so true and correct would not have a material adverse
effect on the Company or its ability to consummate the transactions contemplated by this Agreement; 
 (iv) the Company and the Sponsor
shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Company or the Sponsor at or prior to the Co-Investment Closing; 
 (v) the Sponsor shall not have validly delivered to the Company an Excusal
Notice in accordance with the terms and conditions set forth in Section 3(a) of the Co-Investment Agreement; 

(vi) no order, writ, judgment, injunction, decree, determination, or award shall have been entered by or with any governmental, regulatory, or
administrative authority or any court, tribunal, or judicial, or arbitral body, and no other legal restraint or prohibition shall be in effect, preventing the purchase by the Co-Investors of the Co-Investment Securities. 
 (b) The obligation of the Company to issue and sell the Co-Investment Securities at the Co-Investment Closing under this Agreement shall be subject to the fulfillment, at or prior to the
Co-Investment Closing of each of the following conditions, any of which, to the extent permitted by applicable laws, may be waived by the Company: 

  
 11 

 (i) the Business Combination shall be consummated substantially concurrently with, and
immediately following, the issuance of the Co-Investment Securities and release of the Co-Investment Purchase Price to the Company from the escrow account in accordance
with the terms hereof ; 
 (ii) the representations and warranties of each Co-Investor set forth in
Section 2 of this Agreement shall have been true and correct as of the date hereof and shall be true and correct as of the Co-Investment Closing, as applicable, with the same effect as
though such representations and warranties had been made on and as of such date (other than any such representation or warranty that is made by its terms as of a specified date, which shall be true and correct as of such specified date), except
where the failure to be so true and correct would not have a material adverse effect on the Co-Investor or its ability to consummate the transactions contemplated by this Agreement; 

(iii) each Co-Investor shall have performed, satisfied and complied in all material respects with the
covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by such Co-Investor at or prior to the Co-Investment Closing;
and 
 (iv) no order, writ, judgment, injunction, decree, determination, or award shall have been entered by or with any governmental,
regulatory, or administrative authority or any court, tribunal, or judicial, or arbitral body, and no other legal restraint or prohibition shall be in effect, preventing the purchase by the Co-Investors of the
Co-Investment Securities. 
 8. Termination. This Agreement may be terminated at any
time prior to the Co-Investment Closing: 
 (a) by mutual written consent of the Company and the Co-Investor; 
 (b) automatically, 

(i) if the Business Combination is not consummated within 24 months from the closing of the IPO, unless such period is extended by amendment
to the Charter in accordance with its terms; 
 (ii) upon the date that is ten (10) Business Days after the valid delivery to the
Company by the Co-Investors of an Excusal Notice in accordance with the terms and conditions set forth in Section 3(a) of the Co-Investment Agreement which is not
withdrawn in writing by the Co-Investors prior to such date; or 
 (iii) if the Sponsor or the
Company becomes subject to any voluntary or involuntary petition under the United States federal bankruptcy laws or any state insolvency law, in each case which is not withdrawn within sixty (60) days after being filed, or a receiver, fiscal
agent or similar officer is appointed by a court for business or property of the Sponsor or the Company, in each case which is not removed, withdrawn or terminated within sixty (60) days after such appointment. 

In the event of any termination of this Agreement pursuant to this Section 8, the Co-Investment Purchase
Price (and interest thereon, if any), if previously paid, and all Co-Investors’ funds paid in connection herewith shall be promptly returned to the Co-Investors,
and thereafter this Agreement shall forthwith become null and void and have no effect, without any liability on the part of any Co-Investor, the Sponsor or the Company and their respective directors, officers,
employees, partners, managers, members, or shareholders and all rights and obligations of each party shall cease; provided, however, that nothing contained in this Section 8 shall relieve any party from liabilities or
damages arising out of any fraud or willful breach by such party of any of its representations, warranties, covenants or agreements contained in this Agreement. 

  
 12 

 9. General Provisions. 

(a) Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed
effectively given upon the earlier of actual receipt, or (i) personal delivery to the party to be notified, (ii) when sent, if sent by electronic mail or facsimile (if any) during normal business hours of the recipient, and if not sent
during normal business hours, then on the recipient’s next Business Day, (iii) five (5) Business Days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (iv) one (1) Business Day
after deposit with a nationally recognized overnight courier, freight prepaid, specifying next Business Day delivery, with written verification of receipt. All communications sent to the Company shall be sent to: Iron Horse Acquisition Corp., c/o
Cerberus Capital Management, 875 Third Avenue, New York, New York 10022, Attn: Mark Neporent, email: mneporent@cerberuscapital.com, with a copy to the Company’s counsel at: Kirkland & Ellis LLP, 601 Lexington Avenue, New York, NY
10022, Attn: Douglas Ryder, P.C. and Joshua F. Soszynski, Esq., emails: douglas.ryder@kirkland.com and joshua.soszynski@kirkland.com, fax: (212) 446-4900. All communications to a
Co-Investor or the Sponsor shall be to such Person’s address as set forth on the signature page hereof, or to such e-mail address, facsimile number (if any) or
address as subsequently modified by written notice given in accordance with this Section 9(a). 
 (b) No
Finder’s Fees. Other than fees payable to Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC in connection with the IPO, which shall be the responsibility of the Company, each party represents that it neither is nor will be
obligated for any finder’s fee or commission in connection with this transaction. The Company agrees to indemnify and hold harmless the Co-Investors from any liability for any commission or compensation
in the nature of a finder’s or broker’s fee arising out of this transaction (and the costs and expenses of defending against such liability or asserted liability) for which the Company or any of its officers, employees or representatives
is responsible. 
 (c) Survival of Representations and Warranties. All of the representations and warranties contained herein shall
survive in accordance with applicable law. 
 (d) Entire Agreement. This Agreement, together with any documents, instruments and
writings that are delivered pursuant hereto or referenced herein, constitutes the entire agreement and understanding of the parties hereto in respect of its subject matter and supersedes all prior understandings, agreements, or representations by or
among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. 

(e) Successors. All of the terms, agreements, covenants, representations, warranties, and conditions of this Agreement are binding upon,
and inure to the benefit of and are enforceable by, the parties hereto and their respective successors. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors
and assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 

(f) Assignments. Except as otherwise specifically provided herein, no party hereto may assign either this Agreement or any of its
rights, interests, or obligations hereunder without the prior written approval of the other parties. 
 (g) Counterparts. This
Agreement may be executed in one or more counterparts, each of which will be deemed an original but all of which together will constitute one and the same instrument. 

(h) Headings. The section headings contained in this Agreement are inserted for convenience only and will not affect in any way the
meaning or interpretation of this Agreement. 
 (i) Governing Law. This Agreement, the entire relationship of the parties hereto, and
any litigation between the parties (whether grounded in contract, tort, statute, law or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of the State of Delaware, without giving effect to its choice of
laws principles. 

  
 13 

 (j) Jurisdiction. The parties (i) hereby irrevocably and unconditionally submit to
the jurisdiction of the state courts of Delaware and to the jurisdiction of the United States District Court for the State of Delaware for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement,
(ii) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement except in state courts of Delaware or the United States District Court for the State of Delaware , and (iii) hereby waive, and
agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from
attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such
court. 
 (k) Waiver of Jury Trial. The parties hereto hereby waive any right to a jury trial in connection with any litigation
pursuant to this Agreement and the transactions contemplated hereby. 
 (l) Amendments. This Agreement may not be amended, modified or
waived as to any particular provision, except with the written consent of the Company, the Sponsor and the Co-Investor(s). 

(m) Severability. The provisions of this Agreement will be deemed severable and the invalidity or unenforceability of any provision will
not affect the validity or enforceability of the other provisions hereof; provided that if any provision of this Agreement, as applied to any party hereto or to any circumstance, is adjudged by a governmental authority, arbitrator, or
mediator not to be enforceable in accordance with its terms, the parties hereto agree that the governmental authority, arbitrator, or mediator making such determination will have the power to modify the provision in a manner consistent with its
objectives such that it is enforceable, and/or to delete specific words or phrases, and in its reduced form, such provision will then be enforceable and will be enforced. 

(n) Expenses. Each of the Company, the Sponsor and the Co-Investor(s) will bear its own costs
and expenses incurred in connection with the preparation, execution and performance of this Agreement and the consummation of the transactions contemplated hereby, including all fees and expenses of agents, representatives, financial advisors, legal
counsel and accountants; provided, that if the Co-Investment Closing occurs, then at the Business Combination Closing, the Company shall reimburse the
Co-Investors for a portion of such costs and expenses borne by the Co-Investors solely to the extent necessary to cause all such costs and expenses of the Company, the
Sponsor and the Co-Investors in the aggregate to be shared pro rata among the Sponsor, the Co-Investors and the other shareholders of Company based on their
relative ownership of Company securities. For the avoidance of doubt, if the Co-Investment Closing does not occur, the Co-Investors shall not be entitled to
reimbursement of such costs and expenses by the Company. The Company shall be responsible for the fees of its transfer agent, stamp taxes and all The Depository Trust Company fees associated with the issuance of any
Co-Investment Securities. 
 (o) Construction. The parties hereto have participated jointly in
the negotiation and drafting of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption or burden of proof will arise favoring or
disfavoring any party hereto because of the authorship of any provision of this Agreement. Any reference to any federal, state, local, or foreign law will be deemed also to refer to law as amended and all rules and regulations promulgated
thereunder, unless the context requires otherwise. The words “include,” “includes,” and “including” will be deemed to be followed by “without limitation.” Pronouns in masculine,
feminine, and neuter genders will be construed to include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context otherwise requires. The words “this Agreement,”
“herein,” “hereof,” “hereby,” “hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited. The
parties hereto intend that each representation, warranty, and covenant contained herein will have independent significance. If any party hereto has breached any representation, warranty, or covenant contained herein in any respect, the fact that
there exists another representation, warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached will not detract from or mitigate the fact that such party
hereto is in breach of the first representation, warranty, or covenant. 
 (p) Waiver. No waiver by any party hereto of any default,
misrepresentation, or breach of warranty or covenant hereunder, whether intentional or not, may be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way any rights
arising because of any prior or subsequent occurrence. 

  
 14 

 (q) Confidentiality. Except as may be required by law, regulation or applicable stock
exchange listing requirements, unless and until the transactions contemplated hereby and the terms hereof are publicly announced or otherwise publicly disclosed by the Company, the parties hereto shall keep confidential and shall not publicly
disclose the existence or terms of this Agreement. 
 (r) Specific Performance. Each of the parties hereto agrees that irreparable
damage may occur in the event any provision of this Agreement was not performed by the parties hereto in accordance with the terms hereof and that the other parties hereto each shall be entitled to specific performance of the terms hereof, in
addition to any other remedy at law or equity, without the posting of any bond and without proof of actual damages. No party will oppose the granting of any such relief on the ground(s) that any other party has an adequate remedy at law, that any
such party has not proven actual damages, and/or that such party should be required to post a bond. 
 (s) Favorable Terms. The Company
hereby represents and warrants that as of the date hereof, and covenants and agrees that after the date hereof, none of the agreements with any other Person for the purchase of Class A Shares or similar securities of the Company includes or
will include terms, rights or other benefits that are more favorable, in any material respect, to such other Person than the terms, rights and benefits in favor of the Co-Investors under this Agreement, and
the Company will not waive any material obligation under the agreements with such other Person unless, in any such case, the Co-Investors have been offered in writing the opportunity to concurrently receive
the benefits of all such terms, rights and benefits or waiver. The Co-Investors shall notify the Company in writing, within ten (10) days after the date it has been offered the opportunity to receive the
benefit of such terms, rights, benefits or waiver, of its election to receive any such term, right, benefit or waiver so offered. 
 (t)
Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective heirs, legal representatives, successors, and permitted assigns. 

(u) Further Assurances. Each party hereto shall execute and deliver all such further and additional instruments and agreements and
shall take such further and additional actions, as may be reasonably necessary or desirable and as reasonably requested by any other party hereto to evidence or carry out the provisions of this Agreement or to consummate the transactions
contemplated hereby. 
 (v) Time of Essence. Time is of the essence for each and every provision of this Agreement. 

[Signature pages follow] 

[Remainder of page intentionally left blank.] 

  
 15 

 IN WITNESS WHEREOF, the parties hereto have caused this Subscription Agreement to be duly
executed as of the date first written above. 
 COMPANY: 
  

			
	IRON HORSE ACQUISITION CORP.
		
	By:	 	  

	Name:	 	Steven F. Mayer
	Title:	 	Chief Executive Officer and Director
	
	SPONSOR:
	
	CERBERUS IRON HORSE HOLDINGS, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	

 CO-INVESTORS: 

[•] 
  

							
		 		 		 	Address for Notices:
	By:	 	  
	 		 	
	Name:	 		 		 	Email:
	Title:	 		 		 	Fax:

 ANNEX A 

Co-Investment Amounts 

 

																	
	 Co-Investor
	  	Purchased 
Co-Investment
Units	 	  	Co-Investment
Shares	 	  	Co-Investment
Warrants	 	  	Co-Investment
Purchase
Price	 
		  				  				  				  	$		 
		  				  				  				  	$		 
		  				  				  				  	$		 
		  				  				  				  	$		 
		  				  				  				  	$		 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Total
	  				  				  				  	$		 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

 ANNEX B 

Escrow Account Wire Instructions 

 Exhibit A 

Form of Registration Rights Agreement 

 FORM OF REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of [•], is made and entered into by and among
Iron Horse Acquisition Corp., a Cayman Islands exempted company (the “Company”), and each of the other entities party hereto (each, a “Holder” and collectively the “Holders”).

 RECITALS 

WHEREAS, each Holder is a party to a subscription agreement with the Company, dated the date hereof (a “Subscription
Agreement”), pursuant to which each Holder has subscribed for units of the Company (the “Units”), each Unit consisting of consisting of one Class A ordinary share of the Company, par value $0.0001 per share
(the “Ordinary Shares”), and one-third of one redeemable warrant to purchase one Class A ordinary share (the “Warrants”); and 

WHEREAS, the Company and each Holder desire to enter into this Agreement, pursuant to which the Company shall grant each Holder certain
registration rights with respect to certain securities of the Company, as set forth in this Agreement. 
 NOW, THEREFORE, in
consideration of the representations, covenants and agreements contained herein, and certain other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound,
hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 
 1.1
Definitions. The terms defined in this Article I shall, for all purposes of this Agreement, have the respective meanings set forth below: 

“Adverse Disclosure” shall mean any public disclosure of material non-public
information, which disclosure, in the good faith judgment of the Chief Executive Officer or Chief Financial Officer of the Company, after consultation with counsel to the Company, (i) would be required to be made in any Registration Statement
or Prospectus in order for the applicable Registration Statement or Prospectus not to contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein (in the case of any prospectus
and any preliminary prospectus, in the light of the circumstances under which they were made) not misleading, (ii) would not be required to be made at such time if the Registration Statement were not being filed, and (iii) the Company has
a bona fide business purpose for not making such information public. 
 “Agreement” shall have the meaning given in
the Preamble. 
 “Automatic Shelf Registration Statement” means an “automatic shelf registration
statement” as defined in Rule 405 promulgated under the Securities Act. 
 “Board” shall mean the Board of
Directors of the Company. 

 “Commission” shall mean the Securities and Exchange Commission. 

“Company” shall have the meaning given in the Preamble. 

“Demand Registration” shall have the meaning given in subsection 2.1.1. 

“Demanding Holder” shall have the meaning given in subsection 2.1.1. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as it may be amended from time to time. 

“Form S-1” shall have the meaning given in subsection 2.1.1. 

“Form S-3” shall have the meaning given in subsection 2.3.1. 

“Holders” shall have the meaning given in the Preamble. 

“Maximum Number of Securities” shall have the meaning given in subsection 2.1.4. 

“Misstatement” shall mean an untrue statement of a material fact or an omission to state a material fact required to
be stated in a Registration Statement or Prospectus or necessary to make the statements in a Registration Statement or Prospectus in the light of the circumstances under which they were made not misleading. 

“Ordinary Shares” shall have the meaning given in the Recitals hereto. 

“Piggyback Registration” shall have the meaning given in subsection 2.2.1. 

“Pro Rata” shall have the meaning given in subsection 2.1.4. 

“Prospectus” shall mean the prospectus included in any Registration Statement, as supplemented by any and all
prospectus supplements and as amended by any and all post-effective amendments and including all material incorporated by reference in such prospectus. 

“Prospectus Date” shall mean the date of the final prospectus filed with the Commission and relating to the
Company’s initial public offering. 
 “Registrable Security” shall mean, whether held by a Holder or its
transferees, any Ordinary Shares or Warrants (or Ordinary Shares issuable upon the exercise of such Warrants), whether acquired pursuant to a Subscription Agreement or otherwise, and any other equity security of the Company issued or issuable with
respect to any such Ordinary Shares by way of a share capitalization or share split or in connection with a combination of shares, capitalization, merger, consolidation or reorganization; provided, however, that, as to any particular
Registrable Security, such securities shall cease to be Registrable Securities when: (A) a Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have
been sold, transferred, disposed of or exchanged in accordance with such Registration Statement; (B) such securities shall have been otherwise transferred, new certificates for such securities not bearing a legend restricting further transfer

  
 2 

 
shall have been delivered by the Company and subsequent public distribution of such securities shall not require registration under the Securities Act; (C) such securities shall have ceased
to be outstanding; or (D) such securities have been sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities transaction. 

“Registration” shall mean a registration effected by preparing and filing a registration statement or similar document
in compliance with the requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement becoming effective. 

“Registration Expenses” shall mean the
out-of-pocket expenses of a Registration, including, without limitation, the following: 

(a) all registration and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory
Authority) and any securities exchange on which the Ordinary Shares are then listed; 
 (b) fees and expenses of compliance with securities
or blue sky laws (including reasonable fees and disbursements of counsel for the Underwriters in connection with blue sky qualifications of Registrable Securities); 

(c) printing, messenger, telephone and delivery expenses; 

(d) reasonable fees and disbursements of counsel for the Company; 

(e) reasonable fees and disbursements of all independent registered public accountants of the Company incurred specifically in connection with
such Registration; and 
 (f) reasonable fees and expenses of one legal counsel selected by the majority-in-interest of the Demanding Holders initiating a Demand Registration to be registered for offer and sale in the applicable Registration. 

“Registration Statement” shall mean any registration statement that covers the Registrable Securities pursuant to the
provisions of this Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to such registration statement, and all exhibits to and all material incorporated by
reference in such registration statement. 
 “Requesting Holder” shall have the meaning given in subsection
2.1.1. 
 “Resale Shelf” shall have the meaning given in subsection 2.3.1. 

“Securities Act” shall mean the Securities Act of 1933, as amended from time to time. 

“Subscription Agreement” shall have the meaning given in the Recitals hereto. 

“Subsequent Shelf Registration” shall have the meaning given in subsection 2.3.2. 

  
 3 

 “Underwriter” shall mean a securities dealer who purchases any
Registrable Securities as principal in an Underwritten Offering and not as part of such dealer’s market-making activities. 

“Underwritten Registration” or “Underwritten Offering” shall mean a Registration in which
securities of the Company are sold to an Underwriter in a firm commitment underwriting for distribution to the public. 

“Underwritten Shelf Takedown” shall have the meaning given in subsection 2.3.3. 

“Well-Known Seasoned Issuer” means a “well-known seasoned issuer” as defined in Rule 405 promulgated under
the Securities Act and which (i) is a “well-known seasoned issuer” under paragraph (1)(i)(A) of such definition or (ii) is a “well-known seasoned issuer” under paragraph (1)(i)(B) of such definition and is
also eligible to register a primary offering of its securities relying on General Instruction I.B.1 of Form S-3 under the Securities Act. 

ARTICLE II 

REGISTRATIONS 
 2.1
Demand Registration. 
 2.1.1 Request for Registration. Subject to the provisions of subsection 2.1.4 and
Section 2.4 hereof, at any time and from time to time on or after the Prospectus Date, the Holders of at least twenty percent (20%) of the then-outstanding number of Registrable Securities (the “Demanding
Holders”) may make a written demand for Registration of Registrable Securities, which written demand shall describe the amount and type of securities to be included in such Registration and the intended method(s) of distribution thereof
(such written demand a “Demand Registration”). The Company shall, within five (5) business days of the Company’s receipt of the Demand Registration, notify, in writing, all other Holders of Registrable Securities of
such demand, and each Holder of Registrable Securities who thereafter wishes to include all or a portion of such Holder’s Registrable Securities in a Registration pursuant to a Demand Registration (each such Holder that includes all or a
portion of such Holder’s Registrable Securities in such Registration, a “Requesting Holder”) shall so notify the Company, in writing, within three (3) business days after the receipt by the Holders of the notice
from the Company. Upon receipt by the Company of any such written notification from a Requesting Holder(s) to the Company, such Requesting Holder(s) shall be entitled to have their Registrable Securities included in a Registration pursuant to a
Demand Registration and the Company shall effect, as soon thereafter as practicable, but not more than forty five (45) days immediately after the Company’s receipt of the Demand Registration, the Registration of all Registrable Securities
requested by the Demanding Holders and Requesting Holders pursuant to such Demand Registration. Under no circumstances shall the Company be obligated to effect more than an aggregate of five (5) Registrations pursuant to a Demand Registration
under this subsection 2.1.1 with respect to any or all Registrable Securities; provided, however, that a Registration shall not be counted for such purposes unless a Form S-1 or any
similar long-form registration statement that may be available at such time (“Form S-1”) has become effective and all of the Registrable Securities requested by the Requesting Holders
to be registered on behalf of the Requesting Holders in such Form S-1 Registration have been sold, in accordance with Section 3.1 of this Agreement. 

  
 4 

 2.1.2 Effective Registration. Notwithstanding the provisions of subsection 2.1.1
above or any other part of this Agreement, a Registration pursuant to a Demand Registration shall not count as a Registration unless and until (i) the Registration Statement filed with the Commission with respect to a Registration pursuant to a
Demand Registration has been declared effective by the Commission and (ii) the Company has complied with all of its obligations under this Agreement with respect thereto; provided, further, that if, after such Registration
Statement has been declared effective, an offering of Registrable Securities in a Registration pursuant to a Demand Registration is subsequently interfered with by any stop order or injunction of the Commission, federal or state court or any other
governmental agency the Registration Statement with respect to such Registration shall be deemed not to have been declared effective, unless and until, (i) such stop order or injunction is removed, rescinded or otherwise terminated, and
(ii) a majority-in-interest of the Demanding Holders initiating such Demand Registration thereafter affirmatively elect to continue with such Registration and
accordingly notify the Company in writing, but in no event later than five (5) days, of such election; provided, further, that the Company shall not be obligated or required to file another Registration Statement until the
Registration Statement that has been previously filed with respect to a Registration pursuant to a Demand Registration becomes effective or is subsequently terminated. 

2.1.3 Underwritten Offering. Subject to the provisions of subsection 2.1.4 and Section 2.4 hereof, if a
majority-in-interest of the Demanding Holders so advise the Company as part of their Demand Registration that the offering of the Registrable Securities pursuant to such
Demand Registration shall be in the form of an Underwritten Offering, then the right of such Demanding Holder or Requesting Holder (if any) to include its Registrable Securities in such Registration shall be conditioned upon such Holder’s
participation in such Underwritten Offering and the inclusion of such Holder’s Registrable Securities in such Underwritten Offering to the extent provided herein. All such Holders proposing to distribute their Registrable Securities through an
Underwritten Offering under this subsection 2.1.3 shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the majority-in-interest of the Demanding Holders initiating the Demand Registration. 
 2.1.4
Reduction of Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten Registration pursuant to a Demand Registration, in good faith, advises the Company, the Demanding Holders and the Requesting Holders (if any)
in writing that the dollar amount or number of Registrable Securities that the Demanding Holders and the Requesting Holders (if any) desire to sell, taken together with all other Ordinary Shares or other equity securities that the Company desires to
sell and the Ordinary Shares, if any, as to which a Registration has been requested pursuant to separate written contractual piggy-back registration rights held by any other shareholders who desire to sell, exceeds the maximum dollar amount or
maximum number of equity securities that can be sold in the Underwritten Offering without adversely affecting the proposed offering price, the timing, the distribution method, or the probability of success of such offering (such maximum dollar
amount or maximum number of such securities, as applicable, the “Maximum Number of Securities”), then the Company shall include in such Underwritten Offering, as follows: (i) first, the Registrable Securities of the
Demanding Holders and the Requesting Holders (if any) (pro rata based on the respective number of Registrable Securities that each Demanding Holder and Requesting Holder (if any) has requested be included in such Underwritten Registration and the
aggregate number of Registrable Securities that the Demanding Holders and Requesting Holders have requested be 

  
 5 

 
included in such Underwritten Registration (such proportion is referred to herein as “Pro Rata”)) that can be sold without exceeding the Maximum Number of Securities; and
(ii) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), the Ordinary Shares or other equity securities that the Company desires to sell, which can be sold without exceeding the
Maximum Number of Securities; and (iii) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i) and (ii), the Ordinary Shares or other equity securities of other persons or entities
that the Company is obligated to register in a Registration pursuant to separate written contractual arrangements with such persons and that can be sold without exceeding the Maximum Number of Securities. 

2.1.5 Demand Registration Withdrawal. A
majority-in-interest of the Demanding Holders initiating a Demand Registration or a
majority-in-interest of the Requesting Holders (if any), pursuant to a Registration under subsection 2.1.1 shall have the right to withdraw from a Registration
pursuant to such Demand Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of their intention to withdraw from such Registration prior to the effectiveness of the
Registration Statement filed with the Commission with respect to the Registration of their Registrable Securities pursuant to such Demand Registration. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for
the Registration Expenses incurred in connection with a Registration pursuant to a Demand Registration prior to its withdrawal under this subsection 2.1.5. 

2.2 Piggyback Registration. 

2.2.1 Piggyback Rights. If, at any time the Company (x) proposes to file a Registration Statement under the Securities Act with
respect to an offering of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into equity securities, for its own account or for the account of shareholders of the Company (or by the Company and by
the shareholders of the Company including, without limitation, pursuant to Section 2.1 hereof), other than a Registration Statement (i) filed in connection with any employee share option or other benefit plan,
(ii) for an exchange offer or offering of securities solely to the Company’s existing shareholders, (iii) for an offering of debt that is convertible into equity securities of the Company or (iv) for a dividend reinvestment plan,
or (y) or proposes to offer any of its securities pursuant to a Registration Statement in an Underwritten Offering under the Securities Act, then the Company shall give written notice of such proposed filing or offering to all of the Holders of
Registrable Securities as soon as practicable but not less than seven (7) business days before the anticipated filing date of such Registration Statement or five (5) business days before the anticipated launch of such Underwritten
Offering, which notice shall (A) describe the amount and type of securities to be included in such Registration or Underwritten Offering, the intended method(s) of distribution, and the name of the proposed managing Underwriter or Underwriters,
if any, in such offering, and (B) offer to all of the Holders of Registrable Securities the opportunity to register the sale of, or include in such Underwritten Offering, such number of Registrable Securities as such Holders may request in
writing within three (3) business days after receipt of such written notice (such Registration or Underwritten Offering, a “Piggyback Registration”). The Company shall, in good faith, cause such Registrable Securities to
be included in such Piggyback Registration and shall use its best efforts to cause the managing Underwriter or Underwriters of a proposed Underwritten Offering 

  
 6 

 
to permit the Registrable Securities requested by the Holders pursuant to this subsection 2.2.1 to be included in a Piggyback Registration on the same terms and conditions as any similar
securities of the Company included in such Registration and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof. All such Holders proposing to distribute their
Registrable Securities through an Underwritten Offering under this subsection 2.2.1 shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the Company. 

2.2.2 Reduction of Piggyback Registration. If the managing Underwriter or Underwriters in an Underwritten Offering that is to be a
Piggyback Registration, in good faith, advises the Company and the Holders of Registrable Securities participating in the Piggyback Registration in writing that the dollar amount or number of the Ordinary Shares that the Company desires to sell,
taken together with (i) the Ordinary Shares, if any, as to which inclusion in such Underwritten Offering has been demanded pursuant to separate written contractual arrangements with persons or entities other than the Holders of Registrable
Securities hereunder (ii) the Registrable Securities as to which inclusion in such Underwritten Offering has been requested pursuant Section 2.2 hereof, and (iii) the Ordinary Shares, if any, as to which inclusion
in such Underwritten Offering has been requested pursuant to separate written contractual piggy-back registration rights of other shareholders of the Company, exceeds the Maximum Number of Securities, then: 

(a) If the Underwritten Offering is undertaken for the Company’s account, the Company shall include in any such Underwritten Offering
(A) first, the Ordinary Shares or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (B) second, to the extent that the Maximum Number of Securities has not
been reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant to subsection 2.2.1 hereof together with the Ordinary Shares held by other
shareholders of the Company exercising separate contractual piggy-back registration rights between such holders and the Company, Pro Rata, based on the respective number of Registrable Securities so requested to be included, which can be sold
without exceeding the Maximum Number of Securities; 
 (b) If the Underwritten Offering is pursuant to a request by persons or entities
other than the Holders of Registrable Securities, then the Company shall include in any such Underwritten Offering (A) first, the Ordinary Shares or other equity securities, if any, of such requesting persons or entities, other than the Holders
of Registrable Securities, which can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Ordinary Shares or other
equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (C) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses
(A) and (B), the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant to subsection 2.2.1 hereof together with the Ordinary Shares held by other shareholders of the Company
exercising separate contractual piggy-back registration rights between such holders and the Company, Pro Rata, based on the respective number of Registrable Securities so requested to be registered, which can be sold without exceeding the Maximum
Number of Securities. 

  
 7 

 2.2.3 Piggyback Registration Withdrawal. Any Holder of Registrable Securities shall have
the right to withdraw from a Piggyback Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of his, her or its intention to withdraw from such Piggyback Registration prior
to the effectiveness of the Registration Statement filed with the Commission with respect to such Piggyback Registration. The Company (whether on its own good faith determination or as the result of a request for withdrawal by persons pursuant to
separate written contractual obligations) may withdraw a Registration Statement filed with the Commission in connection with a Piggyback Registration at any time prior to the effectiveness of such Registration Statement. Notwithstanding anything to
the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with the Piggyback Registration prior to its withdrawal under this subsection 2.2.3. 

2.2.4 Unlimited Piggyback Registration Rights. For purposes of clarity, any Registration effected pursuant to
Section 2.2 hereof shall not be counted as a Registration pursuant to a Demand Registration effected under Section 2.1 hereof. 

2.3 Registrations on Form S-3. 

2.3.1 Filing. Within thirty (30) days after the date hereof, the Company shall use commercially reasonable efforts (i) to file
a registration statement on Form S-3 Form S-3 or any similar short-form registration statement that may be available at such time (“Form S-3”) for a secondary offering of the Registrable Securities pursuant to Rule 415 under the Securities Act, provided that if Form S-3 is unavailable for such a
registration, the Company shall register the resale of the Registrable Securities on another appropriate form and undertake to register the Registrable Securities on Form S-3 as soon as such form is available
(such registration statement, a “Resale Shelf”), (ii) to cause the Form S-3 to be declared effective under the Securities Act promptly thereafter, but in no event later than ninety
(90) days thereafter. The Resale Shelf shall provide for the resale of Registrable Securities from time to time, and pursuant to any method or combination of methods legally available to, and requested by, a Holder. The Company shall maintain
the Resale Shelf in accordance with the terms hereof, and shall prepare and file with the Commission such amendments, including post-effective amendments, and supplements as may be necessary to keep such Resale Shelf effective and in compliance with
the provisions of the Securities Act until such time as there are no longer any Registrable Securities. In the event the Company files a Form S-1 Shelf, the Company shall use its commercially reasonable
efforts to convert the Form S-1 Shelf (and any Subsequent Shelf Registration) to a Form S-3 Shelf as soon as practicable after the Company is eligible to use Form S-3. 
 2.3.2 Subsequent Shelf Registrations. If any Resale Shelf ceases to be effective under the
Securities Act for any reason at any time while Registrable Securities are still outstanding, the Company shall use its commercially reasonable efforts to as promptly as is reasonably practicable cause such Resale Shelf to again become effective
under the Securities Act (including obtaining the prompt withdrawal of any order suspending the effectiveness of such Resale Shelf), and shall use its commercially reasonable efforts to as promptly as is

  
 8 

 
reasonably practicable amend such Resale Shelf in a manner reasonably expected to result in the withdrawal of any order suspending the effectiveness of such Resale Shelf or file an additional
registration statement as a Resale Shelf (a “Subsequent Shelf Registration”) registering the resale from time to time by the Holders of all Registrable Securities as of the time of such filing. If a Subsequent Shelf
Registration is filed, the Company shall use its commercially reasonable efforts to (i) cause such Subsequent Shelf Registration to become effective under the Securities Act as promptly as is reasonably practicable after the filing thereof (it
being agreed that the Subsequent Shelf Registration shall be an Automatic Shelf Registration Statement if the Company is a Well-Known Seasoned Issuer) and (ii) keep such Subsequent Shelf Registration continuously effective and usable until
there are no longer any Registrable Securities. Any such Subsequent Shelf Registration shall be on Form S-3 to the extent that the Company is eligible to use such form. Otherwise, such Subsequent Shelf
Registration shall be on another appropriate form and shall provide for the registration of such Registrable Securities for resale by the Holders in accordance with any reasonable method of distribution. 

2.3.3 Requests for Underwritten Shelf Takedowns. At any time and from time to time after the Resale Shelf has been declared effective by
the Commission, any Holder, or group of Holders, of then-outstanding Registrable Securities may request to sell all or any portion of its Registrable Securities in an Underwritten Offering that is registered pursuant to the Resale Shelf (each, an
“Underwritten Shelf Takedown”); provided that the Company shall only be obligated to effect an Underwritten Shelf Takedown if such offering shall include either (x) securities with a total
offering price (including piggyback shares and before deduction of underwriting discounts) reasonably expected to exceed, in the aggregate, $50 million or (y) all remaining Registrable Securities. All requests for Underwritten Shelf
Takedowns shall be made by giving written notice to the Company (the “Demand Shelf Takedown Notice”). Each Demand Shelf Takedown Notice shall specify the approximate number of Registrable Securities proposed to be sold in the
Underwritten Shelf Takedown and the expected price range (net of underwriting discounts and commissions) of such Underwritten Shelf Takedown. Upon receipt of a Demand Shelf Takedown Notice, the Company shall, within five (7) business days of
the Company’s receipt, notify, in writing, all other Holders of Registrable Securities of such Underwritten Shelf Takedown, and each Holder of Registrable Securities who thereafter wishes to include all or a portion of such Holder’s
Registrable Securities in such Underwritten Shelf Takedown shall so notify the Company, in writing, within three (3) business days after the receipt by the Holders of the notice from the Company. Upon receipt by the Company of any such written
notification from a Holder to the Company, such Holder(s) shall be entitled to have their Registrable Securities included in such Underwritten Shelf Takedown. Holders of a
majority-in-interest of Registrable Securities included in such Underwritten Shelf Takedown shall have the right to select the Underwriter or Underwriters to administer
the offering, subject to the Company’s prior approval which shall not be unreasonably withheld, conditioned or delayed. If the managing Underwriter or Underwriters in an Underwritten Shelf Takedown, in good faith, advises the Company and the
participating Holders in writing that the dollar amount or number of Registrable Securities proposed to be sold in such Underwritten Shelf Takedown, taken together with all other Ordinary Shares or other equity securities that the Company desires to
sell and the Ordinary Shares, if any, which are requested to be included pursuant to separate written contractual piggy-back registration rights held by any other shareholders who desire to sell, exceeds Maximum Number of Securities, then the
Company shall include in such Underwritten Offering, as follows: (i) first, the Registrable Securities of the Holders, Pro Rata, that can be sold 

  
 9 

 
without exceeding the Maximum Number of Securities; and (ii) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), the Ordinary
Shares or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (iii) third, to the extent that the Maximum Number of Securities has not been reached under the
foregoing clauses (i) and (ii), the Ordinary Shares or other equity securities of other persons or entities that the Company is obligated to include in such Underwritten Shelf Takedown pursuant to separate written contractual arrangements with
such persons and that can be sold without exceeding the Maximum Number of Securities. 
 2.4 Restrictions on Registration Rights. If
(A) during the period starting with the date sixty (60) days prior to the Company’s good faith estimate of the date of the filing of, and ending on a date one hundred and twenty (120) days after the effective date of, a Company
initiated Registration and provided that the Company has delivered written notice to the Holders prior to receipt of a Demand Registration pursuant to subsection 2.1.1 and it continues to actively employ, in good faith, all reasonable efforts
to cause the applicable Registration Statement to become effective; (B) the Holders have requested an Underwritten Offering and the Company and the Holders are unable to obtain the commitment of underwriters to firmly underwrite the offer; or
(C) in the good faith judgment of the Board such Registration would be seriously detrimental to the Company and the Board concludes as a result that it is essential to defer the filing of such Registration Statement at such time, then in each
case the Company shall furnish to such Holders a certificate signed by the Chairman of the Board stating that in the good faith judgment of the Board it would be seriously detrimental to the Company for such Registration Statement to be filed in the
near future and that it is therefore essential to defer the filing of such Registration Statement. In such event, the Company shall have the right to defer such filing for a period of not more than thirty (30) days; provided,
however, that the Company shall not defer its obligation in this manner more than once in any 12-month period. 

ARTICLE III 
 COMPANY
PROCEDURES 
 3.1 General Procedures. If at any time the Company is required to effect the Registration of Registrable
Securities, the Company shall use its best efforts to effect such Registration to permit the sale of such Registrable Securities in accordance with the intended plan of distribution thereof, and pursuant thereto the Company shall, as expeditiously
as possible: 
 3.1.1 prepare and file with the Commission as soon as practicable a Registration Statement with respect to such Registrable
Securities and use its commercially reasonable efforts to cause such Registration Statement to become effective and remain effective until all Registrable Securities covered by such Registration Statement have been sold; 

3.1.2 prepare and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements to
the Prospectus, as may be requested by the Holders or any Underwriter of Registrable Securities or as may be required by the rules, regulations or instructions applicable to the registration form used by the Company or by the Securities Act or rules
and regulations thereunder to keep the Registration Statement effective until all Registrable Securities covered by such Registration Statement are sold in accordance with the intended plan of distribution set forth in such Registration Statement or
supplement to the Prospectus; 

  
 10 

 3.1.3 prior to filing a Registration Statement or prospectus, or any amendment or supplement
thereto, furnish without charge to the Underwriters, if any, and the Holders of Registrable Securities included in such Registration, and such Holders’ legal counsel, copies of such Registration Statement as proposed to be filed, each amendment
and supplement to such Registration Statement (in each case including all exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration Statement (including each preliminary Prospectus), and such
other documents as the Underwriters and the Holders of Registrable Securities included in such Registration or the legal counsel for any such Holders may request in order to facilitate the disposition of the Registrable Securities owned by such
Holders; 
 3.1.4 prior to any public offering of Registrable Securities, use its best efforts to (i) register or qualify the
Registrable Securities covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States as the Holders of Registrable Securities included in such Registration Statement (in light of
their intended plan of distribution) may request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered with or approved by such other governmental authorities as may be
necessary by virtue of the business and operations of the Company and do any and all other acts and things that may be necessary or advisable to enable the Holders of Registrable Securities included in such Registration Statement to consummate the
disposition of such Registrable Securities in such jurisdictions; provided, however, that the Company shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify or
take any action to which it would be subject to general service of process or taxation in any such jurisdiction where it is not then otherwise so subject; 

3.1.5 cause all such Registrable Securities to be listed on each securities exchange or automated quotation system on which similar securities
issued by the Company are then listed; 
 3.1.6 provide a transfer agent or warrant agent, as applicable, and registrar for all such
Registrable Securities no later than the effective date of such Registration Statement; 
 3.1.7 advise each Holder of Registrable Securities
included in such Registration Statement, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or
threatening of any proceeding for such purpose and promptly use its commercially reasonable efforts to prevent the issuance of any stop order or to obtain its withdrawal if such stop order should be issued; 

3.1.8 at least five (5) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such
Registration Statement or Prospectus or, to the extent practicable, any document that is to be incorporated by reference into such Registration Statement or Prospectus, furnish a copy thereof to each seller of such Registrable Securities or its
counsel; 

  
 11 

 3.1.9 notify the Holders at any time when a Prospectus relating to such Registration Statement is
required to be delivered under the Securities Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes a Misstatement, and then to correct such Misstatement as set
forth in Section 3.4 hereof; 
 3.1.10 permit a representative of the Holders, the Underwriters, if any, and any
attorney or accountant retained by such Holders or Underwriter to participate, at each such person’s own expense, in the preparation of the Registration Statement, and cause the Company’s officers, directors and employees to supply all
information reasonably requested by any such representative, Underwriter, attorney or accountant in connection with the Registration; provided, however, that such representatives or Underwriters enter into a confidentiality agreement,
in form and substance reasonably satisfactory to the Company, prior to the release or disclosure of any such information; 
 3.1.11 obtain a
“cold comfort” letter from the Company’s independent registered public accountants in the event of an Underwritten Registration, in customary form and covering such matters of the type customarily covered by “cold comfort”
letters as the managing Underwriter may reasonably request, and reasonably satisfactory to a majority-in-interest of the participating Holders; 

3.1.12 on the date the Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion and negative assurance
letter, dated such date, of counsel representing the Company for the purposes of such Registration, addressed to the Holders, the placement agent or sales agent, if any, and the Underwriters, if any, covering such legal matters with respect to the
Registration in respect of which such opinion is being given as the Holders, placement agent, sales agent, or Underwriter may reasonably request and as are customarily included in such opinions and negative assurance letters, and reasonably
satisfactory to a majority in interest of the participating Holders, ; 
 3.1.13 in the event of any Underwritten Offering, enter into and
perform its obligations under an underwriting agreement, in usual and customary form, with the managing Underwriter of such offering; 

3.1.14 make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve
(12) months beginning with the first day of the Company’s first full calendar quarter after the effective date of the Registration Statement which satisfies the provisions of Section 11(a) of the Securities Act
and Rule 158 thereunder; 
 3.1.15 if the Registration involves the Registration of Registrable Securities involving gross proceeds in excess
of $50,000,000, use its reasonable efforts to make available senior executives of the Company to participate in customary “road show” and analyst or investor presentations and such other selling or other informational meetings organized by
the Underwriter that may be reasonably requested by the Underwriter in any Underwritten Offering, with all out-of-pocket costs and expenses incurred by the Company or
such officers in connection with such attendance and participation to be paid by the Company; 

  
 12 

 3.1.16 cooperate with each Underwriter participating in the disposition of such Registrable
Securities and Underwriters’ counsel in connection with any filings required to be made with The Financial Industry Regulatory Authority, Inc., including using commercially reasonable efforts to obtain
pre-clearance and pre-approval of the Registration Statement and applicable Prospectus upon filing with the Commission; 

3.1.17 within the deadlines specified by the Securities Act, make all required filing fee payments in respect of any Registration Statement or
Prospectus used under this Agreement (and any offering covered thereby); 
 3.1.18 in the case of certificated Registrable Securities,
cooperate with the Holders and the managing Underwriters to facilitate the timely preparation and delivery of certificates (not bearing any legends) representing Registrable Securities to be sold after receiving written representations from the
Holders participating in such offering that the Registrable Securities represented by the certificates so delivered by such Holders will be transferred in accordance with the Registration Statement, and enable such Registrable Securities to be in
such denominations and registered in such names as such Holders or managing Underwriters may reasonably request at least two business days prior to any sale of such Registrable Securities; and 

3.1.19 otherwise, in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the Holders, in
connection with such Registration. 
 3.2 Registration Expenses. The Registration Expenses of all Registrations shall be borne by the
Company. It is acknowledged by the Holders that the Holders shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters’ commissions and discounts, brokerage fees, Underwriter marketing costs
and, other than as set forth in the definition of “Registration Expenses,” all reasonable fees and expenses of any legal counsel representing the Holders. 

3.3 Requirements for Participation in Underwritten Offerings. No person may participate in any Underwritten Offering for equity
securities of the Company pursuant to a Registration initiated by the Company hereunder unless such person (i) agrees to sell such person’s securities on the basis provided in any underwriting arrangements approved by the Company and
(ii) completes and executes all customary questionnaires, powers of attorney, indemnities, lock-up agreements, stock powers, underwriting agreements and other customary documents as may be reasonably
required under the terms of such underwriting arrangements. 
 3.4 Suspension of Sales; Adverse Disclosure. Upon receipt of written
notice from the Company that a Registration Statement or Prospectus contains a Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until it has received copies of a supplemented or amended Prospectus
correcting the Misstatement (it being 

  
 13 

 
understood that the Company hereby covenants to prepare and file such supplement or amendment as soon as practicable after the time of such notice), or until it is advised in writing by the
Company that the use of the Prospectus may be resumed. If the filing, initial effectiveness or continued use of a Registration Statement in respect of any Registration at any time would require the Company to make an Adverse Disclosure or would
require the inclusion in such Registration Statement of financial statements that are unavailable to the Company for reasons beyond the Company’s control, the Company may, upon giving prompt written notice of such action to the Holders, delay
the filing or initial effectiveness of, or suspend use of, such Registration Statement for the shortest period of time, but in no event more than thirty (30) days, determined in good faith by the Company to be necessary for such purpose. In the
event the Company exercises its rights under the preceding sentence, the Holders agree to suspend, immediately upon their receipt of the notice referred to above, their use of the Prospectus relating to any Registration in connection with any sale
or offer to sell Registrable Securities. The Company shall immediately notify the Holders of the expiration of any period during which it exercised its rights under this Section 3.4. 

3.5 Reporting Obligations. As long as any Holder shall own Registrable Securities, the Company, at all times while it shall be a
reporting company under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to Sections 13(a)
or 15(d) of the Exchange Act and to promptly furnish the Holders with true and complete copies of all such filings. The Company further covenants that it shall take such further action as any Holder may reasonably request, all to the extent required
from time to time to enable such Holder to sell Ordinary Shares held by such Holder without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act, including providing
any legal opinions. Upon the request of any Holder, the Company shall deliver to such Holder a written certification of a duly authorized officer as to whether it has complied with such requirements. 

ARTICLE IV 

INDEMNIFICATION AND CONTRIBUTION 

4.1 Indemnification. 

4.1.1 The Company agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its members, managers,
affiliates, directors, officers and agents and each person who controls such Holder (within the meaning of the Securities Act) to the fullest extent permitted by applicable law from and against all losses, claims, damages, liabilities and expenses
(including legal or other expenses reasonably incurred in connection with investigating, preparing or defending the same and the cost of enforcing any right to indemnification hereunder) to which any of them may become subject caused by (x) any
untrue or alleged untrue statement of material fact contained in any Registration Statement, Prospectus, disclosure package, preliminary Prospectus or free writing prospectus included in any Registration Statement, or any amendment thereof or
supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as the same are caused by or contained in any information furnished in
writing to the Company by such Holder expressly for use therein or (y) 

  
 14 

 
any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any other federal law, any state or foreign securities law, or any rule or regulation promulgated under
of the foregoing laws, relating to the offer or sale of the Registrable Securities. The Company shall indemnify the Underwriters, their officers and directors and each person who controls such Underwriters (within the meaning of the Securities Act)
to the same extent as provided in the foregoing with respect to the indemnification of the Holders. 
 4.1.2 In connection with any
Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such
Registration Statement or Prospectus and, to the extent permitted by law, shall indemnify the Company, members, managers, affiliates, directors, officers and agents and each person who controls the Company (within the meaning of the Securities Act)
against any losses, claims, damages, liabilities and expenses (including legal or other expenses reasonably incurred in connection with investigating, preparing or defending the same and the cost of enforcing any right to indemnification hereunder)
resulting from any untrue statement of material fact contained in the Registration Statement, Prospectus, disclosure package, preliminary Prospectus or free writing prospectus included in any Registration Statement, or any amendment thereof or
supplement thereto or any omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any information or
affidavit so furnished in writing by such Holder expressly for use therein; provided, however, that the obligation to indemnify shall be several, not joint and several, among such Holders of Registrable Securities, and the liability of
each such Holder of Registrable Securities shall be in proportion to and limited to the net proceeds received by such Holder from the sale of Registrable Securities pursuant to such Registration Statement; provided, further that
a Holder shall not be liable in any case to the extent that prior to the filing of any such Registration Statement, or any amendment thereof or supplement thereto, it has furnished in writing to the Company, information expressly for use in, and
within a reasonable period of time prior to the effectiveness of such Registration Statement, or any amendment thereof or supplement thereto which corrected or made not misleading information previously provided to the Company. The Holders of
Registrable Securities shall indemnify the Underwriters, their officers, directors and each person who controls such Underwriters (within the meaning of the Securities Act) to the same extent as provided in the foregoing with respect to
indemnification of the Company. 
 4.1.3 Any person entitled to indemnification herein shall (i) give prompt written notice to the
indemnifying party of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s right to indemnification hereunder to the extent such failure has not materially
prejudiced the indemnifying party) and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying
party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party
without its consent (but such consent shall not be unreasonably withheld or delayed). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one
counsel for all parties indemnified by such indemnifying 

  
 15 

 
party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified
parties with respect to such claim. No indemnifying party shall, without the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement which cannot be settled in all respects by the payment of money (and
such money is so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all
liability in respect to such claim or litigation. 
 4.1.4 The indemnification provided for under this Agreement shall remain in full force
and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling person of such indemnified party and shall survive the transfer of securities. The Company and each Holder of
Registrable Securities participating in an offering also agrees to make such provisions as are reasonably requested by any indemnified party for contribution to such party in the event the Company’s or such Holder’s indemnification is
unavailable for any reason. 
 4.1.5 If the indemnification provided under Section 4.1 hereof from the indemnifying
party is unavailable or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying party, in lieu of indemnifying the indemnified party, shall
contribute to the amount paid or payable by the indemnified party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified
party, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue or
alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the indemnifying party’s and indemnified
party’s relative intent, knowledge, access to information and opportunity to correct or prevent such action; provided, however, that the liability of any Holder under this subsection 4.1.5 shall be limited to the amount of
the net proceeds received by such Holder in such offering giving rise to such liability. The amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be deemed to include, subject to the limitations
set forth in subsections 4.1.1, 4.1.2 and 4.1.3 above, any legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. The parties hereto agree that it would not
be just and equitable if contribution pursuant to this subsection 4.1.5 were determined by pro rata allocation or by any other method of allocation, which does not take account of the equitable considerations referred to in this subsection
4.1.5. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to this subsection 4.1.5 from any person who was not guilty of such
fraudulent misrepresentation. 

  
 16 

 ARTICLE V 

MISCELLANEOUS 
 5.1
Notices. Any notice or communication under this Agreement must be in writing and given by (i) deposit in the United States mail, addressed to the party to be notified, postage prepaid and registered or certified with return receipt
requested, (ii) delivery in person or by courier service providing evidence of delivery, or (iii) transmission by hand delivery, electronic mail or facsimile. Each notice or communication that is mailed, delivered, or transmitted in the
manner described above shall be deemed sufficiently given, served, sent, and received, in the case of mailed notices, on the third business day following the date on which it is mailed and, in the case of notices delivered by courier service, hand
delivery, electronic mail or facsimile, at such time as it is delivered to the addressee (with the delivery receipt or the affidavit of messenger) or at such time as delivery is refused by the addressee upon presentation. Any notice or communication
under this Agreement must be addressed to the addressee at: c/o Cerberus Capital Management, L.P., 875 Third Avenue, New York, New York 10022. Any party may change its address for notice at any time and from time to time by written notice to the
other parties hereto, and such change of address shall become effective ten (10) days after delivery of such notice as provided in this Section 5.1. 

5.2 Assignment; No Third Party Beneficiaries. 

5.2.1 This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company in whole
or in part. 
 5.2.2 This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and
its successors and the permitted assigns of the Holders, which shall include any transferees. 
 5.2.3 This Agreement shall not confer any
rights or benefits on any persons that are not parties hereto, other than as expressly set forth in this Agreement and Section 5.2 hereof. 

5.2.4 No assignment by any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate the
Company unless and until the Company shall have received (i) written notice of such assignment as provided in Section 5.1 hereof and (ii) the written agreement of the assignee, in a form reasonably satisfactory to
the Company, to be bound by the terms and provisions of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement). Any transfer or assignment made other than as provided in this
Section 5.2 shall be null and void. 
 5.3 Counterparts. This Agreement may be executed in multiple
counterparts (including facsimile or PDF counterparts), each of which shall be deemed an original, and all of which together shall constitute the same instrument, but only one of which need be produced. 

5.4 Governing Law; Venue. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES
EXPRESSLY AGREE THAT THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS OF SUCH JURISDICTION. ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON
THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY MAY BE INSTITUTED IN THE FEDERAL COURTS OF THE UNITED STATES OR THE COURTS OF THE STATE OF NEW YORK IN EACH CASE LOCATED IN THE CITY OF NEW YORK, AND EACH PARTY IRREVOCABLY SUBMITS TO THE
EXCLUSIVE JURISDICTION OF SUCH COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING. 

  
 17 

 5.5 Amendments and Modifications. Upon the written consent of the Company and the Holders
of at least fifty percent (50%) of the Registrable Securities at the time in question, compliance with any of the provisions, covenants and conditions set forth in this Agreement may be waived, or any of such provisions, covenants or conditions may
be amended or modified; provided, however, that notwithstanding the foregoing, any amendment hereto or waiver hereof that adversely affects one Holder, solely in its capacity as a holder of Registrable Securities, in a manner that is
materially different from the other Holders (in such capacity) shall require the consent of the Holder so affected. No course of dealing between any Holder or the Company and any other party hereto or any failure or delay on the part of a Holder or
the Company in exercising any rights or remedies under this Agreement shall operate as a waiver of any rights or remedies of any Holder or the Company. No single or partial exercise of any rights or remedies under this Agreement by a party shall
operate as a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such party. 
 5.6 Other
Registration Rights. The Company represents and warrants that no person, other than a Holder of Registrable Securities, has any right to require the Company to register any securities of the Company for sale or to include such securities of the
Company in any Registration filed by the Company for the sale of securities for its own account or for the account of any other person, other than Cerberus Iron Horse Holdings, LLC, pursuant to that certain Registration Rights Agreement, dated as of
[•], 2018. Further, the Company represents and warrants that this Agreement supersedes any other registration rights agreement or agreement with similar terms and conditions and in the event of a conflict between any such agreement or
agreements and this Agreement, the terms of this Agreement shall prevail, other than the agreement listed in the preceding sentence. 
 5.7
Term. This Agreement shall terminate upon the earlier of (i) the tenth anniversary of the date of this Agreement or (ii) the date as of which no Registrable Securities shall remain outstanding. The provisions of
Section 3.5 and Article IV shall survive any termination. 
 [Signature Pages Follow] 

  
 18 

 IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the
date first written above. 
  

			
	IRON HORSE ACQUISITION CORP.
		
	By:	 	  

		 	Name: Steven F. Mayer
		 	Title: Chief Executive Officer

 [Signature Page to Registration Rights Agreement] 

 
			
	[HOLDER]
		
	By:	 	  

		 	Name:
		 	Title:
		
		 	Number of Units Subscribed for:
		
		 	  

 [Signature Page to Registration Rights Agreement] 

 Exhibit B 

CharterEX-10.20

 Exhibit 10.20 

EQUITY INVESTOR AGREEMENT 

This EQUITY INVESTOR AGREEMENT, dated January 11, 2018 (the “Effective Date”), is made by and among (a) YF ART Holdings,
L.P., a Delaware limited partnership (the “Yucaipa Shareholder”), (b) the GSCP Shareholders (as defined below), (c) Charm Progress Investment Limited (the “CM Shareholder” and, together with the GSCP Shareholders,
the “Series B Shareholders”; the Yucaipa Shareholder and the Series B Shareholders are referred to herein together as the “Shareholders”), and (d) Americold Realty Trust, a Maryland real estate
investment trust (the “Company”). 
 RECITALS 

WHEREAS, the Yucaipa Shareholder is the holder of the Warrants (as defined below) and is a holder of the Company’s Common Shares (as
defined below); 
 WHEREAS, the Series B Shareholders are the holders of all of the issued and outstanding Series B Preferred Shares (as
defined below); 
 WHEREAS, the Company and/or its Shareholders are currently contemplating, among other possible transactions or actions,
an IPO (as defined below) of shares of the Company’s Common Shares (as defined below) and a Sale Transaction (as defined below) of the equity interests in the Company; 

WHEREAS, the terms of the Series B Preferred Shares provide that the Series B Preferred Shares automatically convert into the Company’s
Common Shares immediately prior to the consummation of a Qualified IPO (as defined below); 
 WHEREAS, subject to the terms and conditions
of this Agreement (as defined below) and in order to facilitate the consummation of a Tier II IPO (as defined below), the Series B Shareholders have agreed that all of the Series B Preferred Shares shall be converted into Common Shares immediately
prior to the consummation of such Tier II IPO, as applicable; and 
 WHEREAS, in connection with the potential for a Specified Transaction
(as defined below) during the Term (as defined below), the Shareholders and the Company each desire to enter into this Agreement. 
 NOW
THEREFORE, in consideration of the premises and the representations, warranties, covenants and agreements contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and
intending to be legally bound hereby, the parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS AND RULES OF CONSTRUCTION 

1.1. Definitions. 

“Agreement” shall mean this Equity Investor Agreement as it may be modified, amended or restated in accordance with its terms,
including all Exhibits hereto. 

 “As-Converted Series B Shares” means, with respect to any number of Series B
Preferred Shares, the number of Common Shares into which such Series B Preferred Shares are convertible at the Conversion Price immediately prior to the Specified Transaction Closing Date (after giving effect to the payment of any cash dividends on
the Series B Preferred Shares prior to the IPO Closing). 
 “Business Day” means any day that is not a day on which banking
institutions in New York City are authorized or required by law or regulation to close. 
 “Cashless Exercise Share Amount”
means (a)(i) the Warrant Per Share Exercise Price multiplied by (ii) the Notional Warrant Amount, divided by (b) the Specified Share Price. 

“CM Shareholder” has the meaning set forth in the first paragraph of this Agreement. 

“Common Share Trading Price” means the volume weighted average price per share of Common Shares as reported on the New York
Stock Exchange composite transactions reporting system, during the ten (10) consecutive Trading Days ending on (and inclusive of) the Second Transfer Anniversary Date. 

“Common Shares” means the common shares of beneficial interest of the Company, par value $0.01 per share. 

“Company” has the meaning set forth in the first paragraph of this Agreement. 

“Conversion Price” has the meaning set forth in the Series B Certificate. 

“Conversion Transfer Amount” means, with respect to a Series B Shareholder, an amount equal to (a)(i) the Qualified IPO
Threshold Price minus (ii) the Designated Share Price, multiplied by (b) the number of As-Converted Series B Shares held by such Series B Shareholder immediately prior to the Specified Transaction Closing; provided that such amount shall
not be less than zero. 
 “Conversion Transfer Share Amount” means, with respect to a Series B Shareholder, such Series B
Shareholder’s (a) Conversion Transfer Amount divided by (b) the IPO Share Price. 
 “Declaration of Trust”
means the declaration of trust of the Company as in effect as of the Effective Date. 
 “Designated Share Price” means the
greater of the Specified Share Price and the applicable Floor Price. 
 “Effective Date” has the meaning set forth in the
first paragraph of this Agreement. 

 “Equity Equivalents” means rights, options or warrants (or similar securities)
to purchase equity securities, and any securities or obligations of any type whatsoever that are, or may become, convertible into or exercisable for equity securities. 

“Expiration Date” means the date that is the one year anniversary of the Effective Date. 

“Floor Price” means an amount to be agreed in writing between the Yucaipa Shareholder and the Preferred Majority. 

“Fully Diluted Outstanding Shares” means, at the relevant time, the number of Common Shares outstanding, assuming all Equity
Equivalents of the Company then outstanding have been converted, exercised, or exchanged, as the case may be, into Common Shares at the then applicable conversion or exercise price, assuming, with respect to the Warrants, the cashless exercise
thereof pursuant to the terms of the Warrants. 
 “Governmental Authority” means any nation, state, territory, province,
county, city or other unit or subdivision thereof or any entity, authority, agency, department, board, commission, instrumentality, court or other judicial body authorized on behalf of any of the foregoing to exercise legislative, judicial,
regulatory or administrative functions of or pertaining to government, including with respect to taxes, in each case whether federal, state, local or foreign. 

“GSCP Shareholders” means GS Capital Partners VI Fund, L.P., GS Capital Partners VI Parallel, L.P., GSCP VI Offshore IceCap
Investment, L.P. GSCP VI GmbH IceCap Investment, L.P., and IceCap2 Holdings, L.P. 
 “IPO” means the consummation of a firm
commitment underwritten initial public offering of the Company’s Common Shares registered under the Securities Act pursuant to an effective registration statement on Form S-11 or an equivalent registration statement. 

“IPO Closing” means the initial delivery of Common Shares by the Company against payment of the purchase price therefor
pursuant to the terms of the Underwriting Agreement. An IPO Closing may be a Qualified IPO Closing or a Tier II IPO Closing. 
 “IPO
Closing Date” means the date of an IPO Closing. 
 “IPO Notice” has the meaning set forth in
Section 2.10(a) of this Agreement. 
 “IPO Share Price” means the initial public offering price
per share of Common Shares to the public as specified on the cover of the final prospectus for the IPO and which, for the avoidance of doubt, shall not reflect underwriting discounts, commissions or other similar amounts. 

“IPO Warrant Dilution Payment Amount” shall mean the product of (a) 50% of the Pre-Warrant Series B Ownership Amount
multiplied by (b) the difference between (i) the Specified Transaction Warrant Value minus (ii) a warrant value target amount to be agreed in writing between the Yucaipa Shareholder and the Preferred Majority. 

 “Litigation” means any claim, action, suit, audit, investigation, inquiry,
proceeding or Governmental Authority investigation. 
 “New Declaration of Trust” has the meaning set forth in
Section 2.7 of this Agreement. 
 “New Shareholders Agreement” has the meaning set forth in
Section 2.12(b) of this Agreement. 
 “Notional Warrant Amount” means the aggregate number of
Common Shares that are available for purchase upon exercise of the Warrants. As of the Effective Date the Notional Warrant Amount is equal to 18,574,619 Common Shares. 

“Person” means any individual, partnership, corporation, limited liability company, unincorporated organization or
association, estate, trust (including the trustees thereof, in their capacity as such) or other entity. 
 “Preferred
Majority” has the meaning set forth in the Shareholders Agreement. 
 “Pre-Warrant Series B Ownership Amount”
shall mean (a) the As-Converted Series B Shares divided by (b) the sum of (i) the number of Common Shares outstanding after giving effect to the IPO Closing, including the As-Converted Series B Shares but excluding any Common Shares
issued pursuant to any exercise of the Warrants, and (ii) the number of Common Shares issuable upon the exercise or exchange of all Equity Equivalents (other than the Series B Preferred Shares and the Warrants) of the Company outstanding
immediately after an IPO. 
 “Pro Rata Share” means, as at any date of calculation, with respect to a Series B Shareholder,
the ratio of such Series B Shareholder’s Series B Preferred Shares to the total number of Series B Preferred Shares then outstanding. 

“Qualified IPO” has the meaning set forth in the Series B Certificate, and includes a Tier I Qualified IPO. 

“Qualified IPO Closing” means an IPO Closing for a Qualified IPO. 

“Qualified IPO Threshold Price” means 135% of the Conversion Price. 

“Restored Declaration of Trust” has the meaning set forth in Section 2.7 of this Agreement. 

“Sale Transaction” means a sale of all of the Equity Equivalents of the Company (whether by merger, sale of assets or
otherwise) for a Sale Transaction Per Share Price of $14.00 or greater; provided that any requirement imposed by the purchaser or purchasers in such Sale Transaction that any Equity Equivalents held by any of the Company’s officers, directors
or employees or the Series A Preferred Shares of the Company continue to remain outstanding following the Sale Transaction Closing shall not cause such transaction to fail to be a sale of all of the Equity Equivalents of the Company. 

 “Sale Transaction Closing” means the closing of a Sale Transaction. 

“Sale Transaction Closing Date” means the date of a Sale Transaction Closing. 

“Sale Transaction Per Share Price” means (a) the total equity value of the Company implied by the agreement with the
purchaser or purchasers in a Sale Transaction, divided by (b) the Fully Diluted Outstanding Shares at the Sale Transaction Closing Date. Such total equity value of the Company shall be agreed between the Yucaipa Shareholder and Series B
Shareholders representing the Preferred Majority not less than five (5) Business Days prior to the Sale Transaction Closing Date. 

“Sale Warrant Dilution Payment Amount” shall mean the product of (a) 0.1592 multiplied by (b) the difference between
(i) the Specified Transaction Warrant Value minus (ii) a warrant value target amount to be agreed in writing between the Yucaipa Shareholder and the Preferred Majority. 

“Second Transfer Anniversary Date” means, in the event of an IPO Closing, the date that is the first Trading Day immediately
following the six month anniversary of the IPO Closing Date, provided that if there is no corresponding calendar date during the sixth month after such IPO Closing Date, the Second Transfer Anniversary Date shall be the first Trading Day immediately
following the last day of the month of such sixth month anniversary date. 
 “Second Transfer Date” means the date that is
three Trading Days after the Second Transfer Anniversary Date. 
 “Second Transfer Date Threshold Amount” shall mean an
amount to be agreed in writing between the Yucaipa Shareholder and the Preferred Majority. 
 “Securities Act” means the
Securities Act of 1933, as amended. 
 “Series A Preferred Shares” means the 12.5% Series A Cumulative Non-Voting Preferred
Shares of the Company. 
 “Series B Certificate” means the Articles Supplementary to the Declaration of Trust designating
the Series B Preferred Shares of the Company and the preferences, rights, powers, restrictions, limitations, qualifications, and other terms and conditions thereof, as in effect as of the Effective Date. 

“Series B Preferred Shares” means the 5% Series B Cumulative Convertible Voting Preferred Shares of the Company established
pursuant to the Series B Certificate. 
 “Series B Shareholders” has the meaning set forth in the first paragraph of this
Agreement. 
 “Series C Preferred Shares” means the Series C Convertible Voting Preferred Shares of the Company. 

“Shareholders” has the meaning set forth in the first paragraph of this Agreement. 

 “Shareholders Agreement” means the Shareholders Agreement by and among the
Company and the shareholders of the Company party thereto dated December 9, 2010, as amended by the Assignment and Amendment of Shareholders Agreement dated as of February 27, 2015 and the First Amendment to Shareholders Agreement dated as of March
29, 2016, as the same may be amended, modified, supplemented or waived at or after an IPO Closing. 
 “Shares” means the
Common Shares, the Warrants, the Series B Preferred Shares and any other Equity Equivalent of the Company. 
 “Specified Share
Price” means (x) in the event of an IPO, the IPO Share Price or (y) in the event of a Tier I Sale Transaction, the Sale Transaction Per Share Price. 

“Specified Transaction” means a Qualified IPO, a Tier II IPO or a Sale Transaction. 

“Specified Transaction Closing” means an IPO Closing or a Sale Transaction Closing. 

“Specified Transaction Closing Date” means an IPO Closing Date or a Sale Transaction Closing Date. 

“Specified Transaction Warrant Value” means (a) the number of Warrant Issue Shares multiplied by the (b) Specified
Share Price. 
 “Term” means the period from and after the Effective Date of this Agreement to midnight Eastern time on the
Expiration Date. 
 “Tier I Qualified IPO” means a Qualified IPO at an IPO price in excess of the Qualified IPO Threshold
Price. 
 “Tier I Sale Transaction” means a Sale Transaction with respect to which the Sale Transaction Per Share Price is
in excess of the Qualified IPO Threshold Price. 
 “Tier II IPO” means an IPO for which the offering price per Common Share
is greater than or equal to $14.00, but less than the Qualified IPO Threshold Price in effect on the IPO Closing Date. 
 “Tier II
IPO Closing” means an IPO Closing for a Tier II IPO. 
 “Tier II IPO Closing Date” means the IPO Closing Date for
a Tier II IPO. 
 “Tier II Sale Transaction” means a Sale Transaction with respect to which the Sale Transaction Per Share
Price is greater than or equal to $14.00, but less than the Qualified IPO Threshold Price in effect on the Sale Transaction Closing Date. 

“Trading Day” shall mean any day on which the New York Stock Exchange is open for trading. 

 “Transfer” means any direct or indirect transfer, sale, exchange, assignment,
distribution, pledge, encumbrance, hypothecation or other disposition of Shares, or any legal or beneficial interest therein, in whole or in part, including the grant of an option or other right or the grant of any interest that would result in the
transferor no longer having the economic consequences of ownership in, or the power to vote, or cause to be voted, in whole or in part, any Shares, whether voluntarily or involuntarily, including by gift, by contract, by way of merger (forward or
reverse) or similar transaction, by operation of law or otherwise. 
 “Underwriting Agreement” means an underwriting
agreement by and among the Company, Americold Realty Operating Partnership, L.P and the representative or representatives for the underwriters named therein to be entered into with respect to an IPO of shares of the Company’s Common Shares.

 “Warrant Extension” has the meaning set forth in Section 2.4 of this Agreement. 

“Warrant Issue Shares” means the (a) Notional Warrant Amount minus (b) the Cashless Exercise Share Amount. 

“Warrant Per Share Exercise Price” means the exercise price per Common Share set forth in the Warrants. As of the Effective
Date, the Warrant Per Share Exercise Price is $9.81 per Common Share. 
 “Warrants” means the warrants to purchase
11,197,634 Common Shares and 7,376,985 Common Shares issued by the Company and held by the Yucaipa Shareholder, as the same may be amended from time to time pursuant to the terms and conditions thereof. 

“Yucaipa Shareholder” has the meaning set forth in the first paragraph of this Agreement. 

1.2. Rules of Construction. Unless the context otherwise requires: 

(a) References in the singular or to “him,” “her,” “it,” “itself,” or other like references, and
references in the plural or the feminine, masculine or neuter reference, as the case may be, shall also, when the context so requires, be deemed to include the plural or singular, or the masculine or feminine, or neuter reference, as the case may
be; 
 (b) References to Articles, Sections and Exhibits shall refer to articles, sections and exhibits of this Agreement, unless otherwise
specified; 
 (c) The headings in this Agreement are for convenience and identification only and are not intended to describe, interpret,
define or limit the scope, extent or intent of this Agreement or any provision hereof; 
 (d) This Agreement shall be construed without
regard to any presumption or other rule requiring construction against the party that drafted and caused this Agreement to be drafted; 

 (e) All monetary figures shall be in United States dollars unless otherwise specified; 

(f) References to “including” in this Agreement shall mean “including, without limitation,” whether or not so specified;

 (g) The word “extent” in the phrase “to the extent” shall mean the degree to which a subject or other theory extends
and such phrase shall not mean “if”; 
 (h) The words “shall” and “will” will be construed to have the same
meaning and effect; and 
 (i) Unless specified otherwise to the contrary, any action required by this Agreement to be taken on or by on a
day that is not a Business Day shall be deemed to be required to be taken on the first Business Day thereafter. 
 ARTICLE II 

CERTAIN AGREEMENTS RELATING TO EQUITY OF THE COMPANY 

2.1. Conversion of Series B Preferred Shares. 

(a) Conversion Upon a Qualified IPO. Each Series B Shareholder acknowledges that, immediately prior to, but subject to the consummation
of, a Qualified IPO Closing, all of its Series B Preferred Shares will automatically be converted into Common Shares without any further action by any Series B Shareholder. The IPO Notice given by the Company to the Series B Shareholders for a
Qualified IPO shall constitute a notice of an Automatic Conversion Event pursuant to Section 9.8(a) of the Series B Certificate with respect to a Qualified IPO, and each Series B Shareholder waives receipt of such separate notice. Promptly
following a Qualified IPO Closing, upon receipt by the Company or any transfer agent of the certificates evidencing Series B Preferred Shares, the Company shall issue Common Shares to the holder of such Series B Preferred Shares, in each case, in
accordance with the terms of the Series B Certificate. 
 (b) Conversion Upon a Tier II IPO. 

(i) In the event of a Tier II IPO Closing that is consummated during the Term, each Series B Shareholder agrees that, subject to the terms
hereof (including Section 2.3 of this Agreement), all of its Series B Preferred Shares shall be converted into Common Shares. 

(ii) Upon delivery by the Preferred Majority to the Company and the Yucaipa Shareholder of a certificate substantially in the form of
Exhibit A hereto (the “Conversion Certificate”), all of the Series B Preferred Shares shall be automatically converted into Common Shares in a manner contemplated by Section 6.4(i) of the New Declaration of Trust, such
conversion to be effective immediately prior to, but subject to the consummation of, the Tier II IPO Closing (notwithstanding any different timing contemplated by Section 6.4(i) of the New Declaration of Trust) and the person entitled to
receive the Common Shares issuable upon such conversion shall be treated for all purposes as the record holder of such Common 

 
Shares as of such time. Each Series B Shareholder agrees to deliver a Conversion Certificate at the Tier II IPO Closing unless (x) it in good faith believes that any of the matters to be
certified therein are not true and correct, (y) the transactions contemplated by Section 2.3 will not be consummated substantially concurrently with such conversion, or (z) the consent to the transactions
contemplated by this Agreement delivered by CF Cold LP is not in full force and effect. The parties agree that the delivery of the Conversion Certificate in accordance with this Section 2.1(b)(ii) shall be final and binding on all parties
hereto and the Preferred Majority that delivers such Conversion Certificate shall have no liability to any other party in connection therewith. 

(iii) It is the intent of the parties hereto that upon the consummation of a Tier II IPO Closing, no Series B Preferred Shares shall remain
outstanding, and therefore no Series B Preferred Shares will automatically convert into Series C Preferred Shares pursuant to the terms of the New Declaration of Trust. It is also the intent of the parties hereto that if a Tier II IPO Closing does
not occur after such purported conversion, the position of the parties shall revert to the status quo ante because no such conversion had occurred, including all rights of the Series B Shareholders pursuant to the Shareholders Agreement. Each
Series B Shareholder and the Company agree to take all reasonable actions, and deliver all agreements, documents, instruments and things, in each case required in order for all Series B Preferred Shares held by such Shareholder to be converted into
Common Shares immediately prior to, but subject to the consummation of, the Tier II IPO Closing, and otherwise pursuant to the terms hereof and of the New Declaration of Trust. 

(iv) Without limiting the foregoing, no later than the Tier II IPO Closing Date, each Series B Shareholder shall surrender the certificate or
certificates representing its Series B Preferred Shares to the Company at its address set forth in Section 5.1 of this Agreement, duly endorsed, and shall provide a notice of conversion substantially in the form of
Exhibit B hereto to be effective immediately prior to, but subject to the consummation of, the Tier II IPO Closing; which notice shall be accepted by the Company as complying with Section 6.4(i)(iv) of the New Declaration of Trust;
provided that the surrender of such certificate or certificates and the delivery of such notice of conversion shall not be a condition to the conversion of such Series B Preferred Shares into Common Shares immediately prior to the Tier II IPO
Closing. In the event that any certificates evidencing Series B Preferred Shares are lost or stolen prior to the Tier II IPO Closing, the holder of such Series B Preferred Shares shall execute and deliver to the Company a lost or stolen certificate
affidavit and indemnity in the form of Exhibit C hereto to be effective on the Tier II IPO Closing. 
 (c) The Company agrees to
facilitate the conversion contemplated by this Section 2.1, and to use its best efforts to provide for the effective conversion of all of the Series B Preferred Shares immediately prior to, but subject to the consummation
of, the Tier II IPO Closing. 
 2.2. Dividends. 

(a) Declaration and Payment of Dividends. The Board of Trustees of the Company has authorized, and the Company has declared, a dividend,
payable to the holders of record of Series B Preferred Shares as of the Effective Date, in an amount equal to all accrued 

 
and unpaid dividends on the Series B Preferred Shares through and including the IPO Closing Date of either a Qualified IPO or a Tier II IPO, including, without limitation, all accrued but unpaid
dividends which have been added to the Series B Accrued Amount (as defined in the New Declaration of Trust) and any accrued but unpaid dividends on the Series B Preferred Shares through the Company’s 2017 fiscal year and through each fiscal
quarter ended prior to the IPO Closing Date, in each case, pursuant to Section 6.4(d)(ii) of the New Declaration of Trust but calculated as of the applicable IPO Closing Date even if prior to February 1, 2018. Such dividend shall be contingent
on a Qualified IPO Closing or a Tier II IPO Closing and payable on the IPO Closing Date of such Qualified IPO or a Tier II IPO. The foregoing dividend may not be revoked without the consent of the holders of the Series B Preferred Shares. 

2.3. Conversion Transfer Amount. 

(a) Tier II IPO. In the event of a Tier II IPO Closing during the Term, the Yucaipa Shareholder shall transfer Common Shares to each
Series B Shareholder as follows: 
 (i) On the Tier II IPO Closing Date, the Yucaipa Shareholder shall transfer to each Series B
Shareholder Common Shares in an amount equal to the Conversion Transfer Share Amount for such Series B Shareholder, without any counterclaim, setoff, withholding or deduction whatsoever. The Company shall register such transfer of Common Shares in
the books and records of the Company and/or cause such transfer of Common Shares to be registered with the Company’s transfer agent. 

(ii) If on the Second Transfer Anniversary Date, the Common Share Trading Price is more than the Second Transfer Date Threshold Amount, then
on the Second Transfer Date, the Series B Shareholders shall transfer to the Yucaipa Shareholder Common Shares in an amount equal to one-half of the Conversion Transfer Share Amount for such Series B Shareholder. 

(b) Tier II Sale Transaction. Without limitation to the rights of the Series B Shareholders set forth in the Shareholders Agreement
(including Section 2.6(b) thereof), in the event a definitive agreement with respect to a Tier II Sale Transaction is entered into during the Term, the Yucaipa Shareholder shall pay to each Series B Shareholder at the Sale Transaction Closing
an amount in cash equal to such Series B Shareholder’s Conversion Transfer Amount, without any counterclaim, setoff, withholding or deduction whatsoever. Such payment shall be made by wire transfer on the Sale Transaction Closing Date to an
account specified by each Series B Shareholder in writing at least two (2) Business Days prior to the Sale Transaction Closing Date. 

2.4. Warrant Extension. On the Effective Date, (a) the GSCP Shareholders shall execute and deliver to the Company and the Yucaipa
Shareholder a Consent of the Preferred Majority to amendments extending the Warrants (the “Warrant Extension”), each of which Consent and amendments are in the form of Exhibit D hereto, and (b) the Company shall execute
and deliver the Warrant Extension to the Yucaipa Shareholder. 

 2.5. Warrant Dilution Payment Amount. 

(a) Tier I Qualified IPO. In the event of an IPO Closing for a Tier I Qualified IPO during the Term (other than a Tier I Qualified IPO
the IPO Closing Date of which is prior to February 15, 2018, in which event no Transfer under this Section 2.5(a) shall be required), the Yucaipa Shareholder shall transfer Common Shares to each Series B Shareholder in the amount of such Series
B Shareholder’s Pro Rata Share of (i) the IPO Warrant Dilution Payment Amount divided by (ii) the IPO Share Price, without any counterclaim, setoff, withholding or deduction whatsoever. Such transfers shall occur on the IPO Closing
Date. The Company shall register such transfer of Common Shares in the books and records of the Company and/or cause such transfer of Common Shares to be registered with the Company’s transfer agent. 

(b) Tier I Sale Transaction. Without limitation to the rights of the Series B Shareholders set forth in the Shareholders Agreement
(including Section 2.6(b) thereof), in the event a definitive agreement with regard to a Tier I Sale Transaction is entered into during the Term, the Yucaipa Shareholder shall pay to each Series B Shareholder at the Sale Transaction Closing an
amount in cash equal to such Series B Shareholder’s Pro Rata Share of the Sale Warrant Dilution Payment Amount, without any counterclaim, setoff, withholding or deduction whatsoever. Such payment shall be made by wire transfer on the Sale
Transaction Closing Date to an account specified by each Series B Shareholder in writing at least two (2) Business Days prior to the Sale Transaction Closing Date. 

2.6. Warrant Exercise. In the event of a cashless exercise of the Warrants pursuant to Section 1.2 of the Warrants in connection
with an IPO, the IPO Closing Date of which is prior to February 15, 2018: 
 (a) pursuant to Section 11 of the Warrants, the Company
and the Yucaipa Shareholder hereby agree that (i) “Market Value” for purposes of Section 1.2 of the Warrants shall be deemed to be $15.00 per Common Share and (ii) no written notice of the determination of the fair market value
of the Common Shares shall be required to be delivered to each member of the Board of Trustees of the Company pursuant to Section 1.2 of the Warrants; and 

(b) the GSCP Shareholders hereby acknowledge that the GSCP Trustees shall have no right to object pursuant to Section 1.2 of the Warrants
to the determination of “Market Value” in accordance with the foregoing. 
 2.7. Amended and Restated Declaration of Trust.
The parties hereto hereby agree that in connection with an anticipated IPO Closing, following the date of the Underwriting Agreement for such IPO, but prior to the IPO Closing, an amended and restated declaration of trust of the Company
substantially in the form of Exhibit E hereto (the “New Declaration of Trust”) shall be filed with the State Department of Assessments and Taxation of the State of Maryland and shall have become effective in accordance with
its terms. If the IPO Closing for such IPO does not occur within seven (7) Business Days of such filing of the New Declaration of Trust, the parties hereto hereby agree that they shall again amend and restate the declaration of trust of the
Company, to be in the form of the Declaration of Trust in all material respects (the “Restored Declaration of Trust”). Without limitation to Section 5.4 of this Agreement, the execution and delivery of this
Agreement shall constitute the approval of the Shareholders with respect to the filing of the New Declaration of Trust and the Restored Declaration of Trust, if required by this Agreement. 

 2.8. Certain Preemptive Rights. The Series B Shareholders acknowledge and agree that
Common Shares offered and sold in an IPO with an IPO Closing Date during the Term shall not constitute “New Securities” within the meaning of Section 10.3 of the Series B Certificate as such Common Shares constitute securities issued
and sold by means of an IPO (as defined therein) in compliance with the Shareholders Agreement as specified in clause (6) of Section 10.3 of the Series B Certificate. 

2.9. Additional Agreements of the Shareholders. By the execution hereof by the Series B Shareholders, this Agreement shall constitute
the prior written approval of the Preferred Majority for the Company to enter into this Agreement and the Warrant Extension, pursuant to Section 2.6(b)(i) of the Shareholders Agreement. 

2.10. Additional Agreements of the Company. 

(a) The Company agrees to provide to each Shareholder notice of the entry into an Underwriting Agreement with respect to an IPO (an
“IPO Notice”), which IPO Notice shall specify (x) the IPO Share Price and whether the IPO is a Qualified IPO, Tier I Qualified IPO or Tier II IPO, (y) the anticipated IPO Closing Date, and (z) such other information
as the Shareholders may reasonably request. 
 (b) During the Term, the consent of the Preferred Majority shall be required prior to the
Yucaipa Shareholder causing the Company to enter into an Underwriting Agreement with respect to an IPO with an IPO Share Price below the minimum offering price per Common Share for a Tier II IPO or for gross proceeds of less than $250 million.

 2.11. Conditions to a Specified Transaction Closing. The obligation of the Series B Shareholders to convert the Series B Preferred
Shares pursuant to Section 2.1(b) of this Agreement and the consummation of a Specified Transaction Closing shall be subject to the delivery by the Company of a Certificate, dated as of the Specified Transaction Closing
Date for such Specified Transaction, and signed by an authorized officer of the Company, to the effect that the representations and warranties set forth in Sections 4.3(b), 4.4 and 4.5 of this Agreement are true and correct in
all respects as of such date, giving effect to any updates to the information set forth on Exhibit G solely to give effect to any changes in the capitalization of the Company in respect of facts or matters arising after the date hereof
(a) as part of or in connection with the consummation of a Specified Transaction Closing that is consummated in compliance with this Agreement, or (b) otherwise in the ordinary course of business of the Company and to the extent approved
by the Board of Trustees in accordance with applicable legal requirements and the Company’s organizational documents then in effect, or (c) where such facts or matters have been previously approved in writing by the Preferred Majority.

 2.12. Shareholders Agreement. 

(a) Except as otherwise expressly set forth in this Agreement, nothing contained herein shall limit, amend, modify or alter the terms and
conditions set forth in the Shareholders Agreement and any of the Shareholders’ rights and obligations set forth therein. 
 (b) Not
later than the date of the Underwriting Agreement, and effective upon the IPO Closing contemplated therein, the parties hereto shall enter into a Shareholders 

 
Agreement by and among the Company, the Yucaipa Shareholder, the GSCP Shareholders, the CM Shareholder and the other parties thereto substantially in the form attached hereto as Exhibit F
with such other changes or modifications as are approved by the Company, the Yucaipa Shareholder and the Preferred Majority, subject to the right of the CM Shareholder to object to any such proposed change or modification as provided in the
following sentence (the “New Shareholders Agreement”). The CM Shareholder shall have the right to object to any such proposed changes or modifications to the form of New Shareholders Agreement within 24 hours after written notice
thereof is transmitted to the CM Shareholder by electronic mail (it being agreed that no other form of notice shall be required), provided, if no such written objection is received by each of the Yucaipa Shareholder, the Company and the Preferred
Majority within such 24 hour period by electronic mail, such proposed changes or modifications shall be adopted by the act of the Preferred Majority and shall be binding upon all Series B Shareholders by delivery of signature pages by the Preferred
Majority on such IPO Closing. 
 ARTICLE III  

TERM; TRANSFERS 
 3.1.
Term. The obligations of the parties under Article II of this Agreement shall commence on the Effective Date. If neither an IPO Closing nor the entry into a definitive agreement with regard to a Sale Transaction occurs prior to midnight on
the Expiration Date, the obligations of the parties under Article II of this Agreement shall terminate and be of no further force and effect. 

3.2. Transfers. The parties hereto hereby agree that it shall be a condition of the Transfer of any Shares to any Person who is not a
party to this Agreement, that such Transfer shall not be effected unless and until such Person agrees in writing to be bound by the terms and conditions of this Agreement. 

ARTICLE IV  

REPRESENTATIONS AND WARRANTIES 

4.1. Authority; Enforceability. Each of the parties hereto hereby severally represents and warrants to each of the other parties hereto
that such party has the legal capacity or corporate power and authority, as applicable, to enter into this Agreement and to carry out each of such party’s obligations hereunder as they may hereafter arise. Such party is duly organized, validly
existing and in good standing under the laws of such party’s jurisdiction of organization, and the execution of this Agreement and the performance hereof have been duly authorized by all necessary action. No other act or proceeding, corporate
or otherwise, on such party’s part is necessary to authorize the execution of this Agreement or the consummation of any of the transactions contemplated hereby. This Agreement has been duly executed by such party and constitutes such
party’s legal, valid and binding obligation, enforceable against such party in accordance with the terms of this Agreement, subject to bankruptcy, insolvency, reorganization and other laws of general applicability relating to or affecting
creditors’ rights and to general equity principles. 

 4.2. No Breach. Each of the parties hereto severally represents and warrants to each of
the other parties hereto that neither the execution of this Agreement nor the performance by such party of its obligations hereunder does or will: 

(a) conflict with or violate such party’s organizational documents; 

(b) violate, conflict with or result in the termination of, or otherwise give any other Person the right to accelerate, renegotiate or
terminate or receive any payment or constitute a default or any event of default, with or without notice, lapse of time, or both, under the terms of, any contract or agreement to which it is a party or by which it or any of its assets or operations
are bound or affected; or 
 (c) constitute a violation by such party of any law, ruling, writ, injunction, award, determination or decree
of any Governmental Authority. 
 4.3. Consents. 

(a) Each of the parties hereto hereby severally represents and warrants to each of the other parties hereto that no consent, waiver, approval,
authorization, exemption, registration, license, notice or filing or declaration is required to be made or obtained by such party, other than those which have been made or obtained, in connection with (i) the execution or enforceability of this
Agreement or (ii) the consummation of any of the transactions contemplated hereby. 
 (b) The Company hereby represents and warrants to
each other party hereto that the Company is a real estate investment trust organized under Title 8 of the Maryland Corporation and Associations Laws and, as such, is a non-corporate entity for purposes of the requirements of the Hart-Scott-Rodino
Antitrust Improvements Act of 1976, as amended, and the rules and regulations promulgated thereunder. 
 4.4. Issuance of Common
Shares. 
 (a) The Company hereby represents and warrants to each Series B Shareholder that the Common Shares issued to such Series B
Shareholder upon conversion of its Series B Preferred Shares in accordance with Section 2.1 of this Agreement will be validly issued, fully paid and non-assessable. 

(b) The Company hereby represents and warrants to each Series B Shareholder that it has reserved and available out of its authorized but
unissued Common Shares solely for the purposes of effecting the conversion of the Series B Preferred Shares, such number of Common Shares as shall be sufficient to effect the consummation of any of the transactions contemplated hereby (including,
the conversion of all of the then outstanding Series B Preferred Shares as contemplated by this Agreement). 
 4.5. Capitalization.
The Company hereby represents and warrants to each Series B Shareholder that the authorized, issued and outstanding shares of beneficial interest of the Company are as set forth on Exhibit G hereto. Except as disclosed on Exhibit G,
(a) no shares of beneficial interest of the Company are reserved for any purpose, (b) there are no outstanding 

 
instruments convertible into or exchangeable for any shares of beneficial interest of the Company, and (c) there are no outstanding options, rights (preemptive or otherwise) or warrants to
purchase or subscribe for shares of beneficial interest or any other ownership interests of the Company. Each of (x) the outstanding shares of beneficial interest of the Company, (y) all outstanding instruments convertible into or
exchangeable for any shares of beneficial interest or any other ownership interests of the Company and (z) all outstanding options, rights or warrants to purchase or subscribe for shares of beneficial interest or any other ownership interests
of the Company has been duly authorized and validly issued, is fully paid and non-assessable, and none of such outstanding shares, instruments, options, rights or warrants were issued in violation of any preemptive rights or other similar rights.

 ARTICLE V  

MISCELLANEOUS 
 5.1.
Notices. All notices, demands and other communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given (a) when personally delivered,
(b) when transmitted by electronic mail if the sender on the same day sends a confirming copy of such notice in accordance with immediately following clause (c) (except that notice solely by electronic mail shall be sufficient as contemplated
by Section 2.12(b) above), or (c) the day on which the same has been delivered to the intended recipient if sent prepaid by (i) with respect to a delivery in the United States, a nationally recognized overnight delivery service (with
tracking capability) and (ii) with respect to a delivery outside of the United States, an internationally recognized overnight delivery service (with tracking capability), in each case to the respective parties at the address set forth under
each party’s signature hereto, or at such other address as such party may specify by written notice to the other party hereto. 
 5.2.
Delays or Omissions. No delay or omission to exercise any right, power or remedy accruing to any party, upon any breach or default of any other party under this Agreement will impair any such right, power or remedy of such party; no such
delay or omission will be construed to be a waiver of any such breach or default, or an acquiescence therein, or of any similar breach or default thereafter occurring; no waiver of any single breach or default shall be deemed a waiver of any other
breach or default theretofore or thereafter occurring; and no provision of this Agreement shall be implied from any course of dealing between the parties hereto. Any waiver, permit, consent or approval of any kind or character on the part of any
party of any breach of default under this Agreement or any waiver on the part of any party of any provisions or conditions of this Agreement must be made in writing and will be effective only to the extent specifically set forth in such writing.

 5.3. Remedies; Specific Performance. All remedies, either under this Agreement or by law or otherwise afforded to the parties
hereunder, shall be cumulative and not alternative. The parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise
breached. Accordingly, the parties agree that, in addition to any other remedies, each party shall be entitled to enforce the terms of this Agreement by a decree of specific performance without the necessity of proving the inadequacy of money
damages as a remedy. Each party hereby waives any requirement for the securing or posting of any bond in connection with such remedy. 

 
Each party further agrees that the only permitted objection that it may raise in response to any action for equitable relief is that it contests the existence of a breach or threatened breach of
this Agreement. 
 5.4. Further Assurances. The parties hereto shall do, execute and deliver such further acts and documents as may
be reasonably required or necessary in order to effectuate the agreements of the parties set forth herein. 
 5.5. Assignment. This
Agreement will inure to the benefit of and be binding on the parties hereto and their respective successors and permitted assigns. This Agreement may not be assigned by any party without the express prior written consent of each of the other parties
hereto. 
 5.6. Governing Law. This Agreement shall in all respects be governed by, and construed in accordance with, the laws
(excluding conflict of laws rules and principles) of the State of New York applicable to agreements made and to be performed entirely within such State, including all matters of construction, validity and performance. 

5.7. Jurisdiction; Court Proceedings; Waiver of Jury Trial. Any Litigation against any party to this Agreement arising out of or in any
way relating to this Agreement shall be brought in any federal or state court located in New York County in the State of New York, and each of the parties hereby submits to the exclusive jurisdiction of such courts for the purpose of any such
Litigation; provided, that a final judgment in any such Litigation shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Each party irrevocably and unconditionally agrees not
to assert (a) any objection which it may ever have to the selection of venue of any such Litigation in any federal or state court located in New York County in the State of New York, (b) any claim that any such Litigation brought in any
such court has been brought in an inconvenient forum and (c) any claim that such court does not have jurisdiction with respect to such Litigation. To the extent that service of process by mail is permitted by applicable law, each party
irrevocably consents to the service of process in any such Litigation in such courts by the delivery of such process in the manner contemplated by Section 5.1 of this Agreement. Each party irrevocably and unconditionally
waives any right to a trial by jury and agrees that any of them may file a copy of this Section 5.7 with any court as written evidence of the knowing, voluntary and bargained-for agreement among
the parties irrevocably to waive its right to trial by jury in any Litigation. 
 5.8. Entire Agreement. This Agreement and the
Exhibits hereto, and the agreements and instruments referenced herein and therein, constitute the entire agreement of the parties relating to the subject matter hereof. If there is any conflict between this Agreement and the Shareholders Agreement,
this Agreement shall govern. 
 5.9. Certain Adjustments; Successors. In the event of any share dividends, splits, reverse splits,
combinations, reclassifications, recapitalizations, reorganizations and the like occurring after the Effective Date, or any changes to the Conversion Price, the Shareholders shall execute and deliver an amendment to this Agreement to reflect
appropriately references to any Equity Equivalents of the Company (including Common Shares, Series B Preferred Shares and the Warrants) and the amount, number or percentage thereof, prices per share and other similar dollar or monetary amounts
(including the Floor Price and the Second Transfer Date Threshold Amount). 

 (b) Except as otherwise set forth in this Agreement, the provisions of this Agreement will apply
to the full extent set forth herein with respect to any and all Equity Equivalents of the Company or of any successor or assign of the Company (whether by merger, consolidation, exchange, sale of assets or otherwise), which may be issued in respect
of, in exchange for, or in substitution for such shares, by reason of any share dividend, share split, reverse split, combination, recapitalization, reclassification, merger, consolidation or otherwise. References to the “Company” in this
Agreement will be deemed to refer to any such successor or assign, and such entity will execute an appropriate instrument of assumption agreeing to be bound by the terms hereof. 

5.10. Severability. Whenever possible, each provision or portion of any provision of this Agreement shall be interpreted in such manner
as to be effective, valid and enforceable under applicable law; provided, however, if any provision or portion of any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any
jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or portion of any provision in such jurisdiction, and this Agreement shall be reformed, construed and enforced in such jurisdiction as if such
invalid, illegal or unenforceable provision or portion of any provision had never been contained herein, so long as the economic and legal substance of the agreements of the parties made herein, taken as a whole, are not affected in a manner
materially adverse to any party hereto. Upon such a determination, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties hereto as closely as possible in a reasonably acceptable
manner in order that the transactions contemplated hereby may be consummated as originally contemplated to the fullest extent possible. 

5.11. Amendment; Waiver. This Agreement may be amended, supplemented or otherwise modified only by a written instrument executed by the
Company, the Yucaipa Shareholder and the Preferred Majority. Neither the failure nor the delay on the part of any party hereto to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof; no single or
partial exercise of any right, remedy, power or privilege shall preclude any other or further exercise of the same or of any other right, remedy, power or privilege; and no waiver of any right, remedy, power or privilege with respect to any
occurrence shall be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and signed by the party asserted to have granted such waiver. 

5.12. Counterparts. This Agreement may be executed by facsimile or .pdf signatures and in any number of counterparts with the same
effect as if all signatory parties had signed the same document. All counterparts shall be construed together and shall constitute one and the same instrument. 

[Signature Pages Follow] 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be duly executed and
delivered in its name and on its behalf, all as of the Effective Date. 
  

			
	 AMERICOLD REALTY
TRUST

 
			
		
	 By:
	 	 /s/ Marc Smernoff

	 Name: Marc Smernoff

	 Title: Chief Financial Officer and
EVP

 
			
	
	 Address for notices:

	
	 Americold Realty Trust
 10 Glenlake
Parkway
 South Tower, Suite 800
 Atlanta, Georgia 30328

Attn: General Counsel
 Email:

	
	With a copy (which shall not constitute notice) to:
	
	 King & Spalding LLP
 1180
Peachtree Street
 Atlanta, Georgia 30309
 Attn: C. Spencer
Johnson, III
 Email: csjohnson@kslaw.com

 [Signatures continue on following page] 

[Equity Investor Agreement] 

 
			
	YUCAIPA SHAREHOLDER:
	
	YF ART HOLDINGS, L.P.
	
	By: YF ART Holdings GP, LLC, its general partner

 
			
		
	By:	 	 /s/ Henry E. Orren

			
	Name:	 	Henry E. Orren
	Title:	 	Assistant Vice President and Secretary
	
	Address for notices:
	
	 YF ART Holdings, L.P.
 c/o The
Yucaipa Companies
 9130 West Sunset Boulevard

	Los Angeles, California 90069
	Attn: General Counsel
	Email: legal@yucaipaco.com
	
	With a copy (which shall not constitute notice) to:
	
	 Munger, Tolles & Olson LLP

350 S. Grand Avenue, 50th Floor

	Los Angeles, California 90071
	Attn: Judith T. Kitano
	Email: judith.kitano@mto.com

 [Signatures continue on following page] 

 
			
	GSCP SHAREHOLDERS:
	
	 GS CAPITAL PARTNERS VI FUND, L.P.

By: GSCP VI Advisors, L.L.C.,
 its general
partner

 
			
		
	By:	 	 /s/ Bradley Gross

			
	Name: Bradley Gross
	Title: Vice President
	
	 GS CAPITAL PARTNERS VI PARALLEL, L.P.

By: GS Advisors VI, L.L.C.,
 its general
partner

 
			
		
	By:	 	 /s/ Bradley Gross

			
	Name: Bradley Gross
	Title: Vice President
	
	GSCP VI OFFSHORE ICECAP INVESTMENT, L.P.
	 By: GSCP VI Offshore IceCap Holdings Entity GP, Ltd.,

its general partner

 
			
		
	By:	 	 /s/ Bradley Gross

			
	Name: Bradley Gross
	Title: Vice President
	
	GSCP VI GMBH ICECAP INVESTMENT, L.P.
	 By: GSCP VI GmbH IceCap Holdings Entity GP, Ltd.,

its general partner

 
			
		
	By:	 	 /s/ Bradley Gross

			
	Name: Bradley Gross
	Title: Vice President

 
			
	ICECAP2 HOLDINGS, L.P.
	 By: IceCap2 Holdings Entity GP, Ltd.,

its general partner

 
			
		
	By:	 	 /s/ Bradley Gross

			
	Name: Bradley Gross
	Title: Vice President
	
	Address for notices (to any GSCP Shareholder):
	
	 c/o GS Capital Partners VI Fund, L.P.

200 West Street

	New York, NY 10282-2198
	 Attn: Bradley Gross and Katherine Krause

Email: bradley.gross@gs.com and katherine.krause@gs.com

	
	With a copy (which shall not constitute notice) to:
	
	Fried, Frank, Harris, Shriver & Jacobson LLP
	One New York Plaza
	New York, New York 10004
	 Attn: Robert Schwenkel, Esq. and Randi Lally

Email: robert.schwenkel@friedfrank.com and randi.lally@friedfrank.com

 [Signatures continue on following page] 

 
			
	CM SHAREHOLDER:
	
	CHARM PROGRESS INVESTMENT LIMITED

 
			
		
	By:	 	 /s/ Chen Haizhao

			
	Name:	 	Chen Haizhao
	Title:	 	Director
	
	 Address for notices:

	
	CHARM PROGRESS INVESTMENT LIMITED
	12/F China Merchants Building,
	I 52-I 55 Connaught road Central,
	HK
		
	Attn:	 	Chen Haizhao and Shi Liqun
	Email:	 	chenhaizhao@cmhk.com
	shiliqun@cmhk.com
	
	 With a copy (which shall not constitute notice) to:

	
	China Merchants Logistics Holding CO.,Ltd.
	No.1092,Hanghai Road, Qianhai,
	Nanshan District, Shenzhen,
	China
		
	Attn:	 	Li Chunlin
	Email:	 	lichunlin2@cmhk.com

 Exhibit A 

Form of Conversion Certificate 

 CONVERSION CERTIFICATE 

[            ], 20[    ] 

Americold Realty Trust 
 10 Glenlake Parkway 

South Tower, Suite 800 
 Atlanta, Georgia 30328 

Attn: General Counsel 
 YF ART Holdings, L.P. 

c/o The Yucaipa Companies 
 9130 West Sunset Boulevard 

Los Angeles, California 90069 
 Attn: General Counsel 

Pursuant to Section 2.1(b)(ii) of the Equity Investor Agreement, dated as of
[            ], 2018, by and among YF ART Holdings, L.P., the holders of 5.00% Series B Cumulative Convertible Voting Preferred Shares (the “Series B Preferred Shares”) of
Americold Realty Trust, a Maryland real estate investment trust (the “Company”), Charm Progress Investment Limited and the Company, as may be amended from time to time (the “Equity Investor Agreement”), the holders
of Series B Preferred Shares constituting the Preferred Majority (the “Holders”) hereby certify that (i) the Company has delivered the certificate contemplated by Section 2.11 of the Equity Investor Agreement with respect
to a Tier II IPO Closing Date and (ii) to the Holders’ knowledge, all other conditions precedent under the Equity Investor Agreement to the obligations of the Series B Shareholders to convert the Series B Preferred Shares into Common
Shares pursuant to Section 2.1 of the Equity Investor Agreement have been met. Capitalized terms used but not defined herein have the meanings ascribed to such terms in the Equity Investor Agreement. 

[Remainder of this Page Intentionally Left Blank] 

 IN WITNESS WHEREOF, the undersigned have duly executed this certificate, effective as of the date
first written above. 
  

			
	[NAME OF SERIES B SHAREHOLDER]

 
			
		
	By:	 	  

 
			
	Name:
	Title:
	
	[NAME OF SERIES B SHAREHOLDER]

 
			
		
	By:	 	  

 
			
	Name:
	Title:
	
	[NAME OF SERIES B SHAREHOLDER]

 
			
		
	By:	 	  

 
			
	 Name:

	Title:
	
	[NAME OF SERIES B SHAREHOLDER]

 
			
		
	By:	 	  

 
			
	Name:
	Title:

 [Conversion Certificate] 

 Exhibit B 

Form of Notice of Conversion 

 NOTICE OF CONVERSION 

OF 
 SERIES B PREFERRED
STOCK 
 [            ], 20[    ] 

Americold Realty Trust 
 10 Glenlake Parkway 

South Tower, Suite 800 
 Atlanta, Georgia 30328 

Attn: General Counsel 
 In accordance with, but
subject to, Section 2.1(b) of the Equity Investor Agreement, dated as of [            ], 2018, by and among YF ART Holdings, L.P., the holders of 5.00% Series B Cumulative Convertible
Voting Preferred Shares (the “Series B Preferred Shares”) of Americold Realty Trust, a Maryland real estate investment trust (the “Company”), Charm Progress Investment Limited and the Company, as may be amended from
time to time (the “Equity Investor Agreement”), and pursuant to the terms of the Series B Preferred Shares, including Section 6.4(i) of the Amended and Restated Declaration of Trust of the Company (the
“Declaration”), [NAME OF SERIES B SHAREHOLDER], a [                    ] (“Holder”), hereby elects to convert
[                    ] ([                    ])
Series B Preferred Shares, which constitute all of the Series B Preferred Shares (the “Share Conversion”) held by Holder, into Common Shares (as defined in the Equity Investor Agreement). 

Holder hereby delivers the original certificate(s), duly endorsed, underlying such Series B Preferred Shares that are to be converted.
Pursuant to Section 6.4(i) of the Declaration and Section 2.1(b) of the Equity Investor Agreement, the Share Conversion shall be effective as of immediately prior to, but subject to consummation of, a Tier II IPO (as defined in the Equity
Investor Agreement). 
 If a Tier II IPO (as defined in the Equity Investor Agreement) has not closed by February 15, 2018, this notice
shall be withdrawn and the Company must return the share certificates delivered herewith. 
 [Remainder of this Page Intentionally Left
Blank] 

 IN WITNESS WHEREOF, the undersigned has duly executed this notice, effective as of the date first
written above. 
  

			
	[NAME OF SERIES B SHAREHOLDER]

 
			
		
	By:	 	  

 
			
	Name:
	Title:

 [Notice of Conversion of Series B Preferred Stock] 

 Exhibit C 

Form of Lost Certificate Affidavit and Indemnity 

 AFFIDAVIT OF LOST CERTIFICATE 

The undersigned, [NAME OF SERIES B SHAREHOLDER], attests, to the best of its knowledge, as follows: 

1. The undersigned is the true and lawful owner of the following certificate of shares of 5.00% Series B Cumulative Convertible Voting
Preferred Shares (“Series B Preferred Shares”) of Americold Realty Trust, a Maryland real estate investment trust (the “Company”), which has been lost: 

Certificate No.
[                     ], dated
[                     ], [    ] shares of 5.00% Series B Cumulative Convertible Voting Preferred Shares, issued to
[            ]. 
 2. The undersigned has been unable to locate the
certificate and believes that the certificate has been lost, mislaid, stolen or destroyed and cannot now be produced. 
 3. The certificate
and any rights or interests therein were not endorsed, and have not been pledged, hypothecated, sold, delivered, deposited under any agreement, transferred or assigned, or disposed of in any manner by the undersigned or on its behalf. Neither the
undersigned nor anyone on its behalf has signed any power of attorney, assignment or authorization respecting the certificate which is now outstanding and in force. To the knowledge of the undersigned, no person, firm, company, agency, government or
other entity has asserted any right, title, claim, equity or interest in, to, or respecting the certificate or any rights or interests therein or proceeds thereof. 

The undersigned hereby agrees that in the event of the discovery of the certificate by the undersigned, the undersigned will cause the same to
be returned to the Company for no consideration. This affidavit is being made for the purpose of facilitating the conversion of the undersigned’s Series B Preferred Shares into common shares of beneficial interest of the Company pursuant to
that certain Equity Investor Agreement, dated [            ], 2018, by and among the undersigned, the Company, and the other parties thereto. 

The undersigned shall indemnify, defend and hold harmless the Company and its affiliates, officers, representatives, and agents, from and
against any and all costs, damages, losses, fees, penalties, judgments, taxes or expenses arising in connection with the lost, mislaid, stolen or destroyed certificate or from any inaccuracies of the representations made by the undersigned in this
affidavit. 
 The above statements are true, correct, and complete in all respects. 

[Remainder of this Page Intentionally Left Blank] 

							
	Dated:	  		  	[NAME OF SERIES B SHAREHOLDER]
			
		  		  	By:                                   
                                  
		  		  	Name:
		  		  	Title:

 [Affidavit of Lost Certificate] 

 Exhibit D 

Form of Warrant Extension 

 [FORM OF WARRANT EXTENSION] 

CONSENT 
 This CONSENT
(this “Consent”), dated as of [                    ], is made by GS Capital Partners VI Fund, L.P., GS Capital Partners VI Parallel,
L.P., GSCP VI Offshore IceCap Investment, L.P., GSCP VI GmbH IceCap Investment, L.P. and IceCap2 Holdings, L.P. (collectively, the “GSCP Shareholders”) in favor of Americold Realty Trust, a Maryland real estate investment trust (the
“Company”), and YF ART Holdings, L.P., a Delaware limited partnership (“YFA”). 
 WHEREAS, the Company
issued as of December 10, 2009 that certain Common Shares Purchase Warrant to YFA, as amended by the Amendment Nos. 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, and 11 thereto, pursuant to which YFA has the right to purchase Seven Million Three Hundred Seventy
Six Thousand Nine Hundred Eighty Five (7,376,985) Common Shares at an Exercise Price of $9.81 per Common Share (“First Warrant”); 

WHEREAS, the Company issued as of December 10, 2009 that certain Common Shares Purchase Warrant to YFA, as amended by the Amendment Nos. 1, 2,
3, 4, 5, 6, 7, 8, 9, 10, and 11 thereto, pursuant to which YFA has the right to purchase Eleven Million One Hundred Ninety-Seven Thousand Six Hundred Thirty-Four (11,197,634) Common Shares at an Exercise Price of $9.81 per Common Share (together
with First Warrant, the “Warrants”); 
 WHEREAS, pursuant to the Warrants, YFA may exercise its rights to purchase the
number of Common Shares set forth in the Warrants on or before January 31, 2018 at not later than 5:00 p.m. New York time (such date and time, the “Existing Expiration Date”); 

WHEREAS, YFA, the GSCP Shareholders and the Company are parties to that certain Equity Investor Agreement, dated
[                     ], 2018, by and among YFA, the GSCP Shareholders, Charm Progress Investment Limited and the Trust (the “Equity Investor
Agreement”), which contemplates an extension of the Existing Expiration Date; 
 WHEREAS, the Company and YFA desire to extend the
Existing Expiration Date of each Warrant if no IPO Closing (as defined in the Equity Investor Agreement) occurs before the Existing Expiration Date such that YFA may, subject to the terms set forth in the applicable Warrant, purchase the number of
Common Shares set forth in such Warrant at any time and from time to time on or before the earliest to occur of (a) 5:00 p.m. New York time on January 31, 2019, (b) a Sale Transaction Closing (as defined in the Equity Investor Agreement), or
(c) an IPO Closing (as defined in the Equity Investor Agreement) (the “New Expiration Date”); 
 WHEREAS,
Section 2.6(b)(i) of the Shareholders Agreement, dated December 9, 2010, as assigned and amended by that certain Assignment and Amendment of Shareholders Agreement, dated as of February 27, 2015, and the First Amendment to Shareholders
Agreement, dated as of May 29, 2016, by and among the Company, YFA, the GSCP Shareholders and the other parties thereto (the “Shareholders Agreement”) requires the prior written approval of the Preferred Majority for the Company to
amend the Warrants held by YFA; and 
 WHEREAS, the GSCP Shareholders, as the Preferred Majority, desire to provide their written approval
for the amendments of the Warrants held by YFA in accordance with the Shareholders Agreement. 

 NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and for
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 

Section 1. Definitions. All capitalized terms used in this Consent but not defined herein have the meanings ascribed to them in
the Shareholders Agreement. 
 Section 2. Consent. In accordance with Section 2.6(b)(i) of the Shareholders Agreement, the
GSCP Shareholders, as the Preferred Majority, hereby approve and consent to the amendments to the Warrants in the forms attached hereto as Exhibit A and Exhibit B to extend the Existing Expiration Date of each of the Warrants if no IPO
Closing (as defined in the Equity Investor Agreement) occurs before the Existing Expiration Date such that YFA shall have the right, subject to the terms set forth in the applicable Warrant, to purchase the number of Common Shares set forth in such
Warrant at any time and from time to time on or before the New Expiration Date. 
 Section 3. General Provisions. This Consent
may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Consent by facsimile or in electronic (i.e., “pdf” or “tif”) format
shall be effective as delivery of a manually executed counterpart of this Consent. This Consent, and any claim, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or relating to this Consent
and the transactions contemplated hereby, shall be governed by, and construed in accordance with, the law of the State of New York. 

Section 4. Reaffirmation. Except as specifically provided herein, this Consent does not in any way waive, amend, modify, affect,
impair or consent to any modification of any of the terms and conditions of the Shareholders Agreement or the Warrants, and all terms and conditions of the Shareholders Agreement are hereby ratified and confirmed and shall remain in full force and
effect unless otherwise specifically amended, waived, modified or changed pursuant to the terms and conditions of the Shareholders Agreement. This Consent shall become effective upon its execution, which may occur in one or more counterparts in
accordance with Section 3 hereof. 
 [Signature page follows.] 

  
 2 

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

  

			
	GSCP SHAREHOLDERS:
	
	 GS CAPITAL PARTNERS VI FUND, L.P.
  

By: GSCP VI Advisors, L.L.C., its general partner

 
			
		
	By:	 	  

			
	Name:
	Title:
	
	 GS CAPITAL PARTNERS VI PARALLEL, L.P.
  

By: GS Advisors VI, L.L.C., its general partner

 
			
		
	By:	 	  

			
	 Name:

	 Title:

	
	 GSCP VI OFFSHORE ICECAP INVESTMENT, L.P.
  

By: GSCP VI Offshore IceCap Holdings Entity GP,

Ltd., its general partner

 
			
		
	By:	 	  

 
			
	Name:
	Title:
	
	 GSCP VI GMBH ICECAP INVESTMENT, L.P.
  

By: GSCP VI GmbH IceCap Holdings Entity GP,

	Ltd., its general partner

 
			
		
	 By:
	 	  

			
	Name:
	Title:
	
	 ICECAP2 HOLDINGS, L.P.
  

By: IceCap2 Holdings Entity GP, Ltd.,
 its general
partner

 
			
		
	 By:
	 	  

			
	Name:
	Title:

 
			
	COMPANY:
	
	AMERICOLD REALTY TRUST

 
			
		
	By:	 	  

			
	Name:
	Title:
	
	YFA:
	
	YF ART HOLDINGS, L.P.
	
	By: YF ART Holdings GP, LLC, its general partner

 
			
		
	By:	 	  

			
	Name:
	Title:

 Exhibit A 

Amendment No. 12 to Warrant 

  
 - 1 - 

 AMENDMENT NO. 12 TO COMMON SHARES PURCHASE WARRANT 

This Amendment No. 12 to Common Shares Purchase Warrant (this “Amendment”), dated as of
[                     ], is by and between (i) YF ART Holdings, L.P., a Delaware limited partnership (the “Holder”), and
(ii) Americold Realty Trust, a Maryland real estate investment trust (the “Trust”). This Amendment amends that certain Common Shares Purchase Warrant issued as of December 10, 2009, as amended by the Amendment Nos. 1, 2, 3, 4,
5, 6, 7, 8, 9, 10, and 11 thereto, by the Trust to the Holder with respect to 7,376,985 Common Shares (the “Warrant”). 

RECITALS 
 WHEREAS,
pursuant to the Warrant, the Holder has the right to purchase Seven Million Three Hundred Seventy Six Thousand Nine Hundred Eighty Five (7,376,985) Common Shares at an Exercise Price of $9.81 per Common Share on or before January 31, 2018 at not
later than 5:00 p.m. New York time (such date and time, the “Existing Expiration Date”); 
 WHEREAS, the Holder and the
Trust are parties to that certain Equity Investor Agreement by and among the Holder, the Trust, and the other shareholders of the Trust party thereto, dated [            ], 2018 (the
“Equity Investor Agreement”), which contemplates an extension of the Existing Expiration Date; and 
 WHEREAS, the parties
to the Warrant desire to amend the Warrant to extend the Existing Expiration Date as set forth herein in accordance with Section 16 of the Warrant, if no IPO Closing (as defined in the Equity Investor Agreement) has occurred prior to the
Existing Expiration Date. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing recitals and the agreements hereinafter set forth, and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows: 
 1. Defined
Terms. Unless otherwise defined in this Amendment, all capitalized terms used herein shall have the meanings assigned to such terms in the Warrant. 

2. Amendment. The Warrant is hereby amended and restated in its entirety in the form attached hereto as Exhibit A. 

3. Effectiveness. This Amendment shall become effective on January 31, 2018, if no IPO Closing (as defined in the Equity Investor
Agreement) has occurred prior to such date. 
 4.Counterparts; Facsimile Signatures. This Amendment may be executed in counterparts,
each of which will be considered an original and all of which together will constitute one and the same agreement. The parties hereto agree and acknowledge that delivery of a signature by facsimile or in electronic (e.g., “pdf” or
“tif”) format shall constitute execution by such signatory. 

  
 - 2 - 

 5. Governing Law. This Amendment shall be governed by and construed in accordance with the
laws of the State of Maryland without regard to principles of conflict or chose of laws of any jurisdiction. 
 [Signature Page Follows]

  
 - 3 - 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment to Common Share Purchase
Warrant as of the date first above written. 
  

	
	 AMERICOLD REALTY TRUST,
 a
Maryland real estate investment trust

 
			
		
	 By:
	 	  

 
	
	 Name:

	 Title:

	
	 YF ART HOLDINGS, L.P.,
 a Delaware
limited partnership

	
	By: YF ART Holdings GP, LLC, its general partner

 
			
		
	By:	 	  

 
			
	Name:
	Title:

 Exhibit A 

Amended and Restated Warrant 

 COMMON SHARES PURCHASE WARRANT 

THE SECURITIES REPRESENTED BY THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”) OR THE SECURITIES LAWS OF ANY STATE. THESE SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER THE SECURITIES ACT AND UNDER APPLICABLE STATE SECURITIES LAWS. THIS WARRANT MAY
NOT BE SOLD, ASSIGNED, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO THE PROVISIONS OF THIS WARRANT. 
 Date of Issuance: December
10, 2009 
 AMERICOLD REALTY TRUST 

Warrant to Purchase Common Shares 

(Void after the Expiration Date (as defined below)) 

Reference is made to that certain Equity Investor Agreement, dated January 8, 2018, by and among YF ART Holdings, L.P., a Delaware limited
partnership (“YFA”), Americold Realty Trust, a Maryland real estate investment trust (the “Trust”), and the other shareholders of the Trust party thereto (the “Equity Investor Agreement”). The
Trust, for value received, hereby certifies and agrees that YFA, and/or its assigns (each, a “Holder”), is entitled, subject to the terms set forth below, to purchase from the Trust, at any time and from time to time on or after the
date hereof (the “Date of Issuance”) and on or before the earliest to occur of (a) 5:00 p.m. New York time on January 31, 2019, (b) a Sale Transaction Closing (as defined in the Equity Investor Agreement), or (c) an IPO Closing
(as defined in the Equity Investor Agreement) (the “Expiration Date”), Seven Million Three Hundred Seventy Six Thousand Nine Hundred Eighty Five (7,376,985) of the Trust’s duly authorized, validly issued, fully paid and
nonassessable common shares of beneficial interest, $0.01 par value per share (including any other class of shares resulting from successive changes or reclassifications of such Common Shares as provided herein, the “Common Shares”)
at an exercise price equal to $9.81 per share, as may be adjusted from time to time pursuant to the provisions of this Warrant (such per share price, the “Exercise Price”). The shares purchasable upon exercise of this Warrant are
hereinafter referred to as the “Warrant Shares.” The term “Warrant” as used herein shall include this Warrant and any other warrants delivered in substitution or exchange therefor, as provided herein. 

1. Exercise. 

1.1 Method of Exercise 

1.1.1 This Warrant may be exercised by any Holder, in whole or in part, by surrendering this Warrant, with a Notice of Exercise
in the form of Annex A hereto or Annex B hereto, as applicable (the “Notice of Exercise”), duly executed by the Holder or the Holder’s duly authorized attorney, accompanied by, 

 if the Holder elects not to exercise the Warrant pursuant to Section 1.2, payment in full,
in lawful money of the United States, of the Exercise Price payable in respect of the number of Warrant Shares purchased upon such exercise. 

1.1.2 Each exercise of this Warrant shall be deemed to have been effected immediately prior to the close of business on the day
on which the Notice of Exercise shall be dated and directed to the Trust as provided in Section 10. At such time, the person(s) in whose name(s) any certificates for Warrant Shares shall be issuable upon such exercise as provided in
Section 1.1.3 hereof shall be deemed to have become the holder(s) of record of the Warrant Shares represented by such certificates. 

1.1.3 As soon as practicable after the exercise of this Warrant, in full or in part, and in any event within ten (10) days
thereafter, the Trust, at its expense, will cause to be issued in the name of, and delivered to, the Holder, or as the Holder (upon payment by the Holder of any applicable transfer taxes) may direct: 

(a) a certificate or certificates for the number of full Common Shares to which the Holder shall be entitled upon such
exercise plus, in lieu of any fractional share to which the Holder would otherwise be entitled, cash in an amount determined pursuant to Section 3 hereof (it being agreed that each certificate so delivered shall be in such denominations of
Common Shares as may be requested by the Holder); and 
 (b) in case such exercise is in part only, a new warrant or
warrants in substantially identical form for the purchase of that number of Warrant Shares equal to the difference between the number of Warrant Shares subject to this Warrant and the number of Warrant Shares as to which this Warrant is so
exercised. In addition, in the case of an exercise pursuant to Section 1.2 hereof, the number of Warrant Shares shall also be reduced by the number of Warrant Shares withheld by the Trust in exchange for the issuance of the number of Warrant Shares
to which the Holder exercises its purchasing rights under this Warrant. 
 1.2 Exercise by Surrender of Warrant. In
addition to the method of payment set forth in Section 1.1 and in lieu of any cash payment required thereunder, this Warrant may be exercised by surrendering this Warrant in the manner specified in this Section 1.2 (alone or in combination
with the method of payment set forth in Section 1.1), together with the Notice of Cashless Exercise form appended hereto as Annex B duly executed by the Holder or by the Holder’s duly authorized attorney. Upon exercise pursuant to
this Section 1.2, the Trust shall issue to the Holder the number of Warrant Shares purchased upon such exercise in exchange for the Trust’s withholding of the number of Warrant Shares determined in accordance with the following formula:

  

									
	 	 	X	 	=	 	Y * (A-B)
    A	 	 

  
 2 

 
					
	            Where:

 

	X	  	=	 	the number of Common Shares to be issued to the Holder;
			
	Y	  	=	 	the number of Warrant Shares purchasable under this Warrant or, if only a portion of this Warrant is being exercised, the number of Warrant Shares subject to the applicable Exercise Notice;
			
	A	  	=	 	the Market Value of one (1) Common Share on the date of exercise;
			
	B	  	=	 	the Exercise Price of one (1) Warrant Share (as adjusted to the date of exercise);
			
	*	  	=	 	multiplied by.

 As used herein, the phrase “Market Value” at any date shall be deemed to be the last reported
per share sale price on the trading day immediately preceding the exercise date, or, in case no such reported sale takes place on such day, the average of the last reported per share sale prices for the last three (3) trading days, in either
case as officially reported by the principal securities exchange or “over the counter” (including on the pink sheets or bulletin board) market on which the Common Shares are listed or admitted to trading, or, if the Common Shares are not
listed or admitted to trading on any national securities exchange or sold “over the counter”, the fair market value of the Common Shares as of the date of exercise as determined by the Board (as hereinafter defined) which shall provide
written notice of such determination to each member of the Board; provided, that, if (i) any member of the Board that is a GSCP Trustee (as defined in the Shareholders Agreement (as defined in the Equity Investor Agreement)) objects, by
providing written notice of such objection to the Trust, to any such determination of fair market value by the Board within five (5) days of receipt of written notice of such determination and (ii) such objection is not resolved by the
Board with thirty (30) days of the Trust’s receipt of such objection notice, then the fair market value of the Common Shares as of the exercise date shall be determined by appraisal in accordance with the further provisions of this
paragraph. In such event, such fair market value as of the exercise date shall be determined by an appraiser reasonably agreed upon by the GSCP Trustees and the Yucaipa Trustees (as defined in the Shareholders Agreement (as defined in the Equity
Investor Agreement)), or if such persons cannot so agree, then the valuation group at JP Morgan Chase & Co. The fair market value shall be the fair market value determined on a “going concern basis” by such appraiser as promptly
as practicable after its appointment, and such determination shall be made without discount due to the Common Shares representing a minority interest in the Trust or the illiquidity thereof. The Trust will negotiate the engagement terms and
agreement with such appraiser and bear the costs and expenses in connection therewith. The Trust will give such appraiser reasonably sufficient access to the Trust’s financial information in order to perform its functions hereunder, subject to
such appraiser executing a confidentiality agreement in form and substance reasonably satisfactory to the Trust. 
 2. Shares to be Fully
Paid; Reservation of Shares. The Trust covenants and agrees that all Common Shares which may be issued upon the exercise of this Warrant will, upon 

  
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 issuance by the Trust, be validly issued, fully paid and nonassessable, and free from preemptive rights and free
from all taxes, liens and charges with respect thereto. The Trust further covenants and agrees that, from and after the Date of Issuance and during the period within which this Warrant may be exercised, the Trust will at all times have authorized,
and reserved, free from preemptive rights, out of its authorized but unissued Common Shares, solely for the purpose of effecting the exercise of this Warrant, a sufficient number of Common Shares to provide for the exercise of the rights represented
by this Warrant. 
 3. Fractional Shares. The Trust shall not be required upon the exercise of this Warrant to issue any fractional
shares or scrip representing fractional shares. In lieu of any fractional share to which the Holder would otherwise be entitled, the Holder shall be entitled to receive a cash payment equal to the Market Value of the Common Shares on the last
trading day preceding the date of exercise less the pro-rated Exercise Price for such fractional share. 
 4. Transfers. 

4.1 Transfers. This Warrant and all rights hereunder are transferable, in whole or in part, upon the surrender of this
Warrant with a properly executed Assignment Form in substantially the form attached hereto as Annex C (the “Assignment”) at the principal office of the Trust. 

4.2 Exchange of Warrant upon a Transfer. On surrender of this Warrant for exchange, properly endorsed on the Assignment,
the Trust at its expense shall issue to or on the order of the Holder a new warrant or warrants of the same tenor and date as this Warrant, in the name of the Holder or as the Holder (on payment by the Holder of any applicable transfer taxes) may
direct, for the number of Warrant Shares issuable upon exercise hereof. 
 4.3 Rule 144. Until such time as the Holder
may sell in compliance with the Securities Act all Common Shares that are held by the Holder, or that could be acquired by the Holder through the exercise of the Warrant, without a registration statement under the Securities Act or compliance with
Rule 144 under the Securities Act, the Trust shall take such actions and file such information, documents and reports as shall be required by the Securities Act and the rules and regulations promulgated thereunder as a condition to the availability
of Rule 144 under the Securities Act. 
 5. Adjustment. The Exercise Price and the number of Warrant Shares issuable upon exercise of
this Warrant shall be subject to adjustment from time to time as set forth in this Section 5; provided, that if more than one subsection of this Section 5 is applicable to a single event, the subsection shall be applied that
produces the largest adjustment and no single event shall cause an adjustment under more than on subsection of this Section 5 so as to result in duplication. 

5.1 Stock Splits, Subdivisions, Reclassifications or Combinations. If the Trust shall (i) declare and pay a
dividend or make a distribution on its Common Shares payable in additional Common Shares, (ii) subdivide or reclassify the outstanding Common Shares into a greater number of shares, or (iii) combine or reclassify the outstanding

  
 4 

 
Common Shares into a smaller number of shares, the number of Warrant Shares issuable upon exercise of this Warrant at the time of the record date for such dividend or distribution or the
effective date of such subdivision, combination or reclassification shall be proportionately adjusted so that the Holder after such date shall be entitled to purchase the number of Common Shares which the Holder would have owned or been entitled to
receive in respect of the Warrant Shares underlying this Warrant after such date had this Warrant been exercised immediately prior to such date. In such event, the Exercise Price in effect at the time of the record date for such dividend or
distribution or the effective date of such subdivision, combination or reclassification shall be adjusted to the number obtained by dividing (x) the product of (1) the number of Warrant Shares issuable upon the exercise of this Warrant
before such adjustment and (2) the Exercise Price in effect immediately prior to the record or effective date, as the case may be, for the dividend, distribution, subdivision, combination or reclassification giving rise to this adjustment by
(y) the new number of Warrant Shares issuable upon exercise of the Warrant determined pursuant to the immediately preceding sentence. 

5.2 Business Combination. In case of any Business Combination or reclassification of the Common Shares (other than a
reclassification of Common Shares referred to in Section 5.1), the Holder’s right to receive Common Shares upon exercise of this Warrant shall be converted into the right to exercise this Warrant to acquire the number of shares of stock or
other securities or property (including cash) which the Common Shares issuable (at the time of such Business Combination or reclassification) upon exercise of this Warrant immediately prior to such Business Combination or reclassification would have
been entitled to receive upon consummation of such Business Combination or reclassification; and in any such case, if necessary, the provisions set forth herein with respect to the rights and interests thereafter of the Holder shall be appropriately
adjusted so as to be applicable, as nearly as reasonably practicable, to the Holder’s right to exercise this Warrant in exchange for any shares of stock or other securities or property pursuant to this paragraph. 

As used herein, the term “Business Combination” means a merger, consolidation, statutory share exchange or
similar transaction that requires the approval of the Trust’s shareholders. 
 5.3 Extraordinary Distributions.
If the Trust shall fix a record date for the making of a distribution to all holders of its Common Shares of securities, evidences of indebtedness, assets, cash, rights or warrants (excluding Ordinary Distributions, dividends of Common Shares and
other dividends or distributions referred to in Section 5.2) (an “Extraordinary Distribution”), then in each such case, the Exercise Price in effect prior to such record date shall be reduced immediately thereafter to the price
determined by multiplying the Exercise Price in effect immediately prior to such reduction by the quotient of (x) the Market Value as of the last trading day preceding the first date on which the Common Shares trade regular way on the principal
national securities exchange or quotation system on which the Common Shares are listed or admitted to trading without the right to receive such distribution, minus the amount of cash and/or the cash or fair market value of the securities, evidences
of indebtedness, assets, rights or warrants to be so distributed in respect of one Common Share divided by (y) such Market Value on such date specified in clause (x). Such adjustment shall be made successively whenever such a record date is fixed.

  
 5 

 As used herein, the term “Ordinary Distributions” means all
regular periodic dividends on Common Shares, whether paid in cash, securities or property, or any combination thereof, except extraordinary or special dividends, provided, that for any taxable year for which the Trust has elected to be
treated as a real estate investment trust or “REIT” for United States federal income tax purposes, Ordinary Distributions shall be deemed to equal 125% of the amount of distributions that the Trust is required to pay to its shareholders
with respect to such year in order to satisfy the requirements for taxation as a REIT for United States federal income tax purposes, and all dividends and distributions paid with respect to such year in excess of such deemed amount shall be treated
as Extraordinary Distributions. 
 5.4 Tender Offers; Exchange Offers. In the event that the Trust or any subsidiary
of the Trust shall purchase Common Shares pursuant to a tender offer or an exchange offer for a price per Common Share that is greater than the then current Market Value per Common Share in effect at the end of the trading day immediately following
the day on which such tender offer or exchange offer expires, then the Trust, or such subsidiary of the Trust, shall, within (10) business days of the expiry of such tender offer or exchange offer, offer to purchase the Warrant for equivalent
consideration per Common Share based on the number of Warrant Shares underlying this Warrant at such time (the “Offer”) (such amount less the Exercise Price in respect of each Warrant Share, the “Per Share
Consideration”); provided, however, that if a tender offer or exchange offer is made for only a portion of the outstanding Common Shares, then such Offer shall be made for such Warrant Shares in the same pro rata proportion as the
pro rata proportion of the outstanding Common Shares for which the tender offer or exchange offer is made; provided, further, that the Trust shall not be required to make such an Offer if the Per Share Consideration is an amount less than the
then-existing Exercise Price per Common Share. The Offer shall remain open for a period of twenty (20) business days following its commencement and no longer, except to the extent that a longer period is required by applicable law (the
“Offer Period”). If the Offer is accepted in whole or in part by the Holder, then the Trust shall complete purchase of the Warrant (or portion thereof) for the applicable Per Share Consideration within five (5) business days of
the end of the Offer Period. 
 5.5 Adjustment in Number of Securities. Upon each adjustment of the Exercise Price
pursuant to the provisions of this Warrant, the number of securities issuable upon the exercise of each Warrant shall be adjusted to the nearest whole number by multiplying a number equal to the Exercise Price in effect immediately prior to such
adjustment by the number of Warrant Shares issuable upon exercise of the Warrants immediately prior to such adjustment and dividing the product so obtained by the adjusted Exercise Price. 

5.6 Notice of Adjustment. Upon the occurrence of any event that requires any adjustment of the Exercise Price or the
number of Common Shares issuable upon exercise of this Warrant or a change in the type of securities or property to be delivered upon the exercise of this Warrant, then and in each such case the Trust shall give notice thereof to the Holder in
accordance with Section 7. 

  
 6 

 5.7 Other Anti-Dilution Provisions. If the Trust has issued or issues any
securities on or after the Date of Issuance containing provisions protecting the holders thereof against dilution in any manner more favorable to such holders thereof than those set forth in this Warrant, such more favorable portions thereof shall
be deemed to be incorporated herein as if fully set forth in this Warrant and, to the extent inconsistent with any provisions of this Warrant, shall be deemed to be substituted therefor. 

5.8 Successive Adjustments. Any adjustments made pursuant to this Section 5 shall be made successively whenever an event
referred to herein shall occur. 
 5.9 Other Events. During the term of this Warrant, if any event occurs as to which
the provisions of this Section 5 are not strictly applicable or, if strictly applicable, would not, in the good faith judgment of the board of trustees of the Trust (the “Board”), fairly and adequately protect the purchase
rights of this Warrant in accordance with the essential intent and principles of such provisions, then the Board shall make such adjustments in the application of such provisions, in accordance with such essential intent and principles, as shall be
reasonably necessary, in the good faith opinion of the Board, to protect such purchase rights as aforesaid. 
 6. No Impairment. The
Trust will not, by amendment of its Declaration of Trust or other governing documents or through reorganization, consolidation, merger, dissolution, sale of assets or any other action, avoid or seek to avoid the observance or performance of any of
the terms of this Warrant, but will at all times carry out all such terms and take all such action as may be reasonably necessary or appropriate in order to protect the rights of the Holder against impairment. 

7. Other Notices. If at any time: 

(a) The Trust shall declare any dividend or distribution upon its Common Shares (other than an Extraordinary Distribution);

 (b) There shall be any event that requires any adjustment of the Exercise Price or the number of Common Shares issuable
upon exercise of this Warrant pursuant to Section 5 or a change in the type of securities or property to be delivered upon the exercise of this Warrant; or 

(c) There shall be a voluntary or involuntary dissolution, liquidation or winding-up of the Trust; 

then, in any one or more of said cases, the Trust shall, as provided in Section 10, give the Holder, (i) at least twenty
(20) days prior written notice of the date on which the books of the Trust shall close or a record shall be taken for such dividend or for determining rights to vote in respect of any transaction referred to in the foregoing clauses
(b) and (c), and (ii) in the case of any transaction referred to in the foregoing clauses (b) and (c), at least twenty (20) days prior written 

  
 7 

 
notice of the date when the same shall take place. Any notice given in accordance with the foregoing clause (i) shall also specify, in the case of any such dividend, the date on which the
holders of Common Shares shall be entitled thereto. Any notice given in accordance with the foregoing clause (ii) shall also specify the date on which the holders of Common Shares shall be entitled to exchange their Common Shares for securities
or other property deliverable upon the applicable transaction. All notices required under the foregoing clause (b) shall state the Exercise Price resulting from all adjustments required by Section 5 and the increase or decrease, if any, in
the number of Warrant Shares purchasable at such price upon exercise, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. 

8. No Rights of Shareholders. Subject to other Sections of this Warrant, the Holder shall not be entitled, by virtue of its ownership
of this Warrant, to vote, to receive dividends or subscription rights, nor shall anything contained herein be construed to confer upon the Holder, in its capacity as the Holder, any of the rights of a shareholder of the Trust, including without
limitation any right to vote for the election of directors or upon any matter submitted to shareholders, to give or withhold consent to any action (whether upon any recapitalization, issuance of stock, reclassification of stock, change of par value
or change of stock to no par value, consolidation, merger, conveyance, or otherwise), to receive notices, or otherwise, until the Warrant shall have been exercised as provided herein. 

9. Replacement of Warrant. Upon receipt of evidence reasonably satisfactory to the Trust of the loss, theft, destruction or mutilation
of this Warrant and (in the case of loss, theft or destruction) upon delivery of a customary indemnity agreement, or (in the case of mutilation) upon surrender and cancellation of this Warrant, the Trust will issue, in lieu thereof, a new warrant of
the same tenor and date. 
 10. Notice. Any notice, request, instruction or other document to be given hereunder by any party to the
other will be in writing and will be deemed to have been duly given (a) on the date of delivery if delivered personally, or by facsimile, upon confirmation of receipt, or (b) on the second business day following the date of dispatch if
delivered by a recognized next day courier service. All notices hereunder shall be delivered as set forth below, or pursuant to such other instructions as may be designated in writing by the party to receive such notice. 

If to the Trust, to: 
 Americold
Realty Trust 
 10 Glenlake Parkway, South Tower 

Suite 600 
 Atlanta, Georgia 30328

 Attention: Chief Financial Officer 

Telephone: (678) 441-1400 
 Fax:
(678) 387-4774 

  
 8 

 If to the Holder, to: 

YF ART Holdings, L.P. 
 9130 W.
Sunset Boulevard 
 Los Angeles, California 90069 

Attention: Robert P. Bermingham 

Telephone: (310) 789-7200 
 Fax:
(310) 789-1791 
 11. Change or Waiver. Any term of this Warrant may be changed or waived only by an instrument in writing signed by
the party against which enforcement of the change or waiver is sought. 
 12. Headings. The headings in this Warrant are for purposes
of reference only and shall not limit or otherwise affect the meaning of any provision of this Warrant. 
 13. Severability. If any
provision of this Warrant shall be held to be invalid and unenforceable, such invalidity or unenforceability shall not affect any other provision of this Warrant. 

14. Governing Law and Submission to Jurisdiction. This Warrant will be governed by and construed in accordance with the laws of the
State of Maryland without regard to principles of conflict or choice of laws of any jurisdiction. 
 15. Certificate. Upon request by
the Holder, the Trust shall promptly deliver to the Holder a certificate executed by its President or Chief Financial Officer setting forth the total number of outstanding Common Shares, convertible debt instruments and options, rights, warrants or
other agreements relating to the purchase of such Common Shares or convertible debt instruments, together with its calculation of the number of shares remaining available for issuance upon exercise of this Warrant, and a certificate of the accuracy
of the statements set forth therein. 
 16. Supplements and Amendments. This Warrant may be amended only by an instrument in writing
signed by the Holder and the Trust. 
 17. Assignment by the Trust; Successors. The Trust may not, without the prior written consent
of the Holder, sell, transfer or assign any of its rights or obligations hereunder. The Holder may assign this Warrant without the Trust’s consent. All the covenants and provisions of this Warrant shall be binding upon and inure to the benefit
of the Trust and the Holder and their respective permitted successors and assigns hereunder. 
 18. Benefits of this Warrant. Nothing
in this Warrant shall be construed to give to any person, entity or corporation other than the Trust and the Holder any legal or equitable right, remedy or claim under this Warrant; and this Warrant shall be for the sole and exclusive benefit of the
Trust and the Holder. 

  
 9 

 19. Saturdays, Sunday, Holidays, etc. If the last or appointed day for the taking of any
action or the expiration of any right required or granted herein shall not be a business day, then such action may be taken or such right may be exercised on the next succeeding business day. 

[Signature Page Follows] 

  
 10 

 IN WITNESS WHEREOF, Americold Realty Trust has caused this Warrant to be signed by its duly
authorized officer and to be dated on the day and year first written above. 
  

			
	 AMERICOLD REALTY
TRUST

  

			
	By:	 	  

 
			
	Name:	 	
	Title:	 	

 ACKNOWLEDGED AND AGREED: 

YF ART HOLDINGS, L.P. 
  

			
	 By: YF ART Holdings GP, LLC, its general partner

  

			
	By:	 	  

			
	Name:	 	
	Title:	 	

 [Signature Page to YF ART Holdings, L.P. Warrant] 

 ANNEX A 

NOTICE OF EXERCISE FORM 
  

			
	To:	  	
Dated:                
    

 The undersigned, pursuant to the provisions set forth in the attached Warrant (the
“Warrant”), hereby irrevocably elects to purchase                      Warrant Shares (as such term is defined in the Warrant) and
herewith makes payment of $            , representing the full purchase price for such shares at the exercise price per share provided for in such Warrant. 

 

	
	Signature:
	
	Address:

 ANNEX B 

NOTICE OF CASHLESS EXERCISE FORM 
  

			
	To:                    	  	
Dated:                
    

 The undersigned, pursuant to the provisions set forth in the attached Warrant (the
“Warrant”), hereby elects to purchase (check applicable box): 

         Warrant Shares (as defined in the Warrant); or 

         the maximum number of Warrant Shares issuable under the Warrant pursuant to the
cashless exercise procedure set forth in Section 1.2. 
  

	
	Signature:
	
	Address:

 ANNEX C 

ASSIGNMENT FORM 
 FOR
VALUE RECEIVED,                          hereby sells, assigns and transfers all of the rights of the undersigned under the
attached Warrant (the “Warrant”) with respect to the number of Warrant Shares (as defined in the Warrant) set forth below, unto: 
  

									
	 Name of Assignee
	  	Address	 	  	No. of Warrant Shares	 
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			

  

	
	Signature:
	
	Dated:
	
	Witness:

 Exhibit B 

Amendment No. 12 to Warrant 

 AMENDMENT NO. 12 TO COMMON SHARES PURCHASE WARRANT 

This Amendment No. 12 to Common Shares Purchase Warrant (this “Amendment”), dated as of
[            ], is by and between (i) YF ART Holdings, L.P., a Delaware limited partnership (the “Holder”), and (ii) Americold Realty Trust, a Maryland real
estate investment trust (the “Trust”). This Amendment amends that certain Common Shares Purchase Warrant issued as of December 10, 2009, as amended by the Amendment Nos. 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, and 11 thereto, by the Trust to
the Holder with respect to 11,197,634 Common Shares (the “Warrant”). 
 RECITALS 

WHEREAS, pursuant to the Warrant, the Holder has the right to purchase Eleven Million One Hundred Ninety-Seven Thousand Six Hundred
Thirty-Four (11,197,634) Common Shares at an Exercise Price of $9.81 per Common Share on or before January 31, 2018 at not later than 5:00 p.m. New York time (such date and time, the “Existing Expiration Date”); 

WHEREAS, the Holder and the Trust are parties to that certain Equity Investor Agreement by and among the Holder, the Trust, and the other
shareholders of the Trust party thereto, dated [            ], 2018 (the “Equity Investor Agreement”), which contemplates an extension of the Existing Expiration Date; and

 WHEREAS, the parties to the Warrant desire to amend the Warrant to extend the Existing Expiration Date as set forth herein in accordance
with Section 16 of the Warrant, if no IPO Closing (as defined in the Equity Investor Agreement) has occurred prior to the Existing Expiration Date. 

AGREEMENT 
 NOW,
THEREFORE, in consideration of the foregoing recitals and the agreements hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

 1. Defined Terms. Unless otherwise defined in this Amendment, all capitalized terms used herein shall have the meanings assigned
to such terms in the Warrant. 
 2. Amendment. The Warrant is hereby amended and restated in its entirety in the form attached hereto
as Exhibit A. 
 3. Effectiveness. This Amendment shall become effective on January 31, 2018, if no IPO Closing (as defined in
the Equity Investor Agreement) has occurred prior to such date. 
 4. Counterparts; Facsimile Signatures. This Amendment may be
executed in counterparts, each of which will be considered an original and all of which together will constitute one and the same agreement. The parties hereto agree and acknowledge that delivery of a signature by facsimile or in electronic (e.g.,
“pdf” or “tif”) format shall constitute execution by such signatory. 

 5. Governing Law. This Amendment shall be governed by and construed in accordance with the
laws of the State of Maryland without regard to principles of conflict or chose of laws of any jurisdiction. 
 [Signature Page Follows]

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment to Common Share Purchase
Warrant as of the date first above written. 
  

			
	 AMERICOLD REALTY TRUST,
 a
Maryland real estate investment trust

 
			
		
	By:	 	  

 
			
	 Name:
	 	
	 Title:
	 	

 
			
	
	 YF ART HOLDINGS, L.P.,
 a
Delaware limited partnership

 
			
	
	By: YF ART Holdings GP, LLC, its general partner

 
			
		
	 By:
	 	  

 
			
	 Name:
	 	
	 Title:
	 	

 Exhibit A 

Amended and Restated Warrant 

 COMMON SHARES PURCHASE WARRANT 

THE SECURITIES REPRESENTED BY THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”) OR THE SECURITIES LAWS OF ANY STATE. THESE SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER THE SECURITIES ACT AND UNDER APPLICABLE STATE SECURITIES LAWS. THIS WARRANT MAY
NOT BE SOLD, ASSIGNED, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO THE PROVISIONS OF THIS WARRANT. 
 Date of Issuance: December
10, 2009 
 AMERICOLD REALTY TRUST 

Warrant to Purchase Common Shares 

(Void after the Expiration Date (as defined below)) 

Reference is made to that certain Equity Investor Agreement, dated January 8, 2018, by and among YF ART Holdings, L.P., a Delaware limited
partnership (“YFA”), Americold Realty Trust, a Maryland real estate investment trust (the “Trust”), and the other shareholders of the Trust party thereto (the “Equity Investor Agreement”). The
Trust, for value received, hereby certifies and agrees that YFA, and/or its assigns (each, a “Holder”), is entitled, subject to the terms set forth below, to purchase from the Trust, at any time and from time to time on or after the
date hereof (the “Date of Issuance”) and on or before the earliest to occur of (a) 5:00 p.m. New York time on January 31, 2019, (b) a Sale Transaction Closing (as defined in the Equity Investor Agreement), or (c) an IPO Closing
(as defined in the Equity Investor Agreement) (the “Expiration Date”), Eleven Million One Hundred Ninety-Seven Thousand Six Hundred Thirty- Four (11,197,634) of the Trust’s duly authorized, validly issued, fully paid and
nonassessable common shares of beneficial interest, $0.01 par value per share (including any other class of shares resulting from successive changes or reclassifications of such Common Shares as provided herein, the “Common Shares”)
at an exercise price equal to $9.81 per share, as may be adjusted from time to time pursuant to the provisions of this Warrant (such per share price, the “Exercise Price”). The shares purchasable upon exercise of this Warrant are
hereinafter referred to as the “Warrant Shares.” The term “Warrant” as used herein shall include this Warrant and any other warrants delivered in substitution or exchange therefor, as provided herein. 

1. Exercise. 

1.1 Method of Exercise 

1.1.1 This Warrant may be exercised by any Holder, in whole or in part, by surrendering this Warrant, with a Notice of
Exercise in the form of Annex A hereto or Annex B hereto, as applicable (the “Notice of Exercise”), duly executed by the Holder or the Holder’s duly authorized attorney, accompanied by,

 if the Holder elects not to exercise the Warrant pursuant to Section 1.2, payment in full,
in lawful money of the United States, of the Exercise Price payable in respect of the number of Warrant Shares purchased upon such exercise. 

1.1.2 Each exercise of this Warrant shall be deemed to have been effected immediately prior to the close of business on the day
on which the Notice of Exercise shall be dated and directed to the Trust as provided in Section 10. At such time, the person(s) in whose name(s) any certificates for Warrant Shares shall be issuable upon such exercise as provided in
Section 1.1.3 hereof shall be deemed to have become the holder(s) of record of the Warrant Shares represented by such certificates. 

1.1.3 As soon as practicable after the exercise of this Warrant, in full or in part, and in any event within ten (10) days
thereafter, the Trust, at its expense, will cause to be issued in the name of, and delivered to, the Holder, or as the Holder (upon payment by the Holder of any applicable transfer taxes) may direct: 

(a) a certificate or certificates for the number of full Common Shares to which the Holder shall be entitled upon such exercise
plus, in lieu of any fractional share to which the Holder would otherwise be entitled, cash in an amount determined pursuant to Section 3 hereof (it being agreed that each certificate so delivered shall be in such denominations of Common Shares
as may be requested by the Holder); and 
 (b) in case such exercise is in part only, a new warrant or warrants in
substantially identical form for the purchase of that number of Warrant Shares equal to the difference between the number of Warrant Shares subject to this Warrant and the number of Warrant Shares as to which this Warrant is so exercised. In
addition, in the case of an exercise pursuant to Section 1.2 hereof, the number of Warrant Shares shall also be reduced by the number of Warrant Shares withheld by the Trust in exchange for the issuance of the number of Warrant Shares to which the
Holder exercises its purchasing rights under this Warrant. 
 1.2 Exercise by Surrender of Warrant. In addition to the
method of payment set forth in Section 1.1 and in lieu of any cash payment required thereunder, this Warrant may be exercised by surrendering this Warrant in the manner specified in this Section 1.2 (alone or in combination with the method
of payment set forth in Section 1.1), together with the Notice of Cashless Exercise form appended hereto as Annex B duly executed by the Holder or by the Holder’s duly authorized attorney. Upon exercise pursuant to this
Section 1.2, the Trust shall issue to the Holder the number of Warrant Shares purchased upon such exercise in exchange for the Trust’s withholding of the number of Warrant Shares determined in accordance with the following formula: 

 

					
	 	 	X= Y * (A-B)	 	 
		 	A	 	

  
 2 

 Where: 
  

	 	X =	the number of Common Shares to be issued to the Holder; 

  

	 	Y =	the number of Warrant Shares purchasable under this Warrant or, if only a portion of this Warrant is being exercised, the number of Warrant Shares subject to the applicable Exercise Notice; 

 

	 	A =	the Market Value of one (1) Common Share on the date of exercise; 

  

	 	B =	the Exercise Price of one (1) Warrant Share (as adjusted to the date of exercise); 

  

	 	* =	multiplied by. 

 As used herein, the phrase “Market Value” at any date shall be
deemed to be the last reported per share sale price on the trading day immediately preceding the exercise date, or, in case no such reported sale takes place on such day, the average of the last reported per share sale prices for the last three
(3) trading days, in either case as officially reported by the principal securities exchange or “over the counter” (including on the pink sheets or bulletin board) market on which the Common Shares are listed or admitted to trading,
or, if the Common Shares are not listed or admitted to trading on any national securities exchange or sold “over the counter”, the fair market value of the Common Shares as of the date of exercise as determined by the Board (as hereinafter
defined) which shall provide written notice of such determination to each member of the Board; provided, that, if (i) any member of the Board that is a GSCP Trustee (as defined in the Shareholders Agreement (as defined in the Equity Investor
Agreement)) objects, by providing written notice of such objection to the Trust, to any such determination of fair market value by the Board within five (5) days of receipt of written notice of such determination and (ii) such objection is
not resolved by the Board with thirty (30) days of the Trust’s receipt of such objection notice, then the fair market value of the Common Shares as of the exercise date shall be determined by appraisal in accordance with the further
provisions of this paragraph. In such event, such fair market value as of the exercise date shall be determined by an appraiser reasonably agreed upon by the GSCP Trustees and the Yucaipa Trustees (as defined in the Shareholders Agreement (as
defined in the Equity Investor Agreement)), or if such persons cannot so agree, then the valuation group at JP Morgan Chase & Co. The fair market value shall be the fair market value determined on a “going concern basis” by such
appraiser as promptly as practicable after its appointment, and such determination shall be made without discount due to the Common Shares representing a minority interest in the Trust or the illiquidity thereof. The Trust will negotiate the
engagement terms and agreement with such appraiser and bear the costs and expenses in connection therewith. The Trust will give such appraiser reasonably sufficient access to the Trust’s financial information in order to perform its functions
hereunder, subject to such appraiser executing a confidentiality agreement in form and substance reasonably satisfactory to the Trust. 
 2.
Shares to be Fully Paid; Reservation of Shares. The Trust covenants and agrees that all Common Shares which may be issued upon the exercise of this Warrant will, upon 

  
 3 

 issuance by the Trust, be validly issued, fully paid and nonassessable, and free from preemptive rights and free
from all taxes, liens and charges with respect thereto. The Trust further covenants and agrees that, from and after the Date of Issuance and during the period within which this Warrant may be exercised, the Trust will at all times have authorized,
and reserved, free from preemptive rights, out of its authorized but unissued Common Shares, solely for the purpose of effecting the exercise of this Warrant, a sufficient number of Common Shares to provide for the exercise of the rights represented
by this Warrant. 
 3. Fractional Shares. The Trust shall not be required upon the exercise of this Warrant to issue any fractional
shares or scrip representing fractional shares. In lieu of any fractional share to which the Holder would otherwise be entitled, the Holder shall be entitled to receive a cash payment equal to the Market Value of the Common Shares on the last
trading day preceding the date of exercise less the pro-rated Exercise Price for such fractional share. 
 4. Transfers. 

4.1 Transfers. This Warrant and all rights hereunder are transferable, in whole or in part, upon the surrender of this
Warrant with a properly executed Assignment Form in substantially the form attached hereto as Annex C (the “Assignment”) at the principal office of the Trust. 

4.2 Exchange of Warrant upon a Transfer. On surrender of this Warrant for exchange, properly endorsed on the Assignment,
the Trust at its expense shall issue to or on the order of the Holder a new warrant or warrants of the same tenor and date as this Warrant, in the name of the Holder or as the Holder (on payment by the Holder of any applicable transfer taxes) may
direct, for the number of Warrant Shares issuable upon exercise hereof. 
 4.3 Rule 144. Until such time as the Holder
may sell in compliance with the Securities Act all Common Shares that are held by the Holder, or that could be acquired by the Holder through the exercise of the Warrant, without a registration statement under the Securities Act or compliance with
Rule 144 under the Securities Act, the Trust shall take such actions and file such information, documents and reports as shall be required by the Securities Act and the rules and regulations promulgated thereunder as a condition to the availability
of Rule 144 under the Securities Act. 
 5. Adjustment. The Exercise Price and the number of Warrant Shares issuable upon exercise of
this Warrant shall be subject to adjustment from time to time as set forth in this Section 5; provided, that if more than one subsection of this Section 5 is applicable to a single event, the subsection shall be applied that
produces the largest adjustment and no single event shall cause an adjustment under more than on subsection of this Section 5 so as to result in duplication. 

5.1 Stock Splits, Subdivisions, Reclassifications or Combinations. If the Trust shall (i) declare and pay a
dividend or make a distribution on its Common Shares payable in additional Common Shares, (ii) subdivide or reclassify the outstanding Common Shares into a greater number of shares, or (iii) combine or reclassify the outstanding

  
 4 

 Common Shares into a smaller number of shares, the number of Warrant Shares issuable upon
exercise of this Warrant at the time of the record date for such dividend or distribution or the effective date of such subdivision, combination or reclassification shall be proportionately adjusted so that the Holder after such date shall be
entitled to purchase the number of Common Shares which the Holder would have owned or been entitled to receive in respect of the Warrant Shares underlying this Warrant after such date had this Warrant been exercised immediately prior to such date.
In such event, the Exercise Price in effect at the time of the record date for such dividend or distribution or the effective date of such subdivision, combination or reclassification shall be adjusted to the number obtained by dividing (x) the
product of (1) the number of Warrant Shares issuable upon the exercise of this Warrant before such adjustment and (2) the Exercise Price in effect immediately prior to the record or effective date, as the case may be, for the dividend,
distribution, subdivision, combination or reclassification giving rise to this adjustment by (y) the new number of Warrant Shares issuable upon exercise of the Warrant determined pursuant to the immediately preceding sentence. 

5.2 Business Combination. In case of any Business Combination or reclassification of the Common Shares (other than a
reclassification of Common Shares referred to in Section 5.1), the Holder’s right to receive Common Shares upon exercise of this Warrant shall be converted into the right to exercise this Warrant to acquire the number of shares of stock or
other securities or property (including cash) which the Common Shares issuable (at the time of such Business Combination or reclassification) upon exercise of this Warrant immediately prior to such Business Combination or reclassification would have
been entitled to receive upon consummation of such Business Combination or reclassification; and in any such case, if necessary, the provisions set forth herein with respect to the rights and interests thereafter of the Holder shall be appropriately
adjusted so as to be applicable, as nearly as reasonably practicable, to the Holder’s right to exercise this Warrant in exchange for any shares of stock or other securities or property pursuant to this paragraph. 

As used herein, the term “Business Combination” means a merger, consolidation, statutory share exchange or
similar transaction that requires the approval of the Trust’s shareholders. 
 5.3 Extraordinary Distributions.
If the Trust shall fix a record date for the making of a distribution to all holders of its Common Shares of securities, evidences of indebtedness, assets, cash, rights or warrants (excluding Ordinary Distributions, dividends of Common Shares and
other dividends or distributions referred to in Section 5.2) (an “Extraordinary Distribution”), then in each such case, the Exercise Price in effect prior to such record date shall be reduced immediately thereafter to the price
determined by multiplying the Exercise Price in effect immediately prior to such reduction by the quotient of (x) the Market Value as of the last trading day preceding the first date on which the Common Shares trade regular way on the principal
national securities exchange or quotation system on which the Common Shares are listed or admitted to trading without the right to receive such distribution, minus the amount of cash and/or the cash or fair market value of the securities, evidences
of indebtedness, assets, rights or warrants to be so distributed in respect of one Common Share divided by (y) such Market Value on such date specified in clause (x). Such adjustment shall be made successively whenever such a record date is fixed.

  
 5 

 As used herein, the term “Ordinary Distributions” means all
regular periodic dividends on Common Shares, whether paid in cash, securities or property, or any combination thereof, except extraordinary or special dividends, provided, that for any taxable year for which the Trust has elected to be
treated as a real estate investment trust or “REIT” for United States federal income tax purposes, Ordinary Distributions shall be deemed to equal 125% of the amount of distributions that the Trust is required to pay to its shareholders
with respect to such year in order to satisfy the requirements for taxation as a REIT for United States federal income tax purposes, and all dividends and distributions paid with respect to such year in excess of such deemed amount shall be treated
as Extraordinary Distributions. 
 5.4 Tender Offers; Exchange Offers. In the event that the Trust or any subsidiary
of the Trust shall purchase Common Shares pursuant to a tender offer or an exchange offer for a price per Common Share that is greater than the then current Market Value per Common Share in effect at the end of the trading day immediately following
the day on which such tender offer or exchange offer expires, then the Trust, or such subsidiary of the Trust, shall, within (10) business days of the expiry of such tender offer or exchange offer, offer to purchase the Warrant for equivalent
consideration per Common Share based on the number of Warrant Shares underlying this Warrant at such time (the “Offer”) (such amount less the Exercise Price in respect of each Warrant Share, the “Per Share
Consideration”); provided, however, that if a tender offer or exchange offer is made for only a portion of the outstanding Common Shares, then such Offer shall be made for such Warrant Shares in the same pro rata proportion as the
pro rata proportion of the outstanding Common Shares for which the tender offer or exchange offer is made; provided, further, that the Trust shall not be required to make such an Offer if the Per Share Consideration is an amount less than the
then-existing Exercise Price per Common Share. The Offer shall remain open for a period of twenty (20) business days following its commencement and no longer, except to the extent that a longer period is required by applicable law (the
“Offer Period”). If the Offer is accepted in whole or in part by the Holder, then the Trust shall complete purchase of the Warrant (or portion thereof) for the applicable Per Share Consideration within five (5) business days of
the end of the Offer Period. 
 5.5 Adjustment in Number of Securities. Upon each adjustment of the Exercise Price
pursuant to the provisions of this Warrant, the number of securities issuable upon the exercise of each Warrant shall be adjusted to the nearest whole number by multiplying a number equal to the Exercise Price in effect immediately prior to such
adjustment by the number of Warrant Shares issuable upon exercise of the Warrants immediately prior to such adjustment and dividing the product so obtained by the adjusted Exercise Price. 

5.6 Notice of Adjustment. Upon the occurrence of any event that requires any adjustment of the Exercise Price or the
number of Common Shares issuable upon exercise of this Warrant or a change in the type of securities or property to be delivered upon the exercise of this Warrant, then and in each such case the Trust shall give notice thereof to the Holder in
accordance with Section 7. 

  
 6 

 5.7 Other Anti-Dilution Provisions. If the Trust has issued or issues any
securities on or after the Date of Issuance containing provisions protecting the holders thereof against dilution in any manner more favorable to such holders thereof than those set forth in this Warrant, such more favorable portions thereof shall
be deemed to be incorporated herein as if fully set forth in this Warrant and, to the extent inconsistent with any provisions of this Warrant, shall be deemed to be substituted therefor. 

5.8 Successive Adjustments. Any adjustments made pursuant to this Section 5 shall be made successively whenever an event
referred to herein shall occur. 
 5.9 Other Events. During the term of this Warrant, if any event occurs as to which
the provisions of this Section 5 are not strictly applicable or, if strictly applicable, would not, in the good faith judgment of the board of trustees of the Trust (the “Board”), fairly and adequately protect the purchase
rights of this Warrant in accordance with the essential intent and principles of such provisions, then the Board shall make such adjustments in the application of such provisions, in accordance with such essential intent and principles, as shall be
reasonably necessary, in the good faith opinion of the Board, to protect such purchase rights as aforesaid. 
 6. No Impairment. The
Trust will not, by amendment of its Declaration of Trust or other governing documents or through reorganization, consolidation, merger, dissolution, sale of assets or any other action, avoid or seek to avoid the observance or performance of any of
the terms of this Warrant, but will at all times carry out all such terms and take all such action as may be reasonably necessary or appropriate in order to protect the rights of the Holder against impairment. 

7. Other Notices. If at any time: 

(a) The Trust shall declare any dividend or distribution upon its Common Shares (other than an Extraordinary Distribution);

 (b) There shall be any event that requires any adjustment of the Exercise Price or the number of Common Shares issuable
upon exercise of this Warrant pursuant to Section 5 or a change in the type of securities or property to be delivered upon the exercise of this Warrant; or 

(c) There shall be a voluntary or involuntary dissolution, liquidation or winding-up of the Trust; 

then, in any one or more of said cases, the Trust shall, as provided in Section 10, give the Holder, (i) at least twenty
(20) days prior written notice of the date on which the books of the Trust shall close or a record shall be taken for such dividend or for determining rights to vote in respect of any transaction referred to in the foregoing clauses
(b) and (c), and (ii) in the case of any transaction referred to in the foregoing clauses (b) and (c), at least twenty (20) days prior written 

  
 7 

 notice of the date when the same shall take place. Any notice given in accordance with the
foregoing clause (i) shall also specify, in the case of any such dividend, the date on which the holders of Common Shares shall be entitled thereto. Any notice given in accordance with the foregoing clause (ii) shall also specify the date
on which the holders of Common Shares shall be entitled to exchange their Common Shares for securities or other property deliverable upon the applicable transaction. All notices required under the foregoing clause (b) shall state the Exercise
Price resulting from all adjustments required by Section 5 and the increase or decrease, if any, in the number of Warrant Shares purchasable at such price upon exercise, setting forth in reasonable detail the method of calculation and the facts
upon which such calculation is based. 
 8. No Rights of Shareholders. Subject to other Sections of this Warrant, the Holder shall
not be entitled, by virtue of its ownership of this Warrant, to vote, to receive dividends or subscription rights, nor shall anything contained herein be construed to confer upon the Holder, in its capacity as the Holder, any of the rights of a
shareholder of the Trust, including without limitation any right to vote for the election of directors or upon any matter submitted to shareholders, to give or withhold consent to any action (whether upon any recapitalization, issuance of stock,
reclassification of stock, change of par value or change of stock to no par value, consolidation, merger, conveyance, or otherwise), to receive notices, or otherwise, until the Warrant shall have been exercised as provided herein. 

9. Replacement of Warrant. Upon receipt of evidence reasonably satisfactory to the Trust of the loss, theft, destruction or mutilation
of this Warrant and (in the case of loss, theft or destruction) upon delivery of a customary indemnity agreement, or (in the case of mutilation) upon surrender and cancellation of this Warrant, the Trust will issue, in lieu thereof, a new warrant of
the same tenor and date. 
 10. Notice. Any notice, request, instruction or other document to be given hereunder by any party to the
other will be in writing and will be deemed to have been duly given (a) on the date of delivery if delivered personally, or by facsimile, upon confirmation of receipt, or (b) on the second business day following the date of dispatch if
delivered by a recognized next day courier service. All notices hereunder shall be delivered as set forth below, or pursuant to such other instructions as may be designated in writing by the party to receive such notice. 

If to the Trust, to: 
 Americold
Realty Trust 
 10 Glenlake Parkway, South Tower 

Suite 600 
 Atlanta, Georgia 30328

 Attention: Chief Financial Officer 

Telephone: (678) 441-1400 
 Fax:
(678) 387-4774 

  
 8 

 If to the Holder, to: 

YF ART Holdings, L.P. 
 9130 W.
Sunset Boulevard 
 Los Angeles, California 90069 

Attention: Robert P. Bermingham 

Telephone: (310) 789-7200 
 Fax:
(310) 789-1791 
 11. Change or Waiver. Any term of this Warrant may be changed or waived only by an instrument in writing signed by
the party against which enforcement of the change or waiver is sought. 
 12. Headings. The headings in this Warrant are for purposes
of reference only and shall not limit or otherwise affect the meaning of any provision of this Warrant. 
 13. Severability. If any
provision of this Warrant shall be held to be invalid and unenforceable, such invalidity or unenforceability shall not affect any other provision of this Warrant. 

14. Governing Law and Submission to Jurisdiction. This Warrant will be governed by and construed in accordance with the laws of the
State of Maryland without regard to principles of conflict or choice of laws of any jurisdiction. 
 15. Certificate. Upon request by
the Holder, the Trust shall promptly deliver to the Holder a certificate executed by its President or Chief Financial Officer setting forth the total number of outstanding Common Shares, convertible debt instruments and options, rights, warrants or
other agreements relating to the purchase of such Common Shares or convertible debt instruments, together with its calculation of the number of shares remaining available for issuance upon exercise of this Warrant, and a certificate of the accuracy
of the statements set forth therein. 
 16. Supplements and Amendments. This Warrant may be amended only by an instrument in writing
signed by the Holder and the Trust. 
 17. Assignment by the Trust; Successors. The Trust may not, without the prior written consent
of the Holder, sell, transfer or assign any of its rights or obligations hereunder. The Holder may assign this Warrant without the Trust’s consent. All the covenants and provisions of this Warrant shall be binding upon and inure to the benefit
of the Trust and the Holder and their respective permitted successors and assigns hereunder. 
 18. Benefits of this Warrant. Nothing
in this Warrant shall be construed to give to any person, entity or corporation other than the Trust and the Holder any legal or equitable right, remedy or claim under this Warrant; and this Warrant shall be for the sole and exclusive benefit of the
Trust and the Holder. 

  
 9 

 19. Saturdays, Sunday, Holidays, etc. If the last or appointed day for the taking of any
action or the expiration of any right required or granted herein shall not be a business day, then such action may be taken or such right may be exercised on the next succeeding business day. 

[Signature Page Follows] 

  
 10 

 IN WITNESS WHEREOF, Americold Realty Trust has caused this Warrant to be signed by its duly
authorized officer and to be dated on the day and year first written above. 
  

			
	AMERICOLD REALTY TRUST

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 ACKNOWLEDGED AND AGREED: 

YF ART HOLDINGS, L.P. 

By: YF ART Holdings GP, LLC, its general partner 
  

			
	By:	 	  

	Name:	 	
	Title:	 	

  
 [Signature Page to YF ART
Holdings, L.P. Warrant] 

 ANNEX A 

NOTICE OF EXERCISE FORM 
  

			
	 To:
	 	 Dated:

 The undersigned, pursuant to the provisions set forth in the attached Warrant (the
“Warrant”), hereby irrevocably elects to purchase                      Warrant Shares (as such term is defined in the Warrant) and
herewith makes payment of $            , representing the full purchase price for such shares at the exercise price per share provided for in such Warrant. 

 

			
	 Signature:
	 	
		
	 Address:
	 	

 ANNEX B 

NOTICE OF CASHLESS EXERCISE FORM 
  

			
	 To:
                    
	 	 Dated:
                    

 The undersigned, pursuant to the provisions set forth in the attached Warrant (the
“Warrant”), hereby elects to purchase (check applicable box): 
 ☐  Warrant Shares (as defined in the
Warrant); or 
 ☐  the maximum number of Warrant Shares issuable under the Warrant pursuant to the cashless exercise
procedure set forth in Section 1.2. 
  

			
	 Signature:
	 	
		
	 Address:
	 	

 ANNEX C 

ASSIGNMENT FORM 
 FOR
VALUE RECEIVED,                      hereby sells, assigns and transfers all of the rights of the undersigned under the attached Warrant (the
“Warrant”) with respect to the number of Warrant Shares (as defined in the Warrant) set forth below, unto: 
  

					
	 Name of Assignee
	 	 Address
	 	 No. of Warrant Shares

		 		 	

  

			
	 Signature:
	 	
		
	 Dated:
	 	
		
	 Witness:
	 	

 Exhibit E 

Form of New Declaration of Trust 

 AMERICOLD REALTY TRUST 

ARTICLES OF AMENDMENT AND RESTATEMENT 

FIRST: Americold Realty Trust, a Maryland real estate investment trust (the “Trust”), formed under Title 8
(“Title 8”) of the Corporations and Associations Article of the Annotated Code of Maryland, desires to amend and restate its declaration of trust (the “Declaration of Trust”) as currently in effect and as
hereinafter amended. 
 SECOND: The amendment to and restatement of the Declaration of Trust as hereinafter set forth have been duly
advised by the Board of Trustees and approved by the shareholders of the Trust as required by law. 
 THIRD: The following provisions
are all the provisions of the Declaration of Trust currently in effect and as hereinafter amended: 
 ARTICLE I 

FORMATION 
 The Trust is a
real estate investment trust within the meaning of Title 8. The Trust shall not be deemed to be a general partnership, limited partnership, joint venture, joint stock company or a corporation, but nothing herein shall preclude the Trust from being
treated for tax purposes as an association under the Internal Revenue Code of 1986, as amended (the “Code”). 
 ARTICLE
II 
 NAME 
 The
name of the Trust is: 
 Americold Realty Trust 

Under circumstances in which the Board of Trustees of the Trust (the “Board of Trustees” or
“Board”) determines that the use of the name of the Trust is not practicable, the Trust may use any other designation or name for the Trust. 

ARTICLE III 
 PURPOSES
AND POWERS 
 Section 3.1 Purposes. The purposes for which the Trust is formed are to invest in and to acquire, hold, manage,
administer, control and dispose of property, including, without limitation or obligation, engaging in business as a real estate investment trust under the Code. 

Section 3.2 Powers. The Trust shall have all of the powers granted to real estate investment trusts by Title 8 and all other
powers set forth in the Declaration of Trust which are not inconsistent with law and are appropriate to promote and attain the purposes set forth in the Declaration of Trust. 

 ARTICLE IV 

PRINCIPAL OFFICE 
 The
name of the resident agent of the Trust in the State of Maryland is The Corporation Trust Incorporated, whose address is 2405 York Road, Suite 201, Timonium, Maryland 21093. The resident agent is a Maryland corporation. The Trust may have such
offices or places of business within or outside the State of Maryland as the Board of Trustees may from time to time determine. 
 ARTICLE
V 
 BOARD OF TRUSTEES 

Section 5.1 Number. The business and affairs of the Trust shall be managed under the direction of the Board of Trustees. The
number of Trustees of the Board of Trustees (the “Trustees”) currently is nine, which number may be increased or decreased only by the Board of Trustees pursuant to the amended and restated bylaws of the Trust (the
“Bylaws”). The Trustees shall be elected at each annual meeting of shareholders in the manner provided in the Bylaws or, in order to fill any vacancy on the Board of Trustees, in the manner provided in the Bylaws. The names of the
Trustees who are currently in office are: 
 [●] 

It shall not be necessary to list in the Declaration of Trust the names of any Trustees hereinafter elected. Except as may be provided by the Board of
Trustees in setting the terms of any class or series of Preferred Shares (as defined below), any and all vacancies on the Board of Trustees may be filled only by the affirmative vote of a majority of the remaining Trustees in office, even if the
remaining Trustees do not constitute a quorum (or, if only one Trustee remains, by the sole Trustee), and any Trustee elected to fill a vacancy shall serve for the remainder of the full term of the trusteeship in which such vacancy occurred and
until a successor is duly elected and qualifies. 
 Section 5.2 Resignation or Removal. Any Trustee may resign in the manner
provided in the Bylaws. Subject to the rights of holders of one or more classes or series of Preferred Shares to elect or remove one or more Trustees, a Trustee may be removed at any time, but only for cause, and then only by the affirmative vote of
holders of Shares (as defined below) entitled to cast at least two-thirds of all the votes entitled to be cast generally in the election of Trustees and, with respect to the Yucaipa Trustees and the GSCP Trustee (each as defined in the Shareholders
Agreement (as defined below)), may be removed at any time as contemplated by, and in the manner provided for in, the Shareholders Agreement by and among the Trust and certain shareholders of the Trust (the “Shareholders Agreement”),
dated as of [●] and effective as of the Effective Time (as defined in the Shareholders Agreement), as the same may be amended from time to time. For purposes of this paragraph, “cause” shall mean, with respect to any

  
 3 

 
particular Trustee, conviction of a felony or a final judgment of a court of competent jurisdiction holding that such Trustee caused demonstrable, material harm to the Trust through bad faith or
active and deliberate dishonesty. 
 Section 5.3 Determinations by Board. The determination as to any of the following matters
made by or pursuant to the direction of the Board of Trustees shall be final and conclusive and shall be binding upon the Trust and every holder of Shares: the amount of the net income of the Trust for any period and the amount of assets at any time
legally available for the payment of dividends, redemption of Shares or the payment of other distributions on Shares; the amount of paid-in surplus, net assets, other surplus, annual or other cash flow, funds from operations, adjusted funds from
operations, net profit, net assets in excess of capital, undivided profits or excess of profits over losses on sales of assets; the amount, purpose, time of creation, increase or decrease, alteration or cancellation of any reserves or charges and
the propriety thereof (whether or not any obligation or liability for which such reserves or charges shall have been created shall have been paid or discharged); any interpretation or resolution of any ambiguity with respect to any provision of the
Declaration of Trust (including any of the terms, preferences, conversion or other rights, voting powers or rights, restrictions, limitations as to dividends or other distributions, qualifications or terms or conditions of redemption of any class or
series of Shares) or the Bylaws; the fair value, or any sale, bid or ask price to be applied in determining the fair value, of any asset owned or held by the Trust or of any Shares; the number of Shares of any class or series of the Trust; any
matter relating to the acquisition, holding and disposition of any assets by the Trust; any interpretation of the terms and conditions of one or more agreements with any person, corporation, association, company, trust, partnership (limited or
general) or other entity; the compensation of Trustees, officers, employees or agents of the Trust; or any other matter relating to the business and affairs of the Trust or required or permitted by applicable law, the Declaration of Trust or Bylaws
or otherwise to be determined by the Board of Trustees. 
 Section 5.4 Subtitle 8. In accordance with Section 3-802(c) of
the Maryland General Corporation Law (the “MGCL”), the Trust is prohibited from electing to be subject to the provisions of Sections 3-803, 3-804 or 3-805 of the MGCL, unless such election is approved by the affirmative vote of a
majority of the votes cast on the matter by shareholders entitled to vote generally in the election of Trustees. 
 ARTICLE VI 

SHARES OF BENEFICIAL INTEREST 

Section 6.1 Authorized Shares. The beneficial interest of the Trust shall be divided into shares of beneficial interest (the
“Shares”). The Trust has authority to issue 250,000,000 common shares of beneficial interest, $.01 par value per share (“Common Shares”), and 25,000,000 preferred shares of beneficial interest, $.01 par value per
share (“Preferred Shares”). If Shares of one class or series are classified or reclassified into Shares of another class or series pursuant to this Article VI, the number of authorized Shares of the former class or series shall be
automatically decreased and the number of Shares of the latter class or series shall be automatically increased, in each case by the number of Shares so classified or reclassified, so that the aggregate number of Shares of all classes or series that
the Trust has authority to issue 

  
 4 

 
shall not be more than the total number of Shares set forth in the second sentence of this paragraph. Subject to the terms of any class or series of Preferred Shares, the Board of Trustees, with
the approval of a majority of the entire Board and without any action by the shareholders of the Trust, may amend the Declaration of Trust from time to time to increase or decrease the aggregate number of Shares or the number of Shares of any class
or series that the Trust has authority to issue. 
 Section 6.2 Common and Preferred Shares. 

(a) Common Shares. Subject to the provisions of Article VII, each Common Share shall entitle the holder thereof to one vote on each
matter upon which holders of Common Shares are entitled to vote. The Board of Trustees may reclassify any unissued Common Shares from time to time into one or more classes or series of Shares. 

(b) Preferred Shares. The Board of Trustees may classify any unissued Preferred Shares and reclassify any previously classified but
unissued Preferred Shares of any series from time to time, into one or more series of Shares. 
 Section 6.3 Series A Preferred
Shares. 
 (a) Designation and Number. 125 Preferred Shares shall initially be designated as “12.5% Series A Cumulative
Non-Voting Preferred Shares” (the “Series A Preferred Shares”). The express terms and provisions of all of the Series A Preferred Shares shall be identical in all respects and shall have equal rights and privileges,
except as otherwise provided in this Section 6.3. 
 (b) Rank. The Series A Preferred Shares shall, with respect to dividend
and redemption rights and rights upon liquidation, dissolution or winding up of the Trust, rank senior to the Common Shares and to all other Shares issued by the Trust from time to time (together with the Common Shares, the “Junior
Securities”). 
 (c) Dividends. 

(i) Each holder of the then outstanding Series A Preferred Shares shall be entitled to receive, when and as authorized by the
Board of Trustees and declared by the Trust, out of funds legally available for the payment of dividends, cumulative preferential cash dividends per Series A Preferred Share at the rate of 12.5% per annum of the total of $1,000.00 plus all
accumulated and unpaid dividends thereon. Such dividends shall accrue on a daily basis and be cumulative from the first date on which any Series A Preferred Share is issued, such issue date to be contemporaneous with the receipt by the Trust of
subscription funds for the Series A Preferred Shares (the “Series A Original Issue Date”), and shall be payable semi-annually in arrears on or before June 30 and December 31 of each year or, if such day is not a Business Day, the
next succeeding Business Day (each, a “Series A Dividend Payment Date”). A “Business Day” shall mean any day other than a Saturday, a Sunday or a day on which banking institutions in the State of Georgia are
authorized or obligated by law or executive order to close. Any dividend payable on the Series A Preferred Shares for any partial dividend period will be computed on the basis of a 360-day year consisting of twelve 30-day

  
 5 

 
months. A “dividend period” shall mean, with respect to the first “dividend period,” the period from and including the Original Issue Date to and including the first
Series A Dividend Payment Date, and with respect to each subsequent “dividend period,” the period from but excluding a Series A Dividend Payment Date to and including the next succeeding Series A Dividend Payment Date or other date as of
which accrued dividends are to be calculated. Dividends will be payable to holders of record as they appear in the share transfer records of the Trust at the close of business on the applicable record date, which shall be the fifteenth day of the
calendar month in which the applicable Series A Dividend Payment Date falls or on such other date designated by the Board for the payment of dividends that is not more than 30 or less than 10 days prior to such Series A Dividend Payment Date (each,
a “Series A Dividend Record Date”). 
 (ii) No dividends on the Series A Preferred Shares shall be declared
by the Trust or paid or set apart for payment by the Trust at such time as the terms and provisions of any written agreement between the Trust and any party that is not an affiliate of the Trust, including any agreement relating to its indebtedness,
prohibit such declaration, payment or setting apart for payment or provide that such declaration, payment or setting apart for payment would constitute a breach thereof or a default thereunder, or if such declaration or payment shall be restricted
or prohibited by law. For purposes of this Article VI, “affiliate” shall mean any party that controls, is controlled by or is under common control with the Trust. 

(iii) Notwithstanding the foregoing, dividends on the Series A Preferred Shares shall accrue whether or not the terms and
provisions set forth in Section 6.3(c)(ii) above at any time prohibit the current payment of dividends, whether or not the Trust has earnings, whether or not there are funds legally available for the payment of such dividends and whether or not such
dividends are authorized or declared. Accrued but unpaid dividends on the Series A Preferred Shares will accumulate as of the Series A Dividend Payment Date on which they first become payable. Furthermore, dividends will be declared and paid when
due in all events to the fullest extent permitted by law and except as provided in Section 6.3(c)(ii) above. 
 (iv)
Unless full cumulative dividends on all outstanding Series A Preferred Shares have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof is set apart for payment for all past dividend periods, no
dividends (other than in shares of Junior Securities) shall be declared or paid or set apart for payment, no other distribution shall be declared or made upon any shares of Junior Securities, and no shares of Junior Securities shall be redeemed,
purchased or otherwise acquired for any consideration (or any moneys be paid to or made available for a sinking fund for the redemption of any such Junior Securities) by the Trust (except by conversion into or exchange for other shares of Junior
Securities and except for transfers, redemptions or purchases made pursuant to the provisions of Sections 7.2(a)(ii) and 7.3). 

(v) When dividends are not paid in full (or a sum sufficient for such full payment is not set apart) on the Series A Preferred
Shares, all dividends declared upon the Series A Preferred Shares shall be declared and paid pro rata based on the number of Series A Preferred Shares then outstanding. 

  
 6 

 (vi) Any dividend payment made on the Series A Preferred Shares shall first be
credited against the earliest accrued but unpaid dividend due with respect to such shares that remains payable. Holders of the Series A Preferred Shares shall not be entitled to any dividend, whether payable in cash, property or shares, in excess of
full cumulative dividends on the Series A Preferred Shares as described above. 
 (d) Liquidation Preference. 

(i) Upon any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Trust, the holders of
Series A Preferred Shares then outstanding will be entitled to be paid, or have the Trust declare and set apart for payment, out of the assets of the Trust legally available for distribution to its shareholders and after payment or provision for
payment of the debts and other liabilities of the Trust, a liquidation preference per Series A Preferred Share equal to the sum of the following (collectively, the “Series A Liquidation Preference”): (A) $1,000.00 and (B) all
accrued and unpaid dividends thereon through and including the date of payment, before any distribution of assets is made to holders of any Junior Securities. In the event that the Trust elects to set apart the Series A Liquidation Preference for
payment, the Series A Preferred Shares shall remain outstanding until the holders thereof are paid the full Series A Liquidation Preference, which payment shall be made no later than immediately prior to the Trust making its final liquidating
distribution on the Common Shares. 
 (ii) In the event that, upon any such voluntary or involuntary liquidation,
dissolution or winding up, the available assets of the Trust are insufficient to pay the full amount of the Series A Liquidation Preference on all outstanding Series A Preferred Shares, then the holders of the Series A Preferred Shares shall share
ratably in any such distribution of assets in proportion to the full Series A Liquidation Preference to which they would otherwise be respectively entitled. 

(iii) After payment of the full amount of the Series A Liquidation Preference to which they are entitled, the holders of
Series A Preferred Shares will have no right or claim to any of the remaining assets of the Trust. 
 (iv) Upon the
Trust’s provision of written notice as to the effective date of any such liquidation, dissolution or winding up of the Trust, accompanied by a check in the amount of the full Series A Liquidation Preference to which each record holder of Series
A Preferred Shares is entitled, the Series A Preferred Shares shall no longer be deemed outstanding and all rights of the holders of such shares will terminate. Such notice shall be given by first class mail, postage pre-paid, to each record holder
of the Series A Preferred Shares at the respective mailing addresses of such holders as the same shall appear on the share transfer records of the Trust. 

(e) Consolidation and Merger. The consolidation or merger of the Trust with or into any other business enterprise or of any other
business enterprise with or into the Trust, or the sale, lease or conveyance of all or substantially all of the assets or business of the Trust, or a statutory share exchange, shall not be deemed to constitute a liquidation, dissolution or winding
up of the Trust. 

  
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 (f) Redemption. 

(i) Right of Optional Redemption. The Trust, at its option, may redeem the Series A Preferred Shares, in whole or in
part, at any time or from time to time, for cash at a redemption price per Series A Preferred Share (the “Series A Redemption Price”) equal to $1,000.00 plus all accrued and unpaid dividends thereon to and including the date
fixed for redemption (except as provided in Section 6.3(f)(iii) below). If less than all of the outstanding Series A Preferred Shares are to be redeemed, the Series A Preferred Shares to be redeemed may be selected by any equitable method
determined by the Trust provided that such method does not result in the creation of fractional shares. 
 (ii)
Limitations on Redemption. Unless full cumulative dividends on all Series A Preferred Shares shall have been, or contemporaneously are, declared and paid or declared and a sum sufficient for the payment thereof set apart for payment for all
past dividend periods, no Series A Preferred Shares shall be redeemed or otherwise acquired, directly or indirectly, by the Trust unless all outstanding Series A Preferred Shares are simultaneously redeemed or acquired, and the Trust shall not
purchase or otherwise acquire, directly or indirectly, any Junior Securities (except by exchange for shares of Junior Securities); provided, however, that the foregoing shall not prevent the purchase by the Trust of shares transferred
to a Charitable Beneficiary (as defined below) pursuant to Sections 7.2(a)(ii) and 7.3, in order to ensure that the Trust remains qualified as a real estate investment trust for federal income tax purposes or the purchase or acquisition of Series A
Preferred Shares pursuant to a purchase or exchange offer made on the same terms to holders of all outstanding Series A Preferred Shares. 

(iii) Rights to Dividends on Shares Called for Redemption. Immediately prior to or upon any redemption of Series A
Preferred Shares, the Trust shall pay, in cash, any accumulated and unpaid dividends to and including the redemption date, unless a redemption date falls after a Series A Dividend Record Date and prior to the corresponding Series A Dividend Payment
Date, in which case each holder of Series A Preferred Shares at the close of business on such Series A Dividend Record Date shall be entitled to the dividend payable on such shares on the corresponding Series A Dividend Payment Date notwithstanding
the redemption of such shares before such Series A Dividend Payment Date. 
 (iv) Procedures for Redemption. 

(A) Upon the Trust’s provision of written notice as to the effective date of the redemption, accompanied by a check in
the amount of the full Series A Redemption Price through such effective date to which each record holder of Series A Preferred Shares is entitled, the Series A Preferred Shares shall be redeemed and shall no longer be deemed outstanding Shares, and
all rights of the holders of such Series A Preferred Shares will terminate. Such notice shall be given by first class mail, postage pre-paid, to each record holder of Series A Preferred Shares at the respective mailing addresses of such holders as
the same shall appear on the share transfer records of the Trust. No failure to give such 

  
 8 

 
notice or any defect therein or in the mailing thereof shall affect the validity of the proceedings for the redemption of any Series A Preferred Shares except as to the holder to whom notice was
defective or not given. 
 (B) In addition to any information required by law or by the applicable rules of any exchange
upon which Series A Preferred Shares may be listed or admitted to trading, such notice shall state: (1) the redemption date; (2) the Series A Redemption Price; (3) the number of Series A Preferred Shares to be redeemed; (4) the
place or places where the Series A Preferred Shares are to be surrendered (if so required in the notice) for payment of the Series A Redemption Price (if not otherwise included with the notice); and (5) that dividends on the shares to be
redeemed will cease to accrue on such redemption date. If less than all of the Series A Preferred Shares held by any holder are to be redeemed, the notice mailed to such holder shall also specify the number of Series A Preferred Shares held by such
holder to be redeemed. 
 (C) If notice of redemption of any Series A Preferred Shares has been given in accordance with
this Section 6.3(f)(iv), then, from and after the redemption date, dividends will cease to accrue on such Series A Preferred Shares, such Series A Preferred Shares shall no longer be deemed outstanding and all rights of the holders of such
Series A Preferred Shares will terminate. 
 (g) Application of Article VII. The Series A Preferred Shares are subject to the
provisions of Article VII, including, without limitation, the provisions of Sections 7.2(a)(i) and (ii) and Section 7.3. 
 (h)
Status of Redeemed Shares. Any Series A Preferred Shares that shall at any time have been redeemed or otherwise acquired by the Trust shall, after such redemption or acquisition, have the status of authorized but unissued Series A Preferred
Shares which may be issued by the Board of Trustees from time to time at its discretion. 
 (i) Voting Rights. Except as provided in
this Section 6.3, the holders of the Series A Preferred Shares shall not be entitled to vote on any matter submitted to the shareholders of the Trust for a vote. Notwithstanding the foregoing, the consent of the holders of a majority of the
outstanding Series A Preferred Shares, voting as a separate class, shall be required for (i) authorization or issuance of any equity security of the Trust senior to or on a parity with the Series A Preferred Shares, (ii) any
reclassification of the Series A Preferred Shares or (iii) any amendment to the Declaration of Trust, including the terms of the Series A Preferred Shares, whether by merger, consolidation, transfer or conveyance of all or substantially all of
the assets of the Trust or otherwise (an “Event”), which amendment materially and adversely affects any right, preference, privilege or voting power of the Series A Preferred Shares or which increases the number of authorized Series
A Preferred Shares to a number greater than 1,000; provided, however, that with respect to the occurrence of any Event, so long as the Series A Preferred Shares remain outstanding with the terms thereof materially unchanged or the
holders of Series A Preferred Shares receive equity securities of the successor or survivor of such Event with substantially identical rights as the Series A Preferred Shares, taking into account that, after

  
 9 

 
the occurrence of an Event, the Trust may not be the surviving entity or the surviving entity may not be a real estate investment trust, the occurrence of such Event shall not be deemed to
materially and adversely affect such rights, preferences, privileges or voting powers of the Series A Preferred Shares, and in such case the holders of Series A Preferred Shares shall not have any voting rights with respect to the occurrence of any
Event unless the number of authorized Series A Preferred Shares is increased to a number greater than 1,000. Notwithstanding any other provision to the contrary, each Series A Preferred Share held by Yucaipa American Alliance Fund I, LP, Yucaipa
American Alliance (Parallel) Fund I, L.P., Yucaipa American Alliance Fund II, L.P. and Yucaipa American Alliance (Parallel) Fund H, L.P., each a Delaware limited partnership (collectively, “Yucaipa”), shall be entitled to one vote
for every 10 Series A Preferred Shares held by Yucaipa on each matter upon which holders of the Series A Preferred Shares are entitled to vote. Each other Series A Preferred Share (i.e., each Series A Preferred Share not held by Yucaipa) shall
entitle the holder thereof to one vote on each matter upon which holders of Series A Preferred Shares are entitled to vote. 
 (j)
Conversion. The Series A Preferred Shares are not convertible into or exchangeable for any other property or securities of the Trust. 

(k) Notice of Transfer. Holders of Series A Preferred Shares will be required to give the Trust prior written notice of any proposed
transfer of Series A Preferred Shares, which notice must specify the name of the proposed transferee. 
 Section 6.4 Series B
Preferred Shares. 
 (a) Definitions. For the purpose of this Section 6.4, the following terms shall have the following
meanings: 
 (i) “Group” means a “group” as defined in Section 13(d) of the Securities
Exchange Act of 1934, as amended, the regulations promulgated thereunder or Schedule 13D promulgated thereunder. 
 (ii)
“IPO” means a firm commitment underwritten initial public offering of the Trust’s Common Shares registered under the Securities Act of 1933, as amended, pursuant to an effective registration statement on Form S-11 or an
equivalent registration statement. 
 (iii) “Liquidation Event” means any voluntary or involuntary
liquidation, dissolution or winding up of the Trust. The consolidation or merger of the Trust with or into any other business enterprise or of any other business enterprise with or into the Trust, or the sale, lease or conveyance of all or
substantially all of the assets or business of the Trust, or a statutory share exchange, shall not, in and of itself, be deemed to constitute a Liquidation Event. 

(iv) “Person” means an individual, partnership, corporation, limited liability company, unincorporated
organization or association, estate, trust (including, without limitation, the trustees thereof, in their capacity as such) or other entity. 

  
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 (v) “Pre-IPO Shareholders Agreement” means that certain
Shareholders Agreement, dated as of December 9, 2010, by and among the Trust and the other parties signatory thereto, as it may be amended from time to time until its termination at the Effective Time (as defined in the Shareholders Agreement). 

(vi) “Qualified IPO” means an IPO in which (a) the aggregate gross proceeds to the Trust are at least
$250,000,000 (before deduction of underwriting discounts, commissions and expenses), and (b) the offering price per Common Share is greater than or equal to 135% of the Series B Conversion Price in effect upon the consummation of such Qualified
IPO. 
 (vii) “Series B Effective Date” means December 15, 2010. 

(viii) “Series B Dividend Payment Date” means January 1, April 1, July 1 and October 1 of each year,
commencing on April 1, 2011, or if any such day is not a Business Day, then the next succeeding Business Day. 
 (ix)
“Series B Dividend Period” means, with respect to the first dividend period of any Series B Preferred Share, the period from and including the Original Issue Date thereof to and including the first Series B Dividend Payment Date,
and with respect to each subsequent Series B Dividend Period, the period from but excluding a Series B Dividend Payment Date to and including the next succeeding Series B Dividend Payment Date or any other date as of which accrued dividends are to
be calculated hereunder. 
 (x) “Series B Dividend Record Date” means, with respect to dividends payable on
a Series B Dividend Payment Date, the fifteenth (15th) day of the calendar month preceding the month in which the Series B Dividend Payment Date falls or, with respect to dividends payable on any other date, such other date designated by the Board
that is not more than thirty (30) nor less than ten (10) days prior to such payment date. 
 (xi) “Series
B Original Issue Date” means, as to any Series B Preferred Share, the first date on which such Share is issued, such issue date to be contemporaneous with the receipt by the Trust of subscription funds for such Share. 

(xii) “Series C Preferred Shares” means the preferred shares of beneficial interest of the Trust, $0.01 par
value per share, designated by the Trust as the “Series C Convertible Voting Preferred Shares”. 
 (b) Designation and
Number. (i) 375,000 Preferred Shares are hereby designated as “5.00% Series B Cumulative Convertible Voting Preferred Shares” (the “Series B Preferred Shares”). (ii) The terms and provisions of all
Series B Preferred Shares shall be identical in all respects. So long as the CM Shareholder (as such term is defined in the Pre-IPO Shareholders Agreement) holds Preferred Shares, the foregoing clause (ii) shall not be amended without the
written consent of the CM Shareholder. 

  
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 (c) Rank. The Series B Preferred Shares shall, with respect to dividend and redemption
rights and rights upon liquidation, dissolution or winding up of the Trust, rank (i) senior to all Junior Securities, and (ii) junior to the Series A Preferred Shares. 

(d) Dividends. 

(i) Dividends Generally. Subject to the terms and conditions of this Section 6.4(d), each holder of outstanding
Series B Preferred Shares shall be entitled to receive dividends pursuant to Section 6.4(d)(i)(A) (“Series B Fixed Dividends”) and Section 6.4(d)(i)(B) (“Series B Participation Dividends”), in accordance
with the following provisions and at the following specified times: 
 (A) Series B Fixed Dividends. When, as and if
the Board of Trustees authorizes and the Trust declares, out of funds legally available for the payment of dividends in cash, the Trust shall pay cumulative preferential dividends per Series B Preferred Share at the rate of 5.00% per annum on the
total of $1,000 plus all accumulated and unpaid dividends thereon (including, without limitation, pursuant to Section 6.4(d)(iv)). Series B Fixed Dividends shall accrue on a daily basis from the Series B Original Issue Date, and shall be
payable quarterly in arrears on or before each applicable Series B Dividend Payment Date. Any Series B Fixed Dividend payable on the Series B Preferred Shares for any whole or partial Series B Dividend Period shall be computed on the basis of a
360-day year consisting of twelve 30-day months. Series B Fixed Dividends (or any portion thereof) paid in cash shall be payable to holders of record of the Series B Preferred Shares as they appear in the share transfer records of the Trust at the
close of business on the applicable Series B Dividend Record Date. Any Series B Fixed Dividend (or any portion thereof) that is not paid in cash on the applicable Series B Dividend Payment Date (whether due to the Trust’s election not to pay
such dividend in cash, its inability to pay such dividend in cash, the failure of the Board to declare such dividend or otherwise) shall automatically, and without any action on the part of the Trust, accrue and be included in the Series B Accrued
Amount (as defined below) on such Series B Dividend Payment Date. 
 (B) Series B Participation Dividends. When, as
and if the Board of Trustees authorizes and the Trust declares a dividend in respect of the Common Shares, out of funds legally available for the payment of dividends, the Trust shall declare and pay dividends per Series B Preferred Share in an
amount and in a kind (whether in cash, securities or other property) equal to and equivalent to that which the holder of such Series B Preferred Share would have received had such holder held the number of Common Shares into which such Series B
Preferred Share could be converted on the record date for such dividend with respect to the Common Shares or, if no record date for such dividend has been established, on the date of payment of such dividend. Series B Participation Dividends shall
be payable to the holders of record of the Series B Preferred Shares as they appear in the share transfer records of the Trust at the close of business on the record date for such dividend with respect to the Common Shares

  
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or, if no record date for such dividend has been established, on the date of payment of such dividend; provided, however, that if the Trust declares and pays a dividend or makes a distribution on
the Common Shares consisting in whole or in part of Common Shares or other securities or rights convertible into, or entitling the holder thereof to receive directly or indirectly, additional Common Shares (“Common Shares
Equivalents”), then no such Series B Participation Dividend shall be payable in respect of the Series B Preferred Shares on account of the portion of such dividend or distribution on the Common Shares payable in Common Shares or Common
Shares Equivalents, and in lieu thereof, the applicable adjustment in Section 6.4(i)(v) shall apply. 

(ii) Special Dividend in Connection with Dividend Shortfalls. With respect to each fiscal year of the
Trust beginning in the Trust’s 2011 fiscal year and each full fiscal year thereafter, if the Trust has declared Series B Participation Dividends for any such year for a Series B Preferred Share outstanding as of the first day of such year of
less than the Minimum Series B Participation Dividend (as defined below) (any such shortfall, a “Series B Dividend Shortfall”), then promptly following such determination by the Trust (but in no event later than February 1 of the
immediately following fiscal year), the Trust shall declare and pay or accrue an additional dividend with respect to such Series B Preferred Share in an amount equal to the Series B Dividend Shortfall. Dividends declared and paid in cash as a result
of a Series B Dividend Shortfall shall be payable to holders of record of the Series B Preferred Shares as they appear in the share transfer records of the Trust at the close of business on the last day of the applicable fiscal year. Any dividend
pursuant to this Section 6.4(d)(ii) (or any portion thereof) that is not paid in cash (whether due to the Trust’s election not to pay such dividend in cash, its inability to pay such dividend in cash, the failure of the Board to declare
such dividend or otherwise) shall automatically, and without any action on the part of the Trust, accrue and be included in the Series B Accrued Amount. The holders of the Series B Preferred Shares, acting by the affirmative vote of a majority of
the votes entitled to be cast, with all such holders voting as a single class, may waive the rights of the holders of Series B Preferred Shares under this Section 6.4(d)(ii) as to any fiscal year of the Trust. The provisions of this
Section 6.4(d)(ii) shall terminate and be of no further force and effect upon the consummation of an IPO, so long as in connection therewith the Series B Preferred Shares convert to Common Shares pursuant to Section 6.4(i)(viii)(A)(i) or to
Series C Preferred Shares pursuant to 6.4(i)(viii)(A)(ii). As used in this Section. 6.4(d)(ii), “Minimum Series B Participation Dividend” means, with respect to a Series B Preferred Share for any fiscal year, an amount equal to
2.5% of the Series B Liquidation Preference thereof as of the first day of such year. 
 (iii) No dividends on the Series B
Preferred Shares shall be declared by the Trust or paid or set apart for payment by the Trust at any time that the terms and provisions of any written agreement between the Trust and any party that is not an affiliate of the Trust, including,
without limitation, any agreement relating to its indebtedness, prohibit such declaration, payment or setting apart for payment or provide that such declaration, payment or setting apart for payment would constitute a breach thereof or a default
thereunder, or if such declaration, payment or setting apart shall be restricted or prohibited by law. 

  
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 (iv) Notwithstanding the provisions of Section 6.4(d)(iii) above, dividends
on the Series B Preferred Shares shall accrue whether or not the terms and provisions set forth in Section 6.4(d)(iii) above at any time prohibit the current declaration, payment or setting apart of dividends, whether or not the Trust has
earnings, whether or not there are funds legally available for the payment of such dividends, and whether or not such dividends are authorized or declared. Accrued but unpaid dividends (whether or not declared) on each Series B Preferred Share shall
(x) accrue daily and (y) accumulate and be included in the Series B Accrued Amount thereof as of (a) each Series B Dividend Payment Date or the date on which they otherwise first become payable, or (b) the effective date of any
(i) liquidating distribution with respect thereto under Section 6.4(e), (ii) redemption thereof under Section 6.4(f) or (iii) conversion thereof under Section 6.4(i). 

(v) Unless any and all accrued but unpaid dividends for past Series B Dividend Periods and any outstanding Series B Dividend
Shortfall on all outstanding Series B Preferred Shares have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof is set apart for payment, no dividends (other than in shares of Junior Securities)
shall be declared or paid or set apart for payment nor shall any other distribution be declared or made upon any shares of Junior Securities (other than dividends on Common Shares for which equivalent Series B Participation Dividends are paid), and
no shares of Junior Securities shall be redeemed, purchased or otherwise acquired for any consideration (or any moneys be paid to or made available for a sinking fund for the redemption of any such Junior Securities) by the Trust (except by
conversion into or exchange for other shares of Junior Securities and except for transfers, redemptions or purchases made pursuant to the provisions of Sections 7.2(a)(ii) and 7.3). 

(vi) Whether or not dividends are paid in full or a sum sufficient for such full payment is set apart on the Series B
Preferred Shares, all dividends declared upon the Series B Preferred Shares shall be declared and paid pro rata based on the number of Series B Preferred Shares then outstanding. 

(vii) Any dividend made on the Series B Preferred Shares shall first be credited against the earliest accrued but unpaid
dividend due with respect to such shares which remains payable. Holders of the Series B Preferred Shares shall not be entitled to any dividend, whether payable in cash, property or shares, in excess of full accrued but unpaid dividends on the Series
B Preferred Shares as specified in this Section 6.4(d). 
 (e) Series B Liquidation Preference. 

(i) Upon any Liquidation Event, before any payment or distribution of the Trust’s property or assets (whether capital or
surplus) shall be made to or set apart for the holders of Junior Securities, the holders of Series B Preferred Shares then outstanding shall be entitled to be paid, or have the Trust declare and set apart for payment, out of the assets of the Trust
legally available for distribution to its shareholders and after payment or provision for payment of the debts and other liabilities of the Trust 

  
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(including, without limitation, liquidation payments to any series of senior equity securities), a liquidation preference (the “Series B Liquidation Preference”) per Series
B Preferred Share in an amount equal to the greater of: (a) the sum of (i) $1,000 plus (ii) all accrued and unpaid dividends thereon through and including the date of payment, including, without limitation, all dividends accrued thereon
pursuant to Section 6.4(d)(iv) as of such date (such sum, the “Series B Accrued Amount”), and (b) the payment that would be paid in connection with such Liquidation Event in respect of the number of Common Shares into
which such Series B Preferred Share could be converted as of the effective date of such Liquidation Event, before any distribution is made to holders of any Junior Securities. In the event that the Trust elects to set apart the Series B Liquidation
Preference for payment, the Series B Preferred Shares shall remain outstanding until the holders thereof are paid the full Series B Liquidation Preference, which payment shall be made no later than immediately prior to the Trust making its final
liquidating distribution on the Common Shares. 
 (ii) In the event that, upon any such Liquidation Event, the available
assets of the Trust are insufficient to pay the full amount of the Liquidation Preference on all outstanding Series B Preferred Shares, then the holders of the Series B Preferred Shares shall share ratably in any such distribution of assets in
proportion to the full Liquidation Preference to which they would otherwise be respectively entitled. 
 (iii) After payment
of the full amount of the Series B Liquidation Preference to which holders of the Series B Preferred Shares are entitled (whether pursuant to Section 6.4(e)(i) or Section 6.4(e)(ii)), the holders of Series B Preferred Shares shall have no
right or claim under this Declaration of Trust to any of the remaining assets of the Trust. 
 (iv) Upon the Trust’s
provision of written notice as to the effective date of any Liquidation Event, accompanied by a check in the amount of the full Series B Liquidation Preference to which each record holder of Series B Preferred Shares is entitled (whether pursuant to
Section 6.4(e)(i) or Section 6.4(e)(ii)), the Series B Preferred Shares shall no longer be deemed outstanding and all rights of the holders of such shares under this Declaration of Trust shall terminate. Such notice shall be given by first
class mail, postage pre-paid, to each record holder of the Series B Preferred Shares at the respective mailing addresses of such holders as the same shall appear on the share transfer records of the Trust. 

(f) Redemption at the Option of the Holders. 

(i) Each holder of Series B Preferred Shares, at its option, upon the occurrence of any Series B Redemption Event (as defined
below), may require the Trust to redeem, in whole or in part, the Series B Preferred Shares at the time held by such holder, upon written notice duly given as provided and at the times required in Section 6.4(f)(v), at a redemption price (the
“Series B Redemption Price”) equal to (a) in the case of any Series B Redemption Event (other than arising in a Change of Control (as defined below)) the then current Series B Accrued Amount, payable, at the Trust’s
option, in cash (which may be paid, subject to the Pre-IPO Shareholders Agreement, with the 

  
 15 

 
proceeds from the issuance of Common Shares or other Junior Securities) or in Common Shares valued at their Market Price (as defined in Article VII), or (b) in the case of a Series B
Redemption Event arising in a Change of Control, 101% of the then current Series B Liquidation Preference, payable in cash; provided, that, (x) solely for purposes of determining the Series B Liquidation Preference in connection with this
clause (b), such Change of Control shall be deemed a Liquidation Event, and (y) the minimum number of Series B Preferred Shares that a holder may require the Trust to redeem at any time shall be the lesser of (1) 75,000 Series B Preferred
Shares in the aggregate with affiliates of such holder (subject to adjustment in connection with the actions of the type described in Section 6.4(i)(v)) and (2) the total number of Series B Preferred Shares held by such holder at such
time. The Series B Redemption Price for any Series B Preferred Shares shall be payable on the redemption date to the holder of such Series B Preferred Shares against surrender of the certificate(s) evidencing such Shares to the Trust or its transfer
agent or, if the holder notifies the Trust or its transfer agent that such certificates have been lost, stolen or destroyed, execution and delivery of an agreement reasonably satisfactory to the Trust to indemnify the Trust from any loss incurred by
it in connection with such lost, stolen or destroyed certificates. 
 (ii) Within 30 days of the occurrence of a Change of
Control, the Trust shall send written notice (a “Series B Change of Control Notice”) to the holders of record of the Series B Preferred Shares as of the effective date of such Change of Control, stating that a Change of Control
has occurred and informing such holders that they may, at their election, tender their Series B Preferred Shares for redemption in accordance with the terms and provisions of this Section 6.4(f). 

(iii) Any declared but not yet payable dividends payable on a redemption date that occurs subsequent to the Series B Dividend
Record Date for a Series B Dividend Period or a record date for a dividend pursuant to Section 6.4(d)(i)(B) or Section 6.4(d)(ii) shall be paid to the holder of record of the redeemed Series B Preferred Shares on such Series Dividend
Record Date relating to the Series B Dividend Payment Date or such record date, as applicable, regardless of whether such holder of record is the holder entitled to receive the Series B Redemption Price on the redemption date (and any such amount
shall be deducted from the Series B Redemption Price). 
 (iv) The Series B Preferred Shares shall not be subject to any
sinking fund or to any mandatory redemption or similar provisions except as set forth in this Section 6.4(f). 
 (v)
Notice of every redemption of Series B Preferred Shares shall be given by the applicable holder(s) in writing delivered to the Trust at its principal office, together with written instructions regarding the number of Series B Preferred Shares for
which redemption rights are being exercised pursuant to this Section 6.4(f) and surrender of the certificates evidencing the Series B Preferred Shares being redeemed, properly endorsed for transfer, and the redemption date therefor shall be the
date that the Trust duly receives such notice and certificate(s). Promptly following such due receipt of such notice and certificate(s), the Trust shall promptly pay the Series B Redemption Price and any other amounts payable under this
Section 6.4(f). Such notice shall be given not 

  
 16 

 
later than (a) in the case of any Series B Redemption Event (other than a Change of Control), thirty (30) days after the occurrence of the applicable Series B Redemption Event, or
(b) in the case of a Series B Redemption Event arising due to a Change of Control, thirty (30) days after receipt of the Series B Change of Control Notice. If such notice is not duly given within such thirty (30)-day period by any holder,
then such holder’s right to require the Trust to redeem the Series B Preferred Shares held by such holder shall be deemed to be irrevocably waived until the next succeeding Series B Redemption Event with respect to the Series B Preferred
Shares. 
 (vi) If fewer than all the Series B Preferred Shares evidenced by any certificate are redeemed, a new certificate
shall be issued evidencing the unredeemed Shares without charge to the holder thereof. 
 (vii) As used in this
Section 6.4(f), (a) “Series B Redemption Event” means the occurrence of (1) the tenth (10th) anniversary of the Series B Effective Date and each subsequent anniversary thereafter, or (2) a Change of Control, and (b)
“Change of Control” means the acquisition (whether by reclassification, merger, consolidation, reorganization or otherwise) by any Person or Persons constituting a Group of Control or ownership, directly or indirectly, beneficially
or of record, of more than 50% of the Common Shares on a fully diluted basis, including all outstanding securities convertible into or exchangeable or exercisable for Common Shares on an as- converted or
as-exercised basis (including, without limitation, the Series B Preferred Shares and outstanding options and warrants exercisable for Common Shares) (the “Fully Diluted Common Shares”), unless immediately following such acquisition
The Yucaipa Companies, LLC or its affiliates Control or own, directly or indirectly, beneficially or of record, more than 50% of the Fully Diluted Common Shares. 

(g) Status of Redeemed Shares. Any Series B Preferred Shares that shall at any time have been redeemed or otherwise acquired by the
Trust (pursuant to Section 6.4(f) or otherwise) shall, after such redemption or acquisition, have the status of authorized but unissued Preferred Shares which may be issued by the Board from time to time at its discretion. 

(h) Voting Rights. 

(i) Except as otherwise expressly provided herein and subject to the terms of the Pre-IPO Shareholders Agreement, the Series B
Preferred Shares shall have equivalent voting rights as the Common Shares, and shall not vote as a separate class, at any annual or special meeting of the shareholders of the Trust, and may act by written consent, in either case upon the following
basis: each holder of Series B Preferred Shares shall be entitled to such number of votes as shall be equal to the whole number of Common Shares into which such holder’s aggregate Series B Preferred Shares are convertible as of the record date
fixed for such meeting or the effective date of such written consent. 
 (ii) Subject to the Pre-IPO Shareholders Agreement
and the last sentence of Section 6.4(b) hereof, any amendment to this Section 6.4 may be made only with the affirmative vote of (A) at least a majority of the Trustees of the Board and (B)

  
 17 

 
holders of a majority of the outstanding Series B Preferred Shares, and holders of shares of any other class or series, including Common Shares, shall not be entitled to vote thereon. 

(iii) Subject to the Pre-IPO Shareholders Agreement, the Trust shall not, without the prior consent or approval of holders of
a majority of the outstanding Series B Preferred Shares: (A) amend, alter, repeal or amend and restate the Declaration of Trust or Bylaws (whether by reclassification, merger, consolidation, reorganization or otherwise) in a manner which would
adversely affect the rights, privileges or preferences of the Series B Preferred Shares, or (B) authorize, issue or otherwise create any capital stock or Shares (or securities convertible into or exchangeable or exercisable for capital stock or
Shares) other than Junior Securities (or securities convertible into or exchangeable or exercisable for Junior Securities). 
 (i)
Conversion. The Series B Preferred Shares shall be convertible into Common Shares in accordance with the provisions of this Section 6.4(i). 

(i) Optional Conversion. Subject to and in compliance with the provisions of this Section 6.4(i), any Series B
Preferred Share may, at the option of the holder, be converted at any time into fully paid and nonassessable Common Shares. The number of Common Shares to which a holder of Series B Preferred Shares shall be entitled upon conversion shall be the
product obtained by multiplying the Series B Conversion Rate then in effect (determined as provided in Section 6.4(i)(ii)) by the number of Series B Preferred Shares being converted. 

(ii) Series B Conversion Rate. The “Series B Conversion Rate” in effect at any time for conversion of
the Series B Preferred Shares shall be the quotient obtained by dividing the then current Series B Accrued Amount by the then current Series B Conversion Price (determined as provided in Section 6.4(i)(iii)). 

(iii) Series B Conversion Price. The “Series B Conversion Price” for the Series B Preferred Shares
initially shall be $11.2815. The Series B Conversion Price shall be adjusted from time to time in accordance with this Section 6.4(i). All references herein to the Series B Conversion Price shall mean the Series B Conversion Price as so adjusted.

 (iv) Mechanics of Conversion. Each holder of any Series B Preferred Shares who desires to convert the same into
Common Shares pursuant to this Section 6.4(i) shall surrender the certificate or certificates therefor, duly endorsed, at the principal office of the Trust or any transfer agent for the Series B Preferred Shares and shall give written notice to
the Trust at such office that such holder elects to convert the same. Such notice shall state the number of Series B Preferred Shares being converted. Thereupon, the Trust shall promptly issue and deliver at such office to such holder a certificate
or certificates for the number of Common Shares to which such holder is entitled and shall promptly pay (in cash or, to the extent sufficient funds are not then legally available therefor, in Common Shares, based on the Market Price thereof as of
the date of such conversion) any declared but not yet payable Series B Participation 

  
 18 

 
Dividends or other cash dividends on the Series B Preferred Shares being converted. Such conversion shall be deemed to have been made at the close of business on the date of such surrender by the
holder thereof of the certificates evidencing the Series B Preferred Shares to be converted, and the person entitled to receive the Common Shares issuable upon such conversion shall be treated for all purposes as the record holder of such Common
Shares as of such date. 
 (v) Adjustments. 

(A) Share Splits; Subdivisions; Dividends; Distributions. In the event the Trust should at any time or from time to
time on or after the Series B Effective Date fix a record date for the effectuation of a split or subdivision of the outstanding Common Shares or the making of a dividend or other distribution to all holders of Common Shares payable in additional
Common Shares or Common Shares Equivalents without payment of any consideration by such holder for the additional Common Shares or the Common Shares Equivalents (including, without limitation, the additional Common Shares issuable upon conversion or
exercise thereof), then, as of such record date (or the date of such dividend, distribution, split or subdivision if no record date is fixed), the then current Series B Conversion Price shall be appropriately decreased so that the number of Common
Shares issuable on conversion of each Series B Preferred Share shall be increased in proportion to such increase of the aggregate number of Common Shares outstanding. 

(B) Reverse Share Splits. If the number of Common Shares outstanding at any time on or after the Series B Effective
Date is decreased by a combination of the outstanding Common Shares, then, following the record date of such combination, the then current Series B Conversion Price shall be appropriately increased so that the number of Common Shares issuable on
conversion of each Series B Preferred Share shall be decreased in proportion to such decrease of the aggregate number of Common Shares outstanding. 

(C) Recapitalization Event. If at any time or from time to time on or after the Series B Effective Date there shall be
a recapitalization, reclassification, or reorganization of the Common Shares or a merger or consolidation of the Trust with and into another entity in which the Trust does not survive (other than a subdivision or combination provided for elsewhere
in this Section 6.4(i)) or the Trust shall be party to a share exchange in which Common Shares are exchanged for other securities (any such event, a “Recapitalization Event”), provision shall be made so that the holders of the
Series B Preferred Shares shall thereafter be entitled to receive upon conversion of such Series B Preferred Shares the number of Shares or other securities or cash or other property of the Trust or otherwise, to which a holder of the number of
Common Shares deliverable upon conversion of the Series B Preferred Shares held by such holder would have been entitled after such Recapitalization Event if immediately prior thereto such holder had converted its Series B Preferred Shares into
Common Shares. In any such case, appropriate adjustments shall be made in the application 

  
 19 

 
of the provisions of this Section 6.4(i)(v)(C) with respect to the rights of the holders of the Series B Preferred Shares after the Recapitalization Event to the end that the provisions of
this Section 6.4(i)(v)(C) (including adjustment of the Series B Conversion Price then in effect and the number of Common Shares into which the Series B Preferred Shares are convertible) shall be applicable after that event as nearly equivalent
as may be practicable. The Trust shall not effect any such Recapitalization Event unless, prior to the consummation thereof, the successor Person resulting from such Recapitalization Event, shall assume, by written instrument, the obligation to
deliver to the holders of the Series B Preferred Shares upon conversion such number of Shares or other securities or cash or other property, which, in accordance with the foregoing provisions, such holders of the Series B Preferred Shares shall be
entitled to receive upon such conversion. 
 (D) Other Anti-Dilution Provisions. If the Trust issues any securities
on or after the Series B Effective Date containing provisions protecting the holders thereto against dilution in any manner more favorable to such holders thereof than those set forth in this Section 6.4, such more favorable portions thereof
shall be deemed to be incorporated herein as if fully set forth in this Section 6.4, and to the extent inconsistent with any provisions of this Section 6.4, shall be deemed to be substituted therefor. 

(E) Successive Adjustments. Any adjustment made pursuant to this Section 6.4(i)(v) shall be made successively
whenever an event referred to herein shall occur. 
 (vi) Fractional Shares and Certificates as to Adjustments. 

(A) All Common Shares (including fractions thereof) issuable upon conversion of more than one Series B Preferred Share by a
holder thereof shall be aggregated for purposes of determining whether the conversion would result in the issuance of any fractional share. If, after the aforementioned aggregation, the conversion would result in the issuance of any fractional
share, the Trust (at its option) may, in lieu of issuing any fractional share, pay cash equal to the product of such fraction multiplied by the Market Price on the date of conversion. 

(B) Upon the occurrence of each adjustment or readjustment of any Series B Conversion Price pursuant to
Section 6.4(i)(v), the Trust, at its expense, shall promptly compute such adjustment or readjustment in accordance with the terms hereof and prepare and furnish to each holder of Series B Preferred Shares whose Series B Conversion Price was
adjusted or readjusted a certificate (or other notice) setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustments or readjustment is based. The Trust shall, upon the written request at any time of any
holder of Series B Preferred Shares, furnish or cause to be furnished to such holder a like certificate (or other notice) setting forth (i) such adjustment and readjustment, (ii) the Series B

  
 20 

 
Conversion Price at the time in effect, and (iii) the number of Common Shares and the amount, if any, of other property that at any time would be received upon the conversion of a Series B
Preferred Share. 
 (vii) Notices of Record Dates. Upon any acquisition of the Trust, any action of the type
described in Section 6.4(i)(v), any sale of all or substantially all of the assets of the Trust, or any voluntary Liquidation Event, the Trust shall mail to each holder of Series B Preferred Shares at least twenty (20) days prior to the
record date specified therein a notice specifying (i) the date on which any such acquisition, action of the type described in Section 6.4(i)(v), asset sale, or voluntary Liquidation Event is expected to become effective, and (ii) the
date, if any, that is to be fixed as to when the holders of record of Common Shares (or other securities) shall be entitled to exchange their Common Shares (or other securities) for securities or other property deliverable upon such acquisition,
action of the type described in Section 6.4(i)(v), asset sale, or voluntary Liquidation Event. 
 (viii) Automatic
Conversion. 
 (A) Each Series B Preferred Share shall automatically be converted (i) into Common Shares based on
the then effective Series B Conversion Rate immediately upon the consummation of a Qualified IPO, or (ii) into one (1) Series C Preferred Share upon the consummation of any IPO that is not a Qualified IPO (any event referred to in
(i) or (ii), a “Series B Automatic Conversion Event”). The Trust shall promptly notify the holders of Series B Preferred Shares in writing of the occurrence of a Series B Automatic Conversion Event; provided, that, the
Trust’s failure to provide such notice, or its failure to be received, shall not alter or affect the automatic conversion of the Series B Preferred Shares occurring in connection therewith, except to the extent that the holders of Series B
Preferred Shares are prejudiced thereby. Upon a Series B Automatic Conversion Event described in this Section 6.4(i)(viii)(A), any declared but not yet payable Series B Participation Dividend or other cash dividends with respect to the Series B
Preferred Shares shall be paid in accordance with the provisions of Section 6.4(i)(iv). 
 (B) Upon a Series B
Automatic Conversion Event, the outstanding Series B Preferred Shares shall be converted automatically without any further action by the holders thereof or by the Trust and whether or not the certificates evidencing such Shares are surrendered to
the Trust or its transfer agent; provided, that, the Trust shall not be obligated to issue certificates evidencing the Common Shares or Series C Preferred Shares, as applicable, issuable upon such conversion unless the certificates evidencing
such Series B Preferred Shares are delivered to the Trust or its transfer agent as provided below, or the holder notifies the Trust or its transfer agent that such certificates have been lost, stolen or destroyed and executes an agreement reasonably
satisfactory to the Trust to indemnify the Trust from any loss incurred by it in connection with such certificates. Upon receipt of notice of the occurrence of a Series B Automatic Conversion Event, the holders of Series B Preferred Shares shall
promptly 

  
 21 

 
surrender the certificates evidencing such shares at the office of the Trust or any transfer agent for the Series B Preferred Shares. Thereupon, there shall be issued and delivered to such holder
promptly at such office and in its name as shown on such surrendered certificate or certificates, a certificate or certificates for the number of Common Shares or Series C Preferred Shares, as applicable, to which such holder is entitled in
connection with such Series B Automatic Conversion Event. 
 (ix) Reservation of Shares Issuable Upon Conversion or
Adjustment. The Trust shall at all times reserve and keep available (i) out of its authorized but unissued Common Shares solely for the purpose of effecting the conversion or adjustment of the Series B Preferred Shares, such number of its
Common Shares as shall from time to time be sufficient to effect the conversion or adjustment of all then outstanding Series B Preferred Shares in compliance with this Section 6.4 and (ii) out of its authorized but unissued Series C
Preferred Shares solely for the purpose of effecting the conversion of the Series B Preferred Shares in compliance with Section 6.4(i)(viii), such number of Series C Preferred Shares as shall from time to time be sufficient to effect the conversion
of all then outstanding Series B Preferred Shares in compliance with Section 6.4(i)(viii). If at any time the number of authorized but unissued Common Shares or Series C Preferred Shares, as applicable, shall not be sufficient to effect the
conversion or adjustment of all then outstanding Series B Preferred Shares, the Trust shall take such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued Common Shares or Series C Preferred
Shares, as applicable, to such number as shall be sufficient for such purpose. 
 (x) No Dilution or
Impairment. The Trust shall not, by amendment to the Declaration of Trust or other governing documents or by participating in any transfer of assets, voluntary Liquidation Event, action contemplated by Section 6.4(f)(v) or taking any other
voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by the Trust, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all
such action as may be reasonably necessary or appropriate in order to protect the rights of holders of the Series B Preferred Shares against impairment. 

(j) Preemptive Rights. 

(i) Each holder of Series B Preferred Shares shall have the right to purchase its Pro Rata Amount (as defined below) of any
New Securities (as defined below) that the Trust may, from time to time, propose to sell and issue. In the event the Trust proposes to issue any New Securities, it shall give all holders of Series B Preferred Shares written notice, at their last
addresses as they shall appear in the share register, at least thirty (30) days before such issuance, describing the New Securities, the price and number of shares (or principal amount) and the general terms upon which the Trust proposes to
issue the same. Each such holder shall have thirty (30) days from the date of receipt of any such notice to agree to purchase up to the amount of New Securities equal to such holder’s Pro Rata Amount of such New Securities for the price
and upon the general terms specified in the notice by giving written notice to the Trust at its 

  
 22 

 
principal office or such other address as may be specified by the Trust in its written notice to the holders, of such holder’s intention to purchase such New Securities at the initial
closing of the sale of New Securities and the number of such New Securities that such holder intends to purchase. 
 (ii) If
a holder of Series B Preferred Shares fails to exercise in full its right of participation within said thirty (30) day period as set forth in Section 6.4(j)(i) above, the Trust shall have one hundred eighty (180) days thereafter to sell
additional amounts of New Securities as to which such holder’s option was not exercised, at the same price as specified in the Trust’s notice and upon terms (other than price) no more favorable in any material respect to the buyer thereof
than the terms specified in the Trust’s notice. The Trust shall not issue or sell any additional amounts of New Securities after the expiration of such one hundred eighty (180)-day period without first offering such securities to the holders of
Series B Preferred Shares in the manner provided in Section 6.4(j)(i) above. 
 (iii) For purposes of this
Section 6.4(j), the term “Pro Rata Amount” means, at any time, with respect to any holder of Series B Preferred Shares, the ratio of (a) the number of Common Shares into which the Series B Preferred Shares held by such
holder are then convertible, to (b) the total number of Common Shares of the Trust outstanding (on a fully diluted basis), including all outstanding securities convertible into or exchangeable or exercisable for Common Shares on an as-converted
or exercised basis (including, without limitation, the Series B Preferred Shares and outstanding options and warrants exercisable for Common Shares); and “New Securities” means any Shares of the Trust, whether or not now authorized,
and securities of any type whatsoever that are, or may become, convertible into or exchangeable or exercisable for Shares, other than (1) the Series B Preferred Shares issued on the Series B Effective Date and Common Shares issued upon
conversion thereof, (2) Common Shares and/or options, warrants or other Common Share purchase rights, and the Common Shares issued pursuant to such options, warrants or other rights issued or to be issued to employees, officers or directors of,
or consultants to the Trust or any subsidiary of the Trust pursuant to share purchase or share option plans or other arrangements approved by the Board and in compliance with the Pre-IPO Shareholders Agreement; (3) securities issued as
consideration for the Trust’s bona fide arms-length acquisition of another business enterprise by merger, purchase of all or substantially all assets, purchase of shares, or other reorganization in compliance with the Pre-IPO
Shareholders Agreement; (4) Common Shares issued upon the exchange or conversion of equity interests in Americold Realty Operating Partnership, L.P. or its successor; (5) securities issued in any share split, share dividend or
recapitalization of the Trust for which an adjustment is made to the terms of conversion of the Series B Preferred Shares under Section 6.4(i); (6) securities issued and sold by means of an IPO in compliance with the Pre-IPO Shareholders
Agreement; and (7) Series A Preferred Shares not to exceed $200,000 in aggregate liquidation preference at any time outstanding. 

(iv) The preemptive rights provided for in this Section 6.4(j) shall terminate and be of no further force and effect from
and after the consummation of any IPO. 

  
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 Section 6.5 Series C Preferred Shares. 

(a) Definitions. For the purpose of this Section 6.5, the following terms shall have the following meanings: 

(i) “First Full Calendar Year” means the first full calendar year of the Trust following the Series C
Conversion Date. 
 (ii) “Group” has the meaning ascribed to such term in Section 6.4(a)(i). 

(iii) “IPO” has the meaning ascribed to such term in Section 6.4(a)(ii). 

(iv) “Liquidation Event” has the meaning ascribed to such term in Section 6.4(a)(iii). 

(v) “Original Issue Date” means, as to any Series C Preferred Share, the first date on which such Share is
issued. 
 (vi) “Person” has the meaning ascribed to such term in Section 6.4(a)(iv). 

(vii) “Pre-IPO Shareholders Agreement” has the meaning ascribed to such term in Section 6.4(a)(v). 

(viii) “Qualified IPO” means an IPO in which (a) the aggregate gross proceeds to the Trust are at least
$250,000,000 (before deduction of underwriting discounts, commissions and expenses), and (b) the offering price per Common Share is greater than or equal to 135% of the Series B Conversion Price in effect upon the consummation of such Qualified
IPO. 
 (ix) “Series B Accrued Amount” means the Series B Accrued Amount (as defined in
Section 6.4(e)(i)) of each Series B Preferred Share immediately prior to the conversion thereof to a Series C Preferred Share. 

(x) “Series B Effective Date” has the meaning ascribed to such term in Section 6.4(a)(vi). 

(xi) “Series C Accrued Amount” means the Series B Accrued Amount plus all accrued and unpaid dividends on
each Series C Preferred Share through and including the date of payment, including, without limitation, all dividends accrued thereon pursuant to Section 6.5(d) as of such date, it being agreed and understood that, without duplication, all
accrued and unpaid dividends included in the Series B Accrued Amount of each Series B Preferred Share as of the Series C Conversion Date therefor shall, for all purposes hereunder, be deemed to be accrued and unpaid dividends on the Series C
Preferred Share into which such Series B Preferred Share is converted. 

  
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 (xii) “Series C Conversion Date” means the consummation date of
an IPO that is not a Qualified IPO. 
 (xiii) “Series C Dividend Payment Date” means January 1, April 1,
July 1 and October 1 of each year, commencing on the first such date following the Series C Conversion Date, or if any such day is not a Business Day, then the next succeeding Business Day. 

(xiv) “Series C Dividend Period” means, with respect to the first dividend period of any Series C Preferred
Share, the period from and including the Original Issue Date thereof to and including the first Series C Dividend Payment Date, and with respect to each subsequent Series C Dividend Period, the period from but excluding a Series C Dividend Payment
Date to and including the next succeeding Series C Dividend Payment Date or any other date as of which accrued dividends are to be calculated hereunder. 

(xv) “Series C Dividend Record Date” means, with respect to dividends payable on a Series C Dividend Payment
Date, the fifteenth (15th) day of the calendar month preceding the month in which the Series C Dividend Payment Date falls or, with respect to dividends payable on any other date, such other date designated by the Board that is not more than thirty
(30) nor less than ten (10) days prior to such payment date. 
 (b) Designation and Number. (i) 375,000 Preferred Shares
are hereby designated as “Series C Cumulative Convertible Voting Preferred Shares” (the “Series C Preferred Shares”). (ii) The terms and provisions of all Series C Preferred Shares shall be identical in all respects. So
long as the CM Shareholder (as such term is defined in the Pre-IPO Shareholders Agreement) holds Series C Preferred Shares or Common Shares issued upon conversion thereof, the foregoing clause (ii) shall not be amended without the written
consent of the CM Shareholder. 
 (c) Rank. The Series C Preferred Shares shall, with respect to dividend and redemption rights and
rights upon liquidation, dissolution or winding up of the Trust, rank (i) senior to all Junior Securities, and (ii) junior to the Series A Preferred Shares. 

(d) Dividends. 

(i) Dividends Generally. Subject to the terms and conditions of this Section 6.5(d)(i), each holder of outstanding
Series C Preferred Shares shall be entitled to receive either (but not both) (x) dividends pursuant to 
Section 6.5(d)(i)(A) (“Series C Participation Dividends”); or (y) if determined prior to the Series C
Conversion Date pursuant to Section 4.9 of the Pre-IPO Shareholders Agreement, dividends pursuant to Section 6.5(d)(i)(B) (“Series C Fixed Dividends” and, either (x) or (y), as applicable, the “Applicable
Dividend”). 
 (A) Series C Participation Dividends. When, as and if the Board authorizes and the Trust
declares a dividend in respect of the Common Shares, out of funds legally available for the payment of dividends, the Trust shall 

  
 25 

 
declare and pay dividends per Series C Preferred Share in an amount and in a kind (whether in cash, securities or other property) equal to and equivalent to that which the holder of such Series C
Preferred Share would have received had such holder held the number of Common Shares into which such Series C Preferred Share could be converted on the record date for such dividend with respect to the Common Shares or, if no record date for such
dividend has been established, on the date of payment of such dividend. Series C Participation Dividends shall be payable to the holders of record of the Series C Preferred Shares as they appear in the share transfer records of the Trust at the
close of business on the record date for such dividend with respect to the Common Shares or, if no record date for such dividend has been established, on the date of payment of such dividend; provided, however, that if the Trust declares and pays a
dividend or makes a distribution on the Common Shares consisting in whole or in part of Common Shares or Common Shares Equivalents (as defined below), then no such Series C Participation Dividend shall be payable in respect of the Series C Preferred
Shares on account of the portion of such dividend or distribution on the Common Shares payable in Common Shares or Common Shares Equivalents, and in lieu thereof, the applicable adjustment in Section 6.5(i)(v) shall apply. 

(B) Series C Fixed Dividends. When, as and if the Board authorizes and the Trust declares, out of funds legally
available for the payment of dividends in cash, the Trust shall pay cumulative preferential dividends per Series C Preferred Share at the rate of 5.00% per annum on the total of $1,000 plus all accumulated and unpaid dividends thereon (including,
without limitation, pursuant to Section 6.5(d)(iv)). Series C Fixed Dividends shall accrue on a daily basis from the Series C Original Issue Date of each Series C Preferred Share, and shall be payable quarterly in arrears on or before each
applicable Series C Dividend Payment Date. Any Series C Fixed Dividend payable on the Series C Preferred Shares for any whole or partial Series C Dividend Period shall be computed on the basis of a 360-day year consisting of twelve 30-day months.
Series C Fixed Dividends (or any portion thereof) paid in cash shall be payable to holders of record of the Series C Preferred Shares as they appear in the share transfer records of the Trust at the close of business on the applicable Series C
Dividend Record Date. Any Series C Fixed Dividend (or any portion thereof) that is not paid in cash on the applicable Series C Dividend Payment Date (whether due to the Trust’s election not to pay such dividend in cash, its inability to pay
such dividend in cash, the failure of the Board to declare such dividend or otherwise) shall automatically, and without any action on the part of the Trust, accrue and be included in the Series C Accrued Amount on such Series C Dividend Payment
Date. 
 (ii) No dividends on the Series C Preferred Shares shall be declared by the Trust or paid or set apart for payment
by the Trust at any time that the terms and provisions of any written agreement between the Trust and any party that is not an affiliate of the Trust, including, without limitation, any agreement relating to its indebtedness, prohibit such
declaration, payment or setting apart for payment or provide that such declaration, payment or setting apart for payment would constitute a breach thereof or a default thereunder, or if such declaration, payment or setting apart shall be restricted
or prohibited by law. 

  
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(iii) Notwithstanding the provisions of Section 6.5(d)(ii), dividends on the Series C Preferred Shares shall accrue whether or not the terms and provisions set forth in
Section 6.5(d)(ii) above at any time prohibit the current declaration, payment or setting apart of dividends, whether or not the Trust has earnings, whether or not there are funds legally available for the payment of such dividends, and whether
or not such dividends are authorized or declared. Accrued but unpaid dividends (whether or not declared) on each Series C Preferred Share shall (x) accrue daily and (y) accumulate and be included in the Series C Accrued Amount thereof as
of (a) each Series C Dividend Payment Date or the date on which they otherwise first become payable, or (b) the effective date of any (i) liquidating distribution with respect thereto under Section 6.5(e), (ii) redemption thereof
under Section 6.5(f) or (iii) conversion thereof under Section 6.5(i). 
 (iv) Unless any and all accrued but
unpaid dividends for past Series C Dividend Periods have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof is set apart for payment, no dividends (other than in shares of Junior Securities)
shall be declared or paid or set apart for payment nor shall any other distribution be declared or made upon any shares of Junior Securities (other than dividends on Common Shares for which equivalent Series C Participation Dividends are paid), nor
shall any shares of Junior Securities be redeemed, purchased or otherwise acquired for any consideration (or any moneys be paid to or made available for a sinking fund for the redemption of any such Junior Securities) by the Trust (except by
conversion into or exchange for other shares of Junior Securities and except for transfers, redemptions or purchases made pursuant to the provisions of Sections 7.2(a)(ii) and 7.3). 

(v) Whether or not dividends are paid in full or a sum sufficient for such full payment is set apart on the Series C Preferred
Shares, all dividends declared upon the Series C Preferred Shares shall be declared and paid pro rata based on the number of Series C Preferred Shares then outstanding. 

(vi) Any dividend made on the Series C Preferred Shares shall first be credited against the earliest accrued but unpaid
dividend due with respect to such shares which remains payable. Holders of the Series C Preferred Shares shall not be entitled to any dividend, whether payable in cash, property or shares, in excess of full accrued but unpaid dividends on the Series
C Preferred Shares as specified in this Section 6.5(d). 
 (vii) Dividend Election Reversal. If requested in
writing by the holders of a majority of the outstanding Series C Preferred Shares (a “Meeting Request”), delivered to the Trust at any time not later than September 30 of the First Full Calendar Year, the Trust shall promptly (but
in no event later than December 15 of such year) call a meeting of the holders of the Series C Preferred Shares and, at such meeting, the holders of the Series C Preferred Shares, by the affirmative vote of a majority of the votes entitled

  
 27 

 
to be cast, with all such holders voting as a single class, shall have the right to change the Applicable Dividend from Series C Fixed Dividends to Series C Participation Dividends or from Series
C Participation Dividends to Series C Fixed Dividends, as applicable. Any such change of the Applicable Dividend shall apply to all Series C Preferred Shares and shall be irrevocable. Any such change of the Applicable Dividend shall be effective as
of the January 1 immediately following the date on which the holders of Series C Preferred Shares delivered the Meeting Request. The right of the holders of a majority of the outstanding Series C Preferred Shares to making a Meeting Request (and the
right to change the Applicable Dividend as set forth in this Section) may be exercised only once and shall thereafter expire. 
 (e)
Liquidation Preference. 
 (i) Upon any Liquidation Event, before any payment or distribution of the Trust’s
property or assets (whether capital or surplus) shall be made to or set apart for the holders of Junior Securities, the holders of Series C Preferred Shares then outstanding shall be entitled to be paid, or have the Trust declare and set apart for
payment, out of the assets of the Trust legally available for distribution to its shareholders and after payment or provision for payment of the debts and other liabilities of the Trust (including, without limitation, liquidation payments to any
series of senior equity securities), a liquidation preference (the “Series C Liquidation Preference”) per Series C Preferred Share in an amount equal to the greater of: (a) the Series C Accrued Amount and (b) the
payment that would be paid in connection with such Liquidation Event in respect of the number of Common Shares into which such Series C Preferred Share could be converted as of the effective date of such Liquidation Event, before any distribution is
made to holders of any Junior Securities. In the event that the Trust elects to set apart the Series C Liquidation Preference for payment, the Series C Preferred Shares shall remain outstanding until the holders thereof are paid the full Series C
Liquidation Preference, which payment shall be made no later than immediately prior to the Trust making its final liquidating distribution on the Common Shares. 

(ii) In the event that, upon any such Liquidation Event, the available assets of the Trust are insufficient to pay the full
amount of the Liquidation Preference on all outstanding Series C Preferred Shares, then the holders of the Series C Preferred Shares shall share ratably in any such distribution of assets in proportion to the full Liquidation Preference to which
they would otherwise be respectively entitled. 
 (iii) After payment of the full amount of the Liquidation Preference to
which holders of the Series C Preferred Shares are entitled (whether pursuant to Section 6.5(e)(i) or Section 6.5(e)(ii)), the holders of Series C Preferred Shares shall have no right or claim under this Declaration of Trust to any of the
remaining assets of the Trust. 
 (iv) Upon the Trust’s provision of written notice as to the effective date of any
Liquidation Event, accompanied by a check in the amount of the full Series C Liquidation Preference to which each record holder of Series C Preferred Shares is entitled (whether pursuant to Section 6.5(e)(i) or Section 6.5(e)(ii)), the
Series C 

  
 28 

 
Preferred Shares shall no longer be deemed outstanding and all rights of the holders of such shares shall terminate. Such notice shall be given by first class mail, postage pre- paid, to each
record holder of the Series C Preferred Shares at the respective mailing addresses of such holders as the same shall appear on the share transfer records of the Trust. 

(f) Redemption at the Option of the Holders. 

(i) Each holder of Series C Preferred Shares, at its option, upon the occurrence of any Series C Redemption Event (as defined
below), may require the Trust to redeem, in whole or in part, the Series C Preferred Shares at the time held by such holder, upon written notice duly given as provided and at the times required in Section 6.5(f)(v), at a redemption price (the
“Series C Redemption Price”) equal to (a) in the case of any Series C Redemption Event (other than arising in a Change of Control (as defined below)) the then current Series C Accrued Amount, payable, at the Trust’s
option, in cash (which may be paid, subject to the Pre-IPO Shareholders Agreement, with the proceeds from the issuance of Common Shares or other Junior Securities) or in Common Shares valued at their Market Price, or (b) in the case of a Series
C Redemption Event arising in a Change of Control, 101% of the then current Series C Liquidation Preference, payable in cash; provided, that, (x) solely for purposes of determining the Series C Liquidation Preference in connection with this
clause (b), such Change of Control shall be deemed a Liquidation Event, and (y) the minimum number of Series C Preferred Shares that a holder may require the Trust to redeem at any time shall be the lesser of (1) 75,000 Series C Preferred
Shares in the aggregate with affiliates of such holder (subject to adjustment in connection with the actions of the type described in Sections 6.5(i)(v) and 6.4(i)(v)) and (2) the total number of Series C Preferred Shares held by such holder at
such time. The Series C Redemption Price for any Series C Preferred Shares shall be payable on the redemption date to the holder of such Series C Preferred Shares against surrender of the certificate(s) evidencing such Shares to the Trust or its
transfer agent or, if the holder notifies the Trust or its transfer agent that such certificates have been lost, stolen or destroyed, execution and delivery of an agreement reasonably satisfactory to the Trust to indemnify the Trust from any loss
incurred by it in connection with such lost, stolen or destroyed certificates. 
 (ii) Within 30 days of the occurrence of a
Change of Control, the Trust shall send written notice (a “Series C Change of Control Notice”) to the holders of record of the Series C Preferred Shares as of the effective date of such Change of Control, stating that a Change
of Control has occurred and informing such holders that they may, at their election, tender their Series C Preferred Shares for redemption in accordance with the terms and provisions of this Section 6.5(f). 

(iii) Any declared but not yet payable dividends payable on a redemption date that occurs subsequent to the Series C Dividend
Record Date for a Series C Dividend Period or a record date for a dividend pursuant to Section 6.5(d)(i)(A) shall be paid to the holder of record of the redeemed Series C Preferred Shares on such Series C Dividend Record Date relating to the
Series C Dividend Payment Date or such record date, as applicable, regardless of whether such holder of record is the holder entitled to receive the Series C Redemption Price on the redemption date (and any such amount shall be deducted from the
Series C Redemption Price). 

  
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 (iv) The Series C Preferred Shares shall not be subject to any sinking fund or
to any mandatory redemption or similar provisions except as set forth in this Section 6.5(f). 
 (v) Notice of every
redemption of Series C Preferred Shares shall be given by the applicable holder(s) in writing delivered to the Trust at its principal office, together with written instructions regarding the number of Series C Preferred Shares for which redemption
rights are being exercised pursuant to this Section 6.5(f) and surrender of the certificates evidencing the Series C Preferred Shares being redeemed, properly endorsed for transfer, and the redemption date therefor shall be the date that the
Trust duly receives such notice and certificate(s). Promptly following such due receipt of such notice and certificate(s), the Trust shall promptly pay the Series C Redemption Price and any other amounts payable under this Section 6.5(f). Such
notice shall be given not later than (a) in the case of any Series C Redemption Event (other than a Change of Control), thirty (30) days after the occurrence of the applicable Series C Redemption Event, or (b) in the case of a Series
C Redemption Event arising due to a Change of Control, thirty (30) days after receipt of the Series C Change of Control Notice. If such notice is not duly given within such thirty (30)-day period by any holder, then such holder’s right to
require the Trust to redeem the Series C Preferred Shares held by such holder shall be deemed to be irrevocably waived until the next succeeding Series C Redemption Event with respect to the Series C Preferred Shares. 

(vi) If fewer than all the Series C Preferred Shares evidenced by any certificate are redeemed, a new certificate shall be
issued evidencing the unredeemed Shares without charge to the holder thereof. 
 (vii) As used in this Section 6.5(f),
(a) “Series C Redemption Event” means the occurrence of (1) the tenth (10th) anniversary of the Series B Effective Date and each subsequent anniversary thereafter, or (2) a Change of Control, and (b) “Change of
Control” means the acquisition (whether by reclassification, merger, consolidation, reorganization or otherwise) by any Person or Persons constituting a Group of Control or ownership, directly or indirectly, beneficially or of record, of
more than 50% of the Fully Diluted Common Shares, unless immediately following such acquisition The Yucaipa Companies, LLC or its affiliates Control or own, directly or indirectly, beneficially or of record, more than 50% of the Fully Diluted Common
Shares. 
 (g) Status of Redeemed Shares. Any Series C Preferred Shares that shall at any time have been redeemed or otherwise
acquired by the Trust (pursuant to Section 6.5(f) or otherwise) shall, after such redemption or acquisition, have the status of authorized but unissued Preferred Shares which may be issued by the Board from time to time at its discretion. 

  
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 (h) Voting Rights. 

(i) Except as otherwise expressly provided herein and subject to the terms of the Pre-IPO Shareholders Agreement, the Series C
Preferred Shares shall have equivalent voting rights as the Common Shares, and shall not vote as a separate class, at any annual or special meeting of the shareholders of the Trust, and may act by written consent, in either case upon the following
basis: each holder of Series C Preferred Shares shall be entitled to such number of votes as shall be equal to the whole number of Common Shares into which such holder’s aggregate Series C Preferred Shares are convertible as of the record date
fixed for such meeting or the effective date of such written consent. 
 (ii) Subject to the Pre-IPO Shareholders Agreement
and the last sentence of Section 6.5(b), any amendment to Section 6.5 may be made (i) prior to the Series C Conversion Date, in accordance with Section 6.5(h)(iii) and (ii) from and after the Series C Conversion Date, by
holders of a majority of the outstanding Series C Preferred Shares, and holders of shares of any other class or series, including Common Shares, shall not be entitled to vote thereon. 

(iii) From and after the Series C Conversion Date, the Trust shall not, without the prior consent or approval of holders of a
majority of the outstanding Series C Preferred Shares: (i) amend, alter, repeal or amend and restate the Declaration of Trust or Bylaws (whether by reclassification, merger, consolidation, reorganization or otherwise) in a manner which would
adversely affect the rights, privileges or preferences of the Series C Preferred Shares; or (ii) authorize, issue or otherwise create any capital stock or Shares (or securities convertible into or exchangeable or exercisable for capital stock
or Shares) other than Junior Securities (or securities convertible into or exchangeable or exercisable for Junior Securities). 
 (i)
Conversion. The Series C Preferred Shares shall be convertible into Common Shares in accordance with the provisions of this Section 6.5(i). 

(i) Optional Conversion. Subject to and in compliance with the provisions of this Section 6.5(i), any Series C
Preferred Share may, at the option of the holder, be converted at any time into fully-paid and nonassessable Common Shares. The number of Common Shares to which a holder of Series C Preferred Shares shall be entitled upon conversion shall be the
product obtained by multiplying the Series C Conversion Rate then in effect (determined as provided in Section 6.5(i)(ii)) by the number of Series C Preferred Shares being converted. 

(ii) Series C Conversion Rate. The “Series C Conversion Rate” in effect at any time for conversion of
the Series C Preferred Shares shall be the quotient obtained by dividing the Series C Accrued Amount by the Series C Conversion Price (determined as provided in Section 6.5(i)(iii)). 

(iii) Series C Conversion Price. The “Series C Conversion Price” means the Series B Conversion Price
(as defined in Section 6.4(i)(iii)) of the Series B Preferred Shares immediately prior to the conversion thereof to Series C Preferred Shares. The Series C Conversion Price shall be adjusted from time to time in accordance with this
Section 6.5(i). All references herein to the Series C Conversion Price shall mean the Series C Conversion Price as so adjusted. 

  
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 (iv) Mechanics of Conversion. Each holder of any Series C Preferred
Shares who desires to convert the same into Common Shares pursuant to this Section 6.5(i) shall surrender the certificate or certificates therefor, duly endorsed, at the principal office of the Trust or any transfer agent for the Series C
Preferred Shares and shall give written notice to the Trust at such office that such holder elects to convert the same. Such notice shall state the number of Series C Preferred Shares being converted. Thereupon, the Trust shall promptly issue and
deliver at such office to such holder a certificate or certificates for the number of Common Shares to which such holder is entitled and shall promptly pay (in cash or, to the extent sufficient funds are not then legally available therefor, in
Common Shares (based on the Market Price thereof as of the date of such conversion), any declared but not yet payable Series C Participation Dividend or other cash dividends on the Series C Preferred Shares being converted. Such conversion shall be
deemed to have been made at the close of business on the date of such surrender by the holder thereof of the certificates evidencing the Series C Preferred Shares to be converted, and the person entitled to receive the Common Shares issuable upon
such conversion shall be treated for all purposes as the record holder of such Common Shares as of such date. 
 (v)
Adjustments. 
 (A) Share Splits; Subdivisions; Dividends; Distributions. In the event the Trust should at any
time or from time to time on or after the Series C Conversion Date fix a record date for the effectuation of a split or subdivision of the outstanding Common Shares or the making of a dividend or other distribution to all holders of Common Shares
payable in additional Common Shares or Common Shares Equivalents without payment of any consideration by such holder for the additional Common Shares or the Common Shares Equivalents (including, without limitation, the additional Common Shares
issuable upon conversion or exercise thereof), then, as of such record date (or the date of such dividend, distribution, split or subdivision if no record date is fixed), the then current Series C Conversion Price applicable to the Series C
Preferred Shares shall be appropriately decreased so that the number of Common Shares issuable on conversion of each Series C Preferred Share shall be increased in proportion to such increase of the aggregate number of Common Shares outstanding.

 (B) Reverse Share Splits. If the number of Common Shares outstanding at any time on or after the Series C
Conversion Date is decreased by a combination of the outstanding Common Shares, then, following the record date of such combination, the then current Series C Conversion Price applicable to the Series C Preferred Shares shall be appropriately
increased so that the number of Common Shares issuable on conversion of each Series C Preferred Share shall be decreased in proportion to such decrease of the aggregate number of Common Shares outstanding. 

  
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 (C) Recapitalization Event. If at any time or from time to time on or
after the Series C Conversion Date there shall be a Recapitalization Event, provision shall be made so that the holders of the Series C Preferred Shares shall thereafter be entitled to receive upon conversion of such Series C Preferred Shares the
number of Shares or other securities or cash or other property of the Trust or otherwise, to which a holder of the number of Common Shares deliverable upon conversion of the Series C Preferred Shares held by such holder would have been entitled
after such Recapitalization Event if immediately prior thereto such holder had converted its Series C Preferred Shares into Common Shares. In any such case, appropriate adjustments shall be made in the application of the provisions of this
Section 6.5(i) with respect to the rights of the holders of the Series C Preferred Shares after the Recapitalization Event to the end that the provisions of this Section 6.5(i) (including adjustment of the Series C Conversion Price then in
effect and the number of Common Shares into which the Series C Preferred Shares are convertible) shall be applicable after that event as nearly equivalent as may be practicable. The Trust shall not effect any such Recapitalization Event unless,
prior to the consummation thereof, the successor Person resulting from such Recapitalization Event, shall assume, by written instrument, the obligation to deliver to the holders of the Series C Preferred Shares upon conversion such number of Shares
or other securities or cash or other property, which, in accordance with the foregoing provisions, such holders of the Series C Preferred Shares shall be entitled to receive upon such conversion. 

(D) Other Anti-Dilution Provisions. If the Trust issues any securities on or after the Series C Conversion Date
containing provisions protecting the holders thereto against dilution in any manner more favorable to such holders thereof than those set forth in this Section 6.5, such more favorable portions thereof shall be deemed to be incorporated herein
as if fully set forth in this Section 6.5, and to the extent inconsistent with any provisions of this Section 6.5, shall be deemed to be substituted therefor. 

(E) Successive Adjustments. Any adjustment made pursuant to this Section 6.5(i)(v) shall be made successively
whenever an event referred to herein shall occur. 
 (vi) Fractional Shares and Certificates as to Adjustments. 

(A) All Common Shares (including fractions thereof) issuable upon conversion of more than one Series C Preferred Share by a
holder thereof shall be aggregated for purposes of determining whether the conversion would result in the issuance of any fractional share. If, after the aforementioned aggregation, the conversion would result in the issuance of any fractional
share, the Trust (at its option) may, in lieu of issuing any fractional share, pay cash equal to the product of such fraction multiplied by the Market Price on the date of conversion. 

  
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 (B) Upon the occurrence of each adjustment or readjustment of any Series C
Conversion Price pursuant to Section 6.5(i), the Trust, at its expense, shall promptly compute such adjustment or readjustment in accordance with the terms hereof and prepare and furnish to each holder of Series C Preferred Shares whose Series
C Conversion Price was adjusted or readjusted a certificate (or other notice) setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustments or readjustment is based. The Trust shall, upon the written
request at any time of any holder of Series C Preferred Shares, furnish or cause to be furnished to such holder a like certificate (or other notice) setting forth (i) such adjustment and readjustment, (ii) the Series C Conversion Price at
the time in effect, and (iii) the number of Common Shares and the amount, if any, of other property that at any time would be received upon the conversion of a Series C Preferred Share. 

(vii) Notices of Record Dates. Upon any acquisition of the Trust, any action of the type described in
Section 6.5(i)(v), any sale of all or substantially all of the assets of the Trust, or any voluntary Liquidation Event, the Trust shall mail to each holder of Series C Preferred Shares at least twenty (20) days prior to the record date
specified therein a notice specifying (i) the date on which any such acquisition, action of the type described in Section 6.5(i)(v), asset sale, or voluntary Liquidation Event is expected to become effective, and (ii) the date, if
any, that is to be fixed as to when the holders of record of Common Shares (or other securities) shall be entitled to exchange their Common Shares (or other securities) for securities or other property deliverable upon such acquisition, action of
the type described in Section 6.5(i)(v), asset sale, or voluntary Liquidation Event. 
 (viii) Automatic
Conversion. 
 (A) At any time after December 9, 2012, each Series C Preferred Share then outstanding shall
automatically be converted into Common Shares based on the then effective Series C Conversion Rate on the twentieth (20) consecutive trading day on which the Market Price of the Common Shares is greater than or equal to 135% of the then current
Series C Conversion Price (such event, a “Series C Automatic Conversion Event”). The Trust shall promptly notify the holders of Series C Preferred Shares in writing of the occurrence of a Series C Automatic Conversion Event;
provided, that, the Trust’s failure to provide such notice, or its failure to be received, shall not alter or affect the automatic conversion of the Series C Preferred Shares occurring in connection therewith, except to the extent that the
holders of Series C Preferred Shares are prejudiced thereby. Upon a Series C Automatic Conversion Event, any declared but not yet payable Series C Participation Dividends or other cash dividends with respect to the Series C Preferred Shares shall be
paid in accordance with the provisions of Section 6.5(i)(iv). 
 (B) Upon a Series C Automatic Conversion Event, the
outstanding Series C Preferred Shares shall be converted automatically without any further action by the holders thereof or by the Trust and whether or not the 

  
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certificates evidencing such Shares are surrendered to the Trust or its transfer agent; provided, that, the Trust shall not be obligated to issue certificates evidencing the Common Shares
issuable upon such conversion unless the certificates evidencing such Series C Preferred Shares are delivered to the Trust or its transfer agent as provided below, or the holder notifies the Trust or its transfer agent that such certificates have
been lost, stolen or destroyed and executes an agreement reasonably satisfactory to the Trust to indemnify the Trust from any loss incurred by it in connection with such certificates. Upon receipt of notice of the occurrence of a Series C Automatic
Conversion Event, the holders of Series C Preferred Shares shall promptly surrender the certificates evidencing such shares at the office of the Trust or any transfer agent for the Series C Preferred Shares. Thereupon, there shall be issued and
delivered to such holder promptly at such office and in its name as shown on such surrendered certificate or certificates, a certificate or certificates for the number of Common Shares to which such holder is entitled in connection with such Series
C Automatic Conversion Event. 
 (ix) Reservation of Shares Issuable Upon Conversion or Adjustment. The
Trust shall at all times reserve and keep available out of its authorized but unissued Common Shares solely for the purpose of effecting the conversion or adjustment of the Series C Preferred Shares, such number of its Common Shares as shall from
time to time be sufficient to effect the conversion or adjustment of all then outstanding Series C Preferred Shares in compliance with this Section 6.5. If at any time the number of authorized but unissued Common Shares shall not be sufficient
to effect the conversion or adjustment of all then outstanding Series C Preferred Shares, the Trust shall take such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued Common Shares to such
number as shall be sufficient for such purpose. 
 (x) No Dilution or Impairment. The Trust shall not, by amendment
to the Declaration of Trust or other governing documents or by participating in any transfer of assets, voluntary Liquidation Event, action contemplated by Section 6.5(f)(v) or taking any other voluntary action, avoid or seek to avoid the observance
or performance of any of the terms to be observed or performed hereunder by the Trust, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such action as may be reasonably necessary or
appropriate in order to protect the rights of holders of the Series C Preferred Shares against impairment. 
 Section 6.6 Classified
or Reclassified Shares. Prior to issuance of classified or reclassified Shares of any class or series, the Board of Trustees by resolution shall (a) designate that class or series to distinguish it from all other classes and series of
Shares; (b) specify the number of Shares to be included in the class or series; (c) set, subject to the provisions of Article VII and subject to the express terms of any class or series of Shares outstanding at the time, the preferences,
conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms and conditions of redemption for each class or series; and (d) cause the Trust to file articles supplementary
with the State Department of Assessments and Taxation of Maryland (the “SDAT”). Any of the terms of any class or series of Shares set pursuant to clause (c) of this Section 6.6 may be made dependent upon facts
ascertainable 

  
 35 

 
outside the Declaration of Trust (including the occurrence of any event, including a determination or action by the Trust or any other person or body) and may vary among holders thereof, provided
that the manner in which such facts or variations shall operate upon the terms of such class or series of Shares is clearly and expressly set forth in the articles supplementary filed with the SDAT. 

Section 6.7 Authorization by Board of Share Issuance. The Board of Trustees may authorize the issuance from time to time of Shares
of any class or series, whether now or hereafter authorized, or securities or rights convertible into Shares of any class or series, whether now or hereafter authorized, for such consideration (whether in cash, property, past or future services,
obligation for future payment or otherwise) as the Board of Trustees may deem advisable (or without consideration in the case of a Share split or Share dividend), subject to such restrictions or limitations, if any, as may be set forth in the
Declaration of Trust or the Bylaws. 
 Section 6.8 Dividends and Distributions. The Board of Trustees may from time to time
authorize, and cause the Trust to declare to shareholders, such dividends or other distributions, in cash or other assets of the Trust or in securities of the Trust or from any other source as the Board of Trustees in its discretion shall determine.
The Board of Trustees shall endeavor to cause the Trust to declare and pay such dividends and distributions as shall be necessary for the Trust to qualify as a real estate investment trust under the Code; however, shareholders shall have no right to
any dividend or other distribution unless and until authorized by the Board of Trustees and declared by the Trust. The exercise of the powers and rights of the Board of Trustees pursuant to this Section 6.8 shall be subject to the provisions of
any class or series of Shares at the time outstanding. Notwithstanding any other provision in the Declaration of Trust, no determination shall be made by the Board of Trustees nor shall any transaction be entered into by the Trust which would cause
any Shares or other beneficial interest in the Trust not to constitute “transferable shares” or “transferable certificates of beneficial interest” under Section 856(a)(2) of the Code or which would cause any distribution to
constitute a preferential dividend as described in Section 562(c) of the Code. 
 Section 6.9 General Nature of Shares. All
Shares shall be personal property entitling the shareholders only to those rights provided in the Declaration of Trust. The shareholders shall have no interest in the property of the Trust and shall have no right to compel any partition, division,
dividend or distribution of the Trust or of the property of the Trust. The death of a shareholder shall not terminate the Trust. The Trust is entitled to treat as shareholders only those persons in whose names Shares are registered as holders of
Shares on the share ledger of the Trust. 
 Section 6.10 Fractional Shares. The Trust may, without the consent or approval of
any shareholder, issue fractional Shares, eliminate a fraction of a Share by rounding off to a full Share, arrange for the disposition of a fraction of a Share by the person entitled to it, or pay cash for the fair value of a fraction of a Share.

 Section 6.11 Declaration, Bylaws and Shareholders Agreement. The rights of all shareholders and the terms of all Shares are
subject to the provisions of the Declaration of Trust and the Bylaws. Certain shareholders of the Trust and the Trust have entered into the Pre-IPO 

  
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Shareholders Agreement and the Shareholders Agreement, each of which, to the extent then effect, provides certain rights to such shareholders party thereto and governs the relationships between
and among the parties thereto. 
 Section 6.12 Divisions and Combinations of Shares. Subject to an express provision to the
contrary in the terms of any class or series of beneficial interest hereafter authorized, the Board of Trustees shall have the power to divide or combine the outstanding Shares of any class or series, without a vote of shareholders. 

ARTICLE VII 
 CERTAIN
RESTRICTION ON TRANSFER AND OWNERSHIP OF SHARES 
 Section 7.1 Definitions. For the purpose of this Article VII, the
following terms shall have the following meanings: 
 (a) “Beneficial Ownership” shall mean ownership of Equity Shares by
a Person, whether the interest in Equity Shares is held directly or indirectly (including by a nominee), and shall include interests that would be treated as owned through the application of Section 544 of the Code, as modified by
Section 856(h)(1)(B) and 856(h)(3)(A) of the Code. The terms “Beneficial Owner,” “Beneficially Owns” and “Beneficially Owned” shall have the correlative meanings. 

(b) “Charitable Beneficiary” shall mean one or more beneficiaries of the Charitable Trust as determined pursuant to
Section 7.3(f), provided that each such organization must be described in Section 501(c)(3) of the Code and contributions to each such organization must be eligible for deduction under each of Sections 170(b)(1)(A), 2055 and 2522 of the
Code. 
 (c) “Charitable Trust” shall mean any trust provided for in Section 7.3(a). 

(d) “Charitable Trustee” shall mean the Person unaffiliated with both the Trust and any Prohibited Owner that is appointed
by the Trust to serve as trustee of the Charitable Trust. 
 (e) “Code” shall mean the Internal Revenue Code of 1986, as
amended from time to time. 
 (f) “Constructive Ownership” shall mean ownership of Equity Shares by a Person, whether the
interest in Equity Shares is held directly or indirectly (including by a nominee), and shall include interests that would be treated as owned through the application of Section 318(a) of the Code, as modified by Section 856(d)(5) of the
Code. The terms “Constructive Owner,” “Constructively Owns” and “Constructively Owned” shall have the correlative meanings. 

(g) “Equity Shares” shall mean Shares of all classes or series, including, without limitation, Common Shares and Preferred
Shares. The term “Equity Shares” shall not include convertible debt securities unless and until such securities are converted into Equity Shares. 

  
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 (h) “Excepted Holder” shall mean a shareholder of the Trust for whom an
Excepted Holder Limit is created by this Article VII or by the Board of Trustees pursuant to Section 7.2(g). 
 (i) “Excepted
Holder Limit” shall mean the percentage limit established by the Board of Trustees pursuant to Section 7.2(g), provided that the affected Excepted Holder agrees to comply with the requirements established by the Board of Trustees
pursuant to Section 7.2(g), and subject to adjustment pursuant to Section 7.2(h). 
 (j) “Individual” shall mean
(a) an “individual” within the meaning of Section 542(a)(2) of the Code, as modified by Section 544 of the Code, and/or (b) any beneficiary of a “qualified trust” (as defined in Section 856(h)(3)(E) of
the Code) which qualified trust is eligible for look-through treatment under Section 856(h)(3)(A) of the Code for purposes of determining whether a REIT is closely held under Section 856(a)(6) of the Code, in which case the qualified trust
shall not be treated as an Individual. 
 (k) “Market Price” on any date shall mean, with respect to any class or series
of outstanding Equity Shares, the Closing Price for such Equity Shares on such date. The “Closing Price” on any date shall mean the last sale price for such Equity Shares, regular way, or, in case no such sale takes place on such
day, the average of the closing bid and ask prices, regular way, for such Equity Shares, in either case as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted to trading on the NYSE or,
if such Equity Shares are not listed or admitted to trading on the NYSE, as reported on the principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on which such Equity
Shares are listed or admitted to trading or, if such Equity Shares are not listed or admitted to trading on any national securities exchange, the last quoted price, or, if not so quoted, the average of the high bid and low ask prices in the
over-the-counter market, as reported by the principal automated quotation system then in use or, if such Equity Shares are not quoted by any such system, the average of the closing bid and ask prices as furnished by a professional market maker
making a market in such Equity Shares selected by the Board of Trustees or, in the event that no trading price is available for such Equity Shares, the fair market value of Equity Shares, as determined in good faith by the Board of Trustees. 

(l) “NYSE” shall mean the New York Stock Exchange. 

(m) “One Hundred Shareholder Date” shall mean the first date upon which the Equity Shares are beneficially owned by 100 or
more Persons within the meaning of Code Section 856(a)(5) without regard to Code Section 856(h)(2). 
 (n) “Ownership
Limit” shall mean not more than 9.8 percent in value of the aggregate outstanding Equity Shares. The value of the outstanding Equity Shares shall be determined by the Board of Trustees in good faith, which determination shall be
conclusive for all purposes hereof. 

  
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 (o) “Person” shall mean an individual, corporation, partnership, estate, trust
(including a trust qualified under Sections 401(a) or 501(c)(17) of the Code), a portion of a trust permanently set aside for or to be used exclusively for the purposes described in Section 642(c) of the Code, association, private foundation
within the meaning of Section 509(a) of the Code, joint stock company or other entity and also includes a group as that term is used for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, and a group to which an
Excepted Holder Limit applies. 
 (p) “Prohibited Owner” shall mean, with respect to any purported Transfer, any Person
who, but for the provisions of Section 7.2(a), would Beneficially Own or Constructively Own Equity Shares, and if appropriate in the context, shall also mean any Person who would have been the record owner of Equity Shares that the Prohibited
Owner would have so owned. 
 (q) “REIT” shall mean a real estate investment trust within the meaning of Section 856
of the Code. 
 (r) “Restriction Termination Date” shall mean the first day after the date hereof on which the Board of
Trustees determines that it is no longer in the best interests of the Trust to attempt to, or continue to, qualify as a REIT or that compliance with the restrictions and limitations on Beneficial Ownership, Constructive Ownership and Transfers of
Equity Shares set forth herein is no longer required in order for the Trust to qualify as a REIT. 
 (s) “Transfer” shall
mean any issuance, sale, transfer, gift, assignment, devise or other disposition, as well as any other event that causes any Person to acquire Beneficial Ownership or Constructive Ownership, of Equity Shares or the right to vote or receive dividends
on Equity Shares or any agreement to take any such actions or cause any such events, including (a) the granting or exercise of any option (or any disposition of any option), (b) any disposition of any securities or rights convertible into or
exchangeable for Equity Shares or any interest in Equity Shares or any exercise of any such conversion or exchange right and (c) Transfers of interests in other entities that result in changes in Beneficial or Constructive Ownership of Equity
Shares; in each case, whether voluntary or involuntary, whether owned of record, Constructively Owned or Beneficially Owned and whether by operation of law or otherwise. The terms “Transferring” and “Transferred” shall have the
correlative meanings. 
 Section 7.2 Equity Shares. 

(a) Ownership Limitations. During the period commencing on the date hereof (or the One Hundred Shareholder Date with respect to only
subsection (i)(C) below) and prior to the Restriction Termination Date, but subject to Section 7.4: 
 (i) Basic Restrictions.

 (A) (1) No Individual, other than an Excepted Holder, shall Beneficially Own Equity Shares in excess of the Ownership
Limit, and (2) no Excepted Holder shall Beneficially Own Equity Shares in excess of the Excepted Holder Limit for such Excepted Holder. 

  
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 (B) No Person shall Beneficially or Constructively Own Equity Shares to the
extent that such Beneficial or Constructive Ownership of Equity Shares would result in the Trust being “closely held” within the meaning of Section 856(h) of the Code (without regard to whether the ownership interest is held during
the last half of a taxable year), or otherwise failing to qualify as a REIT (including, but not limited to, Beneficial or Constructive Ownership that would result in the Trust owning (actually or Constructively) an interest in a tenant that is
described in Section 856(d)(2)(B) of the Code if the income derived by the Trust from such tenant would cause the Trust to fail to satisfy any of the gross income requirements of Section 856(c) of the Code). 

(C) Any Transfer of Equity Shares that, if effective, would result in Equity Shares being beneficially owned by fewer than 100
Persons (determined under the principles of Section 856(a)(5) of the Code) shall be void ab initio, and the intended transferee shall acquire no rights in such Equity Shares. 

(D) No Person shall Beneficially Own Equity Shares to the extent that such Beneficial Ownership of Equity Shares would result
in the Trust failing to qualify as a “domestically controlled qualified investment entity” within the meaning of Section 897(h) of the Code (after taking into account for such purpose the statutory presumptions set forth in
Section 897(h)(4)(E) of the Code). 
 (ii) Transfer in Trust. If any Transfer of Equity Shares occurs which, if
effective, would result in any Person Beneficially Owning or Constructively Owning Equity Shares in violation of Section 7.2(a)(i)(A), (B) or (D), 

(A) then that number of Equity Shares the Beneficial or Constructive Ownership of which otherwise would cause such Person to
violate Section 7.2(a)(i)(A), (B) or (D) (rounded up to the nearest whole share) shall be automatically transferred to a Charitable Trust for the benefit of a Charitable Beneficiary, as described in Section 7.3, effective as of the close
of business on the business day prior to the date of such Transfer, and such Person shall acquire no rights in such Equity Shares; or 

(B) if the transfer to the Charitable Trust described in clause (A) of this sentence would not be effective for any
reason to prevent the violation of Section 7.2(a)(i)(A), (B) or (D), then the Transfer of that number of Equity Shares that otherwise would cause any Person to violate Section 7.2(a)(i)(A), (B) or (D) shall be void ab initio, and the
intended transferee shall acquire no rights in such Equity Shares. 
 To the extent that, upon a transfer of Equity Shares pursuant to this
Section 7.2(a)(ii), a violation of any provision of this Article VII would nonetheless be continuing (for example, where the ownership of Equity Shares by a single Charitable Trust would violate the 100 shareholder requirement applicable to
REITs), then Equity Shares shall be transferred to that number of 

  
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Charitable Trusts, each having a distinct Charitable Trustee and a Charitable Beneficiary or Beneficiaries that are distinct from those of each other Charitable Trust, such that there is no
violation of any provision of this Article VII. 
 (b) Remedies for Breach. If the Board of Trustees or any duly authorized
committee thereof shall at any time determine in good faith that a Transfer or other event has taken place that results in a violation of Section 7.2(a) or that a Person intends to acquire or has attempted to acquire Beneficial or Constructive
Ownership of any Equity Shares in violation of Section 7.2(a) (whether or not such violation is intended), the Board of Trustees or a committee thereof shall take such action as it deems advisable to refuse to give effect to or to prevent such
Transfer or other event, including, without limitation, causing the Trust to redeem Equity Shares, refusing to give effect to such Transfer on the books of the Trust or instituting proceedings to enjoin such Transfer or other event; provided,
however, that any Transfers or attempted Transfers or other events in violation of Section 7.2(a) shall automatically result in the transfer to the Charitable Trust described above, and, where applicable, such Transfer (or other event) shall be
void ab initio as provided above irrespective of any action (or non-action) by the Board of Trustees or a committee thereof. 
 (c)
Notice of Restricted Transfer. Any Person who acquires or attempts or intends to acquire Beneficial Ownership or Constructive Ownership of Equity Shares that will or may violate Section 7.2(a)(i), or any Person who would have owned
Equity Shares that resulted in a transfer to the Charitable Trust pursuant to the provisions of Section 7.2(a)(ii), shall immediately give written notice to the Trust of such event, or in the case of such a proposed or attempted transaction,
give at least 15 days prior written notice, and shall provide to the Trust such other information as the Trust may request in order to determine the effect, if any, of such Transfer on the Trust’s status as a REIT. 

(d) Owners Required To Provide Information. From the date hereof and prior to the Restriction Termination Date: 

(i) every owner of an amount equal to or greater than five percent (or such lower percentage as required by the Code or the
Treasury Regulations promulgated thereunder) of the outstanding Equity Shares, within 30 days after the end of each taxable year, shall give written notice to the Trust stating the name and address of such owner, the number of Equity Shares and
other Equity Shares Beneficially Owned, a description of the manner in which such shares are held, and whether or not the Beneficial Owner of such shares is a “foreign person” as such term is used in Section 897(h) of the Code. Each such
owner shall provide to the Trust such additional information as the Trust may reasonably request in order to determine the effect, if any, of such Beneficial Ownership on the Trust’s status as a REIT or as a “domestically controlled
qualified investment entity” (as such term is defined in Section 897(h) of the Code) and to ensure compliance with the Ownership Limit. 

(ii) each Person who is a Beneficial or Constructive Owner of Equity Shares and each Person (including the shareholder of
record) who is holding Equity Shares for a Beneficial or Constructive Owner shall promptly provide to the Trust such relevant information as the Trust may reasonably request in order to determine the

  
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Trust’s status as a REIT or as a “domestically controlled qualified investment entity” (as such term is defined in Section 897(h) of the Code) and to comply with requirements
of any taxing authority or governmental authority or to determine such compliance. 
 (e) Remedies Not Limited. Nothing contained in
this Section 7.2 shall limit the authority of the Board of Trustees to take such other action as it deems necessary or advisable to protect the Trust and the interests of its shareholders in preserving the Trust’s status as a REIT. 

(f) Ambiguity. In the case of an ambiguity in the application of any of the provisions of this Section 7.2, Section 7.3 or
any definition contained in Section 7.1, the Board of Trustees shall have the power to determine the application of the provisions of this Section 7.2 or Section 7.3 with respect to any situation based on the facts known to it. In the
event Section 7.2 or 7.3 requires an action by the Board of Trustees and the Declaration of Trust fails to provide specific guidance with respect to such action, the Board of Trustees shall have the power to determine the action to be taken so
long as such action is not contrary to the provisions of Section 7.1, 7.2 or 7.3. Absent a decision to the contrary by the Board of Trustees, if a Person would have (but for the remedies set forth in Section 7.2(b)) acquired Beneficial
Ownership or Constructive Ownership of Equity Shares in violation of Section 7.2(a), such remedies (as applicable) shall apply first to the Equity Shares which, but for such remedies, would have been Beneficially Owned or Constructively Owned
(but not actually owned) by such Person, pro rata among the Persons who actually own such Equity Shares based upon the relative number of Equity Shares held by each such Person. 

(g) Exceptions. 

(i) Subject to Section 7.2(a)(i)(B) and (D), the Board of Trustees shall exempt an Individual from the Ownership Limit
and may establish or increase an Excepted Holder Limit for such Individual if: 
 (A) the Board of Trustees obtains such
representations and undertakings from such Individual as are satisfactory to the Board of Trustees, in its sole and absolute discretion, to ascertain that no Individual’s Beneficial or Constructive Ownership of such Equity Shares will violate
Section 7.2(a)(i)(B) or (D); 
 (B) such Individual does not and represents that it will not own, actually or
Constructively, an interest in a tenant of the Trust (or a tenant of any entity owned or controlled by the Trust) that would cause the Trust to own, actually or Constructively, more than a 9.8 percent interest (as set forth in Section
856(d)(2)(B) of the Code) in such tenant and the Board of Trustees obtains such representations and undertakings from such Individual as are satisfactory to the Board of Trustees, in its sole and absolute discretion, to ascertain this fact (for this
purpose, a tenant from whom the Trust (or an entity owned or controlled by the Trust) derives (and is expected to continue to derive) a sufficiently small amount of revenue such that, in the opinion of the Board of Trustees, rent from such tenant
would not adversely affect the Trust’s ability to qualify as a REIT, shall not be treated as a tenant of the Trust); 

  
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 (C) such Person provides to the Board of Trustees such representations and
undertakings, if any, as the Board of Trustees may, in its sole and absolute discretion, require to ensure that the conditions in clauses (i) and (ii) hereof are satisfied and will continue to be satisfied throughout the period during which
such Individual Beneficially or Constructively Owns Equity Shares in excess of the Ownership Limit pursuant to any exemption thereto granted under this subparagraph (a); and 

(D) such Individual agrees that any violation or attempted violation of such representations or undertakings (or other action
which is contrary to the restrictions contained in Sections 7.2(a) through 7.2(f)) will result in such Equity Shares being automatically transferred to a Charitable Trust in accordance with Sections 7.2(a)(ii) and 7.3. 

(ii) Prior to granting any exception pursuant to Section 7.2(g)(i), the Board of Trustees may, in its sole and absolute
discretion, require a ruling from the Internal Revenue Service, or an opinion of counsel, in either case in form and substance satisfactory to the Board of Trustees in its sole discretion, as it may deem necessary or advisable in order to determine
or ensure the Trust’s status as a REIT. Notwithstanding the receipt of any ruling or opinion, the Board of Trustees may impose such conditions or restrictions as it deems appropriate in connection with granting such exception; provided,
however, that the Board of Trustees shall not be obligated to require a favorable ruling or opinion in order to grant an exception hereunder. 

(iii) Subject to Section 7.2(a)(i)(B) or (D), an underwriter which participates in a public offering or a private
placement of Equity Shares (or securities convertible into or exchangeable for Equity Shares) may Beneficially Own or Constructively Own Equity Shares (or securities convertible into or exchangeable for Equity Shares) in excess of the Ownership
Limit, but only to the extent necessary to facilitate such public offering or private placement. 
 (iv) The Board of
Trustees may only reduce the Excepted Holder Limit for an Excepted Holder: (1) with the written consent of such Excepted Holder at any time, or (2) pursuant to the terms and conditions of the agreements and undertakings entered into with
such Excepted Holder in connection with the establishment of the Excepted Holder Limit for that Excepted Holder. No Excepted Holder Limit shall be reduced to a percentage that is less than the Ownership Limit. 

(h) Changes in Ownership Limit. Subject to Section 7.2(a)(i)(B) and (D), the Board of Trustees may from time to time establish or
increase an Excepted Holder Limit for one or more Individuals (whereby such Individual will be an Excepted Holder) and decrease the Ownership Limit for all other Individuals; provided, however, that the decreased Ownership Limit will not be
effective for any Individual whose percentage ownership of Shares is in excess of such decreased Ownership Limit until such time as such Individual’s percentage of Shares 

  
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equals or falls below the decreased Ownership Limit, but any further acquisition of Shares in excess of such percentage ownership of Shares will be in violation of the Ownership Limit and,
provided further, that the new Excepted Holder Limit and Ownership Limit would not allow five or fewer Individuals to Beneficially Own more than 49.9% in value of the outstanding Shares. 

(i) Legend. Each certificate for Equity Shares (if such Equity Shares are certificated, which determination shall be at the sole
discretion of the Board of Trustees) shall bear substantially the following legend (to the extent such legend is still required): 

The shares evidenced by this certificate are subject to restrictions on Beneficial and Constructive Ownership and Transfer for
the purpose of the Trust’s maintenance of its status as a real estate investment trust (a “REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). Subject to certain further restrictions and
except as expressly provided in the Trust’s declaration of trust (the “Declaration of Trust”), (i) no Individual may Beneficially Own Equity Shares of the Trust in excess of 9.8 percent of the value of the total
outstanding Equity Shares of the Trust unless such Individual is an Excepted Holder (in which case the Excepted Holder Limit shall be applicable); (ii) no Person shall Beneficially or Constructively Own Equity Shares to the extent that such
Beneficial or Constructive Ownership of Equity Shares would result in the Trust being “closely held” within the meaning of Section 856(h) of the Code (without regard to whether the ownership interest is held during the last half of a
taxable year), or otherwise failing to qualify as a REIT; (iii) any Transfer of Equity Shares that, if effective, would result in Equity Shares being beneficially owned by fewer than 100 Persons (as determined under the principles of Section
856(a)(5) of the Code) shall be void ab initio, and the intended transferee shall acquire no rights in such Equity Shares; and (iv) no Person shall Beneficially Own Equity Shares to the extent that such Beneficial Ownership of Equity Shares
would result in the Trust failing to qualify as a “domestically controlled qualified investment entity” within the meaning of Section 897(h) of the Code (after taking into account for such purpose the statutory presumptions set forth
in Section 897(h)(4)(E) of the Code). Any Person who Beneficially or Constructively Owns or attempts to Beneficially or Constructively Own Equity Shares which cause or will cause a Person to Beneficially or Constructively Own Equity Shares in excess
or in violation of the above limitations must immediately notify the Trust in writing (or, in the case of an attempted transaction, give at least 15 days prior written notice). If any of the restrictions on transfer or ownership as set forth in (i),
(ii) or (iv) above are violated, the Equity Shares evidenced hereby will be automatically transferred to a Trustee of a Charitable Trust for the benefit of one or more Charitable Beneficiaries. In addition, upon the occurrence of certain
events, attempted Transfers in violation of the restrictions described in (i), (ii) and (iv) above may be void ab initio. All capitalized terms in this legend have the meanings defined in the Declaration of Trust, as the same may be amended
from time to time, a copy of which, including the restrictions on transfer and ownership, will be furnished to each holder of Equity Shares on request and without charge. Instead of the foregoing legend, the certificate may state that the Trust will
furnish a full statement about certain restrictions on transferability to a shareholder on request and without charge. 

  
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 Section 7.3 Transfer of Equity Shares in Trust. 

(a) Ownership in Trust. Upon any purported Transfer or other event described in Section 7.2(a)(ii) that would result in a transfer
of Equity Shares to a Charitable Trust, such Equity Shares shall be deemed to have been transferred to the Charitable Trustee as trustee of a Charitable Trust for the exclusive benefit of one or more Charitable Beneficiaries. Such transfer to the
Charitable Trustee shall be deemed to be effective as of the close of business on the Business Day prior to the purported Transfer or other event that results in the transfer to the Charitable Trust pursuant to Section 7.2(a)(ii). The
Charitable Trustee shall be appointed by the Trust and shall be a Person unaffiliated with the Trust and any Prohibited Owner. Each Charitable Beneficiary shall be designated by the Trust as provided in Section 7.3(f). 

(b) Status of Shares Held by the Charitable Trustee. Equity Shares held by the Charitable Trustee shall be issued and outstanding
Equity Shares. The Prohibited Owner shall have no rights in the shares held by the Charitable Trustee. The Prohibited Owner shall not benefit economically from ownership of any shares held in trust by the Charitable Trustee, shall have no rights to
dividends or other distributions and shall not possess any rights to vote or other rights attributable to the shares held in the Charitable Trust. 

(c) Dividend and Voting Rights. The Charitable Trustee shall have all voting rights and rights to dividends or other distributions
with respect to Equity Shares held in the Charitable Trust, which rights shall be exercised for the exclusive benefit of the Charitable Beneficiary. Any dividend or other distribution paid prior to the discovery by the Trust that Equity Shares have
been transferred to the Charitable Trustee shall be paid with respect to such Equity Shares to the Charitable Trustee upon demand and any dividend or other distribution authorized but unpaid shall be paid when due to the Charitable Trustee. Any
dividends or distributions so paid over to the Charitable Trustee shall be held in trust for the Charitable Beneficiary. The Prohibited Owner shall have no voting rights with respect to shares held in the Charitable Trust and, subject to Maryland
law, effective as of the date that Equity Shares have been transferred to the Charitable Trustee, the Charitable Trustee shall have the authority (at the Charitable Trustee’s sole discretion) (i) to rescind as void any vote cast by a
Prohibited Owner prior to the discovery by the Trust that Equity Shares have been transferred to the Charitable Trustee and (ii) to recast such vote in accordance with the desires of the Charitable Trustee acting for the benefit of the
Charitable Beneficiary; provided, however, that if the Trust has already taken irreversible trust action, then the Charitable Trustee shall not have the authority to rescind and recast such vote. Notwithstanding the provisions of this Article VII,
until the Trust has received notification that Equity Shares have been transferred into a Charitable Trust, the Trust shall be entitled to rely on its share transfer and other shareholder records for purposes of preparing lists of shareholders
entitled to vote at meetings, determining the validity and authority of proxies and otherwise conducting votes of shareholders. 
 (d)
Sale of Shares by Charitable Trustee. Within 20 days of receiving notice from the Trust that Equity Shares have been transferred to the Charitable Trust, the Charitable Trustee of the Charitable Trust shall sell the shares held in the
Charitable Trust to a 

  
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person, designated by the Charitable Trustee, whose ownership of the shares will not violate the ownership limitations set forth in Section 7.2(a)(i). Upon such sale, the interest of the
Charitable Beneficiary in the shares sold shall terminate and the Charitable Trustee shall distribute the net proceeds of the sale to the Prohibited Owner and to the Charitable Beneficiary as provided in this Section 7.3(d). The Prohibited
Owner shall receive the lesser of (1) the price paid by the Prohibited Owner for the shares or, if the Prohibited Owner did not give value for the shares in connection with the event causing the shares to be held in the Charitable Trust (e.g.,
in the case of a gift, devise or other such transaction), the Market Price of the shares on the day of the event causing the shares to be held in the Charitable Trust and (2) the price per share received by the Charitable Trustee from the sale
or other disposition of the shares held in the Charitable Trust. The Charitable Trustee may reduce the amount payable to the Prohibited Owner by the amount of dividends and other distributions which have been paid to the Prohibited Owner and are
owed by the Prohibited Owner to the Charitable Trustee pursuant to Section 7.3(c) of this Article VII. Any net sales proceeds in excess of the amount payable to the Prohibited Owner shall be immediately paid to the Charitable Beneficiary. If,
prior to the discovery by the Trust that Equity Shares have been transferred to the Charitable Trustee, such shares are sold by a Prohibited Owner, then (1) such shares shall be deemed to have been sold on behalf of the Charitable Trust and
(2) to the extent that the Prohibited Owner received an amount for such shares that exceeds the amount that such Prohibited Owner was entitled to receive pursuant to this Section 7.3(d), such excess shall be paid to the Charitable Trustee
upon demand. 
 (e) Purchase Right in Shares Transferred to the Charitable Trustee. Equity Shares transferred to the Charitable
Trustee shall be deemed to have been offered for sale to the Trust, or its designee, at a price per share equal to the lesser of (i) the price per share in the transaction that resulted in such transfer to the Charitable Trust (or, in the case
of a devise or gift, the Market Price at the time of such devise or gift) and (ii) the Market Price on the date the Trust, or its designee, accepts such offer. The Trust may reduce the amount payable to the Prohibited Owner by the amount of
dividends and other distributions which have been paid to the Prohibited Owner and are owed by the Prohibited Owner to the Charitable Trustee pursuant to Section 7.3(c) of this Article VII. The Trust may pay the amount of such reduction to the
Charitable Trustee for the benefit of the Charitable Beneficiary. The Trust shall have the right to accept such offer until the Charitable Trustee has sold the shares held in the Charitable Trust pursuant to Section 7.3(d). Upon such a sale to
the Trust, the interest of the Charitable Beneficiary in the shares sold shall terminate and the Charitable Trustee shall distribute the net proceeds of the sale to the Prohibited Owner. 

(f) Designation of Charitable Beneficiaries. By written notice to the Charitable Trustee, the Trust shall designate one or more
nonprofit organizations to be the Charitable Beneficiary of the interest in the Charitable Trust such that (i) Equity Shares held in the Charitable Trust would not violate the restrictions set forth in Section 7.2(a)(i) in the hands of
such Charitable Beneficiary and (ii) each such organization must be described in Section 501(c)(3) of the Code and contributions to each such organization must be eligible for deduction under each of Sections 170(b)(1)(A), 2055 and 2522 of the
Code. 
 Section 7.4 NYSE Transactions. Nothing in this Article VII shall preclude the settlement of any transaction entered
into through the facilities of the NYSE or any other national securities exchange or automated inter-dealer quotation system. The fact that the 

  
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settlement of any transaction occurs shall not negate the effect of any other provision of this Article VII and any transferee in such a transaction shall be subject to all of the provisions and
limitations set forth in this Article VII. 
 Section 7.5 Enforcement. The Trust is authorized specifically to seek equitable
relief, including injunctive relief, to enforce the provisions of this Article VII. 
 Section 7.6 Non-Waiver. No delay or
failure on the part of the Trust or the Board of Trustees in exercising any right hereunder shall operate as a waiver of any right of the Trust or the Board of Trustees, as the case may be, except to the extent specifically waived in writing. 

ARTICLE VIII 
 RESERVED

 ARTICLE IX 

SHAREHOLDERS 

Section 9.1 Meetings. There shall be an annual meeting of the shareholders, to be held on proper notice at such time (after the
delivery of the annual report) and convenient location as shall be determined by or in the manner prescribed in the Bylaws, for the election of the Trustees, if required, and for the transaction of any other business within the powers of the Trust.
Except as otherwise provided in the Declaration of Trust, special meetings of shareholders may be called in the manner provided in the Bylaws. If there are no Trustees, the officers of the Trust shall promptly call a special meeting of the
shareholders entitled to vote for the election of successor Trustees. Any meeting may be adjourned and reconvened as the Trustees determine or as provided in the Bylaws. 

Section 9.2 Voting Rights. Subject to the provisions of any class or series of Shares then outstanding, the shareholders shall be
entitled to vote only on the following matters: (a) election of Trustees as provided in Section 5.1 and the removal of Trustees as provided in Section 5.2; (b) amendment of the Declaration of Trust as provided in Article XII;
(c) termination of the Trust as provided in Section 14.2; (d) merger, conversion or consolidation of the Trust, or the sale or disposition of substantially all of the assets of the Trust, in each case only if Title 8 requires shareholder
approval or if the MGCL would require the approval of stockholders if the Trust were a corporation; (e) amendment of the Bylaws as permitted by the Bylaws; and (f) such other matters with respect to which the Board of Trustees has adopted
a resolution declaring that a proposed action is advisable and directing that the matter be submitted to the shareholders for approval or ratification. Except with respect to the foregoing matters, no action taken by the shareholders at any meeting
shall in any way bind the Board of Trustees. 
 Section 9.3 Preemptive and Appraisal Rights. Except as may be provided by the
Board of Trustees in setting the terms of classified or reclassified Shares pursuant to Section 6.6, or as may otherwise be provided by contract approved by the Board of Trustees, no holder of Shares shall, as such holder, have any preemptive
right to purchase or subscribe for any additional Shares of the Trust or any other security of the Trust which it may issue or sell. Holders of Shares 

  
 47 

 
shall not be entitled to exercise any rights of an objecting shareholder provided for under Title 8 and Title 3, Subtitle 2 of the MGCL or any successor statute unless the Board of Trustees, upon
the affirmative vote of a majority of the Board of Trustees, shall determine that such rights apply, with respect to all or any classes or series of Shares, to one or more transactions occurring after the date of such determination in connection
with which holders of such Shares would otherwise be entitled to exercise such rights. 
 Section 9.4 Extraordinary Actions.
Except as specifically provided in Section 5.2 (relating to removal of Trustees) and Section 12.3, notwithstanding any provision of law permitting or requiring any action to be taken or authorized by the affirmative vote of shareholders
entitled to cast a greater number of votes, any such action shall be effective and valid if advised by the Board of Trustees and taken or approved by the affirmative vote of holders of Shares entitled to cast a majority of all the votes entitled to
be cast on the matter. 
 Section 9.5 Board Approval. Except with respect to the removal of Trustees and except for amendments
to the Bylaws as permitted by the Bylaws, the submission of any action to the shareholders for their consideration shall first be approved by the Board of Trustees. 

Section 9.6 Action By Shareholders without a Meeting. If the Bylaws so provide, any action required or permitted to be taken by
the shareholders may be taken without a meeting by consent, given in writing or by electronic transmission, of the shareholders entitled to cast a sufficient number of votes to approve the matter as required by statute, the Declaration of Trust or
the Bylaws, as the case may be. 
 ARTICLE X 

LIABILITY LIMITATION, INDEMNIFICATION 

AND TRANSACTIONS WITH THE TRUST 

Section 10.1 Limitation of Shareholder Liability. No shareholder shall be liable for any debt, claim, demand, judgment or
obligation of any kind of, against or with respect to the Trust by reason of his being a shareholder, nor shall any shareholder be subject to any personal liability whatsoever, in tort, contract or otherwise, to any person in connection with the
property or the affairs of the Trust by reason of his being a shareholder. 
 Section 10.2 Limitation of Trustee and Officer
Liability. To the maximum extent that Maryland law in effect from time to time permits limitation of the liability of trustees and officers of a real estate investment trust, no Trustee or officer of the Trust shall be liable to the Trust or to
any shareholder for money damages. Neither the amendment nor repeal of this Section 10.2, nor the adoption or amendment of any other provision of the Declaration of Trust inconsistent with this Section 10.2, shall apply to or affect in any
respect the applicability of the preceding sentence with respect to any act or failure to act which occurred prior to such amendment, repeal or adoption. 

Section 10.3 Indemnification. To the maximum extent permitted by Maryland law in effect from time to time, the Trust shall
indemnify and, without requiring a preliminary determination of the ultimate entitlement to indemnification, shall pay or reimburse reasonable 

  
 48 

 
expenses in advance of final disposition of a proceeding to (a) any individual who is a present or former Trustee, observer on the Board of Trustees pursuant to the Shareholders Agreement
(“Observer”) or officer of the Trust and who is made or threatened to be made a party to, or witness in, the proceeding by reason of his or her service in that capacity or (b) any individual who, while a Trustee, Observer or officer
of the Trust and at the request of the Trust, serves or has served as a director, officer, partner, trustee, member, manager, employee or agent of another real estate investment trust, corporation, limited liability company, partnership, joint
venture, trust or employee benefit plan or any other enterprise and who is made or threatened to be made a party to, or witness in, the proceeding by reason of his or her service in that capacity. The rights to indemnification and advance of
expenses provided by the Declaration of Trust shall vest immediately upon election of a Trustee or officer or appointment of an observer to the Board of Trustees. The Trust shall have the power, with the approval of the Board of Trustees, to provide
such indemnification and advancement of expenses to a person who served a predecessor of the Trust in any of the capacities described in (a) or (b) above and to any employee or agent of the Trust or a predecessor of the Trust. The
indemnification and payment or reimbursement of expenses provided in the Declaration of Trust shall not be deemed exclusive of or limit in any way other rights to which any person seeking indemnification or payment or reimbursement of expenses may
be or may become entitled under any bylaw, resolution, insurance, agreement or otherwise. 
 Neither the amendment nor repeal of this
Section 10.3, nor the adoption or amendment of any other provision of the Declaration of Trust or the Bylaws inconsistent with this Section 10.3, shall apply to or affect in any respect the applicability of the preceding paragraph with
respect to any act or failure to act which occurred prior to such amendment, repeal or adoption. 
 Section 10.4 Transactions
Between the Trust and its Trustees, Officers, Employees and Agents. Subject to any express restrictions in the Declaration of Trust or adopted by the Board of Trustees in the Bylaws or by resolution, the Trust may enter into any
contract or transaction of any kind with any person, including any Trustee, officer, employee or agent of the Trust or any person affiliated with a Trustee, officer, employee or agent of the Trust, whether or not any of them has a financial interest
in such transaction. 
 ARTICLE XI 

BUSINESS OPPORTUNITIES 

Section 11.1 Definitions. For the purpose of this Article XI, the following terms shall have the following meanings: 

(a) “Affiliate” shall mean, with respect to any specified person or entity, any other person or entity who or which,
directly or indirectly, controls, is controlled by, or is under common control with such person or entity, including, without limitation, any general partner, managing member or partner, officer, director, employee, trustee or other agent of such
person or entity or any private equity fund now or hereafter existing that is controlled by one or more general partners or managing members of, or shares the same management company with, such person or entity. For purposes of this definition, the
terms “controlling,” “controlled by,” or “under common control with” shall mean the possession, directly or indirectly, of (i) the power 

  
 49 

 
to direct or cause the direction of the management and policies of a person or entity, whether through the ownership of voting securities, by contract, or otherwise, or (ii) the power to
elect or appoint at least 50% of the directors, managers, general partners, or persons exercising similar authority with respect to such person or entity. 

(b) “Business Opportunity” shall mean a business opportunity (i) that the Trust is financially able to undertake,
(ii) that the Trust is not prohibited by contract or applicable law from pursuing or undertaking, (iii) that, from its nature, is in the Trust’s line of business, (iv) that is of practical advantage to the Trust, and (v) in
which the Trust has an interest or a reasonable expectancy. 
 (c) “Fortress Entity” and “Fortress
Entities” shall mean CF Cold, LP, a Delaware limited partnership, its Affiliates and any portfolio company in which any of the foregoing has any equity investment (other than the Trust and its subsidiaries). 

(d) “GSCP Entity” and “GSCP Entities” shall mean the GSCP Funds, their respective Affiliates and any
portfolio company in which any of the foregoing has any equity investment (other than the Trust and its subsidiaries). 
 (e) “GSCP
Funds” shall mean GS Capital Partners VI Fund, L.P., GS Capital Partners VI Parallel, L.P., GSCP VI Offshore IceCap Investment, L.P., GSCP VI GmbH IceCap Investment, L.P. and IceCap2 Holdings, L.P. 

(f) “Identified Persons” shall mean any reference to the Yucaipa Entities, the GSCP Entities, the Fortress Entities, and
their respective Affiliates. 
 (g) “Non-Employee Trustee” shall mean a Trustee of the Trust who is not an employee of the
Trust or its Affiliates. 
 (h) “Yucaipa Entity” and “Yucaipa Entities” shall mean the Yucaipa Funds,
their respective Affiliates and any portfolio company in which any of the foregoing has any equity investment (other than the Trust and its subsidiaries). 

(i) “Yucaipa Funds” shall mean Yucaipa American Alliance Fund I, LP, Yucaipa American Alliance (Parallel) Fund I, L.P.,
Yucaipa American Alliance Fund II, L.P., Yucaipa American Alliance (Parallel) Fund II, L.P. and Yucaipa Corporate Initiatives Fund I, LP and any other entity managed, controlled or owned, directly or indirectly, by any such fund (or by any Affiliate
of any such fund) that may acquire any direct or indirect interest in the Trust. 
 Section 11.2 In recognition and anticipation that
(a) certain Identified Persons may serve as Trustees, officers or agents of the Trust and (b) the Identified Persons may now engage and may continue to engage in the same or similar activities or related lines of business as those in which
the Trust, directly or indirectly, may engage, or in other business activities that overlap or compete with those in which the Trust, directly or indirectly, may engage, the provisions of this Article XI are set forth to regulate and define the
conduct of certain affairs of the Trust with respect to certain classes or categories of business opportunities as they may involve any of the Identified Persons and the powers, rights, duties and liabilities of the Trust and its Trustees, officers
and shareholders in connection therewith. 

  
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 Section 11.3 To the maximum extent permitted from time to time by Maryland law, each
Identified Person, on such Identified Person’s own behalf or on behalf of any other Person (as defined in Section 6.4(a)(iv)), shall have the right to, and shall have no obligation to abstain from exercising such right to: (a) engage
or invest, directly or indirectly, in the same or similar business activities or lines of business in which the Trust or any of its Affiliates now engages or proposes to engage, (b) do business with any customer, supplier or lessor of the Trust
or its subsidiaries or (c) employ or otherwise engage any officer, trustee or employee of the Trust or its subsidiaries. 

Section 11.4 If any Identified Person acquires knowledge of a potential transaction or matter that may be a Business Opportunity, none of
the Trust or its Affiliates or shareholders shall have any interest in such Business Opportunity or any expectation that such Business Opportunity be offered to it or that it be offered an opportunity to participate therein, and any such interest,
expectation, offer or opportunity to participate, and any other interest or expectation otherwise due to the Trust or its Affiliates or shareholders with respect to such Business Opportunity, is hereby renounced by the Trust on its behalf and on
behalf of its subsidiaries and shareholders. Accordingly, (i) no Identified Person will be under any obligation or duty to present, communicate or offer any such Business Opportunity to the Trust or any of its Affiliates or shareholders, and
(ii) each Identified Person shall have the right to hold and exploit any such Business Opportunity for its own account, or to direct, recommend, sell, assign or otherwise transfer such Business Opportunity to any Person other than the Trust and
its Affiliates or shareholders and shall be under no obligation or duty to act otherwise. 
 Section 11.5 To the maximum extent
permitted from time to time by Maryland law, the Trust renounces any interest or expectancy in, or any right to be offered an opportunity to participate in, any Business Opportunity that from time to time may be presented to or developed by any
Non-Employee Trustee or any Affiliate of any Non-Employee Trustee, unless the Business Opportunity was expressly offered or made known to the Non-Employee Trustee in his or her capacity as a Trustee. To the maximum extent permitted from time to time
by Maryland law, in the event that any Identified Person acquires knowledge of a potential transaction or other Business Opportunity, no Identified Person will have any obligation to communicate or offer such transaction or Business Opportunity to
the Trust or any of the Trust’s Affiliates and such Identified Person may take any such opportunity for himself, herself or itself, or offer it to another Person or entity unless the Business Opportunity is expressly offered to such Identified
Person in his or her capacity as a Trustee, officer or employee of the Trust. 
 Section 11.6 Notwithstanding the provisions of
Section 11.4 above, the Trust does not renounce any interest or expectancy it may have under applicable law in any Business Opportunity that is expressly offered to an Identified Person solely in, and as a direct result of, his or her capacity
as a Trustee, officer or employee of the Trust. If the Chief Executive Officer, the Chief Operating Officer or the Chief Financial Officer of the Trust (or, during the vacancy of any of those titles, the executive officer performing the functions of
such vacant role) shall be an Identified Person by virtue of his or her respective relationship with a Yucaipa Entity, the GSCP Entities or a Fortress Entity, then any Business Opportunity offered to such officer shall be deemed to have been offered
solely in, and as a direct result of, such officer’s capacity as an officer of the Trust unless such offer clearly and expressly is presented to such officer solely in, and as a direct result of, his or her capacity as an officer, trustee,
director, partner, member, manager, employee or other agent of a Yucaipa Entity, the GSCP Entities or a Fortress Entity, as applicable. 

  
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 Section 11.7 An Identified Person may in his, her or its personal capacity, or in his, her
or its capacity as a director, officer, trustee, stockholder, partner, member, equity owner, manager, advisor or employee of any other Person, have business interests and engage, directly or indirectly, in business activities that are similar to
those of the Trust or compete with the Trust, that the Trust could seize and develop or that include the acquisition, syndication, holding, management, development, operation or disposition of interests in temperature-controlled warehouses or
persons engaged in related industries. 
 Section 11.8 No alteration, amendment, termination, expiration or repeal of this Article XI,
nor the adoption of any provision of the Declaration of Trust inconsistent with this Article XI, shall eliminate, reduce, apply to or have any effect on (i) the protections afforded hereby to any Identified Person for or with respect to any
investments, activities, or opportunities of which such Identified Person, as applicable, becomes aware prior to such alteration, amendment, termination, expiration, repeal or adoption or (ii) any matter occurring, or any cause of action, suit
or claim that, but for this Article XI, would accrue or arise, prior to such alteration, amendment, repeal or adoption. 
 ARTICLE XII

 AMENDMENTS 

Section 12.1 General. The Trust reserves the right from time to time to make any amendment to the Declaration of Trust, now or
hereafter authorized by law, including any amendment altering the terms or contract rights, as expressly set forth in the Declaration of Trust, of any Shares. All rights and powers conferred by the Declaration of Trust on shareholders, Trustees and
officers are granted subject to this reservation. 
 Section 12.2 By Trustees. The Trustees may amend the Declaration of Trust
from time to time, in the manner provided by Title 8, without any action by the shareholders, (i) to qualify as a real estate investment trust under the Code or under Title 8, (ii) in any respect in which the charter of a corporation may be
amended in accordance with Section 2-605 of the MGCL and (iii) as otherwise provided in the Declaration of Trust. 

Section 12.3 By Shareholders. Except as otherwise provided in the Declaration of Trust, any amendment to the Declaration of Trust
shall be valid only if approved by the affirmative vote of shareholders entitled to cast a majority of all the votes entitled to be cast on the matter; provided further, in addition to the foregoing requirement, Section 6.11 of the
Declaration of Trust, and this proviso, shall not be amended without obtaining the requisite written consent provided for in Section 4.8 of the Shareholders Agreement. Any amendment to Section 5.2, Article VII, Article X, Article XI,
Section 14.2 or this sentence of the Declaration of Trust shall be valid only if approved by the affirmative vote of shareholders entitled to cast two-thirds of all the votes entitled to be cast on the matter. 

  
 52 

 ARTICLE XIII 

MERGER, CONVERSION, CONSOLIDATION OR SALE OF TRUST PROPERTY 

Subject to the provisions of any class or series of Shares at the time outstanding, the Trust may (a) merge the Trust with or into
another entity, (b) convert the Trust into another entity, (c) consolidate the Trust with one or more other entities into a new entity or (d) sell, lease, exchange or otherwise transfer all or substantially all of the assets of the
Trust. Any such action must be approved by the Board of Trustees and, if shareholder approval is required by Section 9.2, approved by the affirmative vote of shareholders entitled to cast a majority of all the votes entitled to be cast on the
matter. 
 ARTICLE XIV 

DURATION AND TERMINATION OF TRUST 

Section 14.1 Duration. The Trust shall continue perpetually unless terminated pursuant to Section 14.2 or pursuant to any
applicable provision of Title 8. 
 Section 14.2 Termination. 

(a) Subject to the provisions of any class or series of Shares at the time outstanding, after approval by a majority of the entire Board of
Trustees, the Trust may be terminated at any meeting of shareholders, by the affirmative vote of shareholders entitled to cast a majority of all the votes entitled to be cast on the matter. Upon the termination of the Trust: 

(i) The Trust shall carry on no business except for the purpose of winding up its affairs. 

(ii) The Trustees shall proceed to wind up the affairs of the Trust and all of the powers of the Trustees under the
Declaration of Trust shall continue, including the powers to fulfill or discharge the Trust’s contracts, collect its assets, sell, convey, assign, exchange, transfer or otherwise dispose of all or any part of the remaining property of the Trust
to one or more persons at public or private sale for consideration which may consist in whole or in part of cash, securities or other property of any kind, discharge or pay its liabilities and do all other acts appropriate to liquidate its business.
The Trustees may appoint any officer of the Trust or any other person to supervise the winding up of the affairs of the Trust and delegate to such officer or such person any or all powers of the Trustees in this regard. 

(iii) After paying or adequately providing for the payment of all liabilities, and upon receipt of such releases, indemnities
and agreements as they deem necessary for their protection, the Trust may distribute the remaining property of the Trust among the shareholders so that after payment in full or the setting apart for payment of such preferential amounts, if any, to
which the holders of any Shares at the time outstanding shall be entitled, the remaining property of the Trust shall, subject to any participating or similar rights of Shares at the time outstanding, be distributed ratably among the holders of
Common Shares at the time outstanding. 

  
 53 

 (b) After termination of the Trust, the liquidation of its business and the distribution to the
shareholders as herein provided, a majority of the Trustees shall execute and file with the Trust’s records a document certifying that the Trust has been duly terminated, and the Trustees shall be discharged from all liabilities and duties
hereunder, and the rights and interests of all shareholders shall cease. 
 ARTICLE XV 

MISCELLANEOUS 

Section 15.1 Governing Law. 

(a) The Declaration of Trust is executed and delivered in the State of Maryland with reference to the laws thereof, and the rights of all
parties and the validity, construction and effect of every provision hereof shall be subject to and construed according to the laws of the State of Maryland without regard to conflicts of law provisions thereof. 

(b) Unless the Trust consents in writing to the selection of an alternative forum, the Circuit Court for Baltimore City, Maryland, or, if
that Court does not have jurisdiction, the United States District Court for the District of Maryland, Baltimore Division, shall be the sole and exclusive forum for any Internal Corporate Claim (as defined by the MGCL, as applicable to the Trust
pursuant to the Maryland REIT Law), and: (a) any derivative action or proceeding brought on behalf of the Trust, (b) any action asserting a claim of breach of any duty owed by any Trustee or officer or other employee of the Trust to the
Trust or to the shareholders of the Trust, (c) any action asserting a claim against the Trust or any Trustee or officer or other employee of the Trust arising pursuant to any provision of the MGCL or the Declaration of Trust or Bylaws or
(d) any action asserting a claim against the Trust or any Trustee or officer or other employee of the Trust that is governed by the internal affairs doctrine. 

Section 15.2 Reliance by Third Parties. Any certificate shall be final and conclusive as to any person dealing with the Trust if
executed by the Secretary or an Assistant Secretary of the Trust or a Trustee, and if certifying to: (a) the number or identity of Trustees, officers of the Trust or shareholders; (b) the due authorization of the execution of any document;
(c) the action or vote taken, and the existence of a quorum, at a meeting of the Board of Trustees or shareholders; (d) a copy of the Declaration of Trust or of the Bylaws as a true and complete copy as then in force; (e) an amendment
to the Declaration of Trust; (f) the termination of the Trust; or (g) the existence of any fact relating to the affairs of the Trust. No purchaser, lender, transfer agent or other person shall be bound to make any inquiry concerning the
validity of any transaction purporting to be made by the Trust on its behalf or by any officer, employee or agent of the Trust. 

Section 15.3 Severability. 

(a) The provisions of the Declaration of Trust are severable, and if the Board of Trustees shall determine, with the advice of counsel, that
any one or more of such provisions (the “Conflicting Provisions”) are in conflict with the Code, Title 8 or other applicable federal or state laws, the Conflicting Provisions, to the extent of the conflict, shall be deemed never to
have constituted a part of the Declaration of Trust, even without any amendment of the 

  
 54 

 
Declaration of Trust pursuant to Article XII and without affecting or impairing any of the remaining provisions of the Declaration of Trust or rendering invalid or improper any action taken or
omitted prior to such determination. No Trustee shall be liable for making or failing to make such a determination. In the event of any such determination by the Board of Trustees, the Board of Trustees shall amend the Declaration of Trust in the
manner provided in Section 12.2. 
 (b) If any provision of the Declaration of Trust shall be held invalid or unenforceable in any
jurisdiction, such holding shall apply only to the extent of any such invalidity or unenforceability and shall not in any manner affect, impair or render invalid or unenforceable such provision in any other jurisdiction or any other provision of the
Declaration of Trust in any jurisdiction. 
 Section 15.4 Construction. In the Declaration of Trust, unless the context
otherwise requires, words used in the singular or in the plural include both the plural and singular and words denoting any gender include all genders. The title and headings of different parts are inserted for convenience and shall not affect the
meaning, construction or effect of the Declaration of Trust. In defining or interpreting the powers and duties of the Trust and its Trustees and officers, reference may be made by the Trustees or officers, to the extent appropriate and not
inconsistent with the Code or Title 8, to Titles 1 through 3 of the MGCL. 
 Section 15.5 Recordation. The Declaration of Trust
and any amendment or supplement hereto shall be filed for record with the SDAT and may also be filed or recorded in such other places as the Trustees deem appropriate, but failure to file for record the Declaration of Trust or any amendment or
supplement hereto in any office other than in the State of Maryland shall not affect or impair the validity or effectiveness of the Declaration of Trust or any amendment or supplement hereto. A restated Declaration of Trust shall, upon filing, be
conclusive evidence of all amendments and supplements contained therein and may thereafter be referred to in lieu of the original Declaration of Trust and the various amendments and supplements thereto. 

FOURTH: The total number of Shares which the Trust is authorized to issue has not changed by these Articles of Amendment and
Restatement. 
 The undersigned acknowledges these Articles of Amendment and Restatement to be the trust act of the Trust and as to all
matters or facts required to be verified under oath, the undersigned acknowledges that to the best of his knowledge, information and belief, these matters and facts are true in all material respects and that this statement is made under the
penalties for perjury. 
 [Signature page follows.] 

  
 55 

 IN WITNESS WHEREOF, the Trust has caused these Articles of Amendment and Restatement to be signed
in its name and on its behalf by its Executive Vice President and Chief Financial Officer and attested to by its Secretary on this     day of
        , 201    . 
  

					
	ATTEST:	  		  	AMERICOLD REALTY TRUST
			
	  
	  		  	By:
                                         
                            (SEAL)

  
 56 

 Exhibit E 

Form of New Shareholders Agreement 

 SHAREHOLDERS AGREEMENT 

by and among AMERICOLD REALTY TRUST 

and 
 THE SHAREHOLDERS
OF THE COMPANY SIGNATORIES HERETO 
 Dated: [●], 2018 

 TABLE OF CONTENTS 

 

							
		 		  	 	Page	 
	ARTICLE I DEFINITIONS AND RULES OF CONSTRUCTION	  	 	1	 
	 1.1
	 	Definitions	  	 	1	 
	 1.2
	 	Rules of Construction	  	 	6	 
		
	ARTICLE II CORPORATE GOVERNANCE	  	 	6	 
	 2.1
	 	Election of Trustees	  	 	6	 
	 2.2
	 	Resignation; Removal; Board Vacancies; Board Meetings	  	 	9	 
	 2.3
	 	Expenses of Trustees and Yucaipa Observer	  	 	9	 
	 2.4
	 	Insurance; Indemnification Agreements	  	 	9	 
	 2.5
	 	Information Sharing	  	 	9	 
	 2.6
	 	Trustee Compensation	  	 	10	 
	 2.7
	 	Cooperation; Voting of Shares	  	 	10	 
	 2.8
	 	Yucaipa Observer	  	 	10	 
	 2.9
	 	Mirror Voting	  	 	11	 
		
	ARTICLE III TRANSFERS	  	 	11	 
	 3.1
	 	Condition of Transfer	  	 	11	 
	 3.2
	 	Coordination Committee; Transfer Restrictions	  	 	11	 
	 3.3
	 	Tag-Along Rights	  	 	13	 
	 3.4
	 	Transfer of Shares to the Fortress Investor	  	 	14	 
		
	ARTICLE IV COVENANTS	  	 	15	 
	 4.1
	 	Regulatory Matters	  	 	15	 
	 4.2
	 	Company Logo	  	 	16	 
	 4.3
	 	Use of Name	  	 	16	 
	 4.4
	 	Certain Activities	  	 	16	 
	 4.5
	 	Information Rights	  	 	16	 
	 4.6
	 	Tax Matters	  	 	16	 
	 4.7
	 	Confidentiality	  	 	18	 
	 4.8
	 	Amendment of Declaration of Trust and Bylaws	  	 	19	 
		
	ARTICLE V REPRESENTATIONS AND WARRANTIES	  	 	19	 
	 5.1
	 	Authority; Enforceability	  	 	19	 
	 5.2
	 	No Breach	  	 	19	 
	 5.3
	 	Consents	  	 	20	 
		
	ARTICLE VI EFFECTIVE TIME; TERMINATION	  	 	20	 
	 6.1
	 	Effective Time	  	 	20	 
	 6.2
	 	Termination	  	 	20	 
		
	ARTICLE VII MISCELLANEOUS	  	 	21	 
	 7.1
	 	Business Opportunities	  	 	21	 
	 7.2
	 	Notices	  	 	23	 
	 7.3
	 	Delays or Omissions	  	 	24	 
	 7.4
	 	Remedies; Specific Performance	  	 	24	 
	 7.5
	 	Assignment	  	 	24	 
	 7.6
	 	Governing Law	  	 	25	 

							
	 7.7
	 	Jurisdiction; Court Proceedings; Waiver of Jury Trial	  	 	25	 
	 7.8
	 	Share Certificates; Legends	  	 	25	 
	 7.9
	 	Entire Agreement	  	 	26	 
	 7.10
	 	Additional Securities; Recapitalizations; Exchanges; etc.	  	 	26	 
	 7.11
	 	Severability	  	 	26	 
	 7.12
	 	Amendment; Waiver	  	 	27	 
	 7.13
	 	Counterparts	  	 	27	 

  
 ii 

 SHAREHOLDERS AGREEMENT 

This SHAREHOLDERS AGREEMENT (this “Agreement”), dated [●], 2018, and effective as of the Effective Time, is by and
among (a) Americold Realty Trust, a Maryland real estate investment trust (the “Company”), (b) the Yucaipa Shareholder (as defined below), (c) the GSCP Shareholders (as defined below), (d) Charm Progress Investment Limited (the
“CM Shareholder”), (e) the Fortress Investor (as defined below) and (f) the Yucaipa Investor. 
 RECITALS 

WHEREAS, the Company is undertaking an underwritten initial public offering (“IPO”) of shares of its Common Shares (as
defined below); and 
 WHEREAS, in connection with, and effective upon, the consummation of the IPO, the Company, the Yucaipa Shareholder,
the GSCP Shareholders, the CM Shareholder, the Fortress Investor and the Yucaipa Investor desire to enter into this Agreement. 
 NOW
THEREFORE, in consideration of the premises and the representations, warranties, covenants and agreements contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and
intending to be legally bound hereby, the parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS AND RULES OF CONSTRUCTION 

1.1 Definitions. 

“Affiliate” of any particular Person means any other Person Controlling, Controlled by or under common Control with such
particular Person. For purposes of this Agreement, none of the Company or its Subsidiaries shall be deemed to be an Affiliate of any Shareholder, and no Person shall be deemed an Affiliate of any other, by virtue of the existence of the Company or
any of its Subsidiaries or by virtue of its participation therein. In addition, for purposes of this Agreement, neither the Fortress Investor nor the Yucaipa Shareholder shall be deemed to be an Affiliate of the other. 

“Beneficially Own” has the meaning set forth in Rule 13d-3 promulgated under the Exchange Act; provided that, except
as provided in the last sentence of Section 2.1(a), for purposes of Sections 2.1, 2.9 and 6.2, no Shareholder shall be deemed to “Beneficially Own” any Shares owned by another Shareholder that is not an Affiliate of such Shareholder.

 “Board” has the meaning set forth in Section 2.1. 

“Bylaws” means the bylaws of the Company as in effect at the Effective Time, as may be amended from time to time in
compliance with its terms and the terms of this Agreement. 
 “Code” means the Internal Revenue Code of 1986, as amended
and the rules and regulations promulgated thereunder. 

 “Committee Members” has the meaning set forth in Section 3.2. 

“Common Shares” means the common shares of beneficial interest of the Company, par value $0.01 per share. 

“Company” has the meaning set forth in the preamble. 

“Control” or “Controlled” 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, as trustee or executor, or otherwise. For purposes of this definition, a general partner or managing member of a Person shall
always be considered to Control such Person. 
 “Coordination Committee” has the meaning set forth in Section 3.2.

 “Declaration of Trust” means the declaration of trust of the Company as in effect at the Effective Time, as may be
amended or supplemented from time to time in compliance with its terms and the terms of this Agreement. 
 “Designation
Date” has the meaning set forth in Section 2.1(a). 
 “Direct Designation Condition” has the meaning set
forth in Section 2.1(g). 
 “Direct Designation Period” has the meaning set forth in Section 2.1(g). 

“Disposing Investor” has the meaning in Section 3.3(a). 

“Effective Time” has the meaning set forth in Section 6.1. 

“Equity Equivalents” means rights, options or warrants (or similar securities) to purchase equity securities, and any
securities or obligations of any type whatsoever that are, or may become, convertible into or exercisable for equity securities. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder,
as the same may be amended from time to time. 
 “Exempt Transfer” means any (a) Transfer to an Affiliate of the
Transferring Sponsor Investor, (b) Transfer to be effected pursuant to a Public Offering, (c) Transfer to be effected pursuant to Rule 144 under the Securities Act, (d) Transfer of Shares by a Sponsor Investor to its partners,
members, or other equityholders in the form of a distribution in kind in accordance with the terms of such Sponsor Investor’s constitutional documents, including without limitation a Fortress Transfer and a Partnership Transfer, (e) to the
extent not otherwise covered by clause (d) above, a Fund Distribution, (f) Legal or Regulatory Transfers pursuant to Section 3.2, or (g) to the extent not otherwise covered by clause (b) above, Transfer under a trading plan
pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. 

  
 2 

 “Foreign Shares” means Shares held by the GSCP Shareholders, the Fortress
Investor or the Yucaipa Shareholder, as the case may be, which are owned, directly or indirectly, by foreign persons within the meaning of Section 897(h)(4)(B) of the Code. 

“Fortress Effective Date” has the meaning set forth in Section 3.4(b). 

“Fortress Investor” means CF Cold LP, a Delaware limited partnership. 

“Fortress Transfer” has the meaning set forth in Section 3.4(a). 

“Fully Diluted Outstanding Shares” means, at the relevant time, the number of Common Shares outstanding, assuming all Equity
Equivalents then outstanding have been converted, exercised, or exchanged, as the case may be, into Common Shares at the then applicable conversion or exercise price. 

“Fund Distribution” has the meaning set forth in Section 3.2(f). 

“Fund Investor” has the meaning set forth in Section 3.2(f). 

“Governmental Authority” means any nation, state, territory, province, county, city or other unit or subdivision thereof or
any entity, authority, agency, department, board, commission, instrumentality, court or other judicial body authorized on behalf of any of the foregoing to exercise legislative, judicial, regulatory or administrative functions of or pertaining to
government, including with respect to taxes, in each case whether federal, state, local or foreign. 
 “GSCP Parallel” has
the meaning set forth in the definition of GSCP Shareholders. 
 “GSCP Shareholders” means GS Capital Partners VI Fund,
L.P., GS Capital Partners VI Parallel, L.P. (“GSCP Parallel”), GSCP VI Offshore IceCap Investment, L.P. and GSCP VI GmbH IceCap Investment, L.P., IceCap2 Holdings, L.P. and any Affiliate of any of the foregoing that holds Shares at
the relevant time. 
 “GSCP Trustee” has the meaning set forth in Section 2.1(b). 

“IPO” has the meaning given to such term in the Recitals. 

“Legal or Regulatory Transfer” means any transfer which a Shareholder reasonably, in good faith and upon the advice of
counsel (either internal or external) believes is necessary to bring any investor in such Shareholder (or such investor’s affiliates) into compliance with applicable law, including the Dodd-Frank Wall Street Reform and Consumer Protection Act
of 2010, as amended from time to time, and the rules and regulations promulgated thereunder. 
 “Listed Tenant” has the
meaning set forth in Section 4.6(a)(i). 

  
 3 

 “Litigation” means any claim, action, suit, audit, investigation, inquiry,
proceeding or Governmental Authority investigation. 
 “Maximum Tag-Along Sale Number” has the meaning set forth in
Section 3.3(a). 
 “MGCL” has the meaning set forth in Section 2.9. 

“Partnership Transfer” has the meaning set forth in Section 3.4(a). 

“Person” means any individual, partnership, corporation, limited liability company, unincorporated organization or
association, estate, trust (including the trustees thereof, in their capacity as such) or other entity. 
 “Proprietary
Information” has the meaning set forth in Section 4.7. 
 “Public Offering” means an underwritten public
offering and sale of equity securities of the Company or any of its Subsidiaries for cash pursuant to an effective Registration Statement under the Securities Act (other than a Registration Statement on Form S-4 or Form S- 8 or any successor form),
including any bought deal or block sale to a financial institution conducted as an underwritten Public Offering. 
 “Record
Date” has the meaning set forth in Section 2.1(a). 
 “Registration Rights Agreement” means the Registration
Rights Agreement dated as of the date hereof and effective as of the Effective Time, by and among the Company, the Yucaipa Shareholder and the GSCP Shareholders, as may be amended from time to time. 

“REIT” means a real estate investment trust within the meaning of Sections 856-857 of the Code. 

“Related Party Shareholder” has the meaning set forth in Section 4.6(a)(i). 

“Representatives” has the meaning set forth in Section 4.7(a). 

“Securities Act” means the Securities Act of 1933, as amended. 

“Shareholders” mean the parties to this Agreement (other than the Company) and any other subsequent holder of Shares who
agrees or is required to agree to be bound by the terms of this Agreement; provided that neither the Fortress Investor nor the Yucaipa Investor shall be a “Shareholder” under this Agreement unless and until they become a holder of
Shares as a result of a Fortress Transfer or Partnership Transfer, respectively. 
 “Shares” means the Common Shares,
Warrants and any other Equity Equivalents of the Company. 
 “Sponsor Investors” means the Yucaipa Shareholder and the GSCP
Shareholders and, solely for purposes of Section 3.3 of this Agreement, the CM Shareholder. 

  
 4 

 “Subsidiary” means with respect to any Person, any corporation, partnership or
other Person (a) of which shares of capital stock or other ownership interests having ordinary voting power to elect a majority of the board of directors or other similar managing body of such corporation, partnership or other Person are at the
time owned or Controlled by such first Person, or (b) the management of which is otherwise Controlled, directly or indirectly, through one or more intermediaries by such first Person. 

“Tag-Along Notice” has the meaning set forth in Section 3.3(a). 

“Tag-Along Offer” has the meaning set forth in Section 3.3(a). 

“Tag-Along Offeror” has the meaning set forth in Section 3.3(a). 

“Tag-Along Period” has the meaning set forth in Section 3.3(a). 

“Tag-Along Sale Number” has the meaning set forth in Section 3.3(a). 

“Third Party” means, with respect to any Shareholder, a third party that is not an Affiliate of such Shareholder. 

“Total Number of Trustees” means the total number of Trustees comprising the Board. 

“Total Tag-Along Shares” has the meaning set forth in Section 3.3(a). 

“Transfer” means any direct or indirect transfer, sale, exchange, assignment, distribution, pledge, encumbrance,
hypothecation or other disposition of Shares, or any legal or beneficial interest therein, in whole or in part, including the grant of an option or other right or the grant of any interest that would result in the transferor no longer having the
economic consequences of ownership in, or the power to vote, or cause to be voted, in whole or in part, any Shares, whether voluntarily or involuntarily, including by gift, by contract, by way of merger (forward or reverse) or similar transaction,
by operation of law or otherwise. 
 “Trustee” means a member of the Board. 

“USRPI” has the meaning set forth in Section 4.6(c). 

“Warrants” means the warrants to purchase 11,197,634 Common Shares and 7,376,634 Common Shares issued to the Yucaipa
Shareholder, as amended, as may be adjusted from time to time pursuant to the terms and conditions thereof. 
 “Yucaipa
Investor” means YF ART Holdings Aggregator, LLC. 
 “Yucaipa Observer” has the meaning set forth in
Section 2.8. 
 “Yucaipa Shareholder” means YF ART Holdings, L.P. and any Affiliate of YF ART Holdings, L.P. that
holds Shares at the relevant time. 
 “Yucaipa Trustees” has the meaning set forth in Section 2.1(a). 

  
 5 

 1.2 Rules of Construction. Unless the context otherwise requires: 

(a) References in the singular or to “him,” “her,” “it,” “itself,” or other like references, and
references in the plural or the feminine or masculine reference, as the case may be, shall also, when the context so requires, be deemed to include the plural or singular, or the masculine or feminine reference, as the case may be; 

(b) References to Articles, Sections and Exhibits shall refer to articles, sections and exhibits of this Agreement, unless otherwise
specified; 
 (c) The headings in this Agreement are for convenience and identification only and are not intended to describe, interpret,
define or limit the scope, extent or intent of this Agreement or any provision hereof; 
 (d) This Agreement shall be construed without
regard to any presumption or other rule requiring construction against the party that drafted and caused this Agreement to be drafted; 

(e) All monetary figures shall be in United States dollars unless otherwise specified; 

(f) References to “including” in this Agreement shall mean “including, without limitation,” whether or not so specified;

 (g) The word “extent” in the phrase “to the extent” shall mean the degree to which a subject or other theory extends
and such phrase shall not mean “if”; 
 (h) Any action required by this Agreement to be taken on a day that is not a business day,
shall be deemed to be required to be taken on the first business day thereafter; and 
 (i) All references in this Agreement to an amount or
number of shares or price per Share shall be deemed to be appropriately adjusted for any share dividends, splits, reverse splits, combinations, reclassifications, recapitalizations, reorganizations and the like occurring after the date hereof. 

ARTICLE II 
 CORPORATE
GOVERNANCE 
 2.1 Election of Trustees. Following the Effective Time, the Shareholders and the Company hereby agree that the
Board of Trustees of the Company (the “Board”) shall, subject to Section 2.1(e) below, initially consist of nine (9) members, and each Shareholder will vote all voting Shares held by it in order that: 

(a) Subject to Section 2.1(g), the Yucaipa Shareholder shall have the right to designate a number of individuals for nomination for
election as Trustees (the “Yucaipa Trustees”) by or at the direction of the Board or a duly authorized committee thereof equal to: (i) if the Yucaipa Shareholder Beneficially Owns 10% or more of the Fully Diluted Outstanding
Shares at a date on which the Yucaipa Shareholder designates such Yucaipa Trustees for 

  
 6 

 
nomination for election as trustees at a meeting of shareholders (the “Designation Date”) and at the related record date for such meeting (the “Record Date”),
two (2) Trustees; or (ii) if the Yucaipa Shareholder Beneficially Owns 5% or more (but less than 10%) of the Fully Diluted Outstanding Shares at a Designation Date and the related Record Date, one (1) Trustee. The Yucaipa Trustees
shall initially be Jeffrey M. Gault and Joel A. Holsinger. After a Fortress Transfer, solely for purposes of determining the number of Trustees the Yucaipa Shareholder may designate pursuant to this Section 2.1(a) (and not, for example, for
purposes of calculating Beneficial Ownership under Section 6.2), the Yucaipa Shareholder shall be deemed to Beneficially Own any and all Shares Beneficially Owned by the Fortress Investor (without duplication). 

(b) So long as the GSCP Shareholders collectively Beneficially Own 5% or more of the Fully Diluted Outstanding Shares at a Designation Date
and the related Record Date, the GSCP Shareholders shall have the right to designate one (1) Trustee for nomination for election as Trustee (the “GSCP Trustee”) by or at the direction of the Board or a duly authorized committee
thereof. The GSCP Trustee shall initially be Bradley J. Gross. 
 (c) If at any time the Yucaipa Shareholder or the GSCP Shareholders, as
applicable, have designated fewer than the total number of individuals that such shareholder(s) is or are then entitled to designate pursuant to Section 2.1(a) or Section 2.1(b), as applicable, the Yucaipa Shareholder or the GSCP
Shareholders, as applicable, shall have the right to designate such additional individuals which it is entitled to so designate, in which case, any individuals nominated by or at the direction of the Board or any duly authorized committee thereof
for election as Trustees to fill any vacancy on the Board shall include such designees, and the Company shall use its best efforts to (x) effect the election of such additional designees, whether by increasing the size of the Board or
otherwise, and (y) cause the election of such additional designees to fill any such newly-created vacancies or to fill any other existing vacancies. 

(d) The Company shall, to the fullest extent permitted by law, include in the slate of nominees recommended by the Board or any duly
authorized committee thereof at any meeting of shareholders called for the purpose of electing trustees, the persons designated pursuant to this Section 2.1 and use its best efforts to cause the election of each such designee to the Board,
including nominating each such individual to be elected as a Trustee as provided herein, and recommending such individual’s election and soliciting proxies or consents in favor thereof. In the event any person designated pursuant to this
Section 2.1 is not elected as a Trustee in accordance with the Declaration of Trust or Bylaws, the Company shall, to the fullest extent permitted by law, appoint such person or another person designated by the nominating Shareholder to the
Board and, if necessary, increase the size of the Board in order to permit such appointment. 
 (e) In addition to any vote or consent of
the Board or the shareholders of the Company required by applicable Law or the Declaration of Trust or Bylaws, and notwithstanding anything to the contrary in this Agreement, any action by the Board to increase the Total Number of Trustees (other
than any increase in the Total Number of Trustees in connection with the election of one or more trustees elected exclusively by the holders of one or more classes or series of the Company’s stock other than Common Shares) shall require the
prior written consent, in each case delivered in accordance with this Agreement, of (i) the Yucaipa 

  
 7 

 
Shareholder for so long as the Yucaipa Shareholder Beneficially Owns 10% or more of the Fully Diluted Outstanding Shares and (ii) the GSCP Shareholders for so long as the GSCP Shareholders
collectively Beneficially Own 10% or more of the Fully Diluted Outstanding Shares; provided that the Total Number of Trustees shall automatically increase by the requisite number of seats in order to effectuate the provisions of Sections
2.1(d) above. 
 (f) The Shareholders each agree to vote, or act by written consent with respect to, all Common Shares Beneficially Owned by
it, at each annual or special meeting of shareholders of the Company at which Trustees are to be elected or to take all actions by written consent in lieu of any such meeting as are necessary, to cause the election of the Yucaipa Trustees and GSCP
Trustees. 
 (g) If one or more Fortress Transfers results in the Fortress Investor Beneficially Owning 5% or more of the
Fully Diluted Outstanding Shares at a time when it is no longer a limited partner of the Yucaipa Shareholder (the “Direct Designation Condition”), then the Yucaipa Shareholder shall immediately assign to the Fortress Investor all
rights relating to the designation of one Yucaipa Trustee under this Agreement, the Declaration of Trust and the Bylaws (including all rights hereunder and thereunder relating to removal and filling of vacancies with respect to such Yucaipa
Trustee); provided that such assignment shall be only effective for the period commencing on the date on which the Direct Designation Condition occurs and ending on the date that the Fortress Investor Beneficially Owns less than 5% of the
Fully Diluted Outstanding Shares (such period, the “Direct Designation Period”). The Trustee so designated by the Fortress Investor shall be deemed to be a “Yucaipa Trustee” for all purposes under this Agreement, the
Declaration of Trust and the Bylaws, except that the Fortress Investor (and not the Yucaipa Shareholder or Yucaipa Investor) shall be exclusively entitled to exercise the rights of the Yucaipa Shareholder with respect to such Trustee under this
Agreement, the Declaration of Trust and the Bylaws during the Direct Designation Period. During the Direct Designation Period, the Fortress Investor shall be deemed to be the “Yucaipa Shareholder” under this Agreement, the Declaration of
Trust and the Bylaws to the maximum extent necessary to effectuate the rights assigned to the Fortress Investor under this Section 2.1(g) (but on a co- extensive basis with the Yucaipa Shareholder with respect to the Yucaipa Shareholder’s
other Yucaipa Trustee, if any). If this Agreement terminates as to the Yucaipa Shareholder but not the Fortress Investor during the Direct Designation Period, then the Fortress Investor shall nevertheless retain its rights under this
Section 2.1(g) through the expiration of the Direct Designation Period as if such termination had not occurred, and the Fortress Investor shall be deemed to be the “Yucaipa Shareholder” for purposes of calculating the Yucaipa
Shareholder’s Beneficial Ownership of Fully Diluted Outstanding Shares under Section 2.1(a) to the extent of the Fortress Investor’s rights under this Section 2.1(g). 

(h) A Shareholder seeking to designate a Trustee for election by shareholders at an annual meeting of shareholders shall endeavor to submit
its designation to the Company on a Designation Date occurring in the month of January in the calendar year in which such annual meeting is to occur. 

  
 8 

 2.2 Resignation; Removal; Board Vacancies; Board Meetings. 

(a) Each Trustee shall hold his office until his resignation, removal or death, or until his successor shall have been duly elected and
qualified. The Yucaipa Shareholder may remove any Yucaipa Trustee for any reason at the Yucaipa Shareholder’s written request to the Company. The GSCP Shareholders may remove the GSCP Trustee for any reason at the GSCP Shareholders’
written request to the Company. Upon delivery of a written request to the Company described in this Section 2.2(a), the Company and the Shareholders shall promptly take all such action necessary or desirable to cause the removal of the
applicable Trustee from office. For the avoidance of doubt, the foregoing is not in limitation of the right of the shareholders of the Company to remove a trustee for cause to the extent provided in the Declaration of Trust. 

(b) If (i) any person designated by the Yucaipa Shareholder pursuant to Section 2.1 shall cease for any reason to serve as a Trustee
or shall fail to receive the requisite vote in his or her election, the Yucaipa Shareholder shall have the exclusive right to designate a person to fill the vacancy resulting thereby and (ii) any person designated by the GSCP Shareholders
pursuant to Section 2.1 shall cease for any reason to serve as a Trustee or shall fail to receive the requisite vote in his or her election, the GSCP Shareholders shall have the exclusive right to designate a person to fill the vacancy
resulting thereby. The Company and the Shareholders take all necessary action to cause the Board to be so constituted. 
 (c) Any single
trustee of the Company, including a Yucaipa Trustee and the GSCP Trustee, shall have the right to call a special meeting of the Board at any time in accordance with the procedures therefor set forth in the Bylaws. 

2.3 Expenses of Trustees and Yucaipa Observer. The Company shall reimburse the Yucaipa Trustees, the Yucaipa Observer and the GSCP
Trustee for all reasonable out-of-pocket expenses incurred in connection with their attendance at meetings of the Board, the board of directors (or similar governing bodies) of the Company’s Subsidiaries and any committees thereof, including
travel, lodging and meal expenses. If any Yucaipa Trustee is paid a fee (whether in cash or otherwise) for serving on any such board (or any committee thereof), the GSCP Trustee also serving on such board shall also be entitled to such fee, subject
to Section 2.6 below. 
 2.4 Insurance; Indemnification Agreements. The Company shall obtain and cause to be maintained in
effect a policy of directors’ and officers’ liability insurance covering each of the Yucaipa Trustees, the Yucaipa Observer and the GSCP Trustee and each member of the board of directors (or similar governing bodies) of the Company’s
Subsidiaries in an amount and upon such terms as shall be determined by the Board. The Company shall enter into an indemnification agreement with each of the Yucaipa Trustees, the Yucaipa Observer and the GSCP Trustee in the form attached hereto as
Exhibit A. 
 2.5 Information Sharing. Each Shareholder and the Company agrees that the Yucaipa Trustees, the Yucaipa Observer
and the GSCP Trustee may share confidential, non-public information about the Company with the Shareholder that designated such Trustee or observer (and, in the case of any Yucaipa Trustee designated by the Yucaipa Shareholder at the direction of
the Fortress Investor pursuant to the limited partnership agreement of the Yucaipa Shareholder, with Fortress) and its Affiliates, as such Trustee deems appropriate, subject to applicable law. 

  
 9 

 2.6 Trustee Compensation. In the event that (a) the Yucaipa Shareholder designates,
at the direction of its general partner, a Yucaipa Trustee who is an employee of The Yucaipa Companies LLC or one of its Affiliates, (b) (i) the Yucaipa Shareholder designates, at the direction of the Fortress Investor pursuant to the limited
partnership agreement of the Yucaipa Shareholder, or (ii) the Fortress Investor designates, pursuant to Section 2.1(g), a Yucaipa Trustee who is an employee of Fortress Investment Group LLC or one of its Affiliates, or (c) the GSCP
Shareholders designate a GSCP Trustee who is an employee of Goldman Sachs & Co. LLC or one of its Affiliates, then the Trustee designated by such Shareholder shall not receive compensation for service as a Trustee, including compensation in
the form of equity awards. 
 2.7 Cooperation; Voting of Shares. 

(a) The Company and each Shareholder shall take all necessary or desirable actions within its control to ensure that at all times the
Company’s organizational documents, including the Declaration of Trust and Bylaws, and the organizational documents of the Company’s Subsidiaries (i) comply with and do not at any time conflict with any provisions of this Agreement
and (ii) permit each Shareholder to receive the benefits to which it is entitled under this Agreement. 
 (b) Each Shareholder shall
vote all of its voting Shares, execute proxies or, to the extent permitted by the Declaration of Trust or Bylaws, execute written consents, as the case may be, and take all other necessary or desirable actions within its control, including attending
and voting at meetings in person or by proxy for purposes of obtaining a quorum, to effectuate the provisions of this Agreement. 
 (c) No
Shareholder shall grant any proxy or enter into or agree to be bound by any voting trust with respect to its Shares, and no Shareholder shall enter into any other agreements or arrangements of any kind with any Person with respect to its Shares, in
each case on terms which conflict with the provisions of this Agreement (whether or not such proxy, voting trust, agreements or arrangements are with other Shareholders, holders of Shares that are not parties to this Agreement or otherwise). 

(d) The Company shall, and shall cause each of its Subsidiaries to, take all necessary or desirable actions within its control (including
calling special Board and shareholder meetings, nominating for election to the Board those individuals designated in accordance with the terms of this Agreement and providing therefor in the Company’s or its Subsidiaries’ organizational
documents) to cause the Board to be constituted in accordance with the provisions of this Article II and to otherwise effect the provisions of this Agreement (including this Article II). 

2.8 Yucaipa Observer. The Yucaipa Shareholder shall have the right (but not the obligation) to designate an individual (the
“Yucaipa Observer”) to attend, strictly as an observer, all meetings of the Board, telephone or in-person, it being agreed that the Yucaipa Observer shall have no power or authority to act or to vote at such meeting (but shall be
permitted to raise 

  
 10 

 
matters for discussion at such meeting and to participate in discussions at such meeting). The Yucaipa Shareholder shall designate and replace the Yucaipa Observer by written notice to the
Company, and subject to the foregoing, the Company shall provide to the Yucaipa Observer all written notices of Board meetings and all written materials that are provided to Trustees in connection therewith, including minutes of previous meetings of
the Board, at the same time and in the same manner as provided to the Trustees; provided that the Yucaipa Observer shall not be entitled to be present for or receive any privileged communication from counsel to the Company or the Board if the
presence of the Yucaipa Observer would be reasonably likely to adversely affect such privilege. Notwithstanding anything in the foregoing to the contrary, for the avoidance of doubt, the Yucaipa Observer shall not owe any duties, statutory or
otherwise, to the Company or its shareholders other than obligations of confidentiality set forth in Section 4.7 below and duties imposed by securities laws generally. 

2.9 Mirror Voting. At any annual or special meeting of shareholders of the Company at which a vote will be taken (i) to opt-in to
the “business combination” provisions of the Maryland General Corporation Law (the “MGCL”) by revoking, altering or amending Section 15 of Article II of the Bylaws, (ii) to opt-in to the “control share”
provisions of the MGCL by revoking, altering or amending Section 13 of Article II of the Bylaws, or (iii) to opt-in to Subtitle 8 of Title 3 of the MGCL, or with respect to any written consent with respect to such matter(s) in lieu of a
meeting, so long as the Yucaipa Shareholder Beneficially Owns 20% or more of the Fully Diluted Outstanding Shares as of the record date for such meeting, the Yucaipa Shareholder agrees to vote, or act by written consent with respect to, all Common
Shares Beneficially Owned by it, at such meeting or to take all actions by written consent in lieu of such meeting as are necessary, for and against such matter(s) in proportion to the vote taken on all Common Shares not Beneficially Owned by it
with respect to such matter(s). 
 ARTICLE III  

TRANSFERS 
 3.1
Condition of Transfer. The parties hereto hereby agree that it shall be a condition of the Transfer of any Shares to any Person who is not a party to this Agreement that such Transfer shall not be effected unless and until such Person agrees
in writing to be bound by the terms and conditions of this Agreement; provided, that the foregoing shall not apply to any transferee in a Transfer of Shares made pursuant to (i) an open market transaction, (ii) a Public Offering or
(iii) a Fund Distribution. 
 3.2 Coordination Committee; Transfer Restrictions. 

(a) Promptly following the Effective Time, the Shareholders agree that the Sponsor Investors shall create a coordination committee (the
“Coordination Committee”), which shall not be a committee of the Board, and will maintain such committee for so long as required pursuant to this Section 3.2 or until disbanded with the written consent of the Sponsor Investors.
The Coordination Committee shall, as provided in this Section 3.2, facilitate coordination of (i) exercises of demand registration rights under the Registration Rights Agreement, (ii) Transfers of Shares by any of the Shareholders to
Third Parties, (iii) any distributions of any Shares by any of the Shareholders to its direct or indirect Third Party partners, members, or other equityholders and (iv) any other transactions in Shares with Third Parties effected by any of
the Shareholders. 

  
 11 

 
Notwithstanding the foregoing, this Section 3.2(a) shall not apply to a Fortress Transfer. Each of the Sponsor Investors, the Fortress Investor and the CM Shareholder shall be permitted to
designate one representative (who may, but need not, be a Trustee) to participate on the Coordination Committee (the “Committee Members”), and shall be permitted to remove and replace such designee from time to time. The procedures
governing the conduct of the Coordination Committee shall be established from time to time by the written consent of the Sponsor Investors. The Coordination Committee shall meet as needed at the request of any Committee Member. Notice of the date,
time and place of the proposed meeting shall be given to all Committee Members at least 24 hours in advance by electronic mail. The failure of one or more Committee Members to attend a Coordination Committee meeting shall not invalidate the
occurrence of the meeting for which such electronic mail notice was given. 
 (b) A Shareholder wishing to (i) exercise demand
registration rights under the Registration Rights Agreement (if applicable to such Shareholder), (ii) Transfer any Shares to Third Parties, (iii) distribute any Shares to such Shareholder’s direct or indirect Third Party partners, members,
or other equityholders or (iv) effect any other transaction in Shares with Third Parties shall consult with the Coordination Committee prior to taking such action or entering into any definitive agreement with respect to such action, and shall
use reasonable efforts to minimize any adverse impact to the other Shareholder in respect of such exercise, Transfer, distribution or transaction; provided that no Shareholder shall take any such action that would reasonably be expected to
cause the Company to fail to qualify as a REIT or as a “domestically-controlled qualified investment entity” within the meaning of Section 897(h) of the Code. Notwithstanding the foregoing, this Section 3.2(b) shall not apply to
a Fortress Transfer. 
 (c) To the actual knowledge of the GSCP Shareholders, as of the date hereof, no more than 46% of the Shares owned by
the GSCP Shareholders are Foreign Shares. The GSCP Shareholders shall use commercially reasonable efforts to prevent a change in ownership of the GSCP Shareholders that, taken in the aggregate with all other changes in ownership of the GSCP
Shareholders, causes more than 46% of the Shares owned by the GSCP Shareholders to be Foreign Shares; provided, that, no transfer of ownership of the GSCP Shareholders shall be prohibited if such transfer is a Legal or Regulatory Transfer;
provided, further, that prior to any Legal or Regulatory Transfer the GSCP Shareholders shall reasonably consult with the Company and reasonably cooperate with the Company in order to mitigate or prevent any liability, harm or
regulatory scrutiny that may result from such Legal or Regulatory Transfer. 
 (d) To the actual knowledge of the Yucaipa Shareholder, as of
the date hereof, no more than 46% of the Shares owned by the Yucaipa Shareholder are Foreign Shares. The Yucaipa Shareholder shall use commercially reasonable efforts to prevent a change in ownership of the Yucaipa Shareholder that, taken in the
aggregate with all other changes in ownership of the Yucaipa Shareholder, causes more than 46% of the Shares owned by the Yucaipa Shareholder to be Foreign Shares; provided, that, no transfer of ownership of the Yucaipa Shareholder shall be
prohibited if such transfer is a Legal or Regulatory Transfer; provided, further, that prior to any Legal or Regulatory Transfer the Yucaipa Shareholder shall reasonably consult with the Company and reasonably cooperate with the
Company in order to mitigate or prevent any liability, harm or regulatory scrutiny that may result from such Legal or Regulatory Transfer. 

  
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 (e) Each Shareholder, the Fortress Investor and the Yucaipa Investor shall consult with and
provide draft filings to the Coordination Committee prior to making any filing with the Securities and Exchange Commission with respect to the Shares with a reasonable opportunity for the Committee Members to comment thereon. 

(f) Prior to the distribution or dividend of Shares by any Fund Investor (as hereinafter defined) to such Fund Investor’s direct or
indirect Third Party partners, members, or other equityholders (excluding a Fortress Transfer) (“Fund Distribution”), such Fund Investor shall notify the Coordination Committee at least 10 Business Days prior to such Fund
Distribution, or the declaration thereof. All Fund Investors and the CM Shareholder shall in good faith discuss and coordinate such Fund Distribution with a view to allowing all other Fund Investors to also make a Fund Distribution of Shares to
their respective Third Party partners, members or other equityholders on a pro-rata basis to the initiating Fund Investor or, if applicable, for such other Fund Investors to exercise their respective rights under Section 2.1(k) of the
Registration Rights Agreement on a pro rata basis to the initiating Fund Investor, or for such other Fund Investors or the CM Shareholder to otherwise sell to a Third Party (pursuant to an open market transaction, a private sale, or otherwise) on a
pro-rata basis to the initiating Fund Investor, such Shares, in each case, substantially concurrently with the initial Fund Investor’s Fund Distribution or, if applicable, in accordance with the timing provided for in Section 2.1(k) of the
Registration Rights Agreement. Any sale of Shares by a non-initiating Fund Investor to a Third Party as contemplated by this Section 3.2(f), up to the applicable pro-rata amount, shall not be subject to the tag-along rights of any Sponsor
Investor provided for in Section 3.3 below. For purposes of this Section 3.2(f), a “Fund Investor” means the Yucaipa Shareholder, the Yucaipa Investor (at such time as it holds Shares), the Fortress Investor (at such time
as it holds Shares), and any of the GSCP Shareholders. 
 3.3 Tag-Along Rights. 

(a) In the event that any Sponsor Investor (other than the CM Shareholder and the Fortress Investor) (a “Disposing Investor”)
proposes to Transfer Shares to one or more Persons (other than in an Exempt Transfer or as expressly provided above in Section 3.2(f)), prior to effecting such Transfer of Shares, the Disposing Investor shall give not less than fourteen
(14) days’ prior written notice (the “Tag-Along Notice”) of such intended Transfer to the other Sponsor Investors, which shall specifically identify the proposed transferee or transferees (together, the “Tag-Along
Offeror”), the number of Shares as is proposed to be Transferred by the Disposing Investor(s) to the Tag-Along Offeror (the “Tag-Along Sale Number”), the maximum number of Shares that the Tag-Along Offeror is willing to
purchase (the “Maximum Tag-Along Sale Number”), the purchase price therefor and a summary of the other material terms and conditions of the proposed Transfer, and shall contain an offer (the “Tag-Along Offer”) by
the Tag-Along Offeror to each other Sponsor Investor, which Tag-Along Offer shall be irrevocable for a period of ten (10) days after delivery thereof (the “Tag-Along Period”) (and, to the extent the Tag-Along Offer is accepted
during such period, shall remain irrevocable until the consummation of the Transfer contemplated by the Tag-Along Offer), to purchase from such Sponsor Investor at the same price per share (on an as converted basis to Common Shares, if applicable)
to be paid to, and upon the same terms offered by the Tag-Along Offeror to, the Disposing Investor, which shall be set forth in the Tag-Along Notice, that number of Shares owned by such Sponsor Investor as is equal to the product of (A) a
fraction, the numerator of 

  
 13 

 
which is the Tag-Along Sale Number and the denominator of which is the aggregate number of Shares owned as of the date of the Tag-Along Offer by the Disposing Investor and its Affiliates and
(B) the number of Shares owned by such Sponsor Investor as of the date of the Tag-Along Offer; provided that the number of Shares required to be purchased from such Sponsor Investor by the Tag-Along Offeror shall be subject to reduction
in accordance with the last sentence of this Section 3.3(a). A copy of the Tag-Along Notice shall promptly be sent to the Company. The Tag-Along Offer may be accepted in whole or in part at the option of each of the other Sponsor Investors.
Notice of any Sponsor Investor’s intention to accept a Tag-Along Offer, in whole or in part, shall be evidenced by a writing signed by such Sponsor Investor and delivered to the Tag-Along Offeror and the
Company prior to the end of the Tag-Along Period, setting forth the number of Shares that such Sponsor Investor elects to Transfer. In the event that the number of Shares proposed to be sold by the Disposing Investor(s) to the Tag-Along Offeror plus
the aggregate number of Shares all Sponsor Investors elect to Transfer to a Tag-Along Offeror (the “Total Tag-Along Shares”) is greater than the Maximum Tag-Along Sale Number, the Disposing Investor(s) and each Sponsor Investor
shall be entitled to Transfer to the Tag-Along Offeror only that number of Shares that is equal to (1) the number of shares that it sought or elected, as applicable, to be Transferred to such Tag-Along Offeror by the Disposing Investor or
Sponsor Investor, as applicable, multiplied by (2) a fraction, the numerator of which is the Maximum Tag-Along Sale Number and the denominator of which is the Total Tag-Along Shares. 

(b) All Transfers of Shares to the Tag-Along Offeror pursuant to this Section 3.3 shall be consummated on the later of (i) a mutually
satisfactory business day as soon as practicable, but in no event more than fifteen (15) days after the expiration of the Tag-Along Period, or (ii) the fifth business day following the expiration or termination of all waiting periods under
the Hart-Scott Rodino Antitrust Improvements Act of 1976, as amended, or receipt of other regulatory approvals applicable to such Transfers, in each case, to the extent applicable, or at such other time and/or place as the parties to such Transfers
may agree. The delivery of certificates or other instruments evidencing such Shares duly endorsed for transfer shall be made on such date against payment of the purchase price for such Shares. 

(c) Any calculation of an amount or number of shares or price per Share (including Common Shares and Warrants) pursuant to this
Section 3.3 shall be determined on an as converted basis to Common Shares. 
 3.4 Transfer of Shares to the Fortress Investor.
Each of the parties hereto acknowledges and agrees to the following: 
 (a) Notwithstanding anything to the contrary in this Agreement, any
Transfer of Common Shares or Warrants (i) to the Fortress Investor by the Yucaipa Shareholder subsequent to the date hereof (such Transfer, a “Fortress Transfer”) and (ii) to the Yucaipa Investor by the Yucaipa Shareholder
subsequent to the date hereof (such Transfer, a “Partnership Transfer”), in each case pursuant to the Yucaipa Shareholder’s partnership agreement, shall not be subject to Section 3.2 or Section 3.3 or any other
restriction on Transfer hereunder and shall otherwise be deemed to be made in compliance with the terms and conditions of this Agreement. 

(b) Upon the occurrence of a Fortress Transfer (the “Fortress Effective Date”), the Fortress Investor shall subsequently be
deemed to be a “Shareholder” under this Agreement (subject to Section 3.4(c) below) with respect to all rights and obligations pertaining to Shareholders thereunder so long as the Fortress Investor continues to own Common Shares. 

  
 14 

 (c) As of the Fortress Effective Date and so long as the Fortress Investor continues to own
Common Shares, notwithstanding anything to the contrary in this Agreement: 
 (i) Clauses (i), (ii) and (iii) of Section 3.2(a)
shall include demand registration rights, Transfers and distributions by the Fortress Investor, as applicable; 
 (ii) solely for purposes
of Section 3.3 of this Agreement, the Fortress Investor shall be deemed to be a “Sponsor Investor” and will be entitled to tag-along rights to the same extent, and subject to the same terms and conditions (as applicable), as the
Sponsor Investors under Section 3.3 of this Agreement; 
 (iii) the Fortress Investor agrees that it shall use commercially reasonable
efforts to prevent a change in ownership of the Fortress Investor which, taken in the aggregate with all other changes in ownership of the Fortress Investor, causes more than 46% of the Shares owned by the Fortress Investor to be Foreign Shares;
provided that no transfer of ownership of the Fortress Investor shall be prohibited if such transfer is a Legal or Regulatory Transfer; provided, further, that prior to any Legal or Regulatory Transfer the Fortress Investor
shall reasonably consult with the Company and reasonably cooperate with the Company in order to mitigate or prevent any liability, harm or regulatory scrutiny that may result from such Legal or Regulatory Transfer; and 

(iv) the Fortress Investor agrees that it shall not Transfer any Common Shares to any Disqualified Transferees (as defined in the Yucaipa
Shareholder’s partnership agreement). 
 (d) In the event of a Partnership Transfer as a result of which the Yucaipa Shareholder no
longer owns any Shares, but without limitation of the Fortress Investor’s rights under Section 2.1(g), the Yucaipa Investor shall succeed to all the rights and obligations of, and shall be deemed to be, the “Yucaipa Shareholder”
under this Agreement. 
 ARTICLE IV  

COVENANTS  
 4.1
Regulatory Matters. The Company shall, and shall cause each of its Subsidiaries to, keep the GSCP Shareholder and the Yucaipa Shareholder informed of any material events, notices or changes with respect to any criminal (other than petty
crimes committed by employees of the Company or any of its Subsidiaries) or material regulatory investigation or other material regulatory action involving the Company or any of its Subsidiaries promptly following an officer or Trustee becoming
aware thereof, so that such Shareholders will have the opportunity to take appropriate steps to avoid or mitigate any regulatory consequences to them or their Affiliates that might arise from such investigation or action. Additionally, upon and to
the extent of a prior written request therefor, the Company shall provide to the GSCP Shareholder and the Yucaipa Shareholder reasonable access during normal business hours to personnel, books and records and such other information as any such
Shareholder may reasonably require for tax or regulatory purposes that are customary for investments of this type. 

  
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 4.2 Company Logo. The Company hereby grants the Shareholders (and their Affiliates) that
are private equity funds permission to use the Company’s and its Subsidiaries’ name and logo in marketing materials; provided, that any such Shareholder or Affiliate complies with reasonable guidelines and restrictions requested by
the Company with respect to any such usage. The Shareholders and their Affiliates, as applicable, shall include a trademark attribution notice giving notice of the Company’s or its Subsidiaries’ ownership of its trademarks in any materials
in which the Company’s or any of its Subsidiary’s name and logo appear. 
 4.3 Use of Name. The Company agrees that it will
not, without the prior written consent of the applicable Shareholder (which consent shall not be unreasonably withheld or delayed), (a) use in advertising or marketing the name of such Shareholder or any of its Affiliates or any partner or employee
of such Shareholder, nor any trade name, trademark, trade device, service mark, symbol or any abbreviation, contraction or simulation thereof owned by such Shareholder or its Affiliates, or (b) represent, directly or indirectly, that any
product or any service provided by the Company or any of its Subsidiaries has been approved or endorsed by such Shareholder or any of its Affiliates. For the avoidance of doubt, this Section 4.3 shall not prohibit the Company from disclosing
the names and beneficial ownership of its Shareholders as required by law, legal process, regulation (including filings for federal, foreign and state securities and other laws in connection with the offering of interests in and the making of
investments by the Company or its subsidiaries) or the rules of any self-regulatory organization. 
 4.4 Certain Activities. The
parties hereto acknowledge and agree that nothing in this Agreement shall create a fiduciary duty of any Shareholder or any of its Affiliates to the Company or its Shareholders. It is understood that neither any Shareholder nor any Affiliate of any
Shareholder is acting as a financial advisor, agent or underwriter to the Company or any of its Affiliates or otherwise on behalf of the Company or any of its Affiliates unless retained to provide such services pursuant to a separate written
agreement. 
 4.5 Information Rights. If requested by the Yucaipa Shareholder, the GSCP Shareholders or, after a Fortress Transfer,
the Fortress Investor, the Company shall enter into a non-disclosure agreement with a prospective purchaser of all or any portion of such Shareholder’s Shares, pursuant to which the Company shall provide confidential information regarding the
Company to such prospective purchaser as reasonably requested by such Shareholder. 
 4.6 Tax Matters. 

(a) The Company and the Shareholders will use their commercially reasonable efforts to cause the Company to continue to qualify and be taxed as
a REIT pursuant to Sections 856-860 of the Code. With respect to issues arising under Section 856(d)(2)(B) of the Code, the Company’s and the Shareholders’ responsibilities to use commercially reasonable efforts under this
Section 4.6(a) shall be as follows: 
 (i) The Company will send to each Shareholder that owns 10% or more of the Company (each, a
“Related Party Shareholder”), on a quarterly basis, a list containing each tenant of the Company the revenue from which is expected to represent 1% or more of the gross warehouse revenue of the Company for the calendar year (each, a
“Listed Tenant”), such notification to be subject to reasonable confidentiality arrangements. 

  
 16 

 (ii) Upon receipt of the quarterly list, each Related Party Shareholder will use commercially
reasonable efforts to make reasonable inquiry into whether it owns an equity interest in a Listed Tenant and will promptly notify the Company of any Listed Tenants in which it identifies ownership of 5% or more of the equity thereof, such
notification to be subject to reasonable confidentiality arrangements. 
 (iii) Any Related Party Shareholder that acquires actual
ownership of, or becomes aware that it otherwise owns, 5% or more of the equity of any tenant listed on the most recent quarterly list shall promptly notify the Company of such ownership, such notification to be subject to reasonable confidentiality
arrangements. 
 (iv) Promptly following any notification described in clause (ii) or (iii), if necessary to maintain the
Company’s qualification as a REIT, the Company and such Related Party Shareholder (or Related Party Shareholders if more than one Related Party Shareholder owns equity of any Listed Tenant) will use commercially reasonable efforts to cure or
mitigate any issues attributable to such Related Party Shareholder’s ownership of Listed Tenants, taking into account the relative costs and benefits of each available alternative; it being understood that such Related Party Shareholder shall
in no case be required to divest any interest in a Listed Tenant; and it being further understood that such Related Party Shareholder’s commercially reasonable efforts to cure or mitigate shall in no case bind or require any action (including
divestment) on the part of any holders of equity in such Related Party Shareholder. 
 For purposes of the foregoing, the terms
“owns,” “owned,” and “ownership” (unless noted as “actual ownership”) shall mean actual or constructive ownership within the meaning of Section 856(d)(2)(B) as modified by Section 856(d)(5), but, for
the avoidance of doubt, shall in all cases be limited to beneficial ownership and, with respect to any GSCP Shareholder, shall not include assets held in accounts on behalf of clients of The Goldman Sachs Group, Inc. or its Subsidiaries. 

(b) The Company and the Shareholders will take commercially reasonable actions to cause the Company not to voluntarily terminate its REIT
status. 
 (c) The Company and the Shareholders will use their commercially reasonable efforts to take all actions necessary (or cease from
taking any action, including issuance of Shares of the Company to any Person other than the GSCP Shareholders or amending the Declaration of Trust in a manner that could result in the Company being treated as other than a
“domestically-controlled qualified investment entity”) to cause the Company to continue to qualify at all times as a “domestically-controlled qualified investment entity” within the meaning of Section 897(h) of the Code.
Upon request of any of the Yucaipa Shareholder, any GSCP Shareholder or the Fortress Investor, or any of their respective Affiliates, the Company will provide a certification meeting the requirements of Treasury Regulation Section 1.897-2(g)
(and 

  
 17 

 
shall provide any notice described therein), that Shares of the Company are not United States real property interests (“USRPI”) as such term is defined in Section 897 of the
Code, based on the Company’s determination that the Company is a “domestically-controlled qualified investment entity.” Each Shareholder shall provide the Company, at such times as the Company may request in connection with any
certification by the Company that Shares of the Company are not USRPI, with ownership information in the form attached as Exhibit B hereto. Each Shareholder acknowledges and agrees that any certification provided by the Company pursuant to
this Section 4.6(c) will be based upon the information provided by the Shareholders. 
 4.7 Confidentiality. Each Shareholder
shall maintain the confidentiality of any confidential and proprietary information of the Company and its Subsidiaries (“Proprietary Information”) using the same standard of care, but in no event less than reasonable care, as it
applies to its own confidential information, except (i) for any Proprietary Information which is or becomes publicly available (other than as a result of dissemination by such Shareholder) or a matter of public knowledge generally, (ii) if
the release of such Proprietary Information is required by applicable law (including by a subpoena or other order from a court of competent jurisdiction), following delivery of prior written notice to the Company (to the extent permitted under
applicable law), (iii) or any information which is developed by the Shareholder or its Representatives (as defined below) without reference to or use of the Proprietary Information or (iv) for Proprietary Information that was known to such
Shareholder or its Representatives prior to its disclosure by the Company, or becomes known by such Shareholder or its Representatives, in each case on a non-confidential basis, without, to such Shareholders’ knowledge, breach of any third
party’s confidentiality obligations. Each Shareholder further acknowledges and agrees that it shall not disclose any Proprietary Information to any Person, except that Proprietary Information may be disclosed by such Shareholder and its
Representatives: 
 (a) to such Shareholder’s and its Affiliates’ directors, officers, employees, stockholders, members, partners,
agents, counsel, accountants, consultants, insurers, lenders, investment advisers or other representatives (all such persons being collectively referred to as “Representatives”) in the normal course of the performance of their
duties to such Shareholder or its Affiliates; provided such recipient agrees to be bound by a confidentiality agreement consistent with the provisions hereunder or is otherwise bound under law or contract to a duty of confidentiality to such
Shareholder or its Affiliates; 
 (b) to the extent requested or required by any regulatory authority, governmental authority or stock
exchange; provided that to the extent legally permissible and practicable, such Shareholder gives prior notice of such disclosure to the Company, and provided further, that such recipient is advised of the confidential nature of
such information; 
 (c) to the extent related to the tax treatment and tax structure of the transactions contemplated by this Agreement
(including all materials of any kind, such as opinions or other tax analyses that the Company, its Affiliates or any of its Representatives have provided to such Shareholder relating to such tax treatment and tax structure); provided that the
foregoing does not constitute an authorization to disclose the identity of any existing or future party to the transactions contemplated by this Agreement or their Affiliates or Representatives, or, except to the extent relating to such tax
structure or tax treatment, any specific pricing terms or commercial or financial information; 

  
 18 

 (d) to any Person, including a prospective purchaser of Common Shares, as long as such Person has
agreed to maintain the confidentiality of such Proprietary Information; or 
 (e) if the prior written consent of the Board shall have been
obtained. 
 Nothing contained herein shall prevent the use (subject, to the extent possible, to a protective order) of Proprietary Information in
connection with the assertion or defense of any claim by or against the Company or any Shareholder. 
 4.8 Amendment of Declaration of
Trust and Bylaws. Any amendment, alteration or repeal, or adoption, of a provision in the Declaration of Trust or Bylaws which, by the terms of the Declaration of Trust or Bylaws, as applicable, requires compliance with this Section 4.8 in
order to be valid, shall only be valid with the prior written consent of the Yucaipa Shareholder, the GSCP Shareholders and, after a Fortress Transfer, the Fortress Investor, in each case if then a party to this Agreement, in addition to any
requirements that otherwise apply under the terms of the Declaration of Trust or Bylaws, as applicable. 
 ARTICLE V  

REPRESENTATIONS AND WARRANTIES 

5.1 Authority; Enforceability. Each of the parties hereto hereby severally represents and warrants to each of the other parties hereto
that such party has the legal capacity or corporate power and authority, as applicable, to enter into this Agreement and to carry out each of such party’s obligations hereunder as they may hereafter arise. Such party (in the case of parties
that are not natural persons) is duly organized, validly existing and in good standing under the laws of such party’s jurisdiction of organization, and the execution of this Agreement and consummation of the transactions contemplated herein
have been duly authorized by all necessary action. No other act or proceeding, corporate or otherwise, on such party’s part is necessary to authorize the execution of this Agreement or the consummation of any of the transactions contemplated
hereby. This Agreement has been duly executed by such party and constitutes such party’s legal, valid and binding obligation, enforceable against such party in accordance with the terms of this Agreement, subject to bankruptcy, insolvency,
reorganization and other laws of general applicability relating to or affecting creditors’ rights and to general equity principles. 

5.2 No Breach. Each of the parties hereto severally represents and warrants to each of the other parties hereto that neither the
execution of this Agreement nor the performance by such party of its obligations hereunder does or will: 
 (a) in the case of parties that
are not natural persons, conflict with or violate such party’s organizational documents; 
 (b) violate, conflict with or result in the
termination of, or otherwise give any other Person the right to accelerate, renegotiate or terminate or receive any payment or constitute a default or any event of default, with or without notice, lapse of time, or both, under the terms of, any
contract or agreement to which it is a party or by which it or any of its assets or operations are bound or affected; or 

  
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 (c) constitute a violation by such party of any law, ruling, writ, injunction, award,
determination or decree of any Governmental Authority. 
 5.3 Consents. Each of the parties hereto hereby severally represents and
warrants to each of the other parties hereto that no consent, waiver, approval, authorization, exemption, registration, license or declaration is required to be made or obtained by such party, other than those which have been made or obtained, in
connection with (a) the execution or enforceability of this Agreement or (b) the consummation of any of the transactions contemplated hereby. 

ARTICLE VI  
 EFFECTIVE
TIME; TERMINATION 
 6.1 Effective Time. This Agreement shall become effective upon the closing of the IPO (the
“Effective Time”). 
 6.2 Termination. This Agreement shall terminate on the delivery of a written notice to the
Company by the Yucaipa Shareholder, the GSCP Shareholders and, after a Fortress Transfer, the Fortress Investor, in each case if then a party hereto. In addition, except to the extent provided in the final sentence of this Section 6.2, this
Agreement shall earlier terminate with respect to (a) the Yucaipa Shareholder at such time as the Yucaipa Shareholder Beneficially Owns less than 5% of the Fully Diluted Outstanding Shares (for the avoidance of doubt, inclusive of Shares
Beneficially Owned by the Yucaipa Investor); provided that, if the Direct Designation Condition occurs prior to or concurrent with such termination, the rights of the Yucaipa Shareholder under Sections 2.1 through 2.7 assigned to the Fortress
Investor shall survive any such termination until the expiration of the Direct Designation Period; (b) the GSCP Shareholders at such time as the GSCP Shareholders Beneficially Own less than 5% of the Fully Diluted Outstanding Shares;
(c) the CM Shareholder at such time as (i) the CM Shareholder ceases to Beneficially Own any Shares or (ii) at such time as the GSCP Shareholders Beneficially Own less than 5% of the Fully Diluted Outstanding Shares and the CM
Shareholder Beneficially Owns less than 5% of the Fully Diluted Outstanding Shares; (d) the Fortress Investor at such time as (i) the Yucaipa Shareholder Beneficially Owns less than 5% of the Fully Diluted Outstanding Shares and the
Fortress Investor Beneficially Owns less than 5% of the Fully Diluted Outstanding Shares or (ii) after a Fortress Transfer, the Fortress Investor ceases to Beneficially Own any Shares and ceases to be a limited partner of the Yucaipa
Shareholder; and (e) the Yucaipa Investor, before the occurrence of the circumstances described in Section 3.4(d), at such time as this Agreement has been terminated as to the Yucaipa Shareholder. Any termination with respect to a
particular Shareholder pursuant to this Section 6.2 shall not affect the rights and obligations between or among the remaining parties to this Agreement. In the event that a Shareholder entitled to designate a Trustee under Article II
(including without limitation the Fortress Investor, under Section 2.1(g)) ceases to Beneficially Own 5% or more of the Fully Diluted Outstanding Shares after a Designation Date and related Record Date for the designation of a Trustee, and in
the event this Agreement would otherwise terminate as to that Shareholder at such time without the operation of this sentence, then the following provisions of 

  
 20 

 
this Agreement shall survive as to such Shareholder until the expiration of the designated Trustee’s term of service on the Board arising from such designation (including as such term may be
commenced or completed by a replacement designee pursuant to Sections 2.1(d) or 2.2(b)): Section 2.1(a), Section 2.1(b), Section 2.1(d), the proviso set forth in Section 2.1(e), Section 2.1(f), Section 2.2(a),
Section 2.2(b), Section 2.2(c), Section 2.3, Section 2.4, Section 2.5, Section 2.6, Section 2.7, Section 2.8, Section 4.7 and Article VII. 

ARTICLE VII  

MISCELLANEOUS 
 7.1
Business Opportunities. 
 (i) Definitions. For the purpose of this Section 7.1, the following terms
shall have the following meanings: 
 i. “Affiliate” shall mean, with respect to any specified Person, any other Person
who or which, directly or indirectly, controls, is controlled by, or is under common control with such Person, including, without limitation, any general partner, managing member or partner, officer, director, employee, trustee or other agent of
such Person or any private equity fund now or hereafter existing that is controlled by one or more general partners or managing members of, or shares the same management company with, such Person. For purposes of this definition, the terms
“controlling,” “controlled by,” or “under common control with” shall mean the possession, directly or indirectly, of (i) 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, or (ii) the power to elect or appoint at least 50% of the directors, managers, general partners, or Person exercising similar authority with respect to such Person.

 ii. “Business Opportunity” shall mean a business opportunity (i) that the Company is financially able to
undertake, (ii) that the Company is not prohibited by contract or applicable law from pursuing or undertaking, (iii) that, from its nature, is in the Company’s line of business, (iv) that is of practical advantage to the Company,
and (v) in which the Company has an interest or a reasonable expectancy. 
 iii. “Fortress Entity” and
“Fortress Entities” shall mean the Fortress Investor, its respective Affiliates and any portfolio company in which any of the foregoing has any equity investment (other than the Company and its Subsidiaries). 

iv. “GSCP Entity” and “GSCP Entities” shall mean the GSCP Shareholders, their respective Affiliates and any
portfolio company in which any of the foregoing has any equity investment (other than the Company and its Subsidiaries). 
 v.
“Identified Persons” shall mean any reference to the Yucaipa Entities, the GSCP Entities, the Fortress Entities, and their respective Affiliates. 

vi. “Non-Employee Trustee” shall mean a Trustee of the Company who is not an employee of the Company or its Affiliates. 

  
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 vii. “Yucaipa Entity” and “Yucaipa Entities” shall mean the
Yucaipa Shareholder, their respective Affiliates and any portfolio company in which any of the foregoing has any equity investment (other than the Company and its Subsidiaries). 

(ii) In recognition and anticipation that (i) certain Identified Persons may serve as Trustees, officers or agents of the Company and
(ii) the Identified Persons may now engage and may continue to engage in the same or similar activities or related lines of business as those in which the Company, directly or indirectly, may engage, or in other business activities that overlap
or compete with those in which the Company, directly or indirectly, may engage, the provisions of this Section 7.1 are set forth to regulate and define the conduct of certain affairs of the Company with respect to certain
classes or categories of business opportunities as they may involve any of the Identified Persons and the powers, rights, duties and liabilities of the Company and its Trustees, officers and shareholders in connection therewith. 

(iii) To the maximum extent permitted from time to time by Maryland law, each Identified Person, on such Identified Person’s own behalf
or on behalf of any other Person, shall have the right to, and shall have no obligation to abstain from exercising such right to: (a) engage or invest, directly or indirectly, in the same or similar business activities or lines of business in
which the Company or any of its Affiliates now engages or proposes to engage, (b) do business with any customer, supplier or lessor of the Company or its Subsidiaries or (c) employ or otherwise engage any officer, trustee or employee of
the Company or its Subsidiaries. 
 (iv) If any Identified Person acquires knowledge of a potential transaction or matter that may be a
Business Opportunity, none of the Company or its Affiliates or shareholders shall have any interest in such Business Opportunity or any expectation that such Business Opportunity be offered to it or that it be offered an opportunity to participate
therein, and any such interest, expectation, offer or opportunity to participate, and any other interest or expectation otherwise due to the Company or its Affiliates or shareholders with respect to such Business Opportunity, is hereby renounced by
the Company on its behalf and on behalf of its subsidiaries and shareholders. Accordingly, (i) no Identified Person will be under any obligation or duty to present, communicate or offer any such Business Opportunity to the Company or any of its
Affiliates or shareholders, and (ii) each Identified Person shall have the right to hold and exploit any such Business Opportunity for its own account, or to direct, recommend, sell, assign or otherwise transfer such Business Opportunity to any
Person other than the Company and its Affiliates or shareholders and shall be under no obligation or duty to act otherwise. 
 (v) To the
maximum extent permitted from time to time by Maryland law, the Company renounces any interest or expectancy in, or any right to be offered an opportunity to participate in, any Business Opportunity that from time to time may be presented to or
developed by any Non-Employee Trustee or any Affiliate of any Non-Employee Trustee, unless the Business Opportunity was expressly offered or made known to the Non-Employee Trustee in his or her capacity as a Trustee. To the maximum extent permitted
from time to time by Maryland law, in the event that any Identified Person acquires knowledge of a potential transaction or other Business Opportunity, no Identified Person will have any obligation to communicate or offer such transaction or
Business Opportunity to the Company or any of the Company’s Affiliates and such Identified Person may take any such opportunity for himself, herself or itself, or offer it to another Person or entity unless the Business Opportunity is expressly
offered to such Identified Person in his or her capacity as a Trustee, officer or employee of the Company. 

  
 22 

 (vi) Notwithstanding the provisions of Section 7.1(iv) above, the Company does not renounce
any interest or expectancy it may have under applicable law in any Business Opportunity that is expressly offered to an Identified Person solely in, and as a direct result of, his or her capacity as a Trustee, officer or employee of the Company. If
the Chief Executive Officer, the Chief Operating Officer or the Chief Financial Officer of the Company (or, during the vacancy of any of those titles, the executive officer performing the functions of such vacant role) shall be an Identified Person
by virtue of his or her respective relationship with a Yucaipa Entity, the GSCP Entities or a Fortress Entity, then any Business Opportunity offered to such officer shall be deemed to have been offered solely in, and as a direct result of, such
officer’s capacity as an officer of the Company unless such offer clearly and expressly is presented to such officer solely in, and as a direct result of, his or her capacity as an officer, trustee, director, partner, member, manager, employee
or other agent of a Yucaipa Entity, the GSCP Entities or a Fortress Entity, as applicable. 
 (vii) An Identified Person may in his, her or
its personal capacity, or in his, her or its capacity as a director, officer, trustee, stockholder, partner, member, equity owner, manager, advisor or employee of any other Person, have business interests and engage, directly or indirectly, in
business activities that are similar to those of the Company or compete with the Company, that the Company could seize and develop or that include the acquisition, syndication, holding, management, development, operation or disposition of interests
in temperature- controlled warehouses or Persons engaged in related industries. 
 (viii) No alteration, amendment, termination, expiration
or repeal of this Section 7.1, nor the adoption of any provision of this Agreement inconsistent with this Section 7.1 shall eliminate, reduce, apply to or have any effect on (i) the protections afforded hereby to any Identified Person for
or with respect to any investments, activities, or opportunities of which such Identified Person, as applicable, becomes aware prior to such alteration, amendment, termination, expiration, repeal or adoption or (ii) any matter occurring, or any
cause of action, suit or claim that, but for this Section 7.1, would accrue or arise, prior to such alteration, amendment, repeal or adoption. 

7.2 Notices. All notices, demands and other communications to be given or delivered under or by reason of the provisions of this
Agreement shall be in writing and shall be deemed to have been given (a) when personally delivered, (b) when transmitted via telecopy (or other facsimile device) to the number set out below or transmitted by electronic mail if the sender
on the same day sends a confirming copy of such notice in accordance with immediately following clause (c) or (c) the day on which the same has been delivered to the intended recipient if sent prepaid by (i) with respect to a delivery in
the United States, a nationally recognized overnight delivery service (with tracking capability) and (ii) with respect to a delivery outside of the United States, an internationally recognized overnight delivery service (with tracking
capability), in each case to the respective parties at the address set forth below, or at such other address as such party may specify by written notice to the other party hereto: 

  
 23 

			
	If to the Company:	  	Americold Realty Trust
		  	10 Glenlake Parkway
		  	South Tower, Suite 800
		  	Atlanta, Georgia 30328
		  	Attn: General Counsel
		  	Fax: (678) 387-4774
	
	With a copy (which shall not constitute notice) to:
		
		  	King & Spalding LLP NE
		  	1180 Peachtree Street
		  	Atlanta, Georgia 30309
		  	Attn: C. Spencer Johnson, III
		  	Fax: (404) 572-5100
		
	If to any other party hereto:	  	To the address set forth in Exhibit C;

 7.3 Delays or Omissions. No delay or omission to exercise any right, power or remedy accruing to any
party, upon any breach or default of any other party under this Agreement will impair any such right, power or remedy of such party; no such delay or omission will be construed to be a waiver of any such breach or default, or an acquiescence
therein, or of any similar breach or default thereafter occurring; no waiver of any single breach or default shall be deemed a waiver of any other breach or default theretofore or thereafter occurring; and no provision of this Agreement shall be
implied from any course of dealing between the parties hereto. Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach of default under this Agreement or any waiver on the part of any party of any
provisions or conditions of this Agreement must be made in writing and will be effective only to the extent specifically set forth in such writing. 

7.4 Remedies; Specific Performance. All remedies, either under this Agreement or by law or otherwise afforded to the parties hereunder,
shall be cumulative and not alternative. The parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached.
Accordingly, the parties agree that, in addition any other remedies, each party shall be entitled to enforce the terms of this Agreement by a decree of specific performance without the necessity of proving the inadequacy of money damages as a
remedy. Each party hereby waives any requirement for the securing or posting of any bond in connection with such remedy. Each party further agrees that the only permitted objection that it may raise in response to any action for equitable relief is
that it contests the existence of a breach or threatened breach of this Agreement. 
 7.5 Assignment. This Agreement will inure to
the benefit of and be binding on the parties hereto and their respective successors and permitted assigns; provided, that, except as expressly provided herein, no successor or assign will derive any rights under this Agreement unless and
until such successor or assign has delivered to the Company a valid undertaking to become, and becomes, bound by the terms of this Agreement to which the transferor of such Shares is subject. This Agreement may not be assigned without the express
prior written consent 

  
 24 

 
of the other parties hereto; provided, that the Yucaipa Shareholder, the GSCP Shareholders, the CM Shareholder and, after a Fortress Transfer or a Partnership Transfer, the Fortress
Investor and the Yucaipa Investor, respectively, may assign this Agreement to any of its Affiliates, as applicable, or to any Transferee permitted pursuant to the terms of this Agreement, in each case contingent on such assignee agreeing in writing
to be bound by the terms and conditions of this Agreement. 
 7.6 Governing Law. This Agreement shall in all respects be governed by,
and construed in accordance with, the laws (excluding conflict of laws rules and principles) of the State of New York applicable to agreements made and to be performed entirely within such State, including all matters of construction, validity and
performance. 
 7.7 Jurisdiction; Court Proceedings; Waiver of Jury Trial. Any Litigation against any party to this Agreement arising
out of or in any way relating to this Agreement shall be brought in any federal or state court located in New York County in the State of New York, and each of the parties hereby submits to the exclusive jurisdiction of such courts for the purpose
of any such Litigation; provided, that a final judgment in any such Litigation shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Each party irrevocably and
unconditionally agrees not to assert (a) any objection which it may ever have to the selection of venue of any such Litigation in any federal or state court located in New York County in the State of New York, (b) any claim that any such
Litigation brought in any such court has been brought in an inconvenient forum and (c) any claim that such court does not have jurisdiction with respect to such Litigation. To the extent that service of process by mail is permitted by
applicable law, each party irrevocably consents to the service of process in any such Litigation in such courts by the delivery of such process in the manner contemplated by Section 7.2. Each party irrevocably and unconditionally waives any
right to a trial by jury and agrees that any of them may file a copy of this Section 7.7 with any court as written evidence of the knowing, voluntary and bargained-for agreement among the parties irrevocably to waive its right to
trial by jury in any Litigation. 
 7.8 Share Certificates; Legends. 

(a) In addition to any legends required under the Declaration of Trust, each certificate evidencing Shares owned by the Shareholders (or their
successors or transferees) will bear the following legend: 
 THE SHARES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT AND MAY BE OFFERED OR SOLD ONLY IF REGISTERED UNDER THE SECURITIES ACT OR IF AN EXEMPTION FROM REGISTRATION IS AVAILABLE. THE SHARES EVIDENCED BY THIS CERTIFICATE ARE ISSUED, ACCEPTED, AND HELD SUBJECT TO THE TERMS OF THE SHAREHOLDERS
AGREEMENT DATED [●], 2018, INCLUDING, WITHOUT LIMITATION, CERTAIN RESTRICTIONS ON TRANSFER AND ARRANGEMENTS REGARDING CORPORATE GOVERNANCE ISSUES. A COPY OF SUCH SHAREHOLDERS AGREEMENT HAS BEEN FILED AT THE PRINCIPAL

  
 25 

 
OFFICE OF THE COMPANY AND IS AVAILABLE UPON WRITTEN REQUEST WITHOUT CHARGE. THIS CERTIFICATE AND THE SHARES REPRESENTED HEREBY MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, MORTGAGED, PLEDGED,
HYPOTHECATED, OR OTHERWISE ENCUMBERED OR DISPOSED OF, EXCEPT AS PERMITTED BY SUCH SHAREHOLDERS AGREEMENT. 
 (b) If any securities become
registered pursuant to the Registration Rights Agreement or otherwise, the Company, upon the written request of the holder thereof, will issue to such holder a new certificate evidencing such securities without the legend required by
Section 7.8(a) endorsed thereon. If any Shares cease to be subject to any and all restrictions on Transfer set forth in this Agreement, the Company, upon the written request of the holder thereof, will issue to such holder a new certificate
evidencing such securities without the second, third or fourth sentences of the legend required by Section 7.8(a) endorsed thereon. 

7.9 Entire Agreement. This Agreement constitutes the entire agreement of the parties relating to the subject matter hereof and
supersedes all prior contracts or agreements, whether oral or written, relating to such matter, including without limitation the Shareholders Agreement by and among the Company and the shareholders of the Company party thereto dated December 9,
2010, as amended by the Assignment and Amendment of Shareholders Agreement dated as of February 27, 2015 and the First Amendment to Shareholders Agreement dated as of March 29, 2016, as it may have been amended, which the parties hereto agree is
terminated as of the Effective Time. In the event of any inconsistency between this Agreement and any document executed or delivered to effect the purposes of this Agreement, including, without limitation, the Bylaws and the Declaration of Trust,
this Agreement shall govern as among the parties hereto. 
 7.10 Additional Securities; Recapitalizations; Exchanges; etc. Except as
otherwise set forth in this Agreement, the provisions of this Agreement will apply to the full extent set forth herein with respect to (a) the Shares held by, or issued to, any Shareholder on or after the date hereof; and (b) any and all
Shares or shares of capital stock of any successor or assign of the Company (whether by merger, consolidation, exchange, sale of assets or otherwise), which may be issued in respect of, in exchange for, or in substitution for such shares, by reason
of any share dividend, share split, reverse split, combination, recapitalization, reclassification, merger, consolidation or otherwise. References to the “Company” in this Agreement will be deemed to refer to any such successor or assign,
and such entity will execute an appropriate instrument of assumption agreeing to be bound by the terms hereof. 
 7.11 Severability.
Should any provision of this Agreement or the application thereof to any Person or circumstance be held invalid or unenforceable to any extent: (a) such provision shall be ineffective to the extent, and only to the extent, of such
unenforceability or prohibition and shall be enforced to the greatest extent permitted by law, (b) such unenforceability or prohibition in any jurisdiction shall not invalidate or render unenforceable such provision as applied (i) to other
Persons or circumstances or (ii) in any other jurisdiction, and (c) such unenforceability or prohibition shall not affect or invalidate any other provision of this Agreement. 

  
 26 

 7.12 Amendment; Waiver. This Agreement may be amended, supplemented or otherwise modified
only by a written instrument executed by the Company and the other parties hereto, except that (a) with respect to the Fortress Investor, this Agreement may be amended, supplemented or modified in a manner that does not, prior to a Fortress
Transfer, disproportionately adversely affect the Fortress Investor and, after a Fortress Transfer, adversely affect the Fortress Investor, without the written consent of the Fortress Investor and (b) with respect to the CM Shareholder, this
Agreement may be amended, supplemented or modified in a manner that does not increase the obligations or liabilities of the CM Shareholder in any material respect without the written consent of the CM Shareholder. Neither the failure nor the delay
on the part of any party hereto to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof; no single or partial exercise of any right, remedy, power or privilege shall preclude any other or further
exercise of the same or of any other right, remedy, power or privilege; and no waiver of any right, remedy, power or privilege with respect to any occurrence shall be construed as a waiver of such right, remedy, power or privilege with respect to
any other occurrence. No waiver shall be effective unless it is in writing and signed by the party asserted to have granted such waiver. 

7.13 Counterparts. This Agreement may be executed by facsimile or .pdf signatures and in any number of counterparts with the same
effect as if all signatory parties had signed the same document. All counterparts shall be construed together and shall constitute one and the same instrument. 

[Signature Pages Follow] 

  
 27 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be duly executed and
delivered in its name and on its behalf, all as of the day and year above first written. 
  

			
	 AMERICOLD REALTY
TRUST

 
			
		
	 By:
	 	 
	 Name:

	 Title:

 [Signatures continue on following page] 

 
			
	 YUCAIPA SHAREHOLDER:

	
	 YF ART HOLDINGS, L.P.

	
	 By: YF ART Holdings GP, LLC, its general
partner

 
			
		
	 By:
	 	  

	 Name:

	 Title:

 [Signatures continue on following page] 

 
			
	GSCP SHAREHOLDERS:
	
	 GS CAPITAL PARTNERS VI FUND, L.P.

By: GSCP VI Advisors, L.L.C.,
 its general
partner

 
			
		
	By:	 	  

 
			
	Name: Bradley Gross
	Title: Vice President
	
	 GS CAPITAL PARTNERS VI PARALLEL, L.P.

By: GS Advisors VI, L.L.C.,
 its general
partner

 
			
		
	By:	 	  

 
			
	Name: Bradley Gross
	Title: Vice President
	
	GSCP VI OFFSHORE ICECAP INVESTMENT, L.P.
	 By: GSCP VI Offshore IceCap Holdings Entity GP, Ltd.,

its general partner

 
			
		
	By:	 	  

 
			
	Name: Bradley Gross
	Title: Vice President
	
	 GSCP VI GMBH ICECAP INVESTMENT, L.P.

By: GSCP VI GmbH IceCap Holdings Entity GP, Ltd.,
 its general
partner

 
			
		
	By:	 	  

 
			
	Name: Bradley Gross
	Title: Vice President

 
			
	ICECAP2 HOLDINGS, L.P.
	 By: IceCap2 Holdings Entity GP, Ltd.,

its general partner

 
			
		
	By:	 	  

 
			
	Name: Bradley Gross
	Title: Vice President
	
	[Signatures continue on following page]

 
			
	CM SHAREHOLDER:
	
	CHARM PROGRESS INVESTMENT LIMITED

 
			
		
	By:	 	  

 
			
	Name:
	Title:

 
	
	FORTRESS INVESTOR:
	
	 CF COLD, LP

	
	 By: CF Cold GP LLC, its general
partner

 
			
		
	By:	 	  

 
			
	Name:	 	

 
			
	Title:	 	

 
	
	YUCAIPA INVESTOR:
	
	 YF ART HOLDINGS AGGREGATOR,
LLC

 
			
		
	 By:
	 	
 

			
	 Name:
	 	

 
			
	 Title:
	 	

 Exhibit A 

Form of Indemnification Agreement 

 Exhibit B 

Shareholder Ownership Information 

Section 4.6(c) of the Shareholders Agreement provides that the Company and the Shareholders will use their commercially reasonable efforts to take all
actions necessary (or cease from taking any action) to cause the Company to continue to qualify at all times as a “domestically-controlled qualified investment entity” within the meaning of Section 897(h) of the Code.
Section 4.6(c) further provides that each Shareholder will provide the Company with certain ownership information at such times as the Company may request in connection with any certification by the Company that Shares of the Company are not
USRPI. 
 Shareholder hereby provides the Company with the following ownership information for purposes of the Company’s determination that it is a
“domestically-controlled qualified investment entity.” 
 Please indicate the following: 

 

	 	•	 	For U.S. federal income tax purposes, Shareholder is a US person / Shareholder is a non- US person (circle one). 

  

	 	•	 	For U.S. federal income tax purposes, Shareholder is a corporation / partnership / disregarded entity / trust / estate / individual / other (please indicate) (circle
one). 

  

	 	•	 	Number of shares of each class of stock of the Company held at all times during the prior 5 year period ending
on                    . Include a separate schedule as necessary. 

 

	 	•	 	If Shareholder is not a corporation for U.S. federal income tax purposes, no more than    % of the ultimate beneficial ownership of Shareholder is foreign. 

 

	 	•	 	If Shareholder is not the beneficial owner of the shares, no more than    % of the ultimate beneficial ownership of shares owned as of record by Shareholder is foreign.

 If you have any questions or need additional assistance, please
contact                    . 
 Please provide
the information requested above by                    . 

 Exhibit C 

GSCP SHAREHOLDERS 
  

			
	GS Capital Partners VI Fund, L.P.	  	c/o GS Capital Partners VI Fund, L.P.
	GS Capital Partners VI Parallel, L.P.	  	
	GSCP VI Offshore IceCap Investment, L.P.	  	200 West Street
	GSCP VI GmbH IceCap Investment, L.P.	  	New York, NY 10282-2198
	IceCap2 Holdings, L.P.	  	Attention: Bradley Gross
		  	Facsimile: (212) 357-5505
		  	Email: bradley.gross@gs.com
		
		  	with copies to (which shall not constitute
		  	notice):
		
		  	Fried, Frank, Harris, Shriver & Jacobson LLP
		  	One New York Plaza
		  	New York, NY 10004
		  	Attention: Robert Schwenkel, Esq. and
		  	Randi Lally, Esq.
		  	Facsimile: (212) 859-4000
		  	Email: robert.schwenkel@friedfrank.com and
		  	randi.lally@friedfrank.com

 YUCAIPA SHAREHOLDER 

YUCAIPA INVESTOR 
  

			
	YF ART Holdings, L.P.	  	c/o The Yucaipa Companies LLC
	YF ART Holdings Aggregator LLC	  	9130 W. Sunset Blvd.
		  	Los Angeles, CA 90069
		  	Attention: Robert P. Bermingham
		  	Facsimile: (310) 789-1791
		  	Email: legal@yucaipaco.com
		
		  	with copies (which shall not constitute notice):
		
		  	Munger, Tolles & Olson LLP
		  	350 S. Grand Ave., 50th Floor
		  	Los Angeles, CA 90071
		  	Attn: Judith T. Kitano
		  	Facsimile: (213) 683-4052
		  	Email: judith.kitano@mto.com

 FORTRESS INVESTOR 
  

			
	CF Cold LP	  	c/o Fortress Investment Group
		  	1345 Avenue of the Americas
		  	46th Floor
		  	New York, NY 10105
		  	United States of America
		  	Attention: Constantine Dakolias
		  	Telephone: (212) 798 6050
		  	Facsimile: (404) 264-4775
		  	Email: ddakolias@fortress.com
		
		  	and
		
		  	c/o Fortress Investment Group
		  	3290 Northside Parkway NW
		  	Suite 350
		  	Atlanta, GA 30327
		  	Attention: Joel Holsinger
		  	Telephone: (404) 264-4775
		  	Facsimile: (678) 550-9105
		  	Email: jholsinger@fortress.com
		
		  	with copies (which shall not constitute notice):
		
		  	Skadden, Arps, Slate, Meagher & Flom LLP
		  	300 South Grand Avenue, Suite 3400
		  	Los Angeles, CA 90071
		  	Attention: Jonathan L. Friedman
		  	Facsimile: (213) 621-5396
		  	Email: jonathan.friedman@skadden.com

 CM SHAREHOLDER 
  

			
	Charm Progress Investment Limited	  	12/F, China Merchant Building
		  	152-155 Connaught Road Central, Hong Kong
		  	Attention: Company Secretary, Board of Directors
		  	and Legal Department
		  	Facsimile: (852) 2587 8811

 CAPITALIZATION SCHEDULE 

Authorized Shares of Beneficial Interest: The authorized shares of beneficial interest of the Company consist of 250,000,000 Common Shares and
25,000,000 preferred shares of beneficial interest, par value $0.01 per share (“Preferred Shares”).  
 Common Shares Issued and
Outstanding: Of the authorized Common Shares, 69,370,609 Common Shares are issued and outstanding on the Effective Date. As of an IPO Closing Date prior to February 15, 2018 (after giving effect to the IPO), in addition to the above described
Common Shares, there will be issued and outstanding up to the additional number of Common Shares issued (i) upon conversion of the Series B Preferred Shares in accordance with the terms of the Agreement, (ii) upon conversion of the Yucaipa
Warrants (defined below) in accordance with the terms of the Agreement, (iii) upon conversion or exercise of the Company’s outstanding stock options and/or restricted stock units in accordance with their respective terms, and (iv) to
purchasers in connection with the IPO. 
 Shares Reserved for Issuance: 27,296,780 Common Shares are reserved for issuance pursuant to the
Company’s outstanding warrants and employee stock options as of the Effective Date, plus 9,000,000 Common Shares reserved for future issuance under the Americold Realty Trust 2017 Equity Incentive Plan (the “2017 Plan”).
783,333 Common Shares will be issuable under the 2017 Plan upon the vesting of restricted stock units to be granted to certain participants upon the completion of the IPO. In addition, there are sufficient Common Shares reserved for issuance to
permit the conversion of the Series B Preferred Shares and Series C Preferred Shares into Common Shares. 
 Series A Preferred Shares Issued and
Outstanding: Of the authorized Preferred Shares, 125 Preferred Shares, designated as “12.5% Series A Cumulative Non-Voting Preferred Shares” (the “Series A Preferred Shares”), are issued and outstanding as of the
Effective Date. No Series A Preferred Shares will be issued or outstanding as of an IPO Closing Date (after giving effect to the IPO). 
 Series B
Preferred Shares: An aggregate of 375,000 Series B Preferred Shares are issued and outstanding as of the Effective Date. As of an IPO Closing Date prior to February 15, 2018 (giving effect to the IPO) and subject to the terms and conditions of
the Agreement, the Series B Preferred Shares will be converted into Common Shares as described in the Agreement. 
 Series C Preferred Shares: An
aggregate of 375,000 Series C Preferred Shares are reserved for issuance in connection with the conversion provisions of the Series B Preferred Shares. The Series C Preferred Shares, if and when issued upon such conversion, will be convertible into
Common Shares in accordance with the terms of the Declaration of Trust of the Company in effect from time to time. 
 Outstanding Warrants: Warrants
to purchase an aggregate of 18,574,619 Common Shares (the “Yucaipa Warrants”) are outstanding as of the Effective Date. As of an IPO Closing Date prior to February 15, 2018 (after giving effect to the IPO), the Yucaipa Warrants will
be exercised. 
 Restricted Stock Units; Employee Stock Options: Members of the Board of Trustees of the Company and employees of the Company hold
844,595 restricted stock units, and employees 

  
 G-1 

 
and former employees of the Company and its subsidiaries (including a current board member who is a former employee) hold options to purchase an aggregate of 5,477,618 Common Shares under the
Americold Realty Trust 2008 Equity Incentive Plan and the Americold Realty Trust 2010 Equity Incentive Plan. 
 Changes to Capitalization. Any
changes to the capitalization of the Company after the Effective Date not covered by Section 4.5 of the Agreement, other than as part of or in connection with an IPO the IPO Closing Date of which is prior to February 15, 2018 (which changes are
described in this Exhibit G), will be reflected in an updated Exhibit G delivered in accordance with the Agreement. 

  
 G-2

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