Document:

Exhibit 10.1

      

    
      GREAT ELM GROUP, INC.

      AMENDED AND RESTATED

      2016 LONG-TERM INCENTIVE COMPENSATION PLAN

       

      	1.	
              ESTABLISHMENT; PURPOSES; AND DURATION

            

       

      	1.1	
              Establishment of the Plan.  The Plan permits the grant of Non-Qualified Stock Options, Incentive Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Units, Performance Shares, Cash-Based Awards and
                  Other Stock-Based Awards.  Following adoption of the Plan by the Board of Directors, the Plan shall become effective upon the date on which the Plan is approved by holders of a majority of the Company’s outstanding shares of common stock,
                  which approval must occur within the period ending twelve months after the date the Plan is adopted by the Board.  The Plan shall remain in effect as provided in Section 1.3.

            

       

      	1.2	
              Purposes of the Plan.  The purposes of the Plan are to provide additional incentives to non-employee directors of the Company and to those officers, employees and consultants of the Company, Subsidiaries and Affiliates whose substantial contributions
                  are essential to the continued growth and success of the business of the Company and the Subsidiaries and Affiliates, in order to strengthen their commitment to the Company and the Subsidiaries and Affiliates, and to attract and retain
                  competent and dedicated individuals whose efforts will result in the long-term growth and profitability of the Company and to further align the interests of such non-employee directors, officers, employees and consultants with the
                  interests of the stockholders of the Company.

            

       

      	1.3	
              Duration and Scope of the Plan.  The Plan shall commence on the Effective Date, and shall remain in effect, subject to the right of the Board of Directors to amend or terminate the Plan at any time pursuant to Article 14, until all Shares subject to
                  it shall have been delivered, and any restrictions on such Shares have lapsed, pursuant to the Plan’s provisions.  However, in no event may an Award be granted under the Plan on or after ten years from the Effective Date.  For
                  clarification purposes, the terms and conditions of the Plan, to the extent they differ from the terms and conditions of the Company’s 2016 Long-Term Incentive Compensation Plan as originally adopted (the “Prior Plan”), shall not apply to
                  or otherwise impact previously granted or outstanding awards under the Prior Plan.

            

       

      	2.	
              ADMINISTRATION

            

       

      	2.1	
              General.  The
                  Committee shall have exclusive authority to operate, manage and administer the Plan in accordance with its terms and conditions.  Notwithstanding the foregoing, in its absolute discretion, the Board may at any time and from time to time
                  exercise any and all rights, duties and responsibilities of the Committee under the Plan, including establishing procedures to be followed by the Committee, but excluding matters which under any applicable law, regulation or rule,
                  including any exemptive rule under Section 16 of the Exchange Act (including Rule 16b-3), are required to be determined in the sole discretion of the Committee.  If and to the extent that the Committee does not exist or cannot function,
                  the Board may take any action under the Plan that would otherwise be the responsibility of the Committee, subject to the limitations set forth in the immediately preceding sentence.

            

       

      
        
          

      

      
      	2.2	
              Committee. 
                  The members of the Committee shall be appointed from time to time by, and shall serve at the discretion of, the Board of Directors.  Appointment of Committee members shall be effective upon their acceptance of such appointment.  Committee
                  members may be removed by the Board at any time either with or without cause, and such members may resign at any time by delivering notice thereof to the Board.  Any vacancy on the Committee, whether due to action of the Board or any
                  other reason, shall be filled by the Board.  A majority of the Committee shall constitute a quorum and a majority of a quorum may authorize any action.  Any decision reduced to writing and signed by a majority of the members of the
                  Committee shall be fully effective as if it has been made at a meeting duly held.

            

       

      	2.3	
              Authority of the Committee.  The Committee shall have full discretionary authority to grant, pursuant to the terms of the Plan, Awards to those individuals who are eligible to receive Awards under the Plan.  Except as limited by law or by the
                  certificate of incorporation or bylaws of the Company, in each case as in effect from time to time, and subject to the provisions herein, the Committee shall have full power, in accordance with the other terms and provisions of the Plan,
                  to:

            

       

      	(a)	
              select Employees, Non-Employee Directors and Consultants who may receive Awards under the Plan and become Participants;

            

       

      	(b)	
              determine eligibility for participation in the Plan and decide all questions concerning eligibility for, and the amount of, Awards under the Plan;

            

       

      	(c)	
              determine the sizes and types of Awards;

            

       

      	(d)	
              determine the terms and conditions of Awards, including the Option Prices of Options and the Grant Prices of SARs;

            

       

      	(e)	
              grant Awards as an alternative to, or as the form of payment for grants or rights earned or payable under, other bonus or compensation plans, arrangements or policies of the Company or a Subsidiary or Affiliate;

            

       

      	(f)	
              grant Substitute Awards on such terms and conditions as the Committee may prescribe, subject to compliance with the ISO rules under Code Section 422 and the non-qualified deferred compensation rules under Code Section 409A, where
                applicable;

            

       

      	(g)	
              make all determinations under the Plan concerning Termination of any Participant’s employment or service with the Company or a Subsidiary or Affiliate, including whether such Termination occurs by reason of Cause, Good Reason,
                disability, retirement or in connection with a Change of Control and whether a leave constitutes a Termination;

            

       

      	(h)	
              construe and interpret the Plan and any agreement or instrument entered into under the Plan, including any Award Agreement;

            

       

      
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      	(i)	
              establish and administer any terms, conditions, restrictions, limitations, forfeiture, vesting or exercise schedule, and other provisions of or relating to any Award;

            

       

      	(j)	
              establish and administer any performance goals in connection with any Awards, including performance criteria and applicable Performance Periods, determine the extent to which any performance goals and/or other terms and conditions of an
                Award are attained or are not attained;

            

       

      	(k)	
              construe any ambiguous provisions, correct any defects, supply any omissions and reconcile any inconsistencies in the Plan and/or any Award Agreement or any other instrument relating to any Awards;

            

       

      	(l)	
              establish, adopt, amend, waive and/or rescind rules, regulations, procedures, guidelines, forms and/or instruments for the Plan’s operation or administration;

            

       

      	(m)	
              make all valuation determinations relating to Awards and the payment or settlement thereof;

            

       

      	(n)	
              grant waivers of terms, conditions, restrictions and limitations under the Plan or applicable to any Award, or accelerate the vesting or exercisability of any Award;

            

       

      	(o)	
              subject to the provisions of Article 14, amend or adjust the terms and conditions of any outstanding Award and/or adjust the number and/or class of shares of stock subject to any outstanding Award;

            

       

      	(p)	
              at any time and from time to time after the granting of an Award, specify such additional terms, conditions and restrictions with respect to such Award as may be deemed necessary or appropriate to ensure compliance with any and all
                applicable laws or rules, including terms, restrictions and conditions for compliance with applicable securities laws or listing rules, methods of withholding or providing for the payment of required taxes and restrictions regarding a
                Participant’s ability to exercise Options through a cashless (broker-assisted) exercise;

            

       

      	(q)	
              subject to Section 13.1, offer to buy out an Award previously granted, based on such terms and conditions as the Committee shall establish with and communicate to the Participant at the time such offer is made;

            

       

      	(r)	
              determine whether, and to what extent and under what circumstances Awards may be settled in cash, Shares or other property or canceled or suspended; and

            

       

      	(s)	
              exercise all such other authorities, take all such other actions and make all such other determinations as it deems necessary or advisable for the proper operation and/or administration of the Plan.

            

       

      
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      	2.4	
              Award Agreements.  The Committee shall, subject to applicable laws and rules, determine the date an Award is granted.  Each Award shall be evidenced by an Award Agreement; however, two or more Awards granted to a single Participant may be combined
                  in a single Award Agreement.  An Award Agreement shall not be a precondition to the granting of an Award; provided, however, that (a) the Committee may, but need not, require as a condition to any
                  Award Agreement’s effectiveness, that such Award Agreement be executed on behalf of the Company and/or by the Participant to whom the Award evidenced thereby shall have been granted (including by electronic signature or other electronic
                  indication of acceptance), and such executed Award Agreement be delivered to the Company, and (b) no person shall have any rights under any Award unless and until the Participant to whom such Award shall have been granted has complied
                  with the applicable terms and conditions of the Award.  The Committee shall prescribe the form of all Award Agreements, and, subject to the terms and conditions of the Plan, shall determine the content of all Award Agreements.  In the
                  event of any dispute or discrepancy concerning the terms of an Award, the records of the Committee or its designee shall be determinative.

            

       

      	2.5	
              Discretionary Authority; Decisions Binding.  The Committee shall have full discretionary authority in all matters related to the discharge of its responsibilities and the exercise of its authority under the Plan.  All determinations, decisions,
                  actions and interpretations by the Committee with respect to the Plan and any Award Agreement, and all related orders and resolutions of the Committee shall be final, conclusive and binding on all Participants, the Company and its
                  stockholders, any Subsidiary or Affiliate and all persons having or claiming to have any right or interest in or under the Plan and/or any Award Agreement.  The Committee shall consider such factors as it deems relevant to making or
                  taking such decisions, determinations, actions and interpretations, including the recommendations or advice of any Director or officer or employee of the Company, any director, officer or employee of a Subsidiary or Affiliate and such
                  attorneys, consultants and accountants as the Committee may select.  A Participant or other holder of an Award may contest a decision or action by the Committee with respect to such person or Award only on the grounds that such decision
                  or action was arbitrary or capricious or was unlawful, and any review of such decision or action shall be limited to determining whether the Committee’s decision or action was arbitrary or capricious or was unlawful.

            

       

      	2.6	
              Delegation of Administration.  Except to the extent prohibited by applicable law, including any applicable exemptive rule under Section 16 of the Exchange Act (including Rule 16b-3), or the applicable rules of a stock exchange, the Committee may, in
                  its discretion, allocate all or any portion of its responsibilities and powers under this Article 2 to any one or more of its members and/or delegate all or any part of its responsibilities and powers under this Article 2 to any person or
                  persons selected by it; provided, however, that the Committee may not (a) delegate to any executive officer of the Company or an Affiliate, or a committee that includes any such executive officer,
                  the Committee’s authority to grant Awards, or the Committee’s authority otherwise concerning Awards, awarded to executive officers of the Company or an Affiliate; (b) delegate the Committee’s authority to grant Awards to consultants
                  unless any such Award is subject to approval by the Committee; (c) delegate its authority to correct defects, omissions or inconsistencies in the Plan; or (d) delegate its authority with respect to Awards that are intended to qualify as
                  performance-based compensation under Code Section 162(m) if such delegation would cause the Awards to fail to so qualify.  Any such authority delegated or allocated by the Committee under this Section 2.6 shall be exercised in accordance
                  with the terms and conditions of the Plan and any rules, regulations or administrative guidelines that may from time to time be established by the Committee, and any such allocation or delegation may be revoked by the Committee at any
                  time.

            

       

      
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      	3.	
              SHARES SUBJECT TO THE PLAN

            

       

      	3.1	
              Number of Shares Available for Grants.  The shares of stock subject to Awards granted under the Plan shall be Shares.  Such Shares subject to the Plan may be either authorized and unissued shares or previously issued shares acquired by the Company or
                  any Subsidiary.  As of the Effective Date, 6,050,000 Shares are reserved for issuance of Awards, subject to adjustment as provided in Section 3.2.  Subject to, in the case of ISOs, any limitations applicable thereto under the Code, if (a)
                  any Shares are subject to an Option, SAR, or other Award which for any reason expires or is terminated or canceled without having been fully exercised or satisfied, or are subject to any Restricted Stock Award (including any Shares
                  subject to a Participant’s Restricted Stock Award that are repurchased by the Company at the Participant’s cost), Restricted Stock Unit Award or other Award granted under the Plan which are forfeited, or (b) any Award based on Shares is
                  settled for cash, expires or otherwise terminates without the issuance of such Shares, the Shares subject to such Award shall, to the extent of any such expiration, termination, cancellation, forfeiture or cash settlement, be available
                  for delivery in connection with future Awards under the Plan.  Any Shares delivered under the Plan upon exercise or satisfaction of Substitute Awards shall not reduce the Shares available for delivery under the Plan; provided, however, that the total number of Shares that may be delivered pursuant to Incentive Stock Options granted under the Plan shall be the number of Shares set forth in the third sentence of this
                  Section 3.1, as adjusted pursuant to this Section 3.1, but without application of the foregoing provisions of this sentence.  Shares may be issued under the terms of this Plan in connection with a merger or acquisition as permitted by
                  NASDAQ Listing Rule 5635(c), NYSE Listed Company Manual Section 303A.08, AMEX Company Guide Section 711 or other applicable rule, and such issuance will not reduce the number of Shares available for issuance under the Plan.  The payment
                  of Dividend Equivalents in cash in conjunction with any outstanding Awards shall not be counted against the shares available for issuance under the Plan.  Notwithstanding anything to the contrary contained herein, the following Shares
                  will not be added to the aggregate number of Shares available for issuance of Awards under this Section 3.1: (a) Shares withheld by the Company, tendered or otherwise used in payment of the Option Price of an Option, (b) Shares
                  withheld or otherwise used by the Company to satisfy a tax withholding obligation, (c) Shares subject to a SAR that are not actually issued in connection with the settlement thereof, and (d) Shares reacquired by the Company on the open
                  market or otherwise using cash proceeds from the exercise of Options.

            

       

      
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      	3.2	
              Adjustments in Authorized Shares.  In the event of any corporate event or transaction (including a change in the Shares or the capitalization of the Company), such as a reclassification, recapitalization, merger, consolidation, reorganization (whether
                  or not such reorganization comes within the definition of such term in Code Section 368), issuance of warrants or rights, dividend or other distribution (whether in the form of cash, stock or other property), stock split or reverse stock
                  split, spin-off, split-up, combination or exchange of shares, repurchase of shares, or other like change in corporate structure, partial or complete liquidation of the Company or distribution (other than normal cash dividends) to
                  stockholders of the Company, or any similar corporate event or transaction, the Committee shall substitute or adjust, as applicable, the number, class and kind of securities which may be delivered under Section 3.1; the number, class and
                  kind, and/or price (such as the Option Price of Options or the Grant Price of SARs) of securities subject to outstanding Awards; the numerical limits set forth in Section 4.3; and other value determinations applicable to outstanding
                  Awards, in order to prevent dilution or enlargement of Participants’ rights under the Plan; provided, however, that the number of Shares subject to any Award shall always be a whole number.  The Committee shall also make appropriate
                  adjustments and modifications in the terms of any outstanding Awards to reflect or related to any such events, adjustments, substitutions or changes.  Any adjustment, substitution or change pursuant to this Section 3.2 made with respect
                  to an Award intended to be an Incentive Stock Option shall be made only to the extent consistent with such intent, unless the Committee determines otherwise.  The Committee shall not make any adjustment pursuant to this Section 3.2 that
                  would cause an Award that is otherwise exempt from Code Section 409A to become subject to Code Section 409A, or that would cause an Award that is subject to Code Section 409A to fail to satisfy the requirements of Code Section 409A.  All
                  determinations of the Committee as to adjustments or changes, if any, under this Section 3.2 shall be conclusive and binding on the Participants.

            

       

      	3.3	
              No Limitation on Corporate Actions.  The existence of the Plan and any Awards granted hereunder shall not affect in any way the right or power of the Company, any Subsidiary or any Affiliate to make or authorize any adjustment, recapitalization,
                  reorganization or other change in its capital structure or business structure, any merger or consolidation, any issuance of debt, preferred or prior preference stock ahead of or affecting the Shares, additional shares of capital stock or
                  other securities or subscription rights thereto, any dissolution or liquidation, any sale or transfer of all or part of its assets or business or any other corporate act or proceeding.

            

       

      	4.	
              ELIGIBILITY, PARTICIPATION AND INDIVIDUAL LIMITATIONS ON AWARDS

            

       

      	4.1	
              Eligibility. 
                  Employees, Non-Employee Directors and Consultants shall be eligible to become Participants and receive Awards in accordance with the terms and conditions of the Plan, subject to the limitations on the granting of ISOs set forth in Section
                  6.8(a).

            

       

      	4.2	
              Actual Participation.  Subject to the provisions of the Plan, the Committee may, from time to time, select Participants from all eligible Employees, Non-Employee Directors and Consultants and shall determine the nature and amount of each Award.

            

       

      	4.3	
              Individual Limitations on Awards.

            

       

      
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      	(a)	
              Individual Limit for Options and SARs.  The maximum number of Shares with respect to which Options and SARs may be granted to any Participant in any Fiscal Year shall be 1 million.  In connection with a Participant’s commencement of service for the Company,
                  any Affiliate or Subsidiary, as applicable, a Participant may be granted Options and SARs for up to an additional 3 million Shares which shall not count against the limit set forth in the previous sentence.  The foregoing limitation(s)
                  shall be adjusted proportionately in connection with any change in the Company’s capitalization pursuant to Section 4.2.

            

       

      	(b)	
              Individual Limit for Awards to Non-Employee Directors.  The maximum grant date fair value, determined in accordance with the Company’s standard accounting principles, of Awards that may be granted to any Non-Employee Director in any Fiscal Year together with any
                  cash compensation payable to such Non-Employee Director for such Fiscal Year shall be $500,000.

            

       

      	5.	
              STOCK OPTIONS

            

       

      	5.1	
              Grant of Options.  Subject to the terms and provisions of the Plan, Options may be granted to Participants in such number, and upon such terms, and at any time and from time to time as shall be determined by the Committee.

            

       

      	5.2	
              Award Agreement.  Each Option grant shall be evidenced by an Award Agreement that shall specify the Option Price, the maximum duration of the Option, the number of Shares to which the Option pertains, the conditions upon which the Option shall
                  become exercisable and such other provisions as the Committee shall determine, which are not inconsistent with the terms of the Plan.  The Award Agreement also shall specify whether the Option is intended to be an ISO or an NQSO.  To the
                  extent that any Option does not qualify as an ISO (whether because of its provisions or the time or manner of its exercise or otherwise), such Option, or the portion thereof which does not so qualify, shall constitute a separate NQSO.

            

       

      	5.3	
              Option Price. 
                  The Option Price for each Option shall be determined by the Committee and set forth in the Award Agreement; provided that, subject to Section 5.8(c), the Option Price of an Option shall be not
                  less than one hundred percent of the Fair Market Value of a Share on the date the Option is granted; provided further, that Substitute Awards or Awards granted in connection with an adjustment
                  provided for in Section 3.2, in the form of stock options, shall have an Option Price per Share that is intended to maintain the economic value of the Award that was replaced or adjusted, as determined by the Committee.

            

       

      	5.4	
              Duration of Options.  Each Option granted to a Participant shall expire at such time as the Committee shall determine at the time of grant and set forth in the Award Agreement; provided, however, that no Option shall be exercisable later than the
                  tenth anniversary of its date of grant, subject to the respective last sentences of Sections 5.5 and 5.8(c).

            

       

      	5.5	
              EXERCISE OF OPTIONS.

            

       

      
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      	(a)	
              Options shall be exercisable at such times and be subject to such restrictions and conditions as the Committee shall in each instance determine and set forth in the Award Agreement, which need not be the same for each grant or for each
                Option or Participant.  An Award Agreement may provide that the period of time over which an Option other than an ISO may be exercised shall be automatically extended if on the scheduled expiration date of such Option the Participant’s
                exercise of such Option would violate applicable securities laws; provided, however, that during such extended exercise period the Option may only be exercised to the extent the Option was
                exercisable in accordance with its terms immediately prior to such scheduled expiration date; provided further, however, that such extended exercise period shall end not later than thirty days after
                the exercise of such Option first would no longer violate such laws.

            

       

      	(b)	
              The Committee may provide that unvested Options can be exercised by payment of the exercise price thereof to the Company.  The Company or an escrow agent appointed by the Company shall hold any Shares acquired upon exercise of an
                unvested Option.  Such Shares shall be released from escrow if, as, when and to the extent the vesting and performance (if any) criteria of such option are satisfied.  To the extent the vesting and performance criteria (if any) of such
                Option are not satisfied, (i) the Participant shall not have the right to refund of any exercise price paid in respect of such Option and (ii) the shares issued upon exercise of such unvested Option shall be returned to the Company.

            

       

      	5.6	
              Payment. 
                  Options shall be exercised by the delivery of a written notice of exercise to the Company, in a form specified or accepted by the Committee, or by complying with any alternative exercise procedures that may be authorized by the Committee,
                  setting forth the number of Shares with respect to which the Option is to be exercised, accompanied by full payment for such Shares, which shall include applicable taxes, if any, in accordance with Article 14.  The Option Price upon
                  exercise of any Option shall be payable to the Company in full either: (a) in cash or its equivalent; (b) subject to such terms, conditions and limitations as the Committee may prescribe, by tendering (either by actual delivery or
                  attestation) unencumbered Shares previously acquired by the Participant exercising such Option having an aggregate Fair Market Value at the time of exercise equal to the total Option Price, (c) by a combination of (a) and (b); or (d) by
                  any other method approved or accepted by the Committee in its sole discretion, including, if the Committee so determines, (x) a cashless (broker-assisted) exercise that complies with all applicable laws or (y) withholding of Shares
                  otherwise deliverable to the Participant pursuant to the Option having an aggregate Fair Market Value at the time of exercise equal to the total Option Price.  Subject to any governing rules or regulations, as soon as practicable after
                  receipt of a written notification of exercise and full payment in accordance with the preceding provisions of this Section 5.6, the Company shall deliver to the Participant exercising an Option, in the Participant’s name, evidence of book
                  entry Shares, or, upon the Participant’s request, Share certificates, in an appropriate amount based upon the number of Shares purchased under the Option, subject to Section 18.10.  Unless otherwise determined by the Committee, all
                  payments under all of the methods described above shall be paid in United States dollars.

            

       

      	5.7	
              Termination of Employment or Service.  Except as otherwise provided in the Award Agreement, an Option may be exercised only to the extent that it is then exercisable, and if at all times during the period beginning with the date of granting of such
                  Option and ending on the date of exercise of such Option the Participant is an Employee, Non-Employee Director or Consultant, and shall terminate immediately upon a Termination of the Participant.  An Option shall cease to become
                  exercisable upon a Termination of the holder thereof.  Notwithstanding the foregoing provisions of this Section 5.7 to the contrary, the Committee may determine in its discretion that an Option may be exercised following any such
                  Termination, whether or not exercisable at the time of such Termination; provided, however, that in no event may an Option be exercised after the expiration date of such Option specified in the
                  applicable Award Agreement, except as provided in the last sentence of Section 5.5.

            

       

      
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      	5.8	
              LIMITATIONS ON INCENTIVE STOCK OPTIONS.

            

       

      	(a)	
              General.  No ISO shall be
                  granted to any individual otherwise eligible to participate in the Plan who is not an Employee of the Company or a Subsidiary on the date of granting of such Option.  Any ISO granted under the Plan shall contain such terms and conditions,
                  consistent with the Plan, as the Committee may determine to be necessary to qualify such Option as an “incentive stock option” under Code Section 422.  Any ISO granted under the Plan may be modified by the Committee to disqualify such
                  Option from treatment as an “incentive stock option” under Code Section 422.

            

       

      	(b)	
              $100,000 Per Year Limitation.  Notwithstanding any intent to grant ISOs, an Option granted under the Plan will not be considered an ISO to the extent that it, together with any other “incentive stock options” (within the meaning of Code Section 422, but
                  without regard to subsection (d) of such Section) under the Plan and any other “incentive stock option” plans of the Company, any Subsidiary and any “parent corporation” of the Company within the meaning of Code Section 424(e), are
                  exercisable for the first time by any Participant during any calendar year with respect to Shares having an aggregate Fair Market Value in excess of $100,000 (or such other limit as may be required by the Code) as of the time the Option
                  with respect to such Shares is granted.  The rule set forth in the preceding sentence shall be applied by taking Options into account in the order in which they were granted.

            

       

      	(c)	
              Options Granted to Certain Stockholders.  No ISO shall be granted to an individual otherwise eligible to participate in the Plan who owns (within the meaning of Code Section 424(d)), at the time the Option is granted, more than ten percent of the total
                  combined voting power of all classes of stock of the Company or a Subsidiary or any “parent corporation” of the Company within the meaning of Section 424(e) of the Code.  This restriction does not apply if at the time such ISO is granted
                  the Option Price of the ISO is at least one hundred ten percent of the Fair Market Value of a Share on the date such ISO is granted, and the ISO by its terms is not exercisable after the expiration of five years from such date of grant.

            

       

      	5.9	
              Substitution of Stock Appreciation Rights.  Subject to the other provisions of this Plan, the Committee may provide in the Award Agreement evidencing the grant of an Option that the Committee, in its sole discretion, shall have to right to substitute
                  a SAR for such Option at any time prior to or upon exercise of such Option; provided, that such SAR shall be exercisable with respect to the same number of shares of Stock for which such
                  substituted Option would have been exercisable.

            

       

      
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      	6.	
              STOCK APPRECIATION RIGHTS

            

       

      	6.1	
              Grant of SARs. 
                  Subject to the terms and conditions of the Plan, SARs may be granted to Participants at any time and from time to time as shall be determined by the Committee.  The Committee may grant an SAR (a) in connection and simultaneously with the
                  grant of an Option (a Tandem SAR) or (b) independent of, and unrelated to, an Option (a Freestanding SAR).

            

       

      	6.2	
              Grant Price. 
                  The Grant Price for each SAR shall be determined by the Committee and set forth in the Award Agreement, subject to the limitations of this Section 6.2.  The Grant Price for each Freestanding SAR shall be not less than one hundred percent
                  of the Fair Market Value of a Share on the date such Freestanding SAR is granted, except in the case of Substitute Awards or Awards granted in connection with an adjustment provided for in Section 3.2.  The Grant Price of a Tandem SAR
                  shall be equal to the Option Price of the related Option.

            

       

      	6.3	
              Exercise of Tandem SARs.  Tandem SARs may be exercised for all or part of the Shares subject to the related Option upon the surrender of the right to exercise the equivalent portion of the related Option.  A Tandem SAR shall be exercisable only
                  when and to the extent the related Option is exercisable and may be exercised only with respect to the Shares for which the related Option is then exercisable.  A Tandem SAR shall entitle a Participant to elect, in the manner set forth in
                  the Plan and the applicable Award Agreement, in lieu of exercising his or her unexercised related Option for all or a portion of the Shares for which such Option is then exercisable pursuant to its terms, to surrender such Option to the
                  Company with respect to any or all of such Shares and to receive from the Company in exchange therefor a payment described in Section 6.7.  An Option with respect to which a Participant has elected to exercise a Tandem SAR shall, to the
                  extent of the Shares covered by such exercise, be canceled automatically and surrendered to the Company.  Such Option shall thereafter remain exercisable according to its terms only with respect to the number of Shares as to which it
                  would otherwise be exercisable, less the number of Shares with respect to which such Tandem SAR has been so exercised.  Notwithstanding any other provision of the Plan to the contrary, with respect to a Tandem SAR granted in connection
                  with an ISO: (a) the Tandem SAR will expire no later than the expiration of the related ISO; (b) the value of the payment with respect to the Tandem SAR may not exceed the difference between the Fair Market Value of the Shares subject to
                  the related ISO at the time the Tandem SAR is exercised and the Option Price of the related ISO; and (c) the Tandem SAR may be exercised only when the Fair Market Value of the Shares subject to the ISO exceeds the Option Price of the ISO.

            

       

      	6.4	
              Exercise of Freestanding SARs.  Freestanding SARs may be exercised upon whatever terms and conditions the Committee, in its sole discretion, in accordance with the Plan, determines and sets forth in the Award Agreement.  An Award Agreement may
                  provide that the period of time over which a Freestanding SAR may be exercised shall be automatically extended if on the scheduled expiration date of such SAR the Participant’s exercise of such SAR would violate applicable securities
                  laws; provided, however, that during such extended exercise period the SAR may only be exercised to the extent the SAR was exercisable in accordance with its terms immediately prior to such
                  scheduled expiration date; provided further, however, that such extended exercise period shall end not later than thirty days after the exercise of such SAR first would no longer violate such
                  laws.

            

       

      
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      	6.5	
              Award Agreement.  Each SAR grant shall be evidenced by an Award Agreement that shall specify the number of Shares to which the SAR pertains, the Grant Price, the term of the SAR, and such other terms and conditions as the Committee shall determine
                  in accordance with the Plan.

            

       

      	6.6	
              Term of SARs. 
                  The term of a SAR granted under the Plan shall be determined by the Committee, in its sole discretion; provided, however, that the term of any Tandem SAR shall be the same as the related Option
                  and no SAR shall be exercisable more than ten years after it is granted, subject to the last sentence of Section 5.5(a) in the case of a Tandem SAR.

            

       

      	6.7	
              Payment of SAR Amount.  An election to exercise SARs shall be deemed to have been made on the date of Notice of such election to the Company.  As soon as practicable following such Notice, the Participant shall be entitled to receive payment from the
                  Company in an amount determined by multiplying:

            

       

      	(a)	
              The excess of the Fair Market Value of a Share on the date of exercise over the Grant Price of the SAR; by

            

       

      	(b)	
              The number of Shares with respect to which the SAR is exercised.

            

       

      
        	
                

                

              	
                Notwithstanding the foregoing provisions of this Section 6.7 to the contrary, the Committee may establish and set forth in the applicable Award Agreement a
                  maximum amount per Share that will be payable upon the exercise of a SAR.  At the discretion of the Committee, such payment upon exercise of a SAR shall be in cash, in Shares of equivalent Fair Market Value, or in some combination
                  thereof.

              

      

       

      	6.8	
              Termination of Employment or Service.  Except as otherwise provided in the Award Agreement, a SAR may be exercised only to the extent that it is then exercisable, and if at all times during the period beginning with the date of granting of such SAR
                  and ending on the date of exercise of such SAR the Participant is an Employee, Non-Employee Director or Consultant, and shall terminate immediately upon a Termination of the Participant.  A SAR shall cease to become exercisable upon a
                  Termination of the holder thereof.  Notwithstanding the foregoing provisions of this Section 6.8 to the contrary, the Committee may determine in its discretion that a SAR may be exercised following any such Termination, whether or not
                  exercisable at the time of such Termination; provided, however, that in no event may a SAR be exercised after the expiration date of such SAR specified in the applicable Award Agreement, except as provided in the last sentence of Section
                  5.5(a) (in the case of Tandem SARs) or in the last sentence of Section 6.4 (in the case of Freestanding SARs).  To the extent applicable to any Tandem SAR, the foregoing provisions of this Section 6.8 are subject to the provisions of
                  Section 6.8, pursuant to the provisions Section 6.3.

            

       

      
        - 11 -

        
          

      

      	7.	
              RESTRICTED STOCK AND RESTRICTED STOCK UNITS

            

       

      	7.1	
              Awards of Restricted Stock and Restricted Stock Units.  Subject to the terms and provisions of the Plan, the Committee, at any time and from time to time, may grant Shares of Restricted Stock and/or Restricted Stock Units to
                  Participants in such amounts as the Committee shall determine.

            

       

      	7.2	
              Award Agreement.  Each Restricted Stock and/or Restricted Stock Unit Award shall be evidenced by an Award Agreement that shall specify the Period of Restriction, the number of Shares of Restricted Stock or the number of Restricted Stock Units
                  granted, and such other provisions as the Committee shall determine in accordance with the Plan.

            

       

      	7.3	
              Non-Transferability of Restricted Stock.  Except as provided in this Article 7, Shares of Restricted Stock may not be sold, transferred, pledged, assigned, encumbered, alienated, hypothecated or otherwise disposed of until the end of the applicable
                  Period of Restriction established by the Committee and specified in the Restricted Stock Award Agreement.

            

       

      	7.4	
              Period of Restriction and Other Restrictions.  The Period of Restriction shall lapse based on continuing service as a Non-Employee Director or Consultant or continuing employment with the Company, a Subsidiary or an Affiliate, the achievement of
                  performance goals, the satisfaction of other conditions or restrictions or upon the occurrence of other events, in each case, as determined by the Committee, at its discretion, and stated in the Award Agreement.  If the grants of
                  Restricted Stock or Restricted Stock Units are intended to qualify as “performance-based compensation” under Code Section 162(m), the Committee will set restrictions based upon the achievement of the performance goals set forth in Section
                  8.3 and will determine achievement of such goals in accordance with Section 8.3.

            

       

      	7.5	
              Delivery of Shares, Payment of Restricted Stock Units.  Subject to Section 18.10, after the last day of the Period of Restriction applicable to a Participant’s Shares of Restricted Stock, and after all conditions and restrictions
                  applicable to such Shares of Restricted Stock have been satisfied or lapse (including satisfaction of any applicable withholding tax obligations), pursuant to the applicable Award Agreement, such Shares of Restricted Stock shall become
                  freely transferable by such Participant.  After the last day of the Period of Restriction applicable to a Participant’s Restricted Stock Units, and after all conditions and restrictions applicable to Restricted Stock Units have been
                  satisfied or lapse (including satisfaction of any applicable withholding tax obligations), pursuant to the applicable Award Agreement, such Restricted Stock Units shall be settled by delivery of Shares, a cash payment determined by
                  reference to the then-current Fair Market Value of Shares or a combination of Shares and such cash payment as the Committee, in its sole discretion, shall determine, either by the terms of the Award Agreement or otherwise.

            

       

      
        - 12 -

        
          

      

      	7.6	
              Forms of Restricted Stock Awards.  Each Participant who receives an Award of Shares of Restricted Stock shall be issued a stock certificate or certificates evidencing the Shares covered by such Award registered in the name of such Participant, which
                  certificate or certificates may contain an appropriate legend.  The Committee may require a Participant who receives a certificate or certificates evidencing a Restricted Stock Award to immediately deposit such certificate or
                  certificates, together with a stock power or other appropriate instrument of transfer, endorsed in blank by the Participant, with signatures guaranteed in accordance with the Exchange Act if required by the Committee, with the Secretary
                  of the Company or an escrow holder as provided in the immediately following sentence.  The Secretary of the Company or such escrow holder as the Committee may appoint shall retain physical custody of each certificate representing a
                  Restricted Stock Award until the Period of Restriction and any other restrictions imposed by the Committee or under the Award Agreement with respect to the Shares evidenced by such certificate expire or shall have been removed.  The
                  foregoing to the contrary notwithstanding, the Committee may, in its discretion, provide that a Participant’s ownership of Shares of Restricted Stock prior to the lapse of the Period of Restriction or any other applicable restrictions
                  shall, in lieu of such certificates, be evidenced by a “book entry” (i.e., a computerized or manual entry) in the records of the Company or its designated agent in the name of the Participant who has received such Award.  Such records of
                  the Company or such agent shall, absent manifest error, be binding on all Participants who receive Restricted Stock Awards evidenced in such manner.  The holding of Shares of Restricted Stock by the Company or such an escrow holder, or
                  the use of book entries to evidence the ownership of Shares of Restricted Stock, in accordance with this Section 7.6, shall not affect the rights of Participants as owners of the Shares of Restricted Stock awarded to them, nor affect the
                  restrictions applicable to such shares under the Award Agreement or the Plan, including the Period of Restriction.

            

       

      	7.7	
              Voting Rights. 
                  Unless otherwise determined by the Committee and set forth in a Participant’s Award Agreement, to the extent permitted or required by law, as determined by the Committee, Participants holding Shares of Restricted Stock shall be granted
                  the right to exercise full voting rights with respect to those Shares during the Period of Restriction.  A Participant shall have no voting rights with respect to any Restricted Stock Units.

            

       

      	7.8	
              Dividends and Other Distributions.  During the Period of Restriction, Participants holding Shares of Restricted Stock shall be credited with any cash dividends paid with respect to such Shares while they are so held, unless determined otherwise
                  by the Committee and set forth in the Award Agreement.  The Committee may apply any restrictions to such dividends that the Committee deems appropriate.  Except as set forth in the Award Agreement, in the event of (a) any adjustment as
                  provided in Section 3.2, or (b) any shares or securities are received as a dividend, or an extraordinary dividend is paid in cash, on Shares of Restricted Stock, any new or additional Shares or securities or any extraordinary dividends
                  paid in cash received by a recipient of Restricted Stock shall be subject to the same terms and conditions, including the Period of Restriction, as it relates to the original Shares of Restricted Stock.

            

       

      
        - 13 -

        
          

      

      	7.9	
              Termination of Employment or Service.  Except as otherwise provided in this Section 7.9, during the Period of Restriction, any Restricted Stock Units and/or Shares of Restricted Stock held by a Participant shall be forfeited and revert to the
                  Company (or, if Shares of Restricted Sock were sold to the Participant, the Participant shall be required to resell such Shares to the Company at cost) upon the Participant’s Termination or the failure to meet or satisfy any applicable
                  performance goals or other terms, conditions and restrictions to the extent set forth in the applicable Award Agreement.  Each applicable Award Agreement shall set forth the extent to which, if any, the Participant shall have the right to
                  retain Restricted Stock Units and/or Shares of Restricted Stock, then subject to the Period of Restriction, following such Participant’s Termination.  Such provisions shall be determined in the sole discretion of the Committee, shall be
                  included in the applicable Award Agreement, need not be uniform among all such Awards issued pursuant to the Plan, and may reflect distinctions based on the reasons for, or circumstances of, such Termination.

            

       

      	7.10	
              Repurchase or Forfeiture of Restricted Stock.  If no price was paid by the Participant for the Restricted Stock, upon a the Participant’s Termination, the Participant’s rights in unvested Restricted Stock then subject to restrictions shall lapse, and
                  such Restricted Stock shall be surrendered to the Company without consideration.  If a price was paid by the Participant for the Restricted Stock, upon the Participant’s Termination the Company shall have the right to repurchase from the
                  Participant the unvested Restricted Stock then subject to restrictions at a cash price per share equal to the price paid by the Participant for such Restricted Stock or such other amount as may be specified in the Award Agreement.  The
                  Committee in its discretion may provide that in the event of certain events, including a Change in Control, the Participant’s death, retirement or disability or any other specified Termination of Service or any other event, the
                  Participant’s rights in unvested Restricted Stock shall not lapse, such Restricted Stock shall vest and, if applicable, the Company shall not have a right of repurchase.

            

       

      	8.	
              PERFORMANCE UNITS, PERFORMANCE SHARES, AND CASH-BASED AWARDS

            

       

      	8.1	
              Grant of Performance Units, Performance Shares and Cash-Based Awards.  Subject to the terms of the Plan, Performance Units, Performance Shares, and/or Cash-Based Awards may be granted to Participants in such amounts and upon such terms, and at any
                  time and from time to time, as shall be determined by the Committee, in accordance with the Plan.  A Performance Unit, Performance Share or Cash-Based Award entitles the Participant who receives such Award to receive Shares or cash upon
                  the attainment of performance goals and/or satisfaction of other terms and conditions determined by the Committee when the Award is granted and set forth in the Award Agreement.  Such entitlements of a Participant with respect to his or
                  her outstanding Performance Unit, Performance Share or Cash-Based Award shall be reflected by a bookkeeping entry in the records of the Company, unless otherwise provided by the Award Agreement.

            

       

      	8.2	
              Value of Performance Units, Performance Shares and Cash-Based Awards.  Each Performance Unit shall have an initial value that is established by the Committee at the time of grant.  Each Performance Share shall have an initial value equal to the Fair
                  Market Value of a Share on the date of grant.  Each Cash-Based Award shall have a value as shall be determined by the Committee.  The Committee shall set performance goals in its discretion which, depending on the extent to which they are
                  met, will determine the number and/or value of Performance Units and Performance Shares and Cash-Based Awards that will be paid out to the Participant.

            

       

      
        - 14 -

        
          

      

      	8.3	
              Earning of Performance Units, Performance Shares and Cash-Based Awards.  Subject to the terms of the Plan, after the applicable Performance Period has ended, the holder of Performance Units, Performance Shares or Cash-Based Awards shall be entitled to
                  receive payment on the number and value of Performance Units, Performance Shares or Cash-Based Awards earned by the Participant over the Performance Period, to be determined as a function of the extent to which the corresponding
                  performance goals and/or other terms and conditions have been achieved or satisfied.  The Committee shall determine the extent to which any such pre-established performance goals and/or other terms and conditions of a Performance Unit,
                  Performance Share or Cash-Based Award are attained or not attained following conclusion of the applicable Performance Period.  The Committee may, in its discretion, waive any such performance goals and/or other terms and conditions
                  relating to any such Award.  The performance goals applicable to a payment hereunder may provide for a targeted level or levels of achievement using measures the Committee determines to be appropriate, including the following measures:

            

       

    

    
      
        
          	•	
                  total shareholder return

                

           

          

          	•	
                  revenue, earnings before interest and taxes, contribution margin, free cash flow or other financial measures of the Company, a subsidiary or a product line

                

           

          

          	•	
                  return on equity, return on invested capital and similar metrics

                

           

          

          	•	
                  launching a new investment product

                

           

          

          	•	
                  strategic partnerships or transactions

                

           

          

          	•	
                  financial ratios, including those measuring liquidity, activity, profitability or leverage

                

           

          

          	•	
                  financing and other capital raising transactions (including sales of the Company’s equity or debt securities; factoring transactions)

                

           

          

          	•	
                  key performance indicators of middle office, back office and staff functions

                

           

          

          	•	
                  co-development, co-marketing, profit sharing, joint venture or other similar arrangements

                

           

          

          	•	
                  regulatory achievements (including submitting or filing applications or other documents with regulatory authorities or receiving approval of any such applications
                    or other documents; passing pre-approval inspections (whether of the Company, its affiliates or third parties))

                

           

          

          	•	
                  debt reduction

                

        

      

      
        
          	•	
                  appreciation in and/or maintenance of the price of the Shares or any other publicly-traded securities of the Company

                

           

          

          	•	
                  carried interest, general partner’s revenue, incentive fees or management fees from a particular investment product

                

           

          

          	•	
                  performance of attributed investments

                

           

          

          	•	
                  obtaining investment commitments from investors, expanding and maintaining relationships with investors, sourcing new investors and other distribution activities

                

           

          

          	•	
                  operating efficiencies

                

           

          

          	•	
                  cost of capital or assets under management

                

           

          

          	•	
                  revenue growth or product revenue growth

                

           

          

          	•	
                  expense levels

                

           

          

          	•	
                  economic value-added models or equivalent metrics

                

           

          

          	•	
                  cash flow or cash flow per share (before or after dividends) working capital levels, including cash, inventory and accounts receivable

                

           

          

          	•	
                  comparisons with various stock market indices

                

        

      

      
        	
                 

              

      

      
        - 15 -

        
          

      

      Such performance goals also may be based solely by reference to the Company’s performance or the performance of a Subsidiary, division, business
        segment or business unit of the Company, or based upon the relative performance of other companies or upon comparisons of any of the indicators of performance relative to other companies.  The Committee may also exclude charges related to an event
        or occurrence which the Committee determines should appropriately be excluded, including (a) restructurings, discontinued operations, extraordinary items, and other unusual or non-recurring charges, (b) an event either not directly related to the
        operations of the Company or not within the reasonable control of the Company’s management, or (c) the cumulative effects of tax or accounting changes in accordance with U.S. generally accepted accounting principles (“GAAP”). The measures which
        constitute the performance goals may, at the discretion of the Committee, be based on pro forma numbers and may, as the Committee specifies, either include or exclude the effect of payment of the bonuses under the Plan or any other bonus plans of
        the Company.  The performance goals may differ from Participant to Participant.  Such performance goals shall be set by the Committee within the time period prescribed by, and shall otherwise comply with the requirements of, Code Section 162(m),
        and the regulations thereunder, to the extent applicable.  In establishing a performance goal, the Committee may, to the extent doing so does not cause any amount payable hereunder that is intended to be performance-based compensation under Code
        Section 162(m) to cease to so qualify, provide that the attainment of the performance goal shall be measured by appropriately adjusting the evaluation of the performance goal performance to exclude (i) any extraordinary non-recurring items as
        defined under GAAP and/or in management’s discussion and analysis of financial condition and results of operations appearing in the Company’s annual report to stockholders for the applicable year, or (ii) the effect of any changes in accounting
        principles affecting the Company’s or a business unit’s reported results.

       

      
        - 16 -

        
          

      

      	8.4	
              Form and Timing of Payment of Performance Units, Performance Shares and Cash-Based
                  Awards.  Payment of earned Performance Units, Performance Shares and Cash-Based Awards shall be as determined by the Committee and as set forth in the Award Agreement. 
                  Subject to the terms of the Plan, the Committee, in its sole discretion, may pay earned Performance Units, Performance Shares and Cash-Based Awards in the form of cash or in Shares (or in a combination thereof) which have an aggregate
                  Fair Market Value equal to the value of the earned Performance Units, Performance Shares or Cash-Based Awards as soon as practicable after the end of the Performance Period and following the Committee’s determination of actual performance
                  against the performance goals and/or other terms and conditions established by the Committee.  Such Shares may be granted subject to any restrictions imposed by the Committee, including pursuant to Section 19.10.  The determination of the
                  Committee with respect to the form of payment of such Awards shall be set forth in the Award Agreement pertaining to the grant of the Award.

            

       

      	8.5	
              Rights as a Stockholder.  A Participant receiving a Performance Unit, Performance Share or Cash-Based Award shall have the rights of a stockholder only as to Shares, if any, actually received by the Participant upon satisfaction or achievement
                  of the terms and conditions of such Award and not with respect to Shares subject to the Award but not actually issued to such Participant.

            

       

      	8.6	
              Termination of Employment or Service.  Each Award Agreement shall set forth the extent to which the Participant shall have the right to retain Performance Units, Performance Shares and/or Cash-Based Award following such Participant’s Termination. 
                  Such provisions shall be determined in the sole discretion of the Committee, shall be included in the applicable Award Agreement, need not be uniform among all such Awards issued pursuant to the Plan, and may reflect distinctions based on
                  the reasons for Termination.

            

       

      	8.7	
              Additional Limitations.  Notwithstanding any other provision of the Plan, any Award which is intended to constitute qualified performance-based compensation shall be subject to any additional limitations set forth in Code Section 162(m) or any
                  regulations or rulings issued thereunder that are requirements for qualification as qualified performance-based compensation as described in Code Section 162(m) and the Plan and the applicable Award Agreement shall be deemed amended to
                  the extent necessary to conform to such requirements.

            

       

      	9.	
              OTHER STOCK-BASED AWARDS

            

       

      	9.1	
              Other Stock-Based Awards.  The Committee may grant types of equity-based or equity-related Awards not otherwise described by the terms of the Plan (including the grant or offer for sale of unrestricted Shares), in such amounts (subject to
                  Article 3) and subject to such terms and conditions, as the Committee shall determine.  Such Other Stock-Based Awards may involve the transfer of actual Shares to Participants, or payment in cash or otherwise of amounts based on the value
                  of Shares and may include Awards designed to comply with or take advantage of the applicable local laws of jurisdictions other than the United States.

            

       

      
        - 17 -

        
          

      

      	9.2	
              Value of Other Stock-Based Awards.  Each Other Stock-Based Award shall be expressed in terms of Shares or units based on Shares, as determined by the Committee.  The Committee may establish performance goals in its discretion, and any such
                  performance goals shall be set forth in the applicable Award Agreement.  If the Committee exercises its discretion to establish performance goals, the number and/or value of Other Stock-Based Awards that will be paid out to the
                  Participant will depend on the extent to which such performance goals are met.

            

       

      	9.3	
              Payment of Other Stock-Based Awards.  Payment, if any, with respect to an Other Stock-Based Award shall be made in accordance with the terms of the Award, as set forth in the Award Agreement, in cash or Shares as the Committee determines.

            

       

      	9.4	
              Termination of Employment or Service.  The Committee shall determine the extent to which the Participant shall have the right to receive Other Stock-Based Awards following the Participant’s Termination.  Such provisions shall be determined in the
                  sole discretion of the Committee, such provisions may be included in the applicable Award Agreement, but need not be uniform among all Other Stock-Based Awards issued pursuant to the Plan, and may reflect distinctions based on the reasons
                  for Termination.

            

       

      	10.	
              DIVIDEND EQUIVALENTS  Unless otherwise provided by the Committee, no adjustment shall be made in the Shares issuable or taken into account under Awards on account of cash dividends that may be paid or other rights that may be issued to the holders of
                  Shares prior to issuance of such Shares under such Award.  The Committee may grant Dividend Equivalents based on the dividends declared on Shares that are subject to any Award, including any Award the payment or settlement of which is
                  deferred pursuant to Section 18.6.  Dividend Equivalents may be credited as of the dividend payment dates, during the period between the date the Award is granted and the date the Award becomes payable or terminates or expires.  Dividend
                  Equivalents may be subject to any limitations and/or restrictions determined by the Committee.  Dividend Equivalents granted with respect to Performance Units and/or Performance Shares shall only be paid when and to the extent such
                  Award(s) are otherwise earned in accordance with their terms.  Dividend Equivalents shall be converted to cash or additional Shares by such formula and at such time, and shall be paid at such times, as may be determined by the Committee.

            

       

      	11.	
              TRANSFERABILITY OF AWARD; BENEFICIARY DESIGNATION

            

       

      	11.1	
              Transferability of Incentive Stock Options.  No ISO or Tandem SAR granted in connection with an ISO may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution or
                  in accordance with Section 11.3.  Further, all ISOs and Tandem SARs granted in connection with ISOs granted to a Participant shall be exercisable during his or her lifetime only by such Participant.

            

       

      
        - 18 -

        
          

      

      	11.2	
              All Other Awards.  Except as otherwise provided in Section 7.5 or Section 11.3 or a Participant’s Award Agreement or otherwise determined at any time by the Committee, no Award granted under the Plan may be sold, transferred, pledged, assigned, or
                  otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution; provided that the Committee may permit further transferability, on a general or a specific basis, and may impose conditions and
                  limitations on any permitted transferability, subject to Section 11.1 and any applicable Period of Restriction; provided further, however, that no Award may be transferred for value or other
                  consideration without first obtaining approval thereof by the stockholders of the Company.  Further, except as otherwise provided in a Participant’s Award Agreement or otherwise determined at any time by the Committee, or unless the
                  Committee decides to permit further transferability, subject to Section 11.1 and any applicable Period of Restriction, all Awards granted to a Participant under the Plan, and all rights with respect to such Awards, shall be exercisable or
                  available during his or her lifetime only by or to such Participant.  With respect to those Awards, if any, that are permitted to be transferred to another individual, references in the Plan to exercise or payment related to such Awards
                  by or to the Participant shall be deemed to include, as determined by the Committee, the Participant’s permitted transferee.  If any Award is exercised by or otherwise paid to the executors, administrators, heirs or distributees of the
                  estate of a deceased Participant, or such a Participant’s beneficiary, or the transferee of an Award, in any such case, pursuant to the terms and conditions of the Plan and the applicable Agreement and in accordance with such terms and
                  conditions as may be specified from time to time by the Committee, the Company shall be under no obligation to issue Shares thereunder unless and until the Company is satisfied, as determined in the discretion of the Committee, that the
                  person or persons exercising such Award, or to receive such payment, are the duly appointed legal representative of the deceased Participant’s estate or the proper legatees or distributees thereof or the named beneficiary of such
                  Participant, or the valid transferee of such Award, as applicable.  Any purported assignment, transfer or encumbrance of an Award that does not comply with this Section 11.2 shall be void and unenforceable against the Company.

            

       

      	11.3	
              Beneficiary Designation.  Each Participant may, from time to time, name any beneficiary or beneficiaries who shall be permitted to exercise his or her Option or SAR or to whom any benefit under the Plan is to be paid in case of the
                  Participant’s death before he or she fully exercises his or her Option or SAR or receives any or all of such benefit.  Each such designation shall revoke all prior designations by the same Participant, shall be in a form prescribed by the
                  Company, and will be effective only when filed by the Participant in writing with the Company during the Participant’s lifetime.  In the absence of any such beneficiary designation, a Participant’s unexercised Option or SAR, or amounts
                  due but remaining unpaid to such Participant, at the Participant’s death, shall be exercised or paid as designated by the Participant by will or by the laws of descent and distribution.

            

       

      	12.	
              RIGHTS OF PARTICIPANTS

            

       

      
        - 19 -

        
          

      

      	12.1	
              Rights or Claims.  No person shall have any rights or claims under the Plan except in accordance with the provisions of the Plan and any applicable Award Agreement.  Unless the Committee determines otherwise, a Participant shall not have any rights
                  as a shareholder with respect to shares of stock covered by an Award until the date the Participant becomes the holder of record with respect to such shares.  The liability of the Company and any Subsidiary or Affiliate under the Plan is
                  limited to the obligations expressly set forth in the Plan, and no term or provision of the Plan may be construed to impose any further or additional duties, obligations, or costs on the Company, any Subsidiary or any Affiliate thereof or
                  the Board or the Committee not expressly set forth in the Plan.  The grant of an Award under the Plan shall not confer any rights upon the Participant holding such Award other than such terms, and subject to such conditions, as are
                  specified in the Plan as being applicable to such type of Award, or to all Awards, or as are expressly set forth in the Award Agreement evidencing such Award.  Without limiting the generality of the foregoing, neither the existence of the
                  Plan nor anything contained in the Plan or in any Award Agreement shall be deemed to:

            

       

      	(a)	
              Give any Employee or Non-Employee Director the right to be retained in the service of the Company, an Affiliate and/or a Subsidiary, whether in any particular position, at any particular rate of compensation, for any particular period of
                time or otherwise;

            

       

      	(b)	
              Restrict in any way the right of the Company, an Affiliate and/or a Subsidiary to terminate, change or modify any Employee’s employment or any Non-Employee Director’s service as a Director at any time with or without Cause;

            

       

      	(c)	
              Confer on any Consultant any right of continued relationship with the Company, an Affiliate and/or a Subsidiary, or alter any relationship between them, including any right of the Company or an Affiliate or Subsidiary to terminate,
                change or modify its relationship with a Consultant;

            

       

      	(d)	
              Constitute a contract of employment or service between the Company or any Affiliate or Subsidiary and any Employee, Non-Employee Director or Consultant, nor shall it constitute a right to remain in the employ or service of the Company or
                any Affiliate or Subsidiary;

            

       

      	(e)	
              Give any Employee, Non-Employee Director or Consultant the right to receive any bonus, whether payable in cash or in Shares, or in any combination thereof, from the Company, an Affiliate and/or a Subsidiary, nor be construed as limiting
                in any way the right of the Company, an Affiliate and/or a Subsidiary to determine, in its sole discretion, whether or not it shall pay any Employee, Non-Employee Director or Consultant bonuses, and, if so paid, the amount thereof and the
                manner of such payment; or

            

       

      	(f)	
              Give any Participant any rights whatsoever with respect to an Award except as specifically provided in the Plan and the Award Agreement.

            

       

      	12.2	
              No Effects on Benefits.  Payments and other compensation received by a Participant under an Award are not part of such Participant’s normal or expected compensation or salary for any purpose, including calculating termination, indemnity,
                  severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments under any laws, plans, contracts, policies, programs, arrangements or otherwise.  No claim or
                  entitlement to compensation or damages arises from the termination of the Plan or diminution in value of any Award or Shares purchased or otherwise received under the Plan.

            

       

      
        - 20 -

        
          

      

      	13.	
              CHANGE OF CONTROL

            

       

      	13.1	
              Treatment of Outstanding Awards.  In the event of a Change of Control, unless otherwise specifically prohibited by any applicable laws, rules or regulations or otherwise provided in any applicable Award Agreement, as in effect prior to the occurrence
                  of the Change of Control, specifically with respect to a Change of Control:

            

       

      	(a)	
              In its discretion, and on such terms and conditions as it deems appropriate, the Committee may provide, either by the terms of the Award Agreement or by resolution adopted prior to the occurrence of such Change of Control, that any
                Awards which are outstanding shall, as applicable and in whole or in part, become vested, non-forfeitable and/or exercisable; have the restrictions, performance goals, Period of Restriction or other conditions applicable to such Awards be
                canceled, terminated or deemed achieved or have any restrictions on transfer, sale assignment, pledge or other disposition (including with respect to Shares issuable under such Award) lapse and/or that any Award the payment or settlement of
                which was deferred under Section 18.6 or otherwise may be paid or distributed immediately prior to the Change of Control, subject to Section 15.6.  Without limiting the foregoing, in its discretion, and on such terms and conditions as it
                deems appropriate, the Committee may provide, either by the terms of the Award Agreement or by resolution adopted prior to the occurrence of such Change of Control, that the target payment opportunities attainable under any outstanding
                Awards of Performance Units, Performance Shares, Cash-Based Awards and other Awards shall be deemed to have been fully or partially earned for any Performance Period(s), immediately prior to the effective date of the Change of Control.

            

       

      	(b)	
              In its discretion and in accordance with the terms of the Plan, provide that all or certain Awards be Assumed or Replaced.  In the event that an Award is not Assumed or Replaced, or in the event of a liquidation of the Company, then such
                Award shall, as applicable, become fully vested, non-forfeitable and/or exercisable; have the restrictions, performance goals, Period of Restriction or other conditions applicable to such Award canceled, terminated or deemed achieved or
                have any restrictions on transfer, sale assignment, pledge or other disposition (including with respect to Shares issuable under such Award) lapse immediately prior to the Change of Control and the target payment opportunities under such
                outstanding Award of Performance Units, Performance Shares, Cash-Based Awards or other Award shall be deemed to have been fully earned for the entire Performance Period(s) immediately prior to the Change of Control.  Further, unless
                otherwise provided in any applicable Award Agreement, as in effect prior to the occurrence of the Change of Control, if a Participant with respect to whom an Award has been Assumed or Replaced incurs a Termination, either by the Company, an
                Affiliate or a Subsidiary without Cause or by the Participant for Good Reason (a “Terminated Participant”), after the Change of Control, then subject to Section 13(b)(b)(i) all outstanding Awards that are held by such Terminated
                Participant, as the case may be, shall become fully vested, non-forfeitable and/or exercisable; have the restrictions, performance goals, Period of Restriction or other conditions applicable to such Award canceled, terminated or deemed
                achieved or have any restrictions on transfer, sale assignment, pledge or other disposition (including with respect to Shares issuable under such Award) lapse immediately prior to the Change of Control.

            

       

      
        - 21 -

        
          

      

      (i)  Notwithstanding Section 13.1(b), with respect to outstanding Awards of Performance Units, Performance Shares, Cash-Based Awards or other
        Awards, the target payment opportunities under such outstanding Awards of Performance Units, Performance Shares, Cash-Based Awards or other Award shall be deemed to have been fully earned for the entire Performance Period(s) immediately prior to
        the Change of Control, in each case immediately preceding, or upon the occurrence of the failure to assume or replace such Awards or upon a Termination described in Section 14.1(b) and (A) there shall be paid out to each Participant holding such an
        Award denominated in Shares, not later than five days prior to the effective date of the Change of Control, in the case of such Awards that are not Assumed or Replaced, or upon the occurrence of such Termination, in the case of a Termination
        described in Section 13.1(b), a pro rata number of Shares (or the equivalent Fair Market Value thereof, as determined by the Committee, in cash) based upon an assumed achievement of all relevant targeted performance goals, unless actual performance
        exceeds the target, in which case actual performance shall be used, and upon the length of time within the Performance Period which has elapsed prior to the Change of Control or such Termination, as the case may be, and (B) Awards denominated in
        cash shall be paid pro rata to the applicable Participant or Participants in cash within thirty days following the effective date of the Change of Control, in the case of such Awards that are not Assumed or Replaced, or within thirty days following
        the occurrence of such Termination, in the case of a Termination described in Section 13.1(b), with the pro-ration determined as a function of the length of time within the Performance Period which has elapsed prior to the Change of Control or
        Termination, as the case may be, and based on an assumed achievement of all relevant targeted performance goals, unless actual performance exceeds the target, in which case actual performance shall be used.

       

      	(c)	
              In its discretion, and on such terms and conditions as it deems appropriate, the Committee may provide, either by the terms of the Award Agreement applicable to any Award or by resolution adopted prior to the occurrence of the Change of
                Control, that any outstanding Award shall be adjusted by substituting for each Share subject to such Award immediately prior to the transaction resulting in the Change of Control the consideration (whether stock or other securities of the
                surviving corporation or any successor corporation to the Company, or a parent or subsidiary thereof, or that may be issuable by another corporation that is a party to the transaction resulting in the Change of Control) received in such
                transaction by holders of Shares for each Share held on the closing or effective date of such transaction, in which event the aggregate Option Price or Grant Price, as applicable, of the Award shall remain the same; provided, however, that if such consideration received in such transaction is not solely stock of a successor, surviving or other corporation, the Committee may provide for the consideration to be
                received upon exercise or payment of an Award, for each Share subject to such Award, to be solely stock or other securities of the successor, surviving or other corporation, as applicable, equal in fair market value, as determined by the
                Committee, to the per-Share consideration received by holders of Shares in such transaction.

            

       

      
        - 22 -

        
          

      

      	(d)	
              In its discretion, and on such terms and conditions as it deems appropriate, the Committee may provide, either by the terms of the Award Agreement applicable to any Award or by resolution adopted prior to the occurrence of the Change of
                Control, that any outstanding Award (or portion thereof) shall be converted into a right to receive cash, on or as soon as practicable following the closing date or expiration date of the transaction resulting in the Change of Control in an
                amount equal to the highest value of the consideration to be received in connection with such transaction for one Share, or, if higher, the highest Fair Market Value of a Share during the thirty consecutive business days immediately prior
                to the closing date or expiration date of such transaction, less the per-Share Option Price, Grant Price or outstanding unpaid purchase price, as applicable to the Award, multiplied by the number of Shares subject to such Award, or the
                applicable portion thereof.

            

       

      	(e)	
              The Committee may, in its discretion, provide that an Award can or cannot be exercised after, or will otherwise terminate or not terminate as of, a Change of Control.

            

       

      	13.2	
              No Implied Rights; Other Limitations.  No Participant shall have any right to prevent the consummation of any of the acts described in Section 3.2 or 13.1 affecting the number of Shares available to, or other entitlement of, such Participant under
                  the Plan or such Participant’s Award.  Any actions or determinations of the Committee under this Article XIV need not be uniform as to all outstanding Awards, nor treat all Participants identically.  Notwithstanding the adjustments
                  described in Section 13.1, in no event may any Option or SAR be exercised after ten years from the date it was originally granted, and any changes to ISOs pursuant to this Article 13 shall, unless the Committee determines otherwise, only
                  be effective to the extent such adjustments or changes do not cause a “modification” (within the meaning of Code Section 424(h)(3)) of such ISOs or adversely affect the tax status of such ISOs.

            

       

      	14.	
              AMENDMENT, MODIFICATION AND TERMINATION

            

       

      	14.1	
              Amendment, Modification, and Termination.  The Board may, at any time and with or without prior notice, amend, alter, suspend, or terminate the Plan, and the Committee may, to the extent permitted by the Plan, amend the terms of any Award theretofore
                  granted, including any Award Agreement, in each case, retroactively or prospectively; provided, however, that no such amendment, alteration, suspension, or termination of the Plan shall be made
                  which, without first obtaining approval of the stockholders of the Company (where such approval is necessary to satisfy (i) the then-applicable requirements of Rule 16b-3, (ii) any requirements under the Code relating to ISOs, or (iii)
                  any applicable law, regulation or rule (including the applicable regulations and rules of the SEC and any national securities exchange)), would:

            

       

      	(a)	
              except as is provided in Section 3.2, increase the maximum number of Shares which may be sold or awarded under the Plan;

            

       

      	(b)	
              except as is provided in Section 3.2, decrease the minimum Option Price or Grant Price requirements of Sections 5.3 and 6.2, respectively;

            

       

      	(c)	
              change the class of persons eligible to receive Awards under the Plan;

            

       

      	(d)	
              extend the duration of the Plan or the period during which Options or SARs may be exercised under Section 5.4 or 6.6, as applicable; or

            

       

      
        - 23 -

        
          

      

      	(e)	
              otherwise require stockholder approval to comply with any applicable law, regulation or rule (including the applicable regulations and rules of the SEC and any national securities exchange).

            

       

      
        	
                

                

              	
                In addition, (i) no such amendment, alteration, suspension or termination of the Plan or any Award theretofore granted, including any Award Agreement, shall
                  be made which would materially impair the previously accrued rights of a Participant under any outstanding Award without the written consent of such Participant, provided, however, that the Board
                  may amend or alter the Plan and the Committee may amend or alter any Award, including any Agreement, either retroactively or prospectively, without the consent of the applicable Participant, (A) so as to preserve or come within any
                  exemptions from liability under Section 16(b) of the Exchange Act, pursuant to the rules and releases promulgated by the SEC (including Rule 16b-3), (B) if the Board or the Committee determines in its discretion that such amendment or
                  alteration either (1) is required or advisable for the Company, the Plan or the Award to satisfy, comply with or meet the requirements of any law, regulation, rule or accounting standard or (2) is not reasonably likely to significantly
                  diminish the benefits provided under such Award, or that such diminishment has been or will be adequately compensated, or (C) with respect to any Award that is granted to a Participant and is intended to constitute qualified
                  performance-based compensation under Code Section 162(m), if the Board or the Committee determines in its discretion that such amendment or alteration is necessary under Section 162(m) (including any amendment to Section 162(m)) or any
                  regulations and ruling issued thereunder to ensure that the Awards satisfy the requirements for qualification under Code Section 162(m) and (ii) except as is provided in Section 3.2, but notwithstanding any other provisions of the Plan,
                  neither the Board nor the Committee may take any action: (A) to amend the terms of an outstanding Option or SAR to reduce the Option Price or Grant Price thereof, cancel an Option or SAR and replace it with a new Option or SAR with a
                  lower Option Price or Grant Price, or that has an economic effect that is the same as any such reduction or cancellation; or (B) to cancel an outstanding Option or SAR having an Option Price or Grant Price above the then-current Fair
                  Market Value of the Shares in exchange for cash or for the grant of another type of Award, without, in each such case, first obtaining approval of the stockholders of the Company of such action.

              

      

       

      	14.2	
              Adjustment of Awards Upon the Occurrence of Certain Unusual or Nonrecurring Events.  The Board or the Committee shall make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of unusual or non-recurring events (including
                  the events described in Section 3.2) affecting the Company or the financial statements of the Company or of changes in applicable laws, regulations, or accounting principles, whenever the Board or the Committee determines that such
                  adjustments are necessary to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan.

            

       

      
        	
                

                

              	
                Any such adjustment with respect to an Award intended to be an ISO shall be made only to the extent consistent with such intent, unless the Board or the
                  Committee determines otherwise.  The determination of the Committee as to the foregoing adjustments, if any, shall be conclusive and binding on Participants under the Plan.

              

      

       

      
        - 24 -

        
          

      

      	15.	
              TAX WITHHOLDING AND OTHER TAX MATTERS

            

       

      	15.1	
              Tax Withholding.  The Company and/or any Subsidiary or Affiliate are authorized to withhold from any Award granted or payment due under the Plan the amount of all Federal, state, local and non-United States taxes due in respect of such Award or
                  payment and take any such other action as may be necessary or appropriate, as determined by the Committee, to satisfy all obligations for the payment of such taxes.  The recipient of any payment or distribution under the Plan shall make
                  arrangements satisfactory to the Company, as determined in the Committee’s discretion, for the satisfaction of any tax obligations that arise by reason of any such payment or distribution.  The Company shall not be required to make any
                  payment or distribution under or relating to the Plan or any Award until such obligations are satisfied or such arrangements are made, as determined by the Committee in its discretion.

            

       

      	15.2	
              Withholding or Tendering Shares.  Without limiting the generality of Section 16.1, the Committee may in its discretion permit a Participant to satisfy or arrange to satisfy, in whole or in part, the tax obligations incident to an Award by: (a) electing
                  to have the Company withhold Shares or other property otherwise deliverable to such Participant pursuant to his or her Award (provided, however, that the amount of any Shares so withheld shall not
                  exceed the amount necessary to satisfy required Federal, state, local and non-United States withholding obligations using the maximum statutory withholding rates for Federal, state, local and/or non-U.S.  tax purposes, including payroll
                  taxes, that are applicable to supplemental taxable income) and/or (b) tendering to the Company Shares owned by such Participant (or by such Participant and his or her spouse jointly) and purchased or held for the requisite period of time
                  as may be required to avoid the Company’s or the Affiliates’ or Subsidiaries’ incurring an adverse accounting charge, based, in each case, on the Fair Market Value of the Shares on the payment date as determined by the Committee.  All
                  such elections shall be irrevocable, made in writing, signed by the Participant, and shall be subject to any restrictions or limitations that the Committee, in its sole discretion, deems appropriate.

            

       

      	15.3	
              Special ISO Obligations.  The Committee may require a Participant to give prompt written notice to the Company concerning any disposition of Shares received upon the exercise of an ISO within: (a) two years from the date of granting such ISO to
                  such Participant or (b) one year from the transfer of such Shares to such Participant or (c) such other period as the Committee may from time to time determine.  The Committee may direct that a Participant with respect to an ISO undertake
                  in the applicable Award Agreement to give such written notice described in the preceding sentence, at such time and containing such information as the Committee may prescribe, and/or that the certificates evidencing Shares acquired by
                  exercise of an ISO refer to such requirement to give such notice.

            

       

      	15.4	
              Section 83(b) Election.  If a Participant makes an election under Code Section 83(b) to be taxed with respect to an Award as of the date of transfer of Shares rather than as of the date or dates upon which the Participant would otherwise be
                  taxable under Code Section 83(a), such Participant shall deliver a copy of such election to the Company immediately after filing such election with the Internal Revenue Service.  Neither the Company nor any Subsidiary or Affiliate shall
                  have any liability or responsibility relating to or arising out of the filing or not filing of any such election or any defects in its construction.

            

       

      
        - 25 -

        
          

      

      	15.5	
              No Guarantee of Favorable Tax Treatment.  Although the Company intends to administer the Plan so that Awards will be exempt from, or will comply with, the requirements of Code Section 409A, the Company does not warrant that any Award under the Plan
                  will qualify for favorable tax treatment under Code Section 409A or any other provision of federal, state, local, or non-United States law.  The Company shall not be liable to any Participant for any tax, interest, or penalties the
                  Participant might owe as a result of the grant, holding, vesting, exercise, or payment of any Award under the Plan.

            

       

      	15.6	
              Non-Qualified Deferred Compensation.

            

       

      	(a)	
              If any Award would be considered deferred compensation as defined under Code Section 409A and would fail to meet the requirements of Code Section 409A, then such Award shall be null and void; provided, however, that the Committee may
                permit deferrals of compensation pursuant to the terms of a Participant’s Award Agreement, a separate plan, or a subplan which (in each case) meets the requirements of Code Section 409A.  Additionally, to the extent any Award is subject to
                Code Section 409A, notwithstanding any provision herein to the contrary, the Plan shall not permit the acceleration of the time or schedule of any distribution related to such Award, except as permitted by Code Section 409A.

            

       

      	(b)	
              Notwithstanding any provisions of the Plan to the contrary, in no event shall any deferral under Section 18.6 be permitted if the Committee determines that such deferral would result in the imposition of additional tax under Code Section
                409A.

            

       

      	(c)	
              The Committee shall not extend the period to exercise an Option or Stock Appreciation Right to the extent that such extension would cause the Option or Stock Appreciation Right to become subject to Code Section 409A.  An Award Agreement
                may provide that the period of time over which an NQSO may be exercised shall be automatically extended if on the scheduled expiration date of such Option the Participant’s exercise of such Option would violate applicable securities laws; provided, however, that during such extended exercise period the Option may only be exercised to the extent the Option was exercisable in accordance with its terms immediately prior to such scheduled
                expiration date; provided further, however, that such extended exercise period shall end not later than thirty days after the exercise of such Option first
                would no longer violate such laws.

            

       

      	(d)	
              Unless the Committee provides otherwise in an Award Agreement, each Restricted Stock Unit, Performance Unit, Performance Share, Cash-Based Award and/or Other Stock-Based Award shall be paid in full to the Participant no later than the
                fifteenth day of the third month after the end of the first calendar year in which such Award is no longer subject to a “substantial risk of forfeiture” within the meaning of Code Section 409A.  If the Committee provides in an Award
                Agreement that a Restricted Stock Unit, Performance Unit, Performance Share, Cash-Based Award or Other Stock-Based Award is intended to be subject to Code Section 409A, the Award Agreement shall include terms that are intended to satisfy
                the requirements of Code Section 409A.

            

       

      
        - 26 -

        
          

      

      	(e)	
              No Dividend Equivalents shall relate to Shares underlying an Option or SAR unless such Dividend Equivalent rights are explicitly set forth as a separate arrangement and do not cause any such Option or SAR to be subject to Code Section
                409A.

            

       

      	(f)	
              Notwithstanding any other provisions of the Plan or any Award Agreement to the contrary, if a Termination that is not a Separation from Service occurs, and payment or distribution of an Award constituting deferred compensation subject to
                Code Section 409A would otherwise be made or commence on the date of such Termination (pursuant to the Plan, the Award Agreement or otherwise), (i) the vesting of such Award shall accelerate in accordance with the Plan and the Award
                Agreement, (ii) such payment or distribution shall not be made or commence prior to the earliest date on which Code Section 409A permits such payment or distribution to be made or commence without additional taxes or penalties under Code
                Section 409A, and (iii) in the event any such payment or distribution is deferred in accordance with the immediately preceding clause (ii), such payment or distribution that would have been made prior to the deferred payment or commencement
                date, but for Code Section 409A, shall be paid or distributed on such earliest payment or commencement date, together, if determined by the Committee, with interest at the rate established by the Committee.

            

       

      	(g)	
              Notwithstanding any other provisions of the Plan or any Award Agreement to the contrary, if a Change of Control that is not a Qualified Change of Control occurs, and payment or distribution of an Award constituting deferred compensation
                subject to Code Section 409A would otherwise be made or commence on the date of such Change of Control (pursuant to the Plan, the Award Agreement or otherwise), (i) the vesting of such Award shall accelerate in accordance with the Plan and
                the Award Agreement, (ii) such payment or distribution shall not be made or commence prior to the earliest date on which Code Section 409A permits such payment or distribution to be made or commence without additional taxes or penalties
                under Code Section 409A, and (iii) in the event any such payment or distribution is deferred in accordance with the immediately preceding clause (ii), such payment or distribution that would have been made prior to the deferred payment or
                commencement date, but for Code Section 409A, shall be paid or distributed on such earliest payment or commencement date, together, if determined by the Committee, with interest at the rate established by the Committee.

            

       

      	(h)	
              Although the Company intends to administer the Plan so that Awards will be exempt from, or will comply with, the requirements of Code Section 409A, the Company does not warrant that any Award under the Plan will qualify for favorable tax
                treatment under Code Section 409A or any other provision of federal, state, local, or non-United States law.  The Company shall not be liable to any Participant for any tax, interest, or penalties the Participant might owe as a result of
                the grant, holding, vesting, exercise, or payment of any Award under the Plan.

            

       

      
        - 27 -

        
          

      

      	16.	
              LIMITS OF LIABILITY; INDEMNIFICATION

            

       

      	16.1	
              Limits of Liability.

            

       

      	(a)	
              Any liability of the Company or a Subsidiary or Affiliate to any Participant with respect to any Award shall be based solely upon contractual obligations created by the Plan and the Award Agreement.

            

       

      	(b)	
              None of the Company, any Subsidiary, any Affiliate, any member of the Board or the Committee or any other person participating in any determination of any question under the Plan, or in the interpretation, administration or application
                of the Plan, shall have any liability, in the absence of bad faith, to any party for any action taken or not taken in connection with the Plan, except as may expressly be provided by statute.

            

       

      	(c)	
              Each member of the Committee, while serving as such, shall be considered to be acting in his or her capacity as a director of the Company.  Members of the Board of Directors and members of the Committee acting under the Plan shall be
                fully protected in relying in good faith upon the advice of counsel and shall incur no liability except for gross negligence or willful misconduct in the performance of their duties.

            

       

      	(d)	
              The Committee may, with the approval of the Board, employ such attorneys and/or consultants, accountants, appraisers, brokers, agents and other persons, any of whom may be an Employee, as the Committee deems necessary or appropriate. 
                The Committee, the Company and its officers and Directors shall be entitled to rely upon the advice, opinions or valuations of any such persons.  The Committee shall not incur any liability for any action taken in good faith in reliance
                upon the advice of such counsel or other persons.

            

       

      	(e)	
              The Company shall not be liable to a Participant or any other person as to: (i) the non-issuance of Shares as to which the Company has been unable to obtain from any regulatory body having relevant jurisdiction the authority deemed by
                the Committee or the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, and (ii) any tax consequence expected, but not realized, by any Participant or other person due to the receipt, exercise or
                settlement of any Option or other Award.

            

       

      	16.2	
              Indemnification.  Subject to the requirements of Delaware law, each individual who is or shall have been a member of the Committee or of the Board, or an officer of the Company to whom authority was delegated in accordance with Article 2, shall be
                  indemnified and held harmless by the Company against and from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit, or proceeding
                  to which he or she may be a party or in which he or she may be involved by reason of any action taken or failure to act under the Plan and against and from any and all amounts paid by him or her in settlement thereof, with the Company’s
                  approval, or paid by him or her in satisfaction of any judgment in any such action, suit, or proceeding against him or her, provided he or she shall give the Company an opportunity, at its own expense, to handle and defend the same before
                  he or she undertakes to handle and defend it on his or her own behalf, unless such loss, cost, liability, or expense is a result of the individual’s own willful misconduct or except as provided by statute.  The foregoing right of
                  indemnification shall not be exclusive of any other rights of indemnification to which such individual may be entitled under the Company’s certificate of incorporation or bylaws, as a matter of law, or otherwise, or any power that the
                  Company may have to indemnify or hold harmless such individual.

            

       

      
        - 28 -

        
          

      

      	17.	
              SUCCESSORS. 
                  All obligations of the Company under the Plan with respect to Awards granted hereunder shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger,
                  consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company.

            

       

      	18.	
              MISCELLANEOUS

            

       

      	18.1	
              Drafting Context; Captions.  Except where otherwise indicated by the context, any masculine term used herein also shall include the feminine; the plural shall include the singular and the singular shall include the plural.  The words “Article,”
                  “Section,” and “paragraph” herein shall refer to provisions of the Plan, unless expressly indicated otherwise.  The words “include,” “includes,” and “including” herein shall be deemed to be followed by “without limitation” whether or not
                  they are in fact followed by such words or words of similar import, unless the context otherwise requires.  The headings and captions appearing herein are inserted only as a matter of convenience.  They do not define, limit, construe, or
                  describe the scope or intent of the provisions of the Plan.

            

       

      	18.2	
              Forfeiture Events.

            

       

      	(a)	
              Notwithstanding any provision of the Plan to the contrary, the Committee shall have the authority to determine (and may so provide in any Agreement) that a Participant’s (including his or her estate’s, beneficiary’s or transferee’s)
                rights (including the right to exercise any Option or SAR), payments and benefits with respect to any Award shall be subject to reduction, cancellation, forfeiture or recoupment (to the extent permitted by applicable law) in the event of
                the Participant’s Termination for Cause or due to voluntary resignation; serious misconduct; violation of the Company’s or a Subsidiary’s or Affiliate’s policies; breach of fiduciary duty; unauthorized disclosure of any trade secret or
                confidential information of the Company or a Subsidiary or Affiliate; breach of applicable non-competition, non-solicitation, confidentiality or other restrictive covenants; or other conduct or activity that is in competition with the
                business of the Company or any Subsidiary or Affiliate, or otherwise detrimental to the business, reputation or interests of the Company and/or any Subsidiary or Affiliate; or upon the occurrence of certain events specified in the
                applicable Award Agreement (in any such case, whether or not the Participant is then an Employee, Non-Employee Director or Consultant).  The determination of whether a Participant’s conduct, activities or circumstances are described in the
                immediately preceding sentence shall be made by the Committee in its good faith discretion, and pending any such determination, the Committee shall have the authority to suspend the exercise, payment, delivery or settlement of all or any
                portion of such Participant’s outstanding Awards pending an investigation of the matter.

            

       

      
        - 29 -

        
          

      

      	(b)	
              If the Company is required to prepare an accounting restatement (i) due to the material non-compliance of the Company, as a result of misconduct, with any financial reporting requirement under the securities laws, if a Participant
                knowingly or grossly negligently engaged in such misconduct, or knowingly or grossly negligently failed to prevent such misconduct, or if a Participant is one of the individuals subject to automatic forfeiture under Section 304 of the
                Sarbanes-Oxley Act of 2002, the Participant shall reimburse the Company the amount of any payment in settlement of an Award earned or accrued during the twelve-month period following the first public issuance or filing with the SEC
                (whichever just occurred) of the financial document embodying such financial reporting requirement, and (ii) the Committee may in its discretion provide that if the amount earned under any Participant’s Award is reduced by such restatement,
                such Participant shall reimburse the Company the amount of any such reduction previously paid in settlement of such Award.

            

       

      	18.3	
              No Waiver.  No
                  failure or delay in the exercise or assertion of any right of the Company hereunder will impair such right or be construed to be a waiver of, or acquiescence in, or create an estoppel with respect to any covenant herein, nor will any
                  single or partial exercise of any such right preclude other or further exercise thereof or of any other right.

            

       

      	18.4	
              Severability. 
                  Any term or provision hereof that is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable in any situation in any jurisdiction will not affect the validity or enforceability of the remaining
                  terms and provisions hereof or the validity or enforceability of the invalid, void or unenforceable term or provision in any other situation or in any other jurisdiction.  If the final judgment of a court of competent jurisdiction or
                  other authority declares any term or provision hereof invalid, void or unenforceable, the court or other authority making such determination will have the power to and will, subject to the discretion of such body, reduce the scope,
                  duration, area or applicability of the term or provision, to delete specific words or phrases, or to replace any invalid, void or unenforceable term or provision with a term or provision that is valid and enforceable and that comes
                  closest to expressing the intention of the invalid or unenforceable term or provision.

            

       

      	18.5	
              Transfer, Leave of Absence.  For purposes of the Plan, a transfer of an Employee from the Company to an Affiliate or Subsidiary (or, for purposes of any ISO granted under the Plan, only a Subsidiary), or vice versa, or from one Affiliate or
                  Subsidiary to another (or in the case of an ISO, only from one Subsidiary to another), and a leave of absence, duly authorized in writing by the Company or a Subsidiary or Affiliate, shall not be deemed a Termination of the Employee for
                  purposes of the Plan or with respect to any Award (in the case of ISOs, to the extent permitted by the Code).  The Committee shall have the discretion to determine the effects upon any Award, upon an individual’s status as an Employee,
                  Non-Employee Director or Consultant for purposes of the Plan (including whether a Participant shall be deemed to have experienced a Termination or other change in status) and upon the exercisability, vesting, termination or expiration of
                  any Award in the case of: (a) any Participant who is employed by an entity that ceases to be an Affiliate or Subsidiary (whether due to a spin-off or otherwise), (b) any transfer of a Participant between locations of employment with the
                  Company, an Affiliate, and/or Subsidiary or between the Company, an Affiliate or Subsidiary or between Affiliates or Subsidiaries, (c) any leave of absence of a Participant, (d) any change in a Participant’s status from an Employee to a
                  Consultant or a Non-Employee Director, or vice versa; and (e) upon approval by the Committee, any Employee who experiences a Termination but becomes employed by a partnership, joint venture, corporation or other entity not meeting the
                  requirements of an Affiliate or Subsidiary, subject, in each case, to the requirements of Code Section 422 applicable to any ISOs and Code Section 409A applicable to any Options and SARs.

            

       

      
        - 30 -

        
          

      

      	18.6	
              Exercise and Payment of Awards.  An Award shall be deemed exercised or claimed when the Secretary of the Company or any other Company official or other person designated by the Committee for such purpose receives appropriate written notice from a
                  Participant, in form acceptable to the Committee, together with payment of the applicable Option Price, Grant Price or other purchase price, if any, and compliance with Article 13, in accordance with the Plan and such Participant’s Award
                  Agreement.

            

       

      	18.7	
              Deferrals.  To
                  the extent provided in the Award Agreement, the Committee may permit or require a Participant to defer such Participant’s receipt of the payment of cash or the delivery of Shares that would otherwise be due to such Participant by virtue
                  of the lapse or waiver of the Period of Restriction or other restrictions with respect to Restricted Stock or the payment or satisfaction of Restricted Stock Units, Performance Units, Performance Shares, Cash-Based Awards or Other
                  Stock-Based Awards.  If any such deferral election is required or permitted, (a) such deferral shall represent an unfunded and unsecured obligation of the Company and shall not confer the rights of a stockholder unless and until Shares
                  are issued thereunder; (b) the number of Shares subject to such deferral shall, until settlement thereof, be subject to adjustment pursuant to Section 3.2; and (c) the Committee shall establish rules and procedures for such deferrals and
                  payment or settlement thereof, which may be in cash, Shares or any combination thereof, and such deferrals may be governed by the terms and conditions of any deferred compensation plan of the Company or Affiliate specified by the
                  Committee for such purpose.

            

       

      	18.8	
              Loans.  The
                  Company may, in the discretion of the Committee, extend one or more loans to Participants in connection with the exercise or receipt of an Award granted to any such Participant; provided, however, that the Company shall not extend loans
                  to any Participant if prohibited by law or the rules of any stock exchange or quotation system on which the Company’s securities are listed.  The terms and conditions of any such loan shall be established by the Committee.

            

       

      	18.9	
              No Effect on Other Plans.  Neither the adoption of the Plan nor anything contained herein shall affect any other compensation or incentive plans or arrangements of the Company or any Subsidiary or Affiliate, or prevent or limit the right of the
                  Company or any Subsidiary or Affiliate to establish any other forms of incentives or compensation for their directors, officers, eligible employees or consultants or grant or assume options or other rights otherwise than under the Plan.

            

       

      
        - 31 -

        
          

      

      	18.10	
              Section 16 of Exchange Act.  Unless otherwise stated in the Award Agreement, notwithstanding any other provision of the Plan, any Award granted to an Insider shall be subject to any additional limitations set forth in any applicable exemptive rule
                  under Section 16 of the Exchange Act (including Rule 16b-3) that are requirements for the application of such exemptive rule, and the Plan and the Award Agreement shall be deemed amended to the extent necessary to conform to such
                  limitations.

            

       

      	18.11	
              Requirements of Law; Limitations on Awards.

            

       

      	(a)	
              The granting of Awards and the issuance of Shares under the Plan shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required.

            

       

      	(b)	
              If at any time the Committee shall determine, in its discretion, that the listing, registration and/or qualification of Shares upon any securities exchange or under any state, Federal or non-United States law, or the consent or approval
                of any governmental regulatory body, is necessary or desirable as a condition of, or in connection with, the sale or purchase of Shares hereunder, the Company shall have no obligation to allow the grant, exercise or payment of any Award, or
                to issue or deliver evidence of title for Shares issued under the Plan, in whole or in part, unless and until such listing, registration, qualification, consent and/or approval shall have been effected or obtained, or otherwise provided
                for, free of any conditions not acceptable to the Committee.

            

       

      	(c)	
              If at any time counsel to the Company shall be of the opinion that any sale or delivery of Shares pursuant to an Award is or may be in the circumstances unlawful or result in the imposition of excise taxes on the Company or any
                Subsidiary or Affiliate under the statutes, rules or regulations of any applicable jurisdiction, the Company shall have no obligation to make such sale or delivery, or to make any application or to effect or to maintain any qualification or
                registration under the Securities Act, or otherwise with respect to Shares or Awards and the right to exercise or payment of any Option or Award shall be suspended until, in the opinion of such counsel, such sale or delivery shall be lawful
                or will not result in the imposition of excise taxes on the Company or any Subsidiary or Affiliate.

            

       

      	(d)	
              Upon termination of any period of suspension under this Section 19.10(d), any Award affected by such suspension which shall not then have expired or terminated shall be reinstated as to all Shares available before such suspension and as
                to the Shares which would otherwise have become available during the period of such suspension, but no suspension shall extend the term of any Award.

            

       

      	(e)	
              The Committee may require each person receiving Shares in connection with any Award under the Plan to represent and agree with the Company in writing that such person is acquiring such Shares for investment without a view to the
                distribution thereof, and/or provide such other representations and agreements as the Committee may prescribe.  The Committee, in its absolute discretion, may impose such restrictions on the ownership and transferability of the Shares
                purchasable or otherwise receivable by any person under any Award as it deems appropriate.  Any such restrictions shall be set forth in the applicable Award Agreement, and the certificates evidencing such shares may include any legend that
                the Committee deems appropriate to reflect any such restrictions.

            

       

      
        - 32 -

        
          

      

      	(f)	
              An Award and any Shares received upon the exercise or payment of an Award shall be subject to such other transfer and/or ownership restrictions and/or legending requirements as the Committee may establish in its discretion and may be
                referred to on the certificates evidencing such Shares, including restrictions under applicable Federal securities laws, under the requirements of any stock exchange or market upon which such Shares are then listed and/or traded, and under
                any blue sky or state securities laws applicable to such Shares.

            

       

      	18.12	
              Participants Deemed to Accept Plan.  By accepting any benefit under the Plan, each Participant and each person claiming under or through any such Participant shall be conclusively deemed to have indicated their acceptance and ratification of, and
                  consent to, all of the terms and conditions of the Plan and any action taken under the Plan by the Board, the Committee or the Company, in any case in accordance with the terms and conditions of the Plan.

            

       

      	18.13	
              Governing Law. 
                  The Plan and each Award Agreement shall be governed by the laws of the State of Delaware applicable to contracts made in and to be performed solely within the State of Delaware.

            

       

      	18.14	
              Enforcement.

            

       

      	(a)	
              Any dispute arising under, related to or otherwise involving this Agreement or the Transactions will be litigated in the Court of Chancery of the State of Delaware.  The Company agrees and by accepting an Award each Participant agrees to
                submit to the jurisdiction of the Court of Chancery of the State of Delaware and waive trial by jury.  The Company and the Participants do not consent to mediate any disputes before the Court of Chancery.

            

       

      	(b)	
              Notwithstanding the foregoing, if there is a determination that the Court of Chancery of the State of Delaware does not have subject matter jurisdiction over any dispute arising under this Agreement, the Company agrees and each
                Participant by accepting an Award agrees that: (i) such dispute will be adjudicated only by, and will be subject to the exclusive jurisdiction and venue of, the Superior Court of Delaware of and for the County of New Castle; (ii) if the
                Superior Court of Delaware does not have subject matter jurisdiction over such dispute, then such dispute will be adjudicated only by, and will be subject to the exclusive jurisdiction and venue of, the Complex Commercial Litigation
                Division of the Superior Court of the State of Delaware of and for the County of Newcastle; and (iii) if the Complex Commercial Litigation Division of the Superior Court of the State of Delaware does not have subject matter jurisdiction
                over such dispute, then such dispute will be adjudicated only by, and will be subject to the exclusive jurisdiction and venue of, the United States District Court for the State of Delaware.

            

       

      	(c)	
              The Company and each Participant (by accepting an Award) irrevocably: (i) consents to submit itself to the personal jurisdiction of the Delaware courts in connection with any dispute arising under this Agreement; (ii) agrees that it will
                not attempt to deny or defeat such personal jurisdiction by motion or other request for relief from the Delaware courts or any other court or governmental body; and (iii) agrees that it will not bring any action arising under this Agreement
                in any court other than the Delaware courts.  THE COMPANY AND EACH PARTICIPANT (BY ACCEPTING AN AWARD) IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON
                CONTRACT, TORT OR OTHERWISE) ARISING OUT OF THIS AGREEMENT, THE NEGOTIATION OR ENFORCEMENT HEREOF, THE ADMINISTRATION HEREOF, ANY AWARD AGREEMENT OR ANY AWARD.

            

       

      
        - 33 -

        
          

      

      	(d)	
              The court shall award attorneys’ fees and expenses and costs to the substantially prevailing party in any action (including appeals) for the enforcement or interpretation of this Agreement.  If there are cross claims in such action
                (including appeals), the court will determine which party is the substantially prevailing party as to the action as a whole and award fees, expenses and costs to such party.

            

       

      	18.15	
              Plan Unfunded. 
                  The Plan shall be unfunded.  The Company shall not be required to establish any special or separate fund or to make any other segregation of assets to assure the issuance of Shares or the payment of cash upon exercise or payment of any
                  Award.  Proceeds from the sale of Shares pursuant to Options or other Awards granted under the Plan shall constitute general funds of the Company.

            

       

      	18.16	
              Uncertificated Shares.  To the extent that the Plan provides for issuance of certificates to reflect the transfer of Shares, the transfer of such Shares may nevertheless be effected on a non-certificated basis, to the extent not prohibited by applicable
                  law or the rules of any stock exchange.

            

       

      	18.17	
              No Fractional Shares.  An Option or other Award shall not be exercisable with respect to a fractional Share or the lesser of fifty shares or the full number of Shares then subject to the Option or other Award.  No fractional Shares shall be issued upon
                  the exercise or payment of an Option or other Award.

            

       

      	18.18	
              Participants Based Outside of the United States.  Notwithstanding any provision of the Plan to the contrary, in order to comply with the laws or practices of countries other than the United States in which the Company, any Affiliate, and/or any
                  Subsidiary operates or has Employees, Non-Employee Directors or Consultants, the Committee, in its sole discretion, shall have the power and authority to:

            

       

      	(a)	
              Determine which Affiliates and Subsidiaries shall be covered by the Plan;

            

       

      	(b)	
              Determine which Employees, Non-Employee Directors and/or Consultants outside the United States are eligible to participate in the Plan;

            

       

      	(c)	
              Grant Awards (including substitutes for Awards), and modify the terms and conditions of any Awards, on such terms and conditions as the Committee determines necessary or appropriate to permit participation in the Plan by individuals
                otherwise eligible to so participate who are non-United States nationals or employed outside the United States, or otherwise to comply with applicable non-United States laws or conform to applicable requirements or practices of
                jurisdictions outside the United States;

            

       

      
        - 34 -

        
          

      

      	(d)	
              Establish subplans and adopt or modify exercise procedures and other terms and procedures, to the extent such actions may be necessary or advisable.  Any subplans and modifications to Plan terms and procedures established under this
                Section 19.16(d) by the Committee shall be attached to the Plan as appendices; and

            

       

      	(e)	
              Take any action, before or after an Award is made, that the Committee, in its discretion, deems advisable to obtain approval or comply with any necessary local government regulatory exemptions or approvals.

            

       

      Notwithstanding the above, the Committee may not take any actions hereunder, and no Awards shall be granted, that would violate any applicable law.

       

      	19.	
              DEFINITIONS. 
                  Whenever used in the Plan, the following terms shall have the meanings set forth below, and when the meaning is intended, the initial letter of the word shall be capitalized:

            

       

      	19.1	
              “Affiliate” means any entity (other than the Company and any Subsidiary) (a) in which the Company owns or controls, directly or indirectly fifty percent or more of the voting power or economic interests of such entity, (b) that is
                affiliated with the Company through stock or equity ownership or otherwise and is designated as an Affiliate for purposes of the Plan by the Committee, (c) a partnership of which the Company or a Subsidiary of the Company is the general
                partnership or (d) a limited liability company of which the Company or a Subsidiary of the Company is the manager or managing member.

            

       

      	19.2	
              “Assumed” means that pursuant to a transaction resulting in a Change of Control, either (a) the Award is expressly affirmed by the Company or (b) the contractual obligations represented by the Award are expressly assumed (and not simply
                by operation of law) by the surviving or successor corporation or entity to the Company, or any parent or subsidiary of either thereof, or any other corporation or entity that is a party to the transaction resulting in the Change of
                Control, in connection with such Change of Control, with appropriate adjustments to the number and kind of securities of such surviving or successor corporation or entity, or such other applicable parent, subsidiary, corporation or entity,
                subject to the Award and the exercise or purchase price thereof, which preserves the compensation element of the Award existing at the time of such Change of Control transaction, and provides for subsequent payout in accordance with the
                same (or more favorable) payment and vesting schedule applicable to such Award, as determined in accordance with the instruments evidencing the agreement to assume the Award.  The determination of Award comparability for this purpose shall
                be made by the Committee, and its determination shall be final, binding and conclusive.

            

       

      	19.3	
              “Award” means, individually or collectively, a grant under the Plan of Non-Qualified Stock Options, Incentive Stock Options, Stock Appreciation Rights, Restricted Stock Awards, Restricted Stock Units, Performance Shares, Performance
                Units, Cash-Based Awards, and Other Stock-Based Awards.

            

       

      
        - 35 -

        
          

      

      	19.4	
              “Award Agreement” means either: (a) a written agreement entered into by the Company and a Participant setting forth the terms and provisions applicable to an Award granted under the Plan, or (b) a written or electronic statement issued
                by the Company to a Participant describing the terms and provisions of such Award, including any amendment or modification thereof.  The Committee may provide for the use of electronic, internet or other non-paper Award Agreements, and the
                use of electronic, internet or other non-paper means for the acceptance thereof and actions thereunder by a Participant.

            

       

      	19.5	
              “Beneficial Ownership” (including correlative terms) shall have the meaning given such term in Rule 13d-3 promulgated under the Exchange Act.

            

       

      	19.6	
              “Board” or “Board of Directors” means the Board of Directors of the Company.

            

       

      	19.7	
              “Cash-Based Award” means an Award, whose value is determined by the Committee, granted to a Participant, as described in Article 8.

            

       

      	19.8	
              “Cause” shall have the definition given such term in a Participant’s Award Agreement, or in the absence of any such definition, as determined in good faith by the Committee.

            

       

      	19.9	
              “Change of Control” means the occurrence of any of the following:

            

       

      	(a)	
              an acquisition in one transaction or a series of related transactions (other than directly from the Company or pursuant to Awards granted under the Plan or compensatory options or other similar awards granted by the Company) by any
                Person of any Voting Securities of the Company, immediately after which such Person has Beneficial Ownership of more than fifty percent of the combined voting power of the Company’s then outstanding Voting Securities; provided, however, that in determining whether a Change of Control has occurred pursuant to this Section 2.9(a), Voting Securities of the Company which are acquired in a Non-Control Acquisition shall not
                constitute an acquisition that would cause a Change of Control; or

            

       

      	(b)	
              any Person acquires (or has acquired during the twelve-month period ending on the date of the most recent acquisition by such Person), other than directly from the Company or pursuant to Awards granted under the Plan or compensatory
                options or other similar awards granted by the Company, Beneficial Ownership of Voting Securities of the Company possessing thirty-five percent or more of the combined voting power of the Company’s then outstanding Voting Securities;
                provided, however, that in determining whether a Change of Control has occurred pursuant to this Section 2.9(b), Voting Securities of the Company which are acquired in a Non-Control Acquisition shall not constitute an acquisition that would
                cause a Change of Control; or

            

       

      	(c)	
              the individuals who, immediately prior to the Effective Date, are members of the Board (the “Company Incumbent Board”) cease for any reason to constitute at least a majority of the members of the Board; provided, however, that if the
                election, or nomination for election of any new director was approved by a vote of at least a majority of the Company Incumbent Board, such new director shall, for purposes of the Plan, be considered as a member of the Company Incumbent
                Board; provided further, however, that no individual shall be considered a member of the Company Incumbent Board if such individual initially assumed office as a result of either an actual or threatened “Election Contest” (as described in
                Rule 14a-12(c) promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board (a “Company Proxy Contest”) including by reason of any agreement intended
                to avoid or settle any Election Contest or Company Proxy Contest; or

            

       

      
        - 36 -

        
          

      

      	(d)	
              the consummation of any merger, consolidation, recapitalization or reorganization involving the Company unless:

            

       

      	

            	(i)	
              the stockholders of the Company, immediately before such merger, consolidation, recapitalization or reorganization, own, directly or indirectly, immediately following such merger, consolidation, recapitalization or reorganization, more
                than fifty percent (50%) of the combined voting power of the outstanding Voting Securities of the corporation resulting from such merger or consolidation or reorganization (the “Company Surviving Corporation”) in substantially the same
                proportion as their ownership of the Voting Securities of the Company immediately before such merger, consolidation, recapitalization or reorganization; and

            

       

      	

            	(ii)	
              the individuals who were members of the Company Incumbent Board immediately prior to the execution of the agreement providing for such merger, consolidation, recapitalization or reorganization constitute at least a majority of the
                members of the board of directors of the Company Surviving Corporation, or a corporation Beneficially Owning, directly or indirectly, a majority of the voting securities of the Company Surviving Corporation, and

            

       

      	

            	(iii)	
              no Person, other than (A) the Company, (B) any Related Entity, (C) any employee benefit plan (or any trust forming a part thereof) that, immediately prior to such merger, consolidation, recapitalization or reorganization, was maintained
                by the Company, the Company Surviving Corporation, or any Related Entity or (D) any Person who, together with its Affiliates, immediately prior to such merger, consolidation, recapitalization or reorganization had Beneficial Ownership of
                more than fifty percent of the then outstanding Voting Securities of the Company, owns, together with its Affiliates, Beneficial Ownership of more than fifty percent of the combined voting power of the Company Surviving Corporation’s then
                outstanding Voting Securities (a transaction described in clauses (d)(i) through (d)(iii) is referred to herein as a “Non-Control Transaction”); or

            

       

      	(e)	
              any approval by the Company’s stockholders of any plan or proposal for the liquidation or dissolution of the Company; or

            

       

      	(f)	
              any sale, lease, exchange, transfer or other disposition (in one transaction or a series of related transactions) of all or substantially all of the assets or business of the Company to any Person (other than (A) a transfer or
                distribution to a Related Entity, or (B) a transfer or distribution to the Company’s stockholders of the stock of a Related Entity or any other assets).

            

       

      
        - 37 -

        
          

      

      
        	
                

                

              	
                
                  Notwithstanding the foregoing, a Change of Control shall not be deemed to occur solely because any Person (the “Subject Person”) acquired Beneficial Ownership of more than fifty percent of the combined voting power of the then
                    outstanding Voting Securities of the Company as a result of the acquisition of Voting Securities of the Company by the Company which, by reducing the number of Voting Securities of the Company then outstanding, increases the
                    proportional number of shares Beneficially Owned by the Subject Persons, provided that if a Change of Control would occur (but for the operation of this sentence) as a result of the acquisition of Voting Securities by the Company and
                    (1) before such share acquisition by the Company the Subject Person becomes the Beneficial Owner of any new or additional Voting Securities of the Company in a related transaction or (2) after such share acquisition by the Company the
                    Subject Person becomes the Beneficial Owner of any new or additional Voting Securities of the Company which in either case increases the percentage of the then outstanding Voting Securities of the Company Beneficially Owned by the
                    Subject Person, then a Change of Control shall be deemed to occur.

                

              

      

       

      
        	
                

                

              	
                Solely for purposes of this Section 19.9, (1) ”Affiliate” shall mean, with respect to any Person, any other Person that, directly or indirectly, controls, is
                  controlled by, or is under common control with, such Person, and (2) ”control” (including with correlative meanings, the terms “controlling,” “controlled by” and “under common control with”), as applied to any Person, means the
                  possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of that Person, whether through the ownership of voting securities or by contract or otherwise.  Any Relative (for this
                  purpose, “Relative” means a spouse, child, parent, parent of spouse, sibling or grandchild) of an individual shall be deemed to be an Affiliate of such individual for this purpose.  None of the Company, any bona fide underwriter or
                  placement agent engaged by the Company or any Person controlled by the Company shall be deemed to be an Affiliate of any holder of Shares.

              

      

       

      	19.10	
              “Code” means the Internal Revenue Code of 1986, as it may be amended from time to time, including rules and regulations promulgated thereunder and successor provisions and rules and regulations thereto.

            

       

      	19.11	
              “Committee” means the Compensation Committee of the Board of Directors or a subcommittee thereof, or such other committee designated by the Board to administer the Plan each of whom satisfies such criteria of independence as the Board
                may establish and such additional regulatory or listing requirements as the Board may determine to be applicable or appropriate; provided, however, that with respect to Awards hereunder intended to qualify as performance-based compensation
                under Code Section 162(m), the Committee shall consist solely of two or more members of the Board who are not Employees and who otherwise qualify as “outside directors” within the meaning of Code Section 162(m).

            

       

      	19.12	
              “Company” means Great Elm Group, Inc., a Delaware corporation.

            

       

      
        - 38 -

        
          

      

      	19.13	
              “Consultant” means an independent contractor who is a natural person and performs services for the Company or a Subsidiary or Affiliate in a capacity other than as an Employee or Director.

            

       

      	19.14	
              “Deferred Stock Unit” means a right to receive a specified number of shares of Shares during specified time periods.

            

       

      	19.15	
              “Director” means any individual who is a member of the Board of Directors of the Company.

            

       

      	19.16	
              “Dividend Equivalents” means the equivalent value (in cash or Shares) of dividends that would otherwise be paid on the Shares subject to an Award but that have not been issued or delivered, as described in Article 10.

            

       

      	19.17	
              “Effective Date” means June 15, 2016, the date the Plan was originally approved (prior to its amendment and restatement) by the Company’s stockholders as contemplated in Section 1.1.

            

       

      	19.18	
              “Employee” means any person designated as an employee of the Company, a Subsidiary and/or an Affiliate on the payroll records thereof.  An Employee shall not include any individual during any period he or she is classified or treated by
                the Company, a Subsidiary or an Affiliate as an independent contractor, a consultant, or any employee of an employment, consulting, or temporary agency or any other entity other than the Company, a Subsidiary and/or an Affiliate without
                regard to whether such individual is subsequently determined to have been, or is subsequently retroactively reclassified as a common-law employee of the Company, a Subsidiary and/or an Affiliate during such period.  For purposes of the
                Plan, upon approval by the Committee, the term Employee may also include Employees whose employment with the Company, a Subsidiary or an Affiliate has been terminated subsequent to being granted an Award under the Plan.  For the avoidance
                of doubt, a Director who would otherwise be an “Employee” within the meaning of this Section 19.17 shall be considered an Employee for purposes of the Plan.

            

       

      	19.19	
              “Exchange Act” means the Securities Exchange Act of 1934, as it may be amended from time to time, including the rules and regulations promulgated thereunder and successor provisions and rules and regulations thereto.

            

       

      	19.20	
              “Fair Market Value” means the fair market value of the Shares as determined by the Committee by the reasonable application of such reasonable valuation method as the Committee deems appropriate; provided,
                however, that, with respect to ISOs, for purposes of Section 5.3, such fair market value shall be determined subject to Code Section 422(c)(7); provided further, however, that if the Shares are
                readily tradable on an established securities market, Fair Market Value on any date shall be the last sale price reported for the Shares on such market on such date or, if no sale is reported on such date, on the last date preceding such
                date on which a sale was reported.  In each case, the Committee shall determine Fair Market Value in a manner that satisfies the applicable requirements of Code Section 409A.

            

       

      
        - 39 -

        
          

      

      	19.21	
              “Fiscal Year” means the calendar year, or such other consecutive twelve-month period as the Committee may select.

            

       

      	19.22	
              “Full Value Award” means any Award other than an Option, Stock Appreciation Right or Cash-Based Award.

            

       

      	19.23	
              “Freestanding SAR” means an SAR that is granted independently of any Options, as described in Article 6.

            

       

      	19.24	
              “Good Reason” shall have the definition given such term in a Participant’s Award Agreement, or in the absence of any such definition, as determined in good faith by the Committee.

            

       

      	19.25	
              “Grant Price” means the price established at the time of grant of an SAR pursuant to Article 6, used to determine whether there is any payment due upon exercise of the SAR.

            

       

      	19.26	
              “Incentive Stock Option” or “ISO” means a right to purchase Shares under the Plan in accordance with the terms and conditions set forth in Article VI and which is designated as an Incentive Stock Option and which is intended to meet the
                requirements of Code Section 422.

            

       

      	19.27	
              “Insider” means an individual who is, on the relevant date, an officer, director or ten percent Beneficial Owner of any class of the Company’s equity securities that is registered pursuant to Section 12 of the Exchange Act, as determined
                by the Committee in accordance with Section 16 of the Exchange Act.

            

       

      	19.28	
              “Non-Control Acquisition” means an acquisition (whether by merger, stock purchase, asset purchase or otherwise) by (a) an employee benefit plan (or a trust forming a part thereof) maintained by (i) the Company or (ii) any corporation or
                other Person of which fifty percent or more of its total value or total voting power of its Voting Securities or equity interests is owned, directly or indirectly, by the Company (a “Related Entity”); (b) the Company or any Related Entity;
                (c) any Person in connection with a Non-Control Transaction; (d) any bona fide underwriter or placement engaged engaged by the Company in connection with the placement of securities of the Company or a Related Entity or (e) any Person that
                owns, together with its Affiliates, Beneficial Ownership of fifty percent or more of the outstanding Voting Securities of the Company on the Effective Date.

            

       

      	19.29	
              “Non-Employee Director” means a Director who is not an Employee.

            

       

      	19.30	
              “Non-Qualified Stock Option” or “NQSO” means a right to purchase Shares under the Plan in accordance with Article 4 and which is not intended to meet the requirements of Section 422 of the Code or otherwise does not meet such
                requirements.

            

       

      	19.31	
              “Notice” means notice provided by a Participant to the Company in a manner prescribed by the Committee.

            

       

      
        - 40 -

        
          

      

      	19.32	
              “Option” or “Stock Option” means an Incentive Stock Option or a Non-Qualified Stock Option, as described in Article 5.

            

       

      	19.33	
              “Option Price” means the price at which a Share may be purchased by a Participant pursuant to an Option.

            

       

      	19.34	
              “Other Stock-Based Award” means an equity-based or equity-related Award described in Section 9.1, granted in accordance with the terms and conditions set forth in Article 9, including Deferred Awards.

            

       

      	19.35	
              “Participant” means any eligible individual as set forth in Article 4 who holds one or more outstanding Awards.

            

       

      	19.36	
              “Performance Period” means the period of time during which the performance goals must be met in order to determine the degree of payout and/or vesting with respect to, or the amount or entitlement to, an Award.

            

       

      	19.37	
              “Performance Share” means an Award of a performance share, whose initial value is equal to the Fair Market Value of a Share on the date of grant, granted to a Participant, as described in Article 8.

            

       

      	19.38	
              “Performance Unit” means an Award of a performance unit, whose initial value is established by the Committee at the time of grant, granted to a Participant, as described in Article 8.

            

       

      	19.39	
              “Period of Restriction” means the period during which Shares of Restricted Stock or Restricted Stock Units are subject to a substantial risk of forfeiture, and, in the case of Restricted Stock, the transfer of Shares of Restricted Stock
                is limited in some way, as provided in Article 7.

            

       

      	19.40	
              “Person” means “person” as such term is used for purposes of Section 12(d) or 14(d) of the Exchange Act, including any individual, corporation, limited liability company, partnership, trust, unincorporated organization, government or any
                agency or political subdivision thereof, or any other entity or any group of persons.

            

       

      	19.41	
              “Plan” means this Great Elm Group, Inc. Amended and Restated 2016 Equity Incentive Compensation Plan, as amended from time to time.

            

       

      	19.42	
              “Qualified Change of Control” means a Change of Control that qualifies as a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the assets of the Company, within the meaning of
                Code Section 409A(a)(2)(A)(v).

            

       

      	19.43	
              “Replaced” means that pursuant to a transaction resulting in a Change of Control, the Award is replaced with a comparable stock award or a cash incentive program by the Company, the surviving or successor corporation or entity to the
                Company, or any parent or subsidiary of either thereof, or any other corporation or entity that is a party to the transaction resulting in the Change of Control, in connection with such Change of Control, which preserves the compensation
                element of the Award existing at the time of such Change of Control transaction, and provides for subsequent payout in accordance with the same (or more favorable) payment and vesting schedule applicable to such Award, as determined in
                accordance with the instruments evidencing the agreement to assume the Award.  The determination of Award comparability for this purpose shall be made by the Committee, and its determination shall be final, binding and conclusive.

            

       

      
        - 41 -

        
          

      

      	19.44	
              “Restricted Stock” means an Award granted to a Participant, subject to the Period of Restriction, pursuant to Article 7.

            

       

      	19.45	
              “Restricted Stock Unit” means an Award, whose value is equal to a Share, granted to a Participant, subject to the Period of Restriction, pursuant to Article 7.

            

       

      	19.46	
              “Rule 16b-3” means Rule 16b-3 under the Exchange Act, or any successor rule, as the same may be amended from time to time.

            

       

      	19.47	
              “Securities Act” means the Securities Act of 1933, as it may be amended from time to time, including the rules and regulations promulgated thereunder and successor provisions and rules and regulations thereto.

            

       

      	19.48	
              “Separation from Service” means a Termination that qualifies as a separation from service within the meaning of Code Section 409A(a)(2)(A)(i).

            

       

      	19.49	
              “Share” means a share of common stock, par value $0.001 per share, of the Company (including any new, additional or different stock or securities resulting from any change in corporate capitalization as listed in Section 3.2).

            

       

      	19.50	
              “Stock Appreciation Right” or “SAR” means an Award, granted alone (a “Freestanding SAR”) or in connection with a related Option (a “Tandem SAR”), designated as an SAR, pursuant to the terms of Article 6.

            

       

      	19.51	
              “Subsidiary” means any present or future corporation which is or would be a “subsidiary corporation” of the Company as the term is defined in Code Section 424(f).

            

       

      	19.52	
              “Substitute Awards” means Awards granted or Shares issued by the Company in assumption of, or in substitution or exchange for, options or other awards previously granted, or the right or obligation to grant future options or other
                awards, by a company acquired by the Company, a Subsidiary and/or an Affiliate or with which the Company, a Subsidiary and/or an Affiliate combines, or otherwise in connection with any merger, consolidation, acquisition of property or
                stock, or reorganization involving the Company, a Subsidiary or an Affiliate, including a transaction described in Code Section 424(a).

            

       

      	19.53	
              “Tandem SAR” means a SAR that is granted in connection with a related Option pursuant to Article 6.

            

       

      
        - 42 -

        
          

      

      	19.54	
              “Termination” means the time when a Participant ceases the performance of services for the Company, any Affiliate or Subsidiary, as applicable, for any reason, with or without Cause, including a Termination by resignation, discharge,
                death, disability or retirement, but excluding (a) a Termination where there is a simultaneous reemployment (or commencement of service) or continuing employment (or service) of a Participant by the Company, Affiliate or any Subsidiary, (b)
                at the discretion of the Committee, a Termination that results in a temporary severance, and (c) at the discretion of the Committee, a Termination of an Employee that is immediately followed by the Participant’s service as a Non-Employee
                Director.

            

       

      	19.55	
              “Voting Securities” shall mean, with respect to any Person that is a corporation, all outstanding voting securities of such Person entitled to vote generally in the election of the board of directors of such Person.

            

       

       

      

      - 43 -Exhibit 10.1

 

BROADMARK
REALTY CAPITAL INC.

 

$100,000,000
5.00% Senior Notes due 2026

 ______________________________

 

Note
Purchase Agreement

______________________________

 

Dated November 12, 2021

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	SECTION
    1.	Authorization
    of Notes	1
	 	 	 
	Section
    1.1.	Initial
    Notes	1
	Section
    1.2.	Additional
    Series of Notes	1
	 	 	 
	SECTION
    2.	Sale
    and Purchase of Notes.	2
	 	 	 
	SECTION
    3.	Closing.	2
	 	 	 
	SECTION
    4.	Conditions
    to Closing.	2
	 	 	 
	Section
    4.1.	Representations
    and Warranties	2
	Section
    4.2.	Performance;
    No Default	3
	Section
    4.3.	Compliance
    Certificates.	3
	Section
    4.4.	Opinions
    of Counsel.	3
	Section
    4.5.	Purchase
    Permitted By Applicable Law, Etc.	3
	Section
    4.6.	Sale
    of Other Notes	3
	Section
    4.7.	[Reserved]	3
	Section
    4.8.	Private
    Placement Numbers	3
	Section
    4.9.	Changes
    in Corporate Structure	4
	Section
    4.10.	Funding
    Instructions	4
	Section
    4.11.	Rating	4
	Section
    4.12.	Offeree
    Letter	4
	Section
    4.13.	Proceedings
    and Documents	4
	 	 	 
	SECTION
    5.	Representations
    and Warranties of the Company.	4
	 	 	 
	Section
    5.1.	Organization;
    Power and Authority	4
	Section
    5.2.	Authorization,
    Etc.	4
	Section
    5.3.	Disclosure	5
	Section
    5.4.	Organization
    and Ownership of Shares of Subsidiaries; Affiliates.	5
	Section
    5.5.	Financial
    Statements; Material Liabilities	6
	Section
    5.6.	Compliance
    with Laws, Other Instruments, Etc.	6
	Section
    5.7.	Governmental
    Authorizations, Etc.	6
	Section
    5.8.	Litigation;
    Observance of Statutes and Orders.	6
	Section
    5.9.	Taxes	7
	Section
    5.10.	[Intentionally
    Omitted.]	7
	Section
    5.11.	Licenses,
    Permits, Etc.	7
	Section
    5.12.	Compliance
    with Employee Benefit Plans.	7
	Section
    5.13.	Private
    Offering by the Company	8
	Section
    5.14.	Use
    of Proceeds; Margin Regulations	8
	Section
    5.15.	Existing
    Debt.	9
	Section
    5.16.	Foreign
    Assets Control Regulations, Etc.	9
	Section
    5.17.	Status
    under Certain Statutes	10
	Section
    5.18.	Absence
    of Labor Disputes	10
	Section
    5.19.	Joint
    Ventures	10
	Section
    5.20.	Insurance	10
	Section
    5.21.	Accounting
    Controls	11
	Section
    5.22.	REIT
    Status	11
	Section
    5.23.	Title
    to Real and Personal Property	11
	Section
    5.24.	Compliance
    with Environmental Laws	11
	Section
    5.25.	No
    Breach or Default under Loans	12
	Section
    5.26.	Compliance
    with Sarbanes-Oxley Act	12

 

    -i-

     

    

 

TABLE OF CONTENTS

(continued)

 

	 	 	Page
	 	 	 
	SECTION
    6.	Representations
    AND ACKNOWLEDGMENTS of the Purchasers.	12
	 	 	 
	Section
    6.1.	Purchase
    for Investment	12
	Section
    6.2.	Accredited
    Investor	13
	Section
    6.3.	[Intentionally
    Omitted].	13
	Section
    6.4.	Source
    of Funds	13
	 	 	 
	SECTION
    7.	Information
    as to Company.	14
	 	 	 
	Section
    7.1.	Financial
    and Business Information	14
	Section
    7.2.	Officer’s
    Certificate	17
	Section
    7.3.	[Intentionally
    Omitted].	17
	Section
    7.4.	Electronic
    Delivery	17
	 	 	 
	SECTION
    8.	Payment
    and Prepayment of the Notes.	18
	 	 	 
	Section
    8.1.	Maturity	18
	Section
    8.2.	Optional
    Prepayments with Make-Whole Amount	18
	Section
    8.3.	Allocation
    of Partial Prepayments	19
	Section
    8.4.	Maturity;
    Surrender, Etc.	19
	Section
    8.5.	Purchase
    of Notes	19
	Section
    8.6.	Make-Whole
    Amount.	20
	Section
    8.7.	Payments
    Due on Non-Business Days	21
	Section
    8.8.	Prepayment
    of Notes Upon a Change of Control Triggering Event.	21
	 	 	 
	SECTION
    9.	Affirmative
    Covenants.	22
	 	 	 
	Section
    9.1.	Compliance
    with Laws	22
	Section
    9.2.	Insurance	22
	Section
    9.3.	Maintenance
    of Properties	22
	Section
    9.4.	Payment
    of Taxes	23
	Section
    9.5.	Corporate
    Existence, Etc.	23
	Section
    9.6.	Books
    and Records	23
	Section
    9.7.	Rating	23
	Section
    9.8.	DTC
    Registration	23

 

    -ii-

     

    

 

TABLE OF CONTENTS

(continued)

 

	 	 	Page
	 	 	 
	SECTION
    10.	Negative
    Covenants.	24
	 	 	 
	Section
    10.1.	Transactions
    with Affiliates	24
	Section
    10.2.	Merger,
    Consolidation, Etc.	24
	Section
    10.3.	Line
    of Business	24
	Section
    10.4.	Economic
    Sanctions, Etc.	25
	Section
    10.5.	Total
    Debt to Equity Ratio	25
	Section
    10.6.	Tangible
    Net Worth	25
	Section
    10.7.	Limitation
    on Debt	25
	Section
    10.8.	Liens.	25
	 	 	 
	SECTION
    11.	Events
    of Default.	26
	 	 	 
	SECTION
    12.	Remedies
    on Default, Etc.	28
	 	 	 
	Section
    12.1.	Acceleration.	28
	Section
    12.2.	Other
    Remedies	28
	Section
    12.3.	Rescission	28
	Section
    12.4.	No
    Waivers or Election of Remedies, Expenses, Etc.	29
	 	 	 
	SECTION
    13.	Registration;
    Exchange; Substitution of Notes.	29
	 	 	 
	Section
    13.1.	Registration
    of Notes	29
	Section
    13.2.	Transfer
    and Exchange of Notes.	30
	Section
    13.3.	Restrictions
    on Transfer and Exchange of Notes.	32
	Section
    13.4.	Replacement
    of Notes	33
	 	 	 
	SECTION
    14.	Payments
    on Notes.	34
	 	 	 
	Section
    14.1.	Place
    of Payment	34
	Section
    14.2.	Payment
    by Wire Transfer	34
	Section
    14.3.	FATCA
    Information	35
	 	 	 
	SECTION
    15.	Expenses,
    Etc.	35
	 	 	 
	Section
    15.1.	Transaction
    Expenses	35
	Section
    15.2.	Certain
    Taxes	36
	Section
    15.3.	Survival	36
	 	 	 
	SECTION
    16.	Survival
    of Representations and Warranties; Entire Agreement.	36
	 	 	 
	SECTION
    17.	Amendment
    and Waiver.	36
	 	 	 
	Section
    17.1.	Requirements	36
	Section
    17.2.	Solicitation
    of Holders of Notes.	37
	Section
    17.3.	Binding
    Effect, Etc.	37
	Section
    17.4.	Notes
    Held by Company, Etc.	37
	 	 	 
	SECTION
    18.	Notices.	38
	 	 	 
	SECTION
    19.	Reproduction
    of Documents.	38
	 	 	 
	SECTION
    20.	Confidential
    Information.	39

 

    -iii-

     

    

 

TABLE OF CONTENTS

(continued)

 

	 	 	Page
	 	 	 
	SECTION
    21.	Substitution
    of Purchaser.	40
	 	 	 
	SECTION
    22.	Miscellaneous.	40
	 	 	 
	Section
    22.1.	Successors
    and Assigns	40
	Section
    22.2.	Accounting
    Terms	40
	Section
    22.3.	Severability	41
	Section
    22.4.	Construction,
    Etc.	41
	Section
    22.5.	Counterparts	42
	Section
    22.6.	Governing
    Law	42
	Section
    22.7.	Jurisdiction
    and Process; Waiver of Jury Trial.	42
	Section
    22.8.	Independent
    Investigation	42

 

    -iv-

     

    

 

	Schedule
    A	—	Defined
    Terms
	 	 	 
	Schedule
    1	—	Form
    of Senior Note due 2026
	 	 	 
	Schedule
    5.3	—	Disclosure
    Materials
	 	 	 
	Schedule
    5.4	—	Subsidiaries
    of the Company and Ownership of Subsidiary Stock
	 	 	 
	Schedule
    5.5	—	Financial
    Statements
	 	 	 
	Schedule
    5.15	—	Existing
    Debt
	 	 	 
	Schedule
    5.19	—	Joint
    Ventures
	 	 	 
	Exhibit
    A	—	Restricted
    Legend
	 	 	 
	Exhibit
    B	—	DTC
    Legend

 

    -v-

     

    

 

BROADMARK REALTY CAPITAL INC.

1420 Fifth Avenue, Suite 2000

Seattle, Washington 98101

 

$100,000,000 5.00% Senior Notes due 2026

 

November 12, 2021

 

To Each of the Purchasers Listed in

the Signature Pages Hereto:

 

Ladies and Gentlemen:

 

Broadmark Realty Capital Inc.,
a Maryland corporation (the “Company”) agrees with each of the Purchasers as follows:

 

 SECTION 1.                       Authorization of Notes.

 

Section 1.1.        Initial Notes. The Company will authorize the issue and sale of $100,000,000 aggregate principal amount of its Senior Notes
due 2026 (the “Notes”). The Notes shall be substantially in the form set out in Schedule 1. Certain capitalized
and other terms used in this Agreement are defined in Schedule A hereto and, for purposes of this Agreement, the rules of
construction set forth in Section 22.4 shall govern.

 

Section 1.2.        Additional
Series of Notes. The Company may, from time to time, in its sole discretion but subject to the terms hereof, issue and sell one or
more additional unsecured promissory notes under the provisions of this Agreement (the “Additional Notes”) pursuant
to a supplement to this Agreement (a “Supplement”). Each Additional Note issued pursuant to a Supplement shall have
identical terms to the Notes, other than with respect to the date of issuance, purchase price, first interest payment date applicable
thereto and first date from which interest will accrue). The obligations of the Company to issue, and the obligations of the Additional
Purchasers to purchase, any Additional Notes shall be subject to the following conditions precedent:

 

(a)         
No Default. No Additional Notes shall be issued hereunder if at the time of issuance thereof and after giving effect to
the application of the proceeds thereof, any Default or Event of Default shall have occurred and be continuing.

 

(b)         
Compliance Certificate. A duly authorized Senior Financial Officer shall execute and deliver to each Additional Purchaser
an Officer’s Certificate dated the date of issue of such Additional Note stating that such officer has reviewed the provisions of
this Agreement and setting forth the information and computations (in reasonable detail) required in order to establish whether after
giving effect to the issuance of the Additional Note and after giving effect to the application of the proceeds thereof, the Company is
in compliance with the requirements of Sections 10.5, 10.6 and 10.7 on such date (based upon the financial statements for the most recent
fiscal quarter ended prior to the date of such certificate).

 

     

     

    

 

(c)         
Rating. The Purchasers shall have received satisfactory evidence that the Notes and the Additional Notes are rated at least
A- from an NRSRO.

 

(d)        
Representations of Additional Purchasers. Each Additional Purchaser shall have confirmed in a supplement that the representations
set forth in Section 6 are true with respect to such Additional Purchaser on and as of the date of issue of the Additional Notes.

 

 SECTION 2.                        Sale and Purchase of Notes.

 

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

 

 SECTION 3.                        Closing.

 

The sale and purchase of the
Notes to be purchased by each Purchaser shall occur at the offices of Bryan Cave Leighton Paisner LLP, One Atlantic Center, 14th
Floor, 1201 W. Peachtree Street, N.W., Atlanta, Georgia 30309-3471, at 10:00 a.m., New York time, at a closing (the “Closing”)
on November 12, 2021 or on such other Business Day thereafter on or prior to November 12, 2021 as may be agreed upon by the Company and
the Purchasers. At the Closing the Company will deliver to each Purchaser the Notes to be purchased by such Purchaser in the form of a
single Note (or such greater number of Notes in denominations of at least $2,000 as such Purchaser may request) dated the date of the
Closing and registered in such Purchaser’s name (or in the name of its nominee), against delivery by such Purchaser to the Company
or its order of immediately available funds in the amount of the purchase price therefor by wire transfer of immediately available funds
for the account of the Company to the account of the Company set forth in the funding instructions delivered by the Company pursuant to
Section 4.10. If at the Closing the Company shall fail to tender such Notes to any Purchaser as provided above in this Section 3,
or any of the conditions specified in Section 4 shall not have been fulfilled to such Purchaser’s satisfaction, such Purchaser
shall, at its election, be relieved of all further obligations under this Agreement, without thereby waiving any rights such Purchaser
may have by reason of such failure by the Company to tender such Notes or any of the conditions specified in Section 4 not having been
fulfilled to such Purchaser’s satisfaction.

 

 SECTION 4.                        Conditions to Closing.

 

Each Purchaser’s obligation
to purchase and pay for the Notes to be sold to such Purchaser at the Closing is subject to the fulfillment to such Purchaser’s
satisfaction, prior to or at the Closing, of the following conditions:

 

Section 4.1.         Representations
and Warranties. The representations and warranties of the Company in this Agreement shall be correct in all Material respects
(or, if such representation or warranty is by its terms qualified by concepts of materiality, then such representation or warranty
shall be correct in all respects) when made and at the Closing.

 

    2

     

    

 

Section 4.2.        
Performance; No Default. The Company shall have performed and complied with all agreements and conditions contained in this
Agreement required to be performed or complied with by it prior to or at the Closing. Before and after giving effect to the issue and
sale of the Notes (and the application of the proceeds thereof as contemplated by Section 5.14), no Default or Event of Default shall
have occurred and be continuing.

 

Section 4.3.        
Compliance Certificates.

 

(a)        
Officer’s Certificate. The Company shall have delivered to such Purchaser an Officer’s Certificate, dated the
date of the Closing, certifying that the conditions specified in Sections 4.1, 4.2 and 4.9 have been fulfilled.

 

(b)        
Secretary’s Certificate. The Company shall have delivered to such Purchaser a certificate of its Secretary or Assistant
Secretary, dated the date of the Closing, certifying as to (i) the resolutions attached thereto and other corporate proceedings relating
to the authorization, execution and delivery of the Notes and this Agreement and (ii) the Company’s organizational documents as
then in effect.

 

Section 4.4.        
Opinions of Counsel. Such Purchaser shall have received opinions in form and substance satisfactory to such Purchaser, dated
the date of the Closing (i) from (A) Bryan Cave Leighton Paisner LLP, special counsel for the Company, (B) Bryan Cave Leighton Paisner
LLP, tax counsel for the Company, and (C) Venable LLP, Maryland counsel for the Company (and the Company hereby instructs its counsel
to deliver such opinions to the Purchasers).

 

Section 4.5.        
Purchase Permitted By Applicable Law, Etc. On the date of the Closing such Purchaser’s purchase of Notes shall (a) be
permitted by the laws and regulations of each jurisdiction to which such Purchaser is subject, without recourse to provisions (such as
section 1405(a)(8) of the New York Insurance Law) permitting limited investments by insurance companies without restriction as to
the character of the particular investment, (b) not violate any applicable law or regulation (including Regulation T, U or X of the
Board of Governors of the Federal Reserve System) and (c) not subject such Purchaser to any tax, penalty or liability under or pursuant
to any applicable law or regulation, which law or regulation was not in effect on the date hereof.

 

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

 

Section 4.7.        
[Reserved].

 

Section 4.8.         Private Placement Numbers. One or more Private Placement Numbers issued by Standard & Poor’s CUSIP Service Bureau
(in cooperation with the SVO) shall have been obtained for the Notes.

 

    3

     

    

 

Section 4.9.        
Change in Corporate Structure. The Company shall not have changed its jurisdiction of incorporation or organization, as applicable,
or been a party to any merger or consolidation or succeeded to all or any substantial part of the liabilities of any other entity, at
any time following the date of the most recent financial statements referred to in Schedule 5.5.

 

Section 4.10.     
Funding Instructions. At least three Business Days prior to the date of the Closing, each Purchaser shall have received written
instructions signed by a Responsible Officer on letterhead of the Company directing the manner of the payment of the purchase price for
the Notes and setting forth (a) the name and address of the transferee bank, (b) such transferee bank’s ABA number and
(c) the account name and number into which the purchase price for the Notes is to be deposited.

 

Section 4.11.      
Rating. The Purchasers shall have received satisfactory evidence that the Notes are rated at least A- from Egan-Jones.

 

Section 4.12.      
Offeree Letter. Piper Sandler & Co. shall have delivered to the Company, its counsel and each Purchaser an offeree letter,
in form and substance satisfactory to the Purchasers and the Company, confirming the manner of the offering of the Notes on behalf of
the Company and the number of offerees.

 

Section 4.13.    
Proceedings and Documents. All corporate and other proceedings in connection with the transactions contemplated by this Agreement
and all documents and instruments incident to such transactions shall be satisfactory to such Purchaser, and such Purchaser shall have
received all such counterpart originals or certified or other copies of such documents as such Purchaser may reasonably request.

 

 SECTION 5.                        Representations and Warranties of the Company.

 

The Company represents and
warrants to each Purchaser that:

 

Section 5.1.        
Organization; Power and Authority. The Company is a corporation duly organized, validly existing and in good standing under
the laws of its jurisdiction of incorporation, and is duly qualified as a foreign corporation and is in good standing in each jurisdiction
in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing
would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company has the corporate power
and authority to own or hold under lease the Material properties it purports to own or hold under lease, to transact the business it transacts
and proposes to transact, to execute and deliver this Agreement and the Notes and to perform the provisions hereof and thereof.

 

Section 5.2.        
Authorization, Etc. This Agreement and the Notes have been duly authorized by all necessary corporate action on the part of
the Company, and this Agreement constitutes, and upon execution and delivery thereof each Note, will constitute, a legal, valid and binding
obligation of the Company enforceable against the Company in accordance with its terms, except as such enforceability may be limited by
(a) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’
rights generally and (b) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity
or at law).

 

    4

     

    

 

Section 5.3.        
Disclosure. The Company, through its agent, Piper Sandler & Co., has delivered to each Purchaser a copy of an Investor
Presentation, dated October, 2021 (the “Investor Presentation”), relating to the transactions contemplated hereby.
This Agreement, the Investor Presentation, the financial statements listed in Schedule 5.5 and the documents, certificates or other writings
delivered to the Purchasers by or on behalf of the Company (or made available on EDGAR) prior to November 12, 2021, in connection with
the transactions contemplated hereby and identified in Schedule 5.3 (this Agreement and such documents, certificates or other writings
and such financial statements delivered to each Purchaser (or made available on EDGAR) being referred to, collectively, as the “Disclosure
Documents”), taken as a whole, do not contain any untrue statement of a material fact or omit to state any material fact necessary
to make the statements therein not misleading in light of the circumstances under which they were made. Except as disclosed in the Disclosure
Documents, since December 31, 2020, there has been no change in the financial condition, operations, business or properties of the Company
or any Subsidiary except changes that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect.

 

Section 5.4.        
Organization and Ownership of Shares of Subsidiaries; Affiliates.

 

(a)         
Schedule 5.4 contains any Subsidiaries of the Company which are Significant Subsidiaries, showing, as to each Subsidiary, whether
each such Subsidiary is a corporation, limited or general partnership or limited liability company and the jurisdiction of organization
of each such Subsidiary and, in the case of any Subsidiary which is a partnership or limited liability company, its general partners and
managing members, respectively.

 

(b)         
All of the outstanding shares of capital stock or similar Equity Interests of each Significant Subsidiary shown in Schedule 5.4
have been validly issued, are fully paid and non-assessable and are owned by the Company or another Subsidiary free and clear of any Lien
that is prohibited by this Agreement.

 

(c)        
Each Significant Subsidiary is a corporation or other legal entity duly organized, validly existing and, where applicable, in good
standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or other legal entity and,
where applicable, is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions
as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect. Each such Significant Subsidiary has the corporate or other power and authority to own or hold under lease
the properties it purports to own or hold under lease and to transact the business it transacts and proposes to transact.

 

(d)        
No Subsidiary is subject to any legal, regulatory, contractual or other restriction (other than customary limitations imposed by
corporate law or similar statutes) restricting the ability of such Subsidiary to pay dividends out of profits or make any other similar
distributions of profits to the Company or any of its Subsidiaries that owns outstanding shares of capital stock or similar Equity Interests
of such Subsidiary.

 

    5

     

    

 

Section 5.5.        
Financial Statements; Material Liabilities. The Company has made available to each Purchaser copies of the financial statements
of the Company and its Subsidiaries listed on Schedule 5.5. All of such financial statements (including in each case the related schedules
and notes) fairly present in all material respects the consolidated financial position of the Company and its Subsidiaries as of the
respective dates specified in such Schedule and the consolidated results of their operations and cash flows for the respective periods
so specified and have been prepared in accordance with GAAP consistently applied throughout the periods involved except as set forth
in the notes thereto (subject, in the case of any interim financial statements, to normal year-end adjustments). The Company and its
Subsidiaries do not have any Material liabilities that are not disclosed in the Disclosure Documents.

 

Section 5.6.        
Compliance with Laws, Other Instruments, Etc. The execution, delivery and performance by the Company of this Agreement and
the Notes will not (i) contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien
in respect of any property of the Company or any Subsidiary under, any indenture, mortgage, deed of trust, loan, purchase or credit agreement,
lease, corporate charter or by-laws, shareholders agreement or any other agreement or instrument to which the Company or any Subsidiary
is bound or by which the Company or any Subsidiary or any of their respective properties may be bound or affected, (ii) conflict
with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree or ruling of any court, arbitrator
or Governmental Authority applicable to the Company or any Subsidiary or (iii) violate any provision of any statute or other rule
or regulation of any Governmental Authority applicable to the Company or any Subsidiary, except (other than, in the case of clause (i),
with respect to the corporate charter, by-laws or limited liability company agreement of the Company or any Subsidiary) where the failure
or non-compliance of the same could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

Section 5.7.      
Governmental Authorizations, Etc. No consent, approval or authorization of, or registration, filing or declaration with, any
Governmental Authority is required in connection with the execution, delivery or performance by the Company of this Agreement or the Notes,
except such as may have been obtained or may be required under state securities or blue sky laws and filings required to be made with
the SEC under the Exchange Act; provided, however, that the representation by the Company to each Purchaser in this Section 5.7 is made
in reliance upon and subject to the accuracy of such Purchaser’s representation in Section 6.1 and Section 6.2 as to its purchase
for investment and purchaser status.

 

Section 5.8.        
Litigation; Observance of Statutes and Orders. 

 

(a)         
There are no actions, suits, investigations or proceedings pending or, to the best knowledge of the Company, threatened against
or affecting the Company or any Subsidiary or any property of the Company or any Subsidiary in any court or before any arbitrator of any
kind or before or by any Governmental Authority that would, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.

 

(b)          Neither
the Company nor any Subsidiary is (i) in violation of any order, judgment, decree or ruling of any court, any arbitrator of any kind
or any Governmental Authority or (ii) in violation of any applicable law, ordinance, rule or regulation of any Governmental
Authority (including Environmental Laws, the USA PATRIOT Act or any of the other laws and regulations that are referred to in
Section 5.16), which violation would, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect.

 

    6

     

    

 

Section 5.9.        
Taxes. The Company and its Subsidiaries have filed all tax returns that are required to have been filed in any jurisdiction,
and have paid all taxes shown to be due and payable on such returns and all other taxes and assessments payable by them, to the extent
such taxes and assessments have become due and payable and before they have become delinquent, except for any taxes and assessments (i) the
amount of which, individually or in the aggregate, is not Material or (ii) the amount, applicability or validity of which is currently
being contested in good faith by appropriate proceedings and with respect to which the Company or a Subsidiary, as the case may be, has
established adequate reserves in accordance with GAAP. The charges, accruals and reserves on the books of the Company and its Subsidiaries
in respect of U.S. federal, state or other taxes for all fiscal periods are adequate in all Material respects. The U.S. federal income
tax liabilities of the Company and its Subsidiaries have been finally determined (whether by reason of completed audits or the statute
of limitations having run) for all fiscal years up to and including the fiscal year ended December 31, 2020.

 

Section 5.10.      
[Intentionally Omitted.]

 

Section 5.11.     
Licenses, Permits, Etc. The Company and its Subsidiaries own or possess all licenses, permits, franchises, authorizations,
patents, copyrights, proprietary software, service marks, trademarks and trade names, or rights thereto, that individually or in the aggregate
are Material, without known conflict with the rights of others, except for those conflicts that, individually or in the aggregate, would
not reasonably be expected to have a Material Adverse Effect.

 

Section 5.12.      
Compliance with Employee Benefit Plans.

 

(a)         
The Company and each ERISA Affiliate have operated and administered each Plan in compliance with all applicable laws except for
such instances of noncompliance as have not resulted in and could not, individually or in the aggregate, reasonably be expected to result
in a Material Adverse Effect.  Neither the Company nor any ERISA Affiliate has incurred any liability pursuant to Title I or IV of
ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans (as defined in section 3 of ERISA), and no
event, transaction or condition has occurred or exists that would, individually or in the aggregate, reasonably be expected to result
in the incurrence of any such liability by the Company or any ERISA Affiliate, or in the imposition of any Lien on any of the rights,
properties or assets of the Company or any ERISA Affiliate, in either case pursuant to Title I or IV of ERISA or to section 430(k) of
the Code or to any such penalty or excise tax provisions under the Code or federal law or section 4068 of ERISA or by the granting of
a security interest in connection with the amendment of a Plan, other than such liabilities or Liens as would not be individually or in
the aggregate Material.

 

    7

     

    

 

(b)          The
present value of the aggregate benefit liabilities under each of the Plans subject to Title IV of ERISA (other than Multiemployer
Plans), if any, determined as of the end of such Plan’s most recently ended plan year on the basis of the actuarial
assumptions specified for funding purposes in such Plan’s most recent actuarial valuation report, did not exceed the aggregate
current value of the assets of such Plan allocable to such benefit liabilities by an amount that could reasonably be expected to
have a Material Adverse Effect. The term “benefit liabilities” has the meaning specified in section 4001 of
ERISA and the terms “current value” and “present value” have the meaning specified in
section 3 of ERISA.

 

(c)          The Company and its ERISA Affiliates have not incurred withdrawal liabilities (and are not subject to contingent withdrawal liabilities)
under section 4201 or 4204 of ERISA in respect of Multiemployer Plans that individually or in the aggregate could reasonably be expected
to have a Material Adverse Effect.

 

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

 

(e)         
The execution and delivery of this Agreement and the issuance and sale of the Notes hereunder will not be a non-exempt transaction
that is subject to the prohibitions of section 406 of ERISA or in connection with which a tax could be imposed pursuant to section 4975(c)(1)(A)-(D)
of the Code. The representation by the Company to each Purchaser in the first sentence of this Section 5.12(e) is made in reliance upon
and subject to the accuracy of such Purchaser’s representation in Section 6.4 as to the sources of the funds to be used to pay the
purchase price of the Notes to be purchased by such Purchaser.

 

(f)          
The Company and its Subsidiaries do not have any Non-U.S. Plans.

 

Section 5.13.      
Private Offering by the Company. Neither the Company nor anyone acting on its behalf has offered the Notes or any similar Securities
for sale to, or solicited any offer to buy the Notes or any similar Securities from, or otherwise approached or negotiated in respect
thereof with, any Person other than the Purchasers and not more than 35 other Institutional Investors, each of which has been offered
the Notes at a private sale for investment. Neither the Company nor anyone acting on its behalf has taken, or will take, any action that
would subject the issuance or sale of the Notes to the registration requirements of Section 5 of the Securities Act or to the registration
requirements of any Securities or blue sky laws of any applicable jurisdiction.

 

Section 5.14.      Use
of Proceeds; Margin Regulations. The Company will apply the proceeds of the sale of the Notes hereunder to originate new
investments and for general corporate purposes. No part of the proceeds from the sale of the Notes hereunder will be used, directly
or indirectly, for the purpose of buying or carrying any margin stock within the meaning of Regulation U of the Board of
Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any Securities under
such circumstances as to involve the Company in a violation of Regulation X of said Board (12 CFR 224) or to involve any broker or
dealer in a violation of Regulation T of said Board (12 CFR 220). Margin stock does not constitute more than 25% of the value of the
consolidated assets of the Company and its Subsidiaries and the Company does not have any present intention that margin stock will
constitute more than 25% of the value of such assets. As used in this Section, the terms “margin stock” and “purpose
of buying or carrying” shall have the meanings assigned to them in said Regulation U.

 

    8

     

    

 

Section 5.15.      
Existing Debt.

 

(a)         
Except as described therein, Schedule 5.15 sets forth a complete and correct list of all outstanding Debt of the Company and its
Subsidiaries as of November 12, 2021 (including descriptions of the obligors and obligees, principal amounts outstanding, any collateral
therefor and any Guaranty thereof), since which date there has been no Material change in the amounts, interest rates, sinking funds,
installment payments or maturities of the Debt of the Company or its Subsidiaries. Neither the Company nor any Subsidiary is in default
and no waiver of default is currently in effect, in the payment of any principal or interest on any Debt of the Company or such Subsidiary
and no event or condition exists with respect to any Debt of the Company or any Subsidiary the outstanding principal amount of which exceeds
$10,000,000 that would permit (or that with notice or the lapse of time, or both, would permit) one or more Persons to cause such Debt
to become due and payable before its stated maturity or before its regularly scheduled dates of payment.

 

(b)         
Neither the Company nor any Subsidiary is a party to, or otherwise subject to any provision contained in, any instrument evidencing
Debt of the Company or such Subsidiary, any agreement relating thereto or any other agreement (including its charter or any other organizational
document) which limits the amount of, or otherwise imposes restrictions on the incurring of, Debt of the Company, except as disclosed
in Schedule 5.15.

 

Section 5.16.      
Foreign Assets Control Regulations, Etc.

 

(a)         
Neither the Company nor any Controlled Entity (i) is a Blocked Person, (ii) has been notified that its name appears or may in the
future appear on a State Sanctions List or (iii) is a target of sanctions that have been imposed by the United Nations or the European
Union.

 

(b)         
Neither the Company nor any Controlled Entity (i) has violated, been found in violation of, or been charged or convicted under,
any applicable U.S. Economic Sanctions Laws, Anti-Money Laundering Laws or Anti-Corruption Laws or (ii) to the Company’s knowledge,
is under investigation by any Governmental Authority for possible violation of any U.S. Economic Sanctions Laws, Anti-Money Laundering
Laws or Anti-Corruption Laws.

 

(c)          
No part of the proceeds from the sale of the Notes hereunder:

 

(i)                 constitutes
or will constitute funds obtained on behalf of any Blocked Person or will otherwise be used by the Company or any Controlled Entity,
directly or indirectly, (A) in connection with any investment in, or any transactions or dealings with, any Blocked Person, (B) for
any purpose that would cause any Purchaser to be in violation of any U.S. Economic Sanctions Laws or (C) otherwise in violation of
any U.S. Economic Sanctions Laws;

 

    9

     

    

 

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

 

(iii)           
will be used, directly or indirectly, for the purpose of making any improper payments, including bribes, to any Governmental Official
or commercial counterparty in order to obtain, retain or direct business or obtain any improper advantage, in each case which would be
in violation of, or cause any Purchaser to be in violation of, any applicable Anti-Corruption Laws.

 

(d)        
The Company has established procedures and controls which it reasonably believes are adequate (and otherwise comply with applicable
law) to ensure that the Company and each Controlled Entity is and will continue to be in compliance with all applicable U.S. Economic
Sanctions Laws, Anti-Money Laundering Laws and Anti-Corruption Laws.

 

Section 5.17.      
Status under Certain Statutes. Neither the Company nor any Subsidiary is subject to regulation under the Investment Company
Act of 1940, the Public Utility Holding Company Act of 2005, the ICC Termination Act of 1995, or the Federal Power Act.

 

Section 5.18.      
Absence of Labor Disputes. No labor dispute with the employees of the Company or any Subsidiary of the Company exists or, to
the knowledge of the Company, is imminent, and the Company is not aware of any existing or imminent labor disturbance by the employees
of any of the principal suppliers, manufacturers, customers or contractors of the Company or any of its Subsidiaries which, in any such
case, may reasonably be expected to result in a Material Adverse Effect.

 

Section 5.19.     
Joint Ventures. All of the joint ventures in which the Company or any Subsidiary owns any interest are listed on Schedule 5.19
hereto. The Company’s or Subsidiary’s ownership interest in such joint ventures is set forth in Schedule 5.19.

 

Section 5.20.    
Insurance. The Company and its Subsidiaries have insurance covering their respective properties, operations, personnel and
businesses, including business interruption insurance, which insurance is in amounts and insures against such losses and risks as the
Company reasonably believes are adequate to protect the Company and its subsidiaries and their respective businesses. The Company has
no reason to believe that it or any Subsidiaries will not be able to renew its existing insurance coverage as and when such coverage expires
or to obtain similar coverage from insurers of recognized financial responsibility as may be necessary to continue its business as now
conducted and at a cost that would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

    10

     

    

 

Section 5.21.       Accounting
Controls. The Company maintains a system of internal control over financial reporting (as defined in Rule 13a-15(f) of the
Exchange Act) sufficient to provide reasonable assurance that financial reporting is reliable and financial statements for external
purposes are prepared in accordance with GAAP and includes policies and procedures that (a) pertain to the maintenance of records
that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company and its
Subsidiaries; (b) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with GAAP, and to maintain asset accountability; (c) access to assets is permitted only in accordance with
management’s general or specific authorization; (d) the recorded accountability for assets is compared with the existing
assets at reasonable intervals and appropriate action is taken with respect to any differences; and (e) interactive data in
eXtensible Business Reporting Language included in the materials filed with the SEC prior to the date of this Agreement fairly
presents the information called for in all material respects and is prepared in accordance with the SEC’s rules and guidelines
applicable thereto. Since the end of the Company’s most recent audited fiscal year, there has been (x) no material weakness in
the Company’s internal control over financial reporting (whether or not remediated) and (y) no change in the Company’s
internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the
Company’s internal control over financial reporting.

 

Section 5.22.      
REIT Status. Commencing with the Company’s taxable year ended December 31, 2019, the Company has been organized and operated
in conformity with the requirements for qualification and taxation as a real estate investment trust (“REIT”) under
the Code, and the Company’s current and proposed method of operations as described in the materials filed with the SEC prior to
the date of this Agreement enabled it to meet the requirements for qualification and taxation as a REIT under the Code for its taxable
year ended December 31, 2020 and will enable it to continue to meet the requirements for qualification and taxation as a REIT under the
Code for its taxable year ending December 31, 2021 and thereafter. The Company does not know of any event that would cause or is likely
to cause the Company to fail to qualify as a REIT under the Code at any time.

 

Section 5.23.     
Title to Real and Personal Property. Except as otherwise set forth in the materials filed with the SEC prior to the date of
this Agreement, the Company and its subsidiaries have good and marketable title in fee simple (in the case of real property) to, or have
valid and marketable rights to lease or otherwise use, all items of real and personal property and assets that are material to the respective
businesses of the Company and its subsidiaries, in each case free and clear of all liens, encumbrances, claims and defects and imperfections
of title except Permitted Liens and those that (i) do not materially interfere with the use made and proposed to be made of such property
by the Company and its subsidiaries and (ii) could not reasonably be expected, individually or in the aggregate, to have a Material Adverse
Effect.

 

Section 5.24.     Compliance
with Environmental Laws. Except as otherwise set forth in the materials filed with the SEC prior to the date of this Agreement,
(A) there are no proceedings that are pending, or to the knowledge of the Company, threatened, against the Company or any of its
subsidiaries under any laws, regulations, ordinances, rules, orders, judgments, decrees, permits or other legal requirements of any
governmental authority, including, without limitation, any international, foreign, national, state, provincial, regional, or local
authority, relating to pollution, the protection of human health or safety, the environment, or natural resources, or to use,
handling, storage, manufacturing, transportation, treatment, discharge, disposal or release of hazardous or toxic substances or
wastes, pollutants or contaminants (“Environmental Laws”) in which a governmental authority is also a party or (B) the
Company and its subsidiaries are not aware of any facts or issues regarding compliance with Environmental Laws, including any
pending or proposed Environmental Laws, or liabilities or other obligations under Environmental Laws or concerning hazardous or
toxic substances or wastes, pollutants or contaminants, in either case that could reasonably be expected to have a Material Adverse
Effect. Except as otherwise set forth in the materials filed with the SEC prior to the date of this Agreement, neither the Company
nor its subsidiaries reasonably expect to incur material capital expenditures relating to remediation of matters arising under
Environmental Laws.

 

    11

     

    

 

Section 5.25.      
No Breach or Default under Loans. Except as otherwise set forth in the materials filed with the SEC prior to the date of this
Agreement, to the Company’s knowledge, there is no breach of, or default under (nor has any event occurred which with notice, lapse
of time, or both would constitute a breach of, or default under) the loan documents relating to the debt instruments acquired or originated
by the Company (collectively, the “Loans”) which breach or default, if uncured, would reasonably be expected to have
a Material Adverse Effect. To the Company’s knowledge without due inquiry, there is no breach or default under (nor has any event
occurred which with notice, lapse of time, or both would constitute a breach of, or default under) the loan documents relating to any
loans senior to the Loans, which breach or default, if uncured, would reasonably be expected to have a Material Adverse Effect.

 

Section 5.26.    
Compliance with Sarbanes-Oxley Act. The Company is in compliance in all material respects with the provisions of the Sarbanes-Oxley
Act of 2002 and the rules and regulations promulgated in connection therewith, including Section 402 related to loans and Sections 302
and 906 related to certifications.

 

 SECTION 6.                        Representations AND ACKNOWLEDGMENTS of the Purchasers.

 

Section 6.1.        
Purchase for Investment. Each Purchaser severally represents that it is purchasing the Notes for its own account or for one
or more separate accounts maintained by such Purchaser or for the account of one or more pension or trust funds and not with a view to
the distribution thereof, provided that the disposition of such Purchaser’s or their property shall at all times be within
such Purchaser’s or their control. Each Purchaser understands that the Notes have not been registered under the Securities Act and
may be resold only if registered pursuant to the provisions of the Securities Act or if an exemption from registration is available, except
under circumstances where neither such registration nor such an exemption is required by law, and that the Company is not required to
register the Notes. Each Purchaser further represents and warrants that such Purchaser will not sell, transfer or otherwise dispose of
the Notes or any interest therein except in a transaction exempt from or not subject to the registration requirements of the Securities
Act and in accordance with the restrictions set forth in Section 13.2 and the legend set forth on the applicable Series of the Notes.

 

    12

     

    

 

Section 6.2.         Accredited
Investor. Each Purchaser represents that it is an “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or
(7) of Regulation D under the Securities Act) acting for its own account (and not for the account of others) or as a fiduciary or
agent for others (which others are also “accredited investors”). Each Purchaser further represents that such Purchaser
has had the opportunity to ask questions of the Company and received answers to its satisfaction concerning the terms and conditions
of the sale of the Notes. Each Purchaser further represents (i) that its financial condition is such that it is able to bear the
risk of holding the Notes for an indefinite period of time and the risk of loss of its entire investment, (ii) that it has made an
independent investment decision to purchase the Notes after conducting such investigation as such Purchaser has deemed appropriate
of the tax, accounting and regulatory implications relating to an investment in the Notes, and (iii) that it has sufficient
knowledge and experience in investing in securities and in related financial and business matters so as to be able to evaluate the
risk and merits of its investment in the Company. Each Purchaser further represents and warrants that it has received such materials
or information as it has deemed necessary in connection with its purchase of Notes hereunder and that it is not purchasing the Notes
as a result of any general solicitation or general advertising within the meaning of Regulation D under the Securities Act.

 

Section 6.3.        
[Intentionally Omitted].

 

Section 6.4.        
Source of Funds. Each Purchaser severally represents that at least one of the following statements is an accurate representation
as to each source of funds (a “Source”) to be used by such Purchaser to pay the purchase price of the Notes to be purchased
by such Purchaser hereunder:

 

(a)         
the Source is an “insurance company general account” (as the term is defined in the United States Department of Labor’s
Prohibited Transaction Exemption (“PTE”) 95-60) in respect of which the reserves and liabilities (as defined by the
annual statement for life insurance companies approved by the NAIC (the “NAIC Annual Statement”)) for the general account
contract(s) held by or on behalf of any employee benefit plan together with the amount of the reserves and liabilities for the general
account contract(s) held by or on behalf of any other employee benefit plans maintained by the same employer (or affiliate thereof as
defined in PTE 95-60) or by the same employee organization in the general account do not exceed 10% of the total reserves and liabilities
of the general account (exclusive of separate account liabilities) plus surplus as set forth in the NAIC Annual Statement filed with such
Purchaser’s state of domicile; or

 

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

 

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

 

    13

     

    

 

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

 

(e)         
the Source constitutes assets of a “plan(s)” (within the meaning of Part IV(h) of PTE 96-23 (the “INHAM Exemption”))
managed by an “in-house asset manager” or “INHAM” (within the meaning of Part IV(a) of the INHAM Exemption), the
conditions of Part I(a), (g) and (h) of the INHAM Exemption are satisfied, neither the INHAM nor a person controlling or controlled by
the INHAM (applying the definition of “control” in Part IV(d)(3) of the INHAM Exemption) owns a 10% or more interest in the
Company and (i) the identity of such INHAM and (ii) the name(s) of the employee benefit plan(s) whose assets constitute the Source have
been disclosed to the Company in writing pursuant to this clause (e); or

 

(f)          
the Source is a governmental plan; or

 

(g)         
none of clauses 6.4(a) through (f) is applicable to the Purchaser and the Source is one or more employee benefit plans, or a separate
account or trust fund comprised of one or more employee benefit plans, each of which has been identified to the Company in writing pursuant
to this clause (g); or

 

(h)         
the Source does not include assets of any employee benefit plan, other than a plan exempt from the coverage of ERISA and Section
4975 of the Code.

 

As used in this Section 6.4, the terms “employee
benefit plan,” “governmental plan,” and “separate account” shall have the respective meanings
assigned to such terms in section 3 of ERISA.

 

 SECTION 7.                        Information as to Company.

 

Section 7.1.        
Financial and Business Information. The Company shall deliver to each holder of a Note:

 

(a)          Quarterly
Statements — within 60 days (or such shorter period as is the earlier of (x) 15 days greater than the period applicable to
the filing of the Company’s Quarterly Report on Form 10-Q (the “Form 10-Q”) with the SEC
regardless of whether the Company is subject to the filing requirements thereof and (y) the date by which such financial statements
are required to be delivered under any Material Credit Facility or the date on which such corresponding financial statements are
delivered under any Material Credit Facility if such delivery occurs earlier than such required delivery date) after the end of each
quarterly fiscal period in each fiscal year of the Company (other than the last quarterly fiscal period of each such fiscal year),
duplicate copies of,

 

    14

     

    

 

(i)                
a consolidated balance sheet of the Company and its Subsidiaries as at the end of such quarter, and

 

(ii)             
consolidated statements of income, changes in shareholders’ equity and cash flows of the Company and its Subsidiaries, for
such quarter and (in the case of the second and third quarters) for the portion of the fiscal year ending with such quarter,

 

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

 

(b)         
Annual Statements — within 120 days (or such shorter period as is the earlier of (x) 15 days greater than the period
applicable to the filing of the Company’s Annual Report on Form 10-K (the “Form 10-K”) with
the SEC regardless of whether the Company is subject to the filing requirements thereof and (y) the date by which such financial statements
are required to be delivered under any Material Credit Facility or the date on which such corresponding financial statements are delivered
under any Material Credit Facility if such delivery occurs earlier than such required delivery date) after the end of each fiscal year
of the Company, duplicate copies of

 

(i)                
a consolidated balance sheet of the Company and its Subsidiaries as at the end of such year, and

 

(ii)             
consolidated statements of income, changes in shareholders’ equity and cash flows of the Company and its Subsidiaries for
such year,

 

setting forth in each case in
comparative form the figures for the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP, and
accompanied by an opinion thereon (without a “going concern” or similar qualification or exception and without any
qualification or exception as to the scope of the audit on which such opinion is based) of independent public accountants of
recognized national standing, which opinion shall state that such financial statements present fairly, in all material respects, the
financial position of the companies being reported upon and their results of operations and cash flows and have been prepared in
conformity with GAAP, and that the examination of such accountants in connection with such financial statements has been made in
accordance with generally accepted auditing standards, and that such audit provides a reasonable basis for such opinion in the
circumstances;

 

    15

     

    

 

(c)         
SEC and Other Reports — promptly upon their becoming available, one copy of (i) each financial statement, report,
notice, proxy statement or similar document sent by the Company or any Subsidiary (x) to its creditors under any Material Credit Facility
(excluding information sent to such creditors in the ordinary course of administration of a credit facility, such as information relating
to pricing and borrowing availability) or (y) to its public Securities holders generally, and (ii) each regular or periodic report,
each registration statement (without exhibits except as expressly requested by such holder), and each prospectus and all amendments thereto
filed by the Company or any Subsidiary with the SEC;

 

(d)         
Notice of Default or Event of Default — promptly, and in any event within 15 days after a Responsible Officer becoming
aware of the existence of any Default or Event of Default, a written notice specifying the nature and period of existence thereof and
what action the Company is taking or proposes to take with respect thereto; and

 

(e)         
Employee Benefits Matters — promptly and in any event within five days after a Responsible Officer becoming aware
of any of the following which could reasonably be expected to result in liabilities or Liens that would be Material, a written notice
setting forth the nature thereof and the action, if any, that the Company or an ERISA Affiliate proposes to take with respect thereto:

 

(i)              
with respect to any Plan, any reportable event, as defined in section 4043(c) of ERISA and the regulations thereunder, for
which notice thereof has not been waived pursuant to such regulations as in effect on the date hereof;

 

(ii)             
the taking by the PBGC of steps to institute, or the threatening by the PBGC in writing of the institution of, proceedings under
section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or the receipt by the Company
or any ERISA Affiliate of a notice from a Multiemployer Plan that such action has been taken by the PBGC with respect to such Multiemployer
Plan;

 

(iii)             any event, transaction or condition that could result in the incurrence of any liability by the Company or any ERISA Affiliate
pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans, or in the imposition
of any Lien on any of the rights, properties or assets of the Company or any ERISA Affiliate pursuant to Title I or IV of ERISA or such
penalty or excise tax provisions if such liability or Lien, taken together with any other such liabilities or Liens then existing, would
reasonably be expected to have a Material Adverse Effect; or

 

(iv)            
receipt of notice of the imposition of a financial penalty (which for this purpose shall mean any tax, penalty or other liability,
whether by way of indemnity or otherwise) with respect to one or more Non-U.S. Plans.

 

    16

     

    

 

Section 7.2.        
Officer’s Certificate. Each set of financial statements delivered to a holder of a Note pursuant to Section 7.1(a)
or Section 7.1(b) shall be accompanied by a certificate of a Senior Financial Officer:

 

(a)         
Covenant Compliance — setting forth the information from such financial statements that is required in order to establish
whether the Company was in compliance with the requirements of Section 10 during the quarterly or annual period covered by the financial
statements then being furnished (including with respect to each such provision that involves mathematical calculations, the information
from such financial statements that is required to perform such calculations) and detailed calculations of the maximum or minimum amount,
ratio or percentage, as the case may be, permissible under the terms of such Section, and the calculation of the amount, ratio or percentage
then in existence. In the event that the Company or any Subsidiary has made an election to measure any financial liability using fair
value (which election is being disregarded for purposes of determining compliance with this Agreement pursuant to Section 22.2) as to
the period covered by any such financial statement, such Senior Financial Officer’s certificate as to such period shall include
a reconciliation from GAAP with respect to such election; and

 

(b)         
Event of Default — certifying that such Senior Financial Officer has reviewed the relevant terms hereof and has made,
or caused to be made, under his or her supervision, a review of the transactions and conditions of the Company and its Subsidiaries from
the beginning of the quarterly or annual period covered by the statements then being furnished to the date of the certificate and that
such review shall not have disclosed the existence during such period of any condition or event that constitutes a Default or an Event
of Default or, if any such condition or event existed or exists, specifying the nature and period of existence thereof and what action
the Company shall have taken or proposes to take with respect thereto.

 

Section 7.3.        
[Intentionally Omitted].

 

Section 7.4.        
Electronic Delivery. Financial statements, opinions of independent certified public accountants, other information and Officer’s
Certificates that are required to be delivered by the Company pursuant to Sections 7.1(a), (b) or (c) and Section 7.2 shall be deemed
to have been delivered if the Company satisfies any of the following requirements with respect thereto:

 

(a)        
such financial statements satisfying the requirements of Section 7.1(a) or (b) and related Officer’s Certificate satisfying
the requirements of Section 7.2 and any other information required under Section 7.1(c) are delivered to each holder of a Note (i) in
the case of any Certificated Note, by e-mail at the e-mail address set forth in such holder’s Purchaser Schedule or as communicated
from time to time in a separate writing delivered to the Company and (ii) in the case of any Global Note, pursuant to the Applicable Procedures;

 

(b)         
the Company shall have timely filed such Form 10–Q or Form 10–K, satisfying the requirements of Section 7.1(a) or Section
7.1(b), as the case may be, with the SEC on EDGAR;

 

    17

     

    

 

(c)         
 such financial statements satisfying the requirements of Section 7.1(a) or Section 7.1(b) and related Officer’s Certificate(s)
satisfying the requirements of Section 7.2 and any other information required under Section 7.1(c) are timely posted by or on behalf of
the Company on IntraLinks, EDGAR or on any other similar website to which each holder of Notes has free access; provided that (other
than with respect to publicly available EDGAR filings) the Company has delivered notice of such posting to each holder of a Note by e-mail
at the e-mail address set forth below such holder’s name in the Purchaser Schedule (if such holder is a Purchaser) or as communicated
from time to time in a separate writing delivered to the Company; or

 

(d)         
the Company shall have timely filed any of the items referred to in Section 7.1(c) with the SEC on EDGAR;

 

provided however, that in no case shall
access to such financial statements, other information and Officer’s Certificates be conditioned upon any waiver or other agreement
or consent (other than confidentiality provisions consistent with Section 20 of this Agreement); provided further, that upon request
of any holder to receive paper copies of such forms, financial statements, other information and Officer’s Certificates or to receive
them by e-mail, the Company will promptly e-mail them or deliver such paper copies, as the case may be, to such holder.

 

 SECTION 8.                        Payment and Prepayment of the Notes.

 

Section 8.1.        
Maturity. As provided therein, the entire unpaid principal balance of each Note shall be due and payable on the Maturity Date
thereof.

 

Section 8.2.        Optional
Prepayments with Make-Whole Amount. The Company may, at its option, upon notice as provided below, prior to November 15, 2023
prepay all, or from time to time any part of, the Notes, in an amount not less than 5% of the aggregate principal amount of the
Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid, accrued and unpaid interest
thereon, if any, and the Make-Whole Amount determined for the prepayment date with respect to such principal amount. The Company
may, at its option, upon notice as provided below, on or after November 15, 2023 and prior to November 15, 2024 prepay all, or from
time to time any part of, the Notes, in an amount not less than 5% of the aggregate principal amount of the Notes then outstanding
in the case of a partial prepayment, at 102.5% of the principal amount so prepaid and accrued and unpaid interest thereon, if any.
The Company may, at its option, upon notice as provided below, on or after November 15, 2024 and prior to November 15, 2025 prepay
all, or from time to time any part of, the Notes, in an amount not less than 5% of the aggregate principal amount of the Notes then
outstanding in the case of a partial prepayment, at 101.25% of the principal amount so prepaid and accrued and unpaid interest
thereon, if any. The Company may, at its option, upon notice as provided below, on or after November 15, 2025 and prepay all, or
from time to time any part of, the Notes, in an amount not less than 5% of the aggregate principal amount of the Notes then
outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid and accrued and unpaid interest thereon,
if any. The Company will give each holder of Notes written notice of each optional prepayment under this Section 8.2 not less
than 10 days and not more than 60 days prior to the date fixed for such prepayment unless the Company and the Required Holders agree
to another time period pursuant to Section 17. Each such notice shall specify such date (which shall be a Business Day), the
aggregate principal amount of the Notes to be prepaid on such date, the principal amount of each Note held by such holder to be
prepaid (determined in accordance with Section 8.3), and the interest to be paid on the prepayment date with respect to such
principal amount being prepaid, and shall be accompanied by a certificate of a Senior Financial Officer as to the estimated
Make-Whole Amount, if any, due in connection with such prepayment (calculated as if the date of such notice were the date of the
prepayment), setting forth the details of such computation; provided that the Company may rescind any notice of an optional
redemption pursuant to this Section 8.2 by providing written notice to each holder of such Notes at least five (5) days prior to the
scheduled date of such optional redemption contained in the written notice described in the second sentence of this Section 8.2. Two
Business Days prior to such prepayment, the Company shall deliver to each holder of Notes a certificate of a Senior Financial
Officer specifying the calculation of such Make-Whole Amount, if any, as of the specified prepayment date.

 

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Section 8.3.        
Allocation of Partial Prepayments. In the case of each partial prepayment of the Notes pursuant to Section 8.2, the principal
amount of the Notes to be prepaid shall be allocated among all of the Notes at the time outstanding in proportion, as nearly as practicable,
to the respective unpaid principal amounts thereof not theretofore called for prepayment. Any partial prepayments will be processed thru
the Depository Trust Issuer Corporation, in accordance with its rules and procedures, as a “Pro Rata Pass-Through Distribution of
Principal”.

 

Section 8.4.        
Maturity; Surrender, Etc. In the case of each prepayment of Notes pursuant to this Section 8, the principal amount of each
Note to be prepaid shall mature and become due and payable on the date fixed for such prepayment, together with interest on such principal
amount accrued to such date and the applicable Make-Whole Amount, if any. From and after such date, unless the Company shall fail to pay
such principal amount when so due and payable, together with the interest and Make-Whole Amount, if any, as aforesaid, interest on such
principal amount shall cease to accrue. Any Certificated Note paid or prepaid in full shall be surrendered to the Company and cancelled
and shall not be reissued, any Global Note paid or prepaid in full shall be endorsed to reflect the amount of the decrease thereof and
no Note shall be issued in lieu of any prepaid principal amount of any Note.

 

Section 8.5.        
Purchase of Notes. The Company will not and will not permit any Affiliate to purchase, redeem, prepay or otherwise acquire,
directly or indirectly, any of the outstanding Notes except (a) upon the payment or prepayment of the Notes in accordance with this Agreement
and the Notes or (b) pursuant to an offer to purchase made by the Company or an Affiliate pro rata to the holders of all Notes at
the time outstanding upon the same terms and conditions. Any such offer shall provide each holder with sufficient information to enable
it to make an informed decision with respect to such offer, and shall remain open for at least 15 Business Days. If the holders of more
than 25% of the principal amount of the Notes then outstanding accept such offer, the Company shall promptly notify the remaining holders
of such fact and the expiration date for the acceptance by holders of Notes of such offer shall be extended by the number of days necessary
to give each such remaining holder at least 10 Business Days from its receipt of such notice to accept such offer. The Company will promptly
cancel all Notes acquired by it or any Affiliate pursuant to any payment, prepayment or purchase of Notes pursuant to this Agreement and
no Notes may be issued in substitution or exchange for any such Notes.

 

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Section 8.6.         Make-Whole
Amount. The term “Make-Whole Amount” means, with respect to any Note, an amount equal to the excess, if any,
of the Discounted Value of the Remaining Scheduled Payments with respect to the Called Principal of such Note over the amount of
such Called Principal, provided that the Make-Whole Amount may in no event be less than zero. For the purposes of determining
the Make-Whole Amount, the following terms have the following meanings:

 

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

 

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

 

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

 

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

 

    20

     

    

 

“Remaining Average
Life” means, with respect to any Called Principal, the number of years obtained by dividing (i) such Called Principal into
(ii) the sum of the products obtained by multiplying (a) the principal component of each Remaining Scheduled Payment with respect
to such Called Principal by (b) the number of years, computed on the basis of a 360-day year comprised of twelve 30-day months and
calculated to two decimal places, that will elapse between the Settlement Date with respect to such Called Principal and the scheduled
due date of such Remaining Scheduled Payment.

 

“Remaining Scheduled
Payments” means, with respect to the Called Principal of any Note, all payments of such Called Principal and interest thereon
that would be due after the Settlement Date to but excluding November 15, 2023 with respect to such Called Principal if no payment of
such Called Principal were made prior to its scheduled due date, provided that if such Settlement Date is not a date on which interest
payments are due to be made under the Notes, then the amount of the next succeeding scheduled interest payment will be reduced by the
amount of interest accrued to such Settlement Date and required to be paid on such Settlement Date pursuant to Section 8.2 or Section 12.1.

 

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

 

Section 8.7.        
Payments Due on Non-Business Days. Anything in this Agreement or the Notes to the contrary notwithstanding, (x) except
as set forth in clause (y), any payment of interest on any Note that is due on a date that is not a Business Day shall be made on the
next succeeding Business Day without including the additional days elapsed in the computation of the interest payable on such next succeeding
Business Day; and (y) any payment of principal of or Make-Whole Amount on any Note (including principal due on the Maturity Date of such
Note) that is due on a date that is not a Business Day shall be made on the next succeeding Business Day and shall include the additional
days elapsed in the computation of interest payable on such next succeeding Business Day.

 

Section 8.8.        
Prepayment of Notes Upon a Change of Control Triggering Event.

 

(a)          Promptly
upon becoming aware that a Change of Control Triggering Event has occurred (and in any event not later than ten (10) Business Days
thereafter), the Company shall give written notice (the “Change of Control Notice”) of such fact to all holders
of the Notes. The Change of Control Notice shall (i) describe the facts and circumstances of such Change of Control Triggering Event
in reasonable detail, (ii) refer to this Section 8.8 and the rights of the holders hereunder and (iii) contain an offer by the
Company to prepay the entire unpaid principal amount of Notes held by each holder at 101% of the principal amount of such Notes,
together with interest accrued thereon to the prepayment date selected by the Company, which prepayment shall be on a date specified
in the Change of Control Notice, which date shall be a Business Day not less than 30 nor more than 60 days after such Change of
Control Notice is given should any agreement to the contrary with respect to such prepayment date not be reached among the Company
and each of the holders of the Notes (if no prepayment date is set forth in the Change of Control Notice or otherwise agreed between
the Company and the holders of Notes, the prepayment date shall be the 45th day following the date such Change of Control Notice is
given).

 

    21

     

    

 

(b)         
A holder of Notes may accept the offer to prepay made pursuant to this Section 8.8 by causing a notice of such acceptance to be
delivered to the Company not more than 30 days after the date of the written offer notice referred to in subsection (a) of this Section
8.8. A failure by a holder of Notes to respond to an offer to prepay made pursuant to this Section 8.8 shall be deemed to constitute a
rejection of such offer by such holder.

 

(c)         
On the prepayment date specified in the Change of Control Notice, the 101% of entire unpaid principal amount of the Notes held
by each holder of Notes which has accepted such prepayment offer, together with interest accrued thereon to the prepayment date, shall
become due and payable.

 

 SECTION 9.                        Affirmative Covenants.

 

The Company covenants that
so long as any of the Notes are outstanding:

 

Section 9.1.        
Compliance with Laws. Without limiting Section 10.4, the Company will, and will cause each of its Subsidiaries to, comply
with all laws, ordinances or governmental rules or regulations to which each of them is subject (including ERISA, Environmental Laws,
the USA PATRIOT Act and the other laws and regulations that are referred to in Section 5.16) and will obtain and maintain in effect all
licenses, certificates, permits, franchises and other governmental authorizations necessary to the ownership of their respective properties
or to the conduct of their respective businesses, in each case to the extent necessary to ensure that non-compliance with such laws, ordinances
or governmental rules or regulations or failures to obtain or maintain in effect such licenses, certificates, permits, franchises and
other governmental authorizations would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

Section 9.2.        
Insurance. The Company will, and will cause each of its Subsidiaries to, maintain, with financially sound and reputable insurers,
insurance with respect to their respective properties and businesses against such casualties and contingencies, of such types, on such
terms and in such amounts (including deductibles, co-insurance and self-insurance, if adequate reserves are maintained with respect thereto)
as is customary in the case of entities of established reputations engaged in the same or a similar business and similarly situated.

 

Section 9.3.        
Maintenance of Properties. The Company will, and will cause each of its Subsidiaries to, maintain and keep, or cause to be
maintained and kept, their respective properties in good repair, working order and condition (other than ordinary wear and tear), so that
the business carried on in connection therewith may be properly conducted at all times, provided that this Section 9.3 shall not
prevent the Company or any Subsidiary from discontinuing the operation and the maintenance of any of its properties if such discontinuance
is desirable in the conduct of its business and the Company has concluded that such discontinuance would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.

 

    22

     

    

 

Section 9.4.         Payment
of Taxes. The Company will, and will cause each of its Subsidiaries to, file all income and other material tax returns required
to be filed in any jurisdiction and to pay and discharge all taxes shown to be due and payable on such returns and all other taxes,
assessments, governmental charges or levies payable by any of them, to the extent the same have become due and payable and before
they have become delinquent, provided that neither the Company nor any Subsidiary need pay any such tax, assessment, charge
or levy if (i) the amount, applicability or validity thereof is contested by the Company or such Subsidiary on a timely basis
in good faith and in appropriate proceedings, and the Company or a Subsidiary has established adequate reserves therefor in
accordance with GAAP on the books of the Company or such Subsidiary or (ii) the nonpayment of all such taxes, assessments,
charges and levies would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

Section 9.5.        
Corporate Existence, Etc. Subject to Section 10.2, the Company will at all times preserve and keep its corporate existence
in full force and effect. Subject to Section 10.2, the Company will at all times preserve and keep in full force and effect the corporate
existence of each of its Subsidiaries (unless merged into the Company or a Wholly-Owned Subsidiary) and all rights and franchises of the
Company and its Subsidiaries unless, in the good faith judgment of the Company, the termination of or failure to preserve and keep in
full force and effect such corporate existence, right or franchise would not, individually or in the aggregate, have a Material Adverse
Effect.

 

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

 

Section 9.7.        
Rating. The Company will maintain a Rating on the Notes from a NRSRO at all times, and the Company will cause such Rating to
be updated on an annual basis. The Company will provide each holder of Notes with a copy of any Rating letter or notification from a NRSRO
following receipt by the Company, in a form each holder of Notes may share with their regulators, including the SVO. Such form of Rating
letter or notification will identify the Notes to which such Rating is applicable including the aggregate principal amount, initial interest
rate, maturity date and private placement number assigned to the Notes.

 

Section 9.8.        
DTC Registration. The Company will use commercially reasonable efforts to cause the Notes held by the Other Purchasers that
are Qualified Institutional Buyers to be registered in the form of one or more Global Notes in the name of Cede & Co., as nominee
of DTC or a nominee of DTC.

 

    23

     

    

 

 SECTION 10.                      Negative Covenants.

 

The Company covenants that
so long as any of the Notes are outstanding:

 

Section 10.1.      
Transactions with Affiliates. The Company will not, and will not permit any Subsidiary to, enter into directly or indirectly
any Material transaction or Material group of related transactions (including the purchase, lease, sale or exchange of properties of
any kind or the rendering of any service) with any Affiliate (other than the Company or another Subsidiary), except in the ordinary course
of business and upon fair and reasonable terms no less favorable to the Company or such Subsidiary than would be obtainable in a comparable
arm’s-length transaction with a Person not an Affiliate.

 

Section 10.2.      
Merger, Consolidation, Etc. The Company will not, in any transaction or series of related transactions, consolidate with or
merge into any Person or sell, assign, transfer, lease or otherwise convey all or substantially all its properties and assets to any Person,
unless:

 

(a)        
either (i) the Company shall be the continuing Person (in the case of a merger), or (ii) the successor Person (if other
than the Company) formed by such consolidation or into which the Company is merged or which acquires by sale, assignment, transfer, lease
or other conveyance all or substantially all the properties and assets of the Company shall be an entity organized and existing under
the laws of the United States, any state thereof or the District of Columbia and shall expressly assume the due and punctual payment of
the principal of, any premium and interest on, all the outstanding Notes and the due and punctual performance and observance of every
obligation in this Agreement and the outstanding Notes to be observed or performed by the Company;

 

(b)         
immediately after giving effect to such transaction, no Event of Default and no event which, after notice or lapse of time or both,
would become an Event of Default shall have occurred and be continuing; and

 

(c)         
the Company shall have delivered to the Purchaser an Officer’s Certificate stating that such consolidation, merger, sale,
assignment, transfer, lease or other conveyance complies with this Agreement and that all conditions precedent herein provided for
relating to such transaction have been complied with.

 

For purposes of this Section 10.2, the sale,
assignment, transfer, lease or conveyance of all or substantially all of the properties and assets of one or more Subsidiaries of the
Company, which properties and assets, if held by the Company instead of such Subsidiaries, would constitute all or substantially all of
the Company’s properties and assets on a consolidated basis, will be deemed to be the sale, assignment, transfer, lease or conveyance
of all of substantially all of the Company’s properties and assets. No such conveyance, transfer or lease of substantially all of
the assets of the Company shall have the effect of releasing the Company, or any successor corporation, limited liability company or limited
partnership that shall theretofore have become such in the manner prescribed in this Section 10.2, from its liability under this
Agreement or the Notes.

 

Section 10.3.     
Line of Business. The Company will not and will not permit any Subsidiary to engage in any business if, as a result, the general
nature of the business in which the Company and its Subsidiaries, taken as a whole, would then be engaged would be substantially changed
from the general nature of the business in which the Company and its Subsidiaries, taken as a whole, are engaged on the date of this Agreement
as disclosed to the Purchasers.

 

    24

     

    

 

Section 10.4.      
Economic Sanctions, Etc. The Company will not, and will not permit any Controlled Entity to (a) become (including by
virtue of being owned or controlled by a Blocked Person), own or control a Blocked Person or (b) directly or indirectly have any investment
in or engage in any dealing or transaction (including any investment, dealing or transaction involving the proceeds of the Notes) with
any Person if such investment, dealing or transaction (i) would cause any holder or any affiliate of such holder to be in violation of,
or subject to sanctions under, any law or regulation applicable to such holder, or (ii) is prohibited by or subject to sanctions under
any U.S. Economic Sanctions Laws.

 

Section 10.5.      
Total Debt to Equity Ratio. The Company will not permit the Total Debt to Equity Ratio as of the close of business on the last
day of each of its fiscal quarters to exceed 2.0 to 1.0.

 

Section 10.6.      
Tangible Net Worth. The Company will not permit Tangible Net Worth as of the close of business on the last day of each of its
fiscal quarters to be less than the sum of (i) $778,284,750 and (ii) 50% of the Net Cash Proceeds received by the Company from any offering
by the Company of its common equity after the date of Closing.

 

Section 10.7.      
Limitation on Debt. The Company will not permit the Senior Debt Service Coverage Ratio as of the close of business on the last
day of each of its fiscal quarters, calculated on a pro forma basis for the incurrence of any Debt during the applicable Testing Period,
to be less than 1.25 to 1.0.

 

In giving pro forma effect
to the incurrence of any Debt during the applicable Testing Period with respect to the Senior Debt Service Coverage Ratio, (i) the Company’s
Operating Cash Flow for the applicable Testing Period shall be increased by an amount equal to the product of (A) the principal amount
of such Debt and (B) the Company’s average yield on earning assets during the applicable Testing Period and (ii) the Company’s
Senior Debt Service shall be increased by the interest that would have been paid on such Debt had it been issued on the first day of the
applicable Testing Period. In giving pro forma effect to the retirement of any Debt during the applicable Testing Period, Senior Debt
Service shall be decreased by the Senior Debt Service in respect of such retired Debt as if such Debt had been retired on the day before
first day of such Testing Period.

 

Section 10.8.      
Liens.

 

The Company will not secure
any Debt outstanding under or pursuant to any Material Credit Facility (other than the Primary Credit Facility) unless and until the Notes
shall be concurrently secured equally and ratably with such Debt pursuant to documentation reasonably acceptable to the Required Holders.

 

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 SECTION 11.                      Events of Default.

 

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

 

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

 

(b)              
the Company defaults in the payment of any interest on any Note for more than thirty days after the same becomes due and payable;
or

 

(c)              
the Company defaults in the performance of or compliance with any term contained in Section 7.1(d), Section 10.5, Section
10.6, Section 10.7 or Section 10.8; or

 

(d)              
the Company defaults in the performance of or compliance with any term contained herein (other than those referred to in Sections 11(a),
(b) and (c)) and such default is not remedied within 60 days after the earlier of (i) a Responsible Officer obtaining actual knowledge
of such default and (ii) the Company receiving written notice of such default from holders holding at least 25% of the Notes (any
such written notice to be identified as a “notice of default” and to refer specifically to this Section 11(d)); or

 

(e)              
any representation or warranty made in writing by or on behalf of the Company or by any officer (or person in a similar capacity)
of the Company in this Agreement or any writing furnished in connection with the transactions contemplated hereby proves to have been
false or incorrect in any Material respect on the date as of which made which is not cured or remedied within 60 days of such event; or

 

(f)               
(i) the Company or any Significant Subsidiary is in default (as principal or as guarantor or other surety) in the payment of any
principal of or premium or make-whole amount or interest on any Debt that is outstanding in an aggregate principal amount of at least
$50,000,000 (or its equivalent in the relevant currency of payment) beyond any period of grace provided with respect thereto, or (ii) the
Company or any Significant Subsidiary is in default in the performance of or compliance with any term of any evidence of any Debt in an
aggregate outstanding principal amount of at least $50,000,000 (or its equivalent in the relevant currency of payment) or of any mortgage,
indenture or other agreement relating thereto or any other condition exists, and as a consequence of such default or condition, such Debt
has become or has been declared due and payable before its stated maturity or before its regularly scheduled dates of payment; or

 

(g)              
the Company or any Significant Subsidiary (i) is generally not paying (other than as a result of a good faith dispute) or
admits in writing its inability to pay, its debts as they become due, (ii) files, or consents by answer or otherwise to the filing
against it of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation or to take
advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, (iii) makes an assignment
for the benefit of its creditors, (iv) consents to the appointment of a custodian, receiver, trustee or other officer with similar
powers with respect to it or with respect to any substantial part of its property, (v) is adjudicated as insolvent or to be liquidated,
or (vi) takes corporate action for the purpose of any of the foregoing; or

 

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(h)              
 a court or other Governmental Authority of competent jurisdiction enters an order appointing, without consent by the Company or
any of its Significant Subsidiaries, a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect
to any substantial part of its property, or constituting an order for relief or approving a petition for relief or reorganization or any
other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering
the dissolution, winding-up or liquidation of the Company or any of its Significant Subsidiaries, or any such petition shall be filed
against the Company or any of its Significant Subsidiaries and such petition shall not be dismissed within 90 days; or

 

(i)                
one or more final judgments or orders for the payment of money aggregating in excess of $50,000,000 (or its equivalent in the relevant
currency of payment), including any such final order enforcing a binding arbitration decision, are rendered against one or more of the
Company and its Significant Subsidiaries and which judgments are not, within 60 days after entry thereof, bonded, discharged or stayed
pending appeal, or are not discharged within 60 days after the expiration of such stay; or

 

(j)                
if (i) any Plan shall fail to satisfy the minimum funding standards of ERISA or the Code for any plan year or part thereof or a
waiver of such standards or extension of any amortization period is sought or granted under section 412 of the Code, (ii) a notice of
intent to terminate any Plan shall have been or is reasonably expected to be filed with the PBGC or the PBGC shall have instituted proceedings
under ERISA section 4042 to terminate or appoint a trustee to administer any Plan or the PBGC shall have notified the Company or any ERISA
Affiliate that a Plan may become a subject of any such proceedings, (iii) the sum of (x) the aggregate “amount of unfunded benefit
liabilities” (within the meaning of section 4001(a)(18) of ERISA) under all Plans, determined in accordance with Title IV of ERISA,
plus (y) the amount (if any) by which the aggregate present value of accrued benefit liabilities under all funded Non-U.S. Plans exceeds
the aggregate current value of the assets of such Non-U.S. Plans allocable to such liabilities, is Material, (iv) the Company or any ERISA
Affiliate shall have incurred or is reasonably expected to incur any liability pursuant to Title I or IV of ERISA or the penalty or excise
tax provisions of the Code relating to employee benefit plans, (v) the Company or any ERISA Affiliate withdraws from any Multiemployer
Plan, (vi) the Company or any Subsidiary establishes or amends any employee welfare benefit plan that provides post-employment welfare
benefits in a manner that would increase the liability of the Company or any Subsidiary thereunder, (vii) the Company or any Subsidiary
fails to administer or maintain a Non-U.S. Plan in compliance with the requirements of any and all applicable laws, statutes, rules, regulations
or court orders or any Non-U.S. Plan is involuntarily terminated or wound up or (viii) the Company or any Subsidiary becomes subject to
the imposition of a financial penalty (which for this purpose shall mean any tax, penalty, or other liability, whether by way of indemnity
or otherwise) with respect to one or more Non-U.S. Plans; and any such event or events described in clauses (i) through (viii) above,
either individually or together with any other such event or events, would reasonably be expected to have a Material Adverse Effect. As
used in Section 11(j), the terms “employee benefit plan” and “employee welfare benefit plan” shall have the respective
meanings assigned to such terms in Section 3 of ERISA.

 

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SECTION 12.                     
Remedies on Default, Etc.

 

Section 12.1.      
Acceleration.

 

(a)         
If an Event of Default with respect to the Company described in Section 11(g) or (h) (other than an Event of Default described
in clause (i) of Section 11(g) or described in clause (vi) of Section 11(g) by virtue of the fact that such clause encompasses
clause (i) of Section 11(g)) has occurred, all the Notes then outstanding shall automatically become immediately due and payable.

 

(b)         
If any other Event of Default has occurred and is continuing, the Required Holders may at any time at its or their option, by notice
or notices to the Company, declare all the Notes then outstanding to be immediately due and payable.

 

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

 

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

 

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

 

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

 

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

 

 SECTION 13.                      Registration; Exchange; Substitution of Notes.

 

Section 13.1.      
Registration of Notes. The Company shall maintain an office or agency where the Notes may be presented for registration of
transfer or for exchange (the “Registrar”) The Company or any Subsidiary may act as Registrar. The Registrar will keep
a register of the Notes and of their transfer and exchange. The name and address of each holder of one or more Notes, each transfer thereof
and the name and address of each transferee of one or more Notes shall be registered in such register. If any holder of one or more Certificated
Notes is a nominee, then (a) the name and address of the beneficial owner of such Certificated Note or Certificated Notes shall also be
registered in such register as an owner and holder thereof and (b) at any such beneficial owner’s option, either such beneficial
owner or its nominee may execute any amendment, waiver or consent pursuant to this Agreement. Prior to due presentment for registration
of transfer, the Person in whose name any Note shall be registered shall be deemed and treated as the owner and holder thereof for all
purposes hereof, and the Company shall not be affected by any notice or knowledge to the contrary. The Company shall give or cause to
be provided to any holder of a Note that is an Institutional Investor promptly upon request therefor, a complete and correct copy of the
names and addresses of all registered holders of Notes.

 

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Section 13.2.      
Transfer and Exchange of Notes.

 

(a)           Transfer
and Exchange of Certificated Notes. Subject to Section 13.3, including the transfer restrictions contained therein, upon (a)
surrender of any Certificated Note to the Company together with any documentation that may be required pursuant to Section 13.3 at
the address and to the attention of the designated officer (all as specified in Section 18(iii)), for registration of transfer or
exchange (and in the case of a surrender for registration of transfer accompanied by a written instrument of transfer duly executed
by the registered holder of such Certificated Note or such holder’s attorney duly authorized in writing and accompanied by the
relevant name, address and other information for notices of each transferee of such Certificated Note or part thereof) and (b)
delivery to the Company of evidence reasonably satisfactory to it that such transfer or exchange of such Note is exempt from any
registration requirements under applicable federal and state securities laws, within 10 Business Days thereafter, the Company shall
execute and deliver, at the Company’s expense (except as provided below), one or more new Certificated Notes (as requested by
the holder thereof) in exchange therefor, in an aggregate principal amount equal to the unpaid principal amount of the surrendered
Certificated Note. Each such new Certificated Note shall be payable to such Person as such holder may request and shall be
substantially in the form of Schedule 1. Each such new Certificated Note shall be dated and bear interest from the date to which
interest shall have been paid on the surrendered Certificated Note or dated the date of the surrendered Certificated Note if no
interest shall have been paid thereon. The Company may require payment of a sum sufficient to cover any stamp tax or governmental
charge imposed in respect of any such transfer of Certificated Notes. Certificated Notes shall not be transferred in denominations
of less than $2,000, provided that if necessary to enable the registration of transfer by a holder of its entire holding of
Certificated Notes, one Certificated Note may be in a denomination of less than $2,000. Any transferee, by its acceptance of a
Certificated Note registered in its name (or the name of its nominee), shall be deemed to have made the representation set forth in
Sections 6.1, 6.2 and 6.4 and acknowledged the transfer restrictions set forth in Section 13.3.

 

(b)         
Transfer and Exchange of Global Notes.

 

(i)                
Each Global Note will be registered in the name of the Depository or its nominee and, so long as DTC is serving as the Depository
thereof, will bear the DTC Legend. The Company will enter into a letter of representations with DTC in the form provided by DTC and the
Registrar and DTC Custodian will thereby be authorized to act in accordance with such letter and Applicable Procedures. Neither the Registrar
nor the DTC Custodian shall have responsibility for any actions taken or not taken by DTC or any Depository.

 

(ii)             
Each Global Note will be delivered to the DTC Custodian as custodian for the Depository. Transfers of a Global Note (but not a
beneficial interest therein) will be limited to transfers thereof in whole, but not in part, to the Depository, its successors or their
respective nominees, (A) except as set forth in Section 13.2(b)(iv)) and (B) except that transfers of portions of any Global Note to Certificated
Notes may be made upon request of an Agent Member (for itself or on behalf of a beneficial owner) by written notice given to the DTC Custodian
by or on behalf of the Depository in accordance with customary procedures of the Depository and in compliance with this Section.

 

(iii)            Members
of, or direct or indirect participants in, the Depository (“Agent Members”) will have no rights under this
Agreement with respect to any Global Note held on their behalf by the Depository and the Depository may be treated by the Company
and any agent of the Company as the absolute owner and holder of such Global Note for all purposes whatsoever. Notwithstanding the
foregoing, the Depository or its nominee may grant proxies and otherwise authorize any Person (including any Agent Member and any
Person that holds a beneficial interest in a Global Note through an Agent Member) to take any action which a holder of a Note is
entitled to take under this Agreement or the Notes, and nothing herein will impair, as between the Depository and its Agent Members,
the operation of customary practices governing the exercise of the rights of a holder of any Note.

 

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(iv)            
Notwithstanding any other provision herein, no Global Note may be exchanged in whole or in part for Notes registered, and no transfer
of a Global Note in whole or in part may be registered, in the name of any person other than the Depository or a nominee thereof unless
(i) the Depository advises the Company in writing that DTC is no longer willing or able to properly discharge its responsibilities as
the depository with respect to such Global Note, and no qualified successor is appointed by the Company within 90 days of receipt by the
Company of such notice, (ii) the Depository ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended
and no successor is appointed by the Company within 90 days after obtaining knowledge of such event, (iii) the Company elects to terminate
the book-entry system through DTC or (iv) an Event of Default shall have occurred and be continuing. Upon the occurrence of any event
specified in clause (i), (ii), (iii) or (iv) of this Section 13.2(iv), the Company or its agent shall notify the Depository and instruct
the Depository to notify all owners of beneficial interests in the Global Note of the occurrence of such event and of the availability
of Notes to such owners of beneficial interests requesting the same.

 

(c)         
A holder may transfer a Global Note (or a beneficial interest therein) to another Person or exchange a Global Note (or a beneficial
interest therein) for another Global Note or Global Notes of any authorized denomination by presenting to the Registrar a written request
therefor stating the name of the proposed transferee or requesting such an exchange, accompanied by any certification, opinion or other
document required by Section 13.3. The Registrar will promptly register any transfer or exchange that meets the requirements of this Section
by noting the same in the register maintained by the Registrar for the purpose; provided that:

 

(i)                
no transfer or exchange will be effective until it is registered in such register; and

 

(ii)             
the Registrar will not be required (A) to issue, register the transfer of or exchange any Global Note for a period of 15 days before
a selection of Global Notes to be prepaid or purchased pursuant to Section 8.2 or Section 8.8 of this Agreement, or (B) to register the
transfer of or exchange any Global Note so selected for prepayment or purchase in whole or in part, except, in the case of a partial redemption
or purchase, that portion of any Global Note not being redeemed or purchased. Prior to the registration of any transfer, the Company,
the Registrar and their agents will treat the Person in whose name the Note is registered as the owner and holder thereof for all purposes
(whether or not the Global Note is overdue), and will not be affected by notice to the contrary.

 

No service
charge will be imposed in connection with any transfer or exchange of any Global Note, but the Company may require payment of a sum
sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than a transfer tax or
other similar governmental charge payable upon exchange pursuant to subsection (b)(iv)).

 

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Any such exchange
with respect to Global Notes shall comply with Applicable Procedures.

 

Each new Global
Note shall be payable to such Person as such holder may request and shall be substantially in the form of Schedule 1. Each new Global
Note shall be dated and bear interest from the date to which interest shall have been paid on the surrendered Global Note or dated the
date of the surrendered Global Note if no interest shall have been paid thereon. Global Notes shall not be transferred in denominations
of less than $2,000, provided that if necessary to enable the registration of transfer by a holder of its entire holding of Global Notes,
one Global Note may be in a denomination of less than $2,000. Any transferee, by its acceptance of a Global Note registered in its name
(or the name of its nominee), shall be deemed to have made the representation set forth in Section 6.4.

 

(d)         
If any Global Note is to be exchanged for Certificated Notes or canceled in part, or if another note is to be exchanged in whole
or in part for a beneficial interest in any Global Note, then either (i) such Global Note shall be so surrendered for exchange or cancellation
as provided in this Section 13.2 or (ii) the principal amount thereof shall be reduced or increased by an amount equal to the portion
thereof to be so exchanged or canceled, or equal to the principal amount of such other note to be so exchanged for a beneficial interest
therein, as the case may be, by means of an appropriate adjustment made on the records of the Company or Registrar, whereupon the Company
or the Registrar, in accordance with the applicable rules and procedures of the Depository, shall instruct the Depository or its authorized
representative to make a corresponding adjustment to its records. Upon any such surrender or adjustment of a Global Note by the Depository,
accompanied by registration instructions, the Company shall execute and deliver any Notes issuable in exchange for such Global Note (or
any portion thereof) in accordance with the instructions of the Depository.

 

Section 13.3.      
Restrictions on Transfer and Exchange of Notes.

 

(a)         
The transfer or exchange of any Global Note (or a beneficial interest therein) may only be made in accordance with this Section
and Section 13.2(b) and the applicable rules and procedures of the Depository. The Registrar shall refuse to register any requested transfer
or exchange that does not comply with the preceding sentence.

 

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(b)         
Subject to paragraph (c), the transfer or exchange of any Note (or a beneficial interest therein) of the type set forth in column
A below for a Note (or a beneficial interest therein) of the type set forth opposite in column B below may only be made in compliance
with the certification requirements (if any) described in the clause of this paragraph set forth opposite in column C below.

 

	A	B	C
	Global Note	Global Note	(1)
	Global Note	Certificated Note	(2)
	Certificated Note	Certificated Note	(2)
	Certificated Note	Global Note	(3)

 

(1)       No
certification is required.

 

(2)       The
Person requesting the transfer or exchange must deliver or cause to be delivered to the Registrar (w) a duly completed Rule 144A Certificate
of the transferee, (x) a duly completed Regulation S Certificate of the transferee, (y) a duly completed Institutional Accredited Investor
Certificate of the transferee, or (z) any other written instrument of transfer duly executed by the registered holder of such Note or
such holder’s attorney duly authorized in writing acceptable to the Company, and/or an Opinion of Counsel and/or such other certifications
and evidence as the Company may reasonably require in order to determine that the proposed transfer or exchange is being made in compliance
with the Securities Act and any applicable securities laws of any state of the United States; provided that if the requested transfer
or exchange is made by the holder of a Certificated Note that does not bear the Restricted Legend, then no certification is required.

 

(3)       The
Person requesting the transfer or exchange must deliver or cause to be delivered to the Registrar a duly completed Rule 144A Certificate
or Institutional Accredited Investor Certificate.

 

(c)         
Subject to Section 13.3(a), no certification is required in connection with any transfer or exchange of any Global Note (or a beneficial
interest therein):

 

(i)                
after such Note is eligible for resale pursuant to Rule 144 under the Securities Act (or a successor provision) without the need
for current public information; or

 

(ii)             
sold pursuant to an effective registration statement.

 

Any Certificated
Note delivered in reliance upon this Section 13.3(c) will not bear the Restricted Legend.

 

Section 13.4.      
Replacement of Notes. Upon receipt by the Company at the address and to the attention of the designated officer (all as specified
in Section 18(iii)) of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation
of any Note (which evidence shall be, in the case of an Institutional Investor, notice from a duly authorized officer or custodian of
such Institutional Investor of such ownership and such loss, theft, destruction or mutilation), and

 

(a)         
in the case of loss, theft or destruction, such security or indemnity as may be required by them to save each of the Company and
the Paying Agent harmless, and

 

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

 

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

 

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 SECTION 14.                      Payments on Notes.

 

Section 14.1.     
Place of Payment. Subject to Section 14.2, payments of principal, Make-Whole Amount, if any, and interest becoming due and
payable on the Notes shall be made in the State of Texas at the principal office of the Paying Agent; provided, however
that all payments of principal, Make-Whole Amount, if any, and interest becoming due and payable on the Notes represented by one or more
permanent Global Notes registered in the name of or held by the Depository or its nominee shall be made by wire transfer of immediately
available funds to the accounts specified by the holder or holders thereof. The Company may at any time, by notice to each holder of a
Certificated Note, change the place of payment of the Certificated Notes so long as such place of payment shall be either the principal
office of the Company in such jurisdiction or the principal office of a bank or trust company in such jurisdiction. With respect to payments
on any Global Note, (a) the Company may appoint one or more paying agents or (b) the Company or any of its Subsidiaries may act as paying
agent. With respect to payments on any Global Note, the Company may change any paying agent, without notice to the holders.

 

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

 

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Section 14.3.      FATCA
Information. By acceptance of any Certificated Note, the holder of such Certificated Note agrees that such holder will
with reasonable promptness duly complete and deliver to the Company, or to such other Person as may be reasonably requested by the
Company, from time to time (a) in the case of any such holder that is a United States Person, such holder’s United States tax
identification number or other Forms reasonably requested by the Company necessary to establish such holder’s status as a
United States Person under FATCA and as may otherwise be necessary for the Company to comply with its obligations under FATCA and
(b) in the case of any such holder that is not a United States Person, such documentation prescribed by applicable law (including as
prescribed by section 1471(b)(3)(C)(i) of the Code) and such additional documentation as may be necessary for the Company to comply
with its obligations under FATCA and to determine that such holder has complied with such holder’s obligations under FATCA or
to determine the amount (if any) to deduct and withhold from any such payment made to such holder. Nothing in this Section 14.3
shall require any holder to provide information that is confidential or proprietary to such holder unless the Company is required to
obtain such information under FATCA and, in such event, the Company shall treat any such information it receives as
confidential.

 

 SECTION 15.                      Expenses, Etc.

 

Section 15.1.      
Transaction Expenses. Whether or not the transactions contemplated hereby are consummated, the Company will pay all
documented costs and expenses (including reasonable and documented attorneys’ fees of a single special counsel and, if reasonably
required by the Required Holders, local or other counsel) incurred by the Purchasers in connection with such transactions and in connection
with any amendments, waivers or consents under or in respect of this Agreement or the Notes (whether or not such amendment, waiver or
consent becomes effective), including: (a) the costs and expenses incurred in enforcing or defending (or determining whether or how to
enforce or defend) any rights under this Agreement or the Notes or in responding to any subpoena or other legal process or informal investigative
demand issued in connection with this Agreement or the Notes, or by reason of being a holder of any Note, (b) the costs and expenses,
including financial advisors’ fees, incurred in connection with the insolvency or bankruptcy of the Company or any Subsidiary or
in connection with any work-out or restructuring of the transactions contemplated hereby and by the Notes and (c) the costs and expenses
incurred in connection with the initial filing of this Agreement and all related documents and financial information with the SVO provided,
that such costs and expenses under this clause (c) shall not exceed $5,000. If required by the NAIC, the Company shall obtain and
maintain at its own cost and expense a Legal Entity Identifier (LEI).

 

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

 

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Section 15.2.      Certain
Taxes. The Company agrees to pay all stamp, documentary or similar taxes or fees which may be payable in respect of the
execution and delivery or the enforcement of this Agreement or the execution and delivery (but not the transfer) or the enforcement
of any of the Notes in the United States or any other jurisdiction where the Company has assets or of any amendment of, or waiver or
consent under or with respect to, this Agreement or of any of the Notes, and to pay any value added tax due and payable in respect
of reimbursement of costs and expenses by the Company pursuant to this Section 15, and will save each holder of a Note to the extent
permitted by applicable law harmless against any loss or liability resulting from nonpayment or delay in payment of any such tax or
fee required to be paid by the Company hereunder.

 

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

 

 SECTION 16.                      Survival of Representations and Warranties; Entire Agreement.

 

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

 

 SECTION 17.                      Amendment and Waiver.

 

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

 

(a)          
no amendment or waiver of any of Sections 1, 2, 3, 4, 5, 6 or 21 hereof, or any defined term (as it is used therein), will be effective
as to any Purchaser unless consented to by such Purchaser in writing; and

 

(b)          
no amendment or waiver may, without the written consent of each Purchaser and the holder of each Note at the time outstanding,
(i) subject to Section 12 relating to acceleration or rescission, change the amount or time of any prepayment or payment of principal
of, or reduce the rate or change the time of payment or method of computation of (x) interest on the Notes or (y) the Make-Whole Amount,
(ii) change the percentage of the principal amount of the Notes the holders of which are required to consent to any amendment or waiver,
or (iii) amend any of Sections 8 (except as set forth in the third sentence of Section 8.2), 11(a), 11(b), 12, 17 or 20.

 

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Section 17.2.      
Solicitation of Holders of Notes.

 

(a)       
 Solicitation.  The Company will provide each holder of a Note with sufficient information, sufficiently far in advance
of the date a decision is required, to enable such holder to make an informed and considered decision with respect to any proposed amendment,
waiver or consent in respect of any of the provisions hereof or of the Notes. The Company will deliver executed or true and correct copies
of each amendment, waiver or consent effected pursuant to this Section 17 to each holder of a Note promptly following the date on which
it is executed and delivered by, or receives the consent or approval of, the requisite holders of Notes.

 

(b)         
Payment.  The Company will not directly or indirectly pay or cause to be paid any remuneration, whether by way of supplemental
or additional interest, fee or otherwise, or grant any security or provide other credit support, to any holder of a Note as consideration
for or as an inducement to the entering into by such holder of any waiver or amendment of any of the terms and provisions hereof or any
Note unless such remuneration is concurrently paid, or security is concurrently granted or other credit support concurrently provided,
on the same terms, ratably to each holder of a Note even if such holder did not consent to such waiver or amendment.

 

(c)         
Consent in Contemplation of Transfer. Any consent given pursuant to this Section 17 by a holder of a Note that has transferred
or has agreed to transfer its Note to (i) the Company, (ii) any Subsidiary or any other Affiliate or (iii) any other Person in connection
with, or in anticipation of, such other Person acquiring, making a tender offer for or merging with the Company and/or any of its Affiliates,
in each case in connection with such consent, shall be void and of no force or effect except solely as to such holder, and any amendments
effected or waivers granted or to be effected or granted that would not have been or would not be so effected or granted but for such
consent (and the consents of all other holders of Notes that were acquired under the same or similar conditions) shall be void and of
no force or effect except solely as to such holder.

 

Section 17.3.      
Binding Effect, Etc. Any amendment or waiver consented to as provided in this Section 17 applies equally to all holders
of Notes and is binding upon them and upon each future holder of any Note and upon the Company without regard to whether such Note has
been marked to indicate such amendment or waiver. No such amendment or waiver will extend to or affect any obligation, covenant, agreement,
Default or Event of Default not expressly amended or waived or impair any right consequent thereon. No course of dealing between the Company
and any holder of a Note and no delay in exercising any rights hereunder or under any Note shall operate as a waiver of any rights of
any holder of such Note.

 

Section 17.4.      
Notes Held by Company, Etc. Solely for the purpose of determining whether the holders of the requisite percentage of
the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this
Agreement or the Notes, or have directed the taking of any action provided herein or the Notes to be taken upon the direction of the holders
of a specified percentage of the aggregate principal amount of Notes then outstanding, Notes directly or indirectly owned by the Company
or any of its Affiliates shall be deemed not to be outstanding.

 

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SECTION 18.                     
Notices.

 

Except to the extent otherwise
provided in Section 7.4, all notices and communications provided for hereunder shall be in writing and sent (a) by telecopy or email if
the sender on the same day sends a confirming copy of such notice by an internationally recognized overnight delivery service (charges
prepaid), or (b) by registered or certified mail with return receipt requested (postage prepaid), or (c) by an internationally recognized
overnight delivery service (charges prepaid). Any such notice must be sent:

 

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

 

(ii)             
if to any other holder of any Note, to such holder at such address as such other holder shall have specified to the Company in
writing, or

 

(iii)           
if to the Company, to the Company at its address set forth at the beginning hereof to the attention of the Chief Financial Officer,
or at such other address as the Company shall have specified to the holder of each Note in writing.

 

Notices under this Section 18 will be deemed given
only when actually received.

 

Notwithstanding any other provision of this Agreement
or any Note, where this Agreement or any Note provides for notice of any event (including any notice of prepayment or repurchase) to a
holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to DTC (or its designee) pursuant
to the standing instructions from DTC or its designee, including by electronic mail in accordance with DTC operational arrangements or
other applicable Depository procedures.

 

 SECTION 19.                      Reproduction of Documents.

 

This Agreement and all documents
relating thereto, including (a) consents, waivers and modifications that may hereafter be executed, (b) documents received by any Purchaser
at the Closing (except the Notes themselves), and (c) financial statements, certificates and other information previously or hereafter
furnished to any Purchaser, may be reproduced by such Purchaser by any photographic, photostatic, electronic, digital, or other similar
process and such Purchaser may destroy any original document so reproduced. The Company agrees and stipulates that, to the extent permitted
by applicable law, any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding
(whether or not the original is in existence and whether or not such reproduction was made by such Purchaser in the regular course of
business) and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence. This Section
19 shall not prohibit the Company or any other holder of Notes from contesting any such reproduction to the same extent that it could
contest the original, or from introducing evidence to demonstrate the inaccuracy of any such reproduction.

 

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SECTION 20.                     
Confidential Information.

 

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

 

    39

     

    

 

In the event that as a condition
to receiving access to information relating to the Company or its Subsidiaries in connection with the transactions contemplated by or
otherwise pursuant to this Agreement, any Purchaser or holder of a Note is required to agree to a confidentiality undertaking (whether
through IntraLinks, another secure website, a secure virtual workspace or otherwise) which is different from this Section 20, this Section
20 shall not be amended thereby and, as between such Purchaser or such holder and the Company, this Section 20 shall supersede any such
other confidentiality undertaking.

 

 SECTION 21.                      Substitution of Purchaser.

 

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

 

 SECTION 22.                      Miscellaneous.

 

Section 22.1.     
Successors and Assigns. All covenants and other agreements contained in this Agreement by or on behalf of any of the
parties hereto bind and inure to the benefit of their respective successors and assigns (including any subsequent holder of a Note) whether
so expressed or not, except that, subject to Section 10.2, the Company may not assign or otherwise transfer any of its rights or obligations
hereunder or under the Notes without the prior written consent of each holder. Nothing in this Agreement, expressed or implied, shall
be construed to confer upon any Person (other than the parties hereto and their respective successors and assigns permitted hereby) any
legal or equitable right, remedy or claim under or by reason of this Agreement.

 

Section 22.2.     Accounting
Terms. All accounting terms used herein which are not expressly defined in this Agreement have the meanings respectively
given to them in accordance with GAAP. Except as otherwise specifically provided herein, (a) all computations made pursuant to
this Agreement shall be made in accordance with GAAP, and (b) all financial statements shall be prepared in accordance with
GAAP. For purposes of determining compliance with this Agreement (including Section 9, Section 10 and the definition of
 “Debt”), any election by the Company to measure any financial liability using fair value (as permitted by
Financial Accounting Standards Board Accounting Standards Codification Topic No. 825-10-25 – Fair Value Option,
International Accounting Standard 39 – Financial Instruments: Recognition and Measurement or any similar accounting
standard) shall be disregarded and such determination shall be made as if such election had not been made.

 

    40

     

    

 

Notwithstanding any other
provision contained in this Agreement, all terms of an accounting or financial nature used herein shall be construed, and all computations
of amounts and ratios referred to herein shall be made, without giving effect to any treatment of any lease (or similar arrangement conveying
the right to use) as a Capital Lease as a result of the effectiveness of Financial Accounting Standards Board Accounting Standards Update
No. 2016-02 – Leases (Topic No. 842) (the “Change in Lease Accounting Standard”), where such lease (or similar
arrangement) would not have been required to be so treated under GAAP prior to the Change in Lease Accounting Standard.

 

Section 22.3.    
Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof,
and any such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render
unenforceable such provision in any other jurisdiction.

 

Section 22.4.    
Construction, Etc. Each covenant contained herein shall be construed (absent express provision to the contrary) as being
independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an express contrary
provision) be deemed to excuse compliance with any other covenant. Where any provision herein refers to action to be taken by any Person,
or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly
by such Person.

 

Defined terms herein shall
apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding
masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed
to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning
and effect as the word “shall.” Unless the context requires otherwise (a) any definition of or reference to any agreement,
instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time
amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein)
and, for purposes of the Notes, shall also include any such notes issued in substitution therefor pursuant to Section 13, (b) subject
to Section 22.1, any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the
words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer
to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Sections and Schedules
shall be construed to refer to Sections of, and Schedules to, this Agreement, and (e) any reference to any law or regulation herein
shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time.

 

    41

     

    

 

Section 22.5.     
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original but
all of which together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less
than all, but together signed by all, of the parties hereto.

 

Section 22.6.      
Governing Law. This Agreement shall be construed and enforced in accordance with, and the rights of the parties shall
be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit
the application of the laws of a jurisdiction other than such State.

 

Section 22.7.      
Jurisdiction and Process; Waiver of Jury Trial.

 

(a)         
The Company and each Purchaser irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting
in the Borough of Manhattan, The City of New York, over any suit, action or proceeding arising out of or relating to this Agreement or
the Notes. To the fullest extent permitted by applicable law, the Company and each Purchaser irrevocably waives and agrees not to assert,
by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that
it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim
that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

 

(b)         
The Company and each Purchaser agrees, to the fullest extent permitted by applicable law, that a final judgment in any suit, action
or proceeding of the nature referred to in Section 22.7(a) brought in any such court shall be conclusive and binding upon it subject to
rights of appeal, as the case may be, and may be enforced in the courts of the United States of America or the State of New York (or any
other courts to the jurisdiction of which it or any of its assets is or may be subject) by a suit upon such judgment.

 

(c)         
The Company and each Purchaser consents to process being served by or on behalf of any holder of Notes in any suit, action or proceeding
of the nature referred to in Section 22.7(a) by mailing a copy thereof by registered, certified priority or express mail (or any
substantially similar form of mail), postage prepaid, return receipt or delivery confirmation requested, to it at its address specified
in Section 18 or at such other address of which such holder shall then have been notified pursuant to said Section. The Company and
each Purchaser agrees that such service upon receipt (i) shall be deemed in every respect effective service of process upon it in
any such suit, action or proceeding and (ii) shall, to the fullest extent permitted by applicable law, be taken and held to be valid
personal service upon and personal delivery to it. Notices hereunder shall be conclusively presumed received as evidenced by a delivery
receipt furnished by the United States Postal Service or any reputable commercial delivery service.

 

(d)         
Nothing in this Section 22.7 shall affect the right of any party hereto to serve process in any manner permitted by law, or
limit any right that any party hereto may have to bring proceedings against the Company in the courts of any appropriate jurisdiction
or to enforce in any lawful manner a judgment obtained in one jurisdiction in any other jurisdiction.

 

(e)              
 The parties hereto hereby waive trial by jury in any action brought on or with respect to this Agreement, the Notes or any other
document executed in connection herewith or therewith.

 

Section 22.8.      
Independent Investigation. Each Purchaser represents to and agrees with each other Purchaser and the Company that it
has made its own independent investigation of the condition (financial or otherwise), prospects and affairs of the Company and its Subsidiaries
in connection with its purchase of the Notes hereunder, and has made and shall continue to make its own appraisal of the creditworthiness
of the Company and its Subsidiaries. No holder of Notes shall have any duty or responsibility to any other holder of Notes, either initially
or on a continuing basis, to make any such investigation or appraisal or to provide any credit or other information with respect thereto.
No holder of Notes is acting as agent or in any other fiduciary capacity on behalf of any other holder of Notes.

 

    42

     

    

 

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

 

	 	Very
    truly yours,
	 	 
	 	BROADMARK
    REALTY CAPITAL INC.
	 	 
	 	By:	          
	 	Name:  	 
	 	Title:	 

 

Broadmark Realty Capital Inc. – 5.00% Senior Unsecured Notes due 2026 

Signature Page to Note Purchase Agreement

 

     

     

    

 

	This
    Agreement is hereby	 
	accepted
    and agreed to as	 
	of
    the date hereof.	 
	 	 
	[PURCHASER]	 
	 	 
	By:	          	 
	Name:  	 	 
	Title:	 	 

 

Broadmark Realty Capital Inc. – 5.00% Senior Unsecured Notes due 2026

 Signature Page to Note Purchase Agreement

 

     

     

    

 

Schedule A

 

Defined
Terms

 

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

 

“A- Rating”
will occur if as of the last day of the then current Six-Month Interest Period (a) assuming the Notes are rated by only one NRSRO, the
then most recent Rating from such NRSRO is at least an A-; (b) assuming the Notes are rated by only two NRSROs, the then lower of the
most recent Ratings from such NRSROs is at least an A-; or (c) assuming the Notes are rated by three or more NRSROs, the then second lowest
of the most recent Ratings from such NRSROs is at least an A-. The ratings categories referred to in this definition are those used by
Egan-Jones but are deemed to refer also to the equivalent ratings of any other NRSRO.

 

“Additional Notes”
is defined in Section 1.2.

 

“Additional Purchasers”
means purchasers of Additional Notes.

 

“Affiliate”
means, at any time, and with respect to any Person, any other Person that at such time directly or indirectly through one or more intermediaries
Controls, or is Controlled by, or is under common Control with, such first Person. Unless the context otherwise clearly requires, any
reference to an “Affiliate” is a reference to an Affiliate of the Company.

 

“Agent Members”
is defined in Section 13.2(b)(iii).

 

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

 

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

 

“Anti-Money Laundering
Laws” means any law or regulation in a U.S. or any non-U.S. jurisdiction regarding money laundering, drug trafficking, terrorist-related
activities or other money laundering predicate crimes, including the Currency and Foreign Transactions Reporting Act of 1970 (otherwise
known as the Bank Secrecy Act) and the USA PATRIOT Act.

 

“Applicable Procedures”
means, with respect to any matter at any time relating to a Global Note, the rules, policies and procedures of the Depository applicable
to such matter.

 

“Applicable
Rate” means (a) 5.25% per annum beginning on the first day of any Six-Month Period if as of such day the Notes have a
Triple-B Rating and continuing thereafter to and until (but not including) the next Applicable Rate Reset Date, if any, (b) 5.50%
per annum beginning on the first day of any Six-Month Period if as of such day the Notes have either a Non-IG Rating or no Rating
from any NRSRO and continuing thereafter to and until (but not including) the next Applicable Rate Reset Date, if any; and (c) 5.00%
per annum at all other times. The Ratings categories referred to in this definition are those used by Egan-Jones but are deemed to
refer also to the equivalent Ratings of any other NRSRO.

 

    Schedule A-1

     

    

 

“Applicable Rate
Reset Date” means the Interest Payment Date immediately succeeding the date upon which the Notes shall have obtained (a) an
A- Rating, or (b) a Rating that is below an A- Rating and not a Non-IG Rating. The Ratings categories referred to in this definition
are those used by Egan-Jones but are deemed to refer also to the equivalent Ratings of any other NRSRO.

 

“Blocked Person”
means (a) a Person whose name appears on the list of Specially Designated Nationals and Blocked Persons published by OFAC, (b) a
Person, entity, organization, country or regime that is blocked or a target of sanctions that have been imposed under U.S. Economic Sanctions
Laws or (c) a Person that is an agent, department or instrumentality of, or is otherwise beneficially owned by, controlled by or acting
on behalf of, directly or indirectly, any Person, entity, organization, country or regime described in clause (a) or (b).

 

“Business Day”
means any day other than a Saturday, a Sunday or a day on which commercial banks in New York, New York are required or authorized to be
closed.

 

“Capital Lease”
means, at any time and subject to the last paragraph of Section 23.2, a lease with respect to which the lessee is required concurrently
to recognize the acquisition of an asset and the incurrence of a liability in accordance with GAAP.

 

“Capitalized Lease
Obligation” means the obligations under a lease that are required to be capitalized for financial reporting purposes in accordance
with GAAP. The amount of a Capitalized Lease Obligation is the capitalized amount of such obligation as would be required to be reflected
on the balance sheet prepared in accordance with GAAP of the applicable Person as of the applicable date.

 

“Certificated Note”
means any Note other than a Global Note.

 

“Change of
Control” means the occurrence of any one of the following: (a) the sale, assignment, lease, transfer or other conveyance
(other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the
properties and assets of the Company and its Subsidiaries taken as a whole to any “person” (as that term is used in
Section 13(d)(3) of the Exchange Act) other than to the Company or one or more of its Subsidiaries or a combination thereof or a
Person controlled by the Company or one or more of its Subsidiaries or a combination thereof; or (b) the consummation of any
transaction (including any merger or consolidation) the result of which is that any “person” (as that term is used in
Section 13(d)(3) of the Exchange Act) (other than any Subsidiary of the Company) becomes the “beneficial owner” (as
defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the outstanding Voting Stock
of the Company, measured by voting power rather than number of shares or the like. Notwithstanding the foregoing, a transaction
shall not be deemed to involve a “Change of Control” under clause (b) above if (i) the Company becomes a direct or
indirect Wholly-Owned Subsidiary of a holding company and (ii)(A) the direct or indirect holders of the Voting Stock of such holding
company immediately following such transaction are substantially the same as the holders of the Voting Stock of the Company
immediately prior to such transaction or (B) immediately following such transaction no “person” (as that term is used in
Section 13(d)(3) of the Exchange Act) (other than a holding company satisfying the requirements of this sentence) is the
 “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than
50% of the outstanding Voting Stock of such holding company, measured by voting power rather than number of shares or the like.

 

    Schedule A-2

     

    

 

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

 

“Change of Control
Triggering Event” means the Notes fail to have at least an A- Rating on any date during the period commencing on the date of
the first public announcement by the Company of any Change of Control (or pending Change of Control) and ending 60 days following consummation
of such Change of Control (which 60-day period will be extended for so long as the Rating of the Notes is under publicly announced consideration
for a possible downgrade as a result of the Change of Control by any NRSRO). Notwithstanding the foregoing, no Change of Control Triggering
Event will be deemed to have occurred in connection with any particular Change of Control unless and until such Change of Control has
actually been consummated.

 

“Closing”
is defined in Section 3.

 

“Code”
means the Internal Revenue Code of 1986 and the rules and regulations promulgated thereunder from time to time.

 

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

 

“Confidential Information”
is defined in Section 20.

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person,
whether through the ownership of voting securities, by contract or otherwise; and the terms “Controlled” and “Controlling”
shall have meanings correlative to the foregoing.

 

“Controlled Entity”
means (a) any of the Subsidiaries of the Company and any of their or the Company’s respective Controlled Affiliates and (b) if the
Company has a parent company, such parent company and its Controlled Affiliates.

 

“Customary Recourse
Exceptions” means, with respect to any Debt, personal recourse that is limited to fraud, misrepresentation, misapplication
of cash, waste, environmental claims and liabilities, prohibited transfers, violations of single-purpose entity covenants, voluntary
insolvency proceedings and other circumstances customarily excluded by institutional lenders from exculpation provisions.

 

    Schedule A-3

     

    

 

“Debt”
of any Person means, without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits or
advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all
obligations of such Person upon which interest charges are customarily paid, (d) all obligations of such Person under conditional
sale or other title retention agreements relating to property acquired by such Person, (e) all obligations of such Person in respect
of the deferred purchase price of property or services (excluding trade accounts payable incurred in the ordinary course of business
and, in each case, not past due for more than 60 days after the original date on which such trade account payable was due), (f) all
Debt of others secured by any Lien on property owned or acquired by such Person, whether or not the Debt secured thereby has been
assumed, (g) all Guaranties by such Person of Debt of others, (h) all Capital Lease Obligations of such Person, (i) all obligations,
contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty and (j) all
obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances. The Debt of any Person shall include
the Debt of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is
liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the
extent the terms of such Debt provide that such Person is not liable therefor.

 

“Default”
means an event or condition the occurrence or existence of which would, with the lapse of time or the giving of notice or both, become
an Event of Default.

 

“Default Rate”
means that rate of interest per annum that is the greater of (a) 2.0% above the Applicable Rate or (b) 2% over the rate of interest
publicly announced by JPMorgan Chase Bank, N.A. in New York, New York as its “base” or “prime” rate.

 

“Depository”
means The Depository Trust Company, its nominees and their respective successors.

 

“Disclosure Documents”
is defined in Section 5.3.

 

“DTC”
means The Depository Trust Company, a New York corporation, and its successors.

 

“DTC Custodian”
means UMB Bank, N.A. as custodian with respect to the Global Notes or any successor entity thereto.

 

“DTC Legend”
means the legend set forth in Exhibit B.

 

“EDGAR”
means the SEC’s Electronic Data Gathering, Analysis and Retrieval System or any successor SEC electronic filing system for such
purposes.

 

“Egan-Jones”
means Egan-Jones Rating Company.

 

“Environmental Laws”
is defined in Section 5.24.

 

    Schedule A-4

     

    

 

“Equity
Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company,
beneficial interests in a trust or other equity ownership interests or equivalents (however designated, including any instrument
treated as equity for U.S. federal income tax purposes) in a Person, and any warrants, options or other rights entitling the holder
thereof to purchase or acquire any such equity interest.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974 and the rules and regulations promulgated thereunder from time to time in effect.

 

“ERISA Affiliate”
means any trade or business (whether or not incorporated) that is treated as a single employer together with the Company under section 414
of the Code.

 

“Event of Default”
is defined in Section 11.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

“FATCA”
means (a) sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), together with any current or future regulations or official interpretations
thereof, (b) any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the United
States of America and any other jurisdiction, which (in either case) facilitates the implementation of the foregoing clause (a), and
(c) any agreements entered into pursuant to section 1471(b)(1) of the Code.

 

“Form 10-K”
is defined in Section 7.1(b).

 

“Form 10-Q”
is defined in Section 7.1(a).

 

“GAAP”
means generally accepted accounting principles set forth in opinions and pronouncements of the Accounting Principles Board and the American
Institute of Certified Public Accountants and in statements and pronouncements of the Financial Accounting Standards Board, or in opinions,
statements or pronouncements of any other entity approved by a significant segment of the accounting profession, which are applicable
to the circumstances as of the date of determination.

 

“Global Note”
means a Note in registered global form registered in the name of the Depository, without interest coupons.

 

“Governmental Authority”
means

 

(a)          the
government of

 

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

 

(ii)       any
other jurisdiction in which the Company or any Subsidiary conducts all or any part of its business, or which asserts jurisdiction over
any properties of the Company or any Subsidiary, or

 

(b)       any
entity exercising executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, any such government.

 

    Schedule A-5

     

    

 

“Governmental Official”
means any governmental official or employee, employee of any government-owned or government-controlled entity, political party, any
official of a political party, candidate for political office, official of any public international organization or anyone else acting
in an official capacity.

 

“Guaranty”
means, with respect to any Person, any obligation (except the endorsement in the ordinary course of business of negotiable instruments
for deposit or collection) of such Person guaranteeing or in effect guaranteeing any indebtedness, dividend or other obligation of any
other Person in any manner, whether directly or indirectly, including obligations incurred through an agreement, contingent or otherwise,
by such Person:

 

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

 

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

 

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

 

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

 

In any computation of the indebtedness or other
liabilities of the obligor under any Guaranty, the indebtedness or other obligations that are the subject of such Guaranty shall be assumed
to be direct obligations of such obligor.

 

“Hazardous
Materials” means and shall include, without limitation, any flammable explosives, radioactive materials, hazardous
materials, hazardous wastes, toxic substances, or related materials, asbestos or any hazardous material as defined by any U.S.
federal, state or local environmental law, ordinance, rule or regulation including without limitation the Comprehensive
Environmental Response, Compensation, and Liability Act of 1980, as amended, 42 U.S.C. Sections 9601-9675
(“CERCLA”), the Hazardous Materials Transportation Act, as amended, 49 U.S.C. Sections 1801-1819, the Resource
Conservation and Recovery Act, as amended, 42 U.S.C. Sections 6901-6992K, the Emergency Planning and Community Right-to-Know Act of
1986, 42 U.S.C. Sections 11001-11050, the Toxic Substances Control Act, 15 U.S.C. Sections 2601-2671, the Federal Insecticide,
Fungicide and Rodenticide Act, 7 U.S.C. Sections 136-136y, the Clean Air Act, 42 U.S.C. Sections 7401-7642, the Clean Water Act
(Federal Water Pollution Control Act), 33 U.S.C. Sections 1251-1387, the Safe Drinking Water Act, 42 U.S.C. Sections 300f-330j-26,
and the Occupational Safety and Health Act, 29 U.S.C. Sections 651-678, as any of the above statutes may be amended from time to
time, and in the regulations promulgated pursuant to each of the foregoing or by any Governmental Authority.

 

    Schedule A-6

     

    

 

“holder”
means, with respect to any Note, the Person in whose name such Note is registered in the register maintained by the Company pursuant to
Section 13.1, provided, however, that if such Person is a nominee, then for the purposes of Sections 7, 12, 17.2 and 18 and
any related definitions in this Schedule A, “holder” shall mean the beneficial owner of such Note whose name and address appears
in such register.

 

“INHAM Exemption”
is defined in Section 6.4(e).

 

“Institutional Accredited
Investor” means an institution that is an “accredited investor” (as defined) in Rule 501(a)(1), (2), (3) or (7)
under the Securities Act.

 

“Institutional Accredited
Investor Certificate” means a written certification addressed to the Company to the effect that the Person making such certification
(a) is an Institutional Accredited Investor and have such knowledge and experience in financial and business matters as to be capable
of evaluating the merits and risks of our investment in the Notes, and is and any accounts for which it is acting are each able to bear
the economic risk of our or its investment, (b) is acquiring the Notes or beneficial interest therein purchased by it for its own account
or for one or more accounts (each of which is an Institutional Accredited Investor) as to each of which it exercises sole investment
discretion and (c) is not acquiring the Notes with a view to any distribution thereof in a transaction that would violate the Securities
Act or the securities laws of any State of the United States or any other applicable jurisdiction; provided that the disposition of its
property and the property of any accounts for which it is acting as fiduciary will remain at all times within its and their control.

 

“Institutional Investor”
means (a) any Purchaser of a Note, (b) any holder of a Note holding (together with one or more of its affiliates) more than 5% of
the aggregate principal amount of the Notes then outstanding, (c) any bank, trust company, savings and loan association or other
financial institution, any pension plan, any investment company, any insurance company, any broker or dealer, or any other similar financial
institution or entity, regardless of legal form, and (d) any Related Fund of any holder of any Note.

 

“Intangible Assets”
means assets that are considered to be intangible assets under GAAP, including customer lists, goodwill, computer software, copyrights,
trade names, trademarks, patents, franchises, licenses, unamortized deferred charges, unamortized debt discount and capitalized research
and development costs.

 

“Interest Payment
Date” means, subject to Section 8.7, the 15th day of May and November in each year, commencing with May 15, 2022.

 

“Lien”
means any lien, mortgage, deed of trust, pledge, security interest, charge or encumbrance of any kind (including any conditional sale
or other title retention agreement, any lease in the nature thereof and any agreement to give any security interest).

 

    Schedule A-7

     

    

 

“Loans”
is defined in Section 5.25.

 

“Make-Whole Amount”
is defined in Section 8.6.

 

“Material”
means material in relation to the business, operations, affairs, financial condition, assets or properties of the Company and its Subsidiaries
taken as a whole.

 

“Material Adverse
Effect” means (a) a material adverse change or any development involving a prospective material adverse change in the business,
assets, property or condition (financial or otherwise) of the Company and its Subsidiaries, taken as a whole, or (b) a material adverse
effect on the validity or enforceability of this Agreement or the Notes.

 

“Material Credit
Facility” means, as to the Company,

 

(a)       the
Primary Credit Facility; and

 

(b)       with
respect to Section 10.8 only, any other agreement(s) creating or evidencing indebtedness for borrowed money (excluding any Non-Recourse
Debt) entered into on or after the date of Closing by the Company, or in respect of which the Company is an obligor or otherwise provides
a guarantee or other credit support (other than a guaranty of Customary Recourse Exceptions) (“Credit Facility”), in
a principal amount outstanding or available for borrowing equal to or greater than $50,000,000 (or the equivalent of such amount in the
relevant currency of payment, determined as of the date of the closing of such facility based on the exchange rate of such other currency);
and if no Credit Facility or Credit Facilities equal or exceed such amounts and the Primary Credit Facility is not then in effect, then
the largest Credit Facility shall be deemed to be a Material Credit Facility.

 

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

 

“Multiemployer Plan”
means any Plan that is a “multiemployer plan” (as such term is defined in section 4001(a)(3) of ERISA).

 

“NAIC”
means the National Association of Insurance Commissioners.

 

“Net Cash Proceeds”
means with respect to any issuance or sale of Equity Interests, the cash proceeds of such issuance, sale or incurrence, as the case
may be, net of attorneys’ fees, accountants’ fees, underwriters’ or placement agents’ fees, discounts and commissions
and brokerage, consultant and other fees and expenses incurred in connection with such issuance, sale or incurrence, as the case may
be, and net of taxes paid or payable as a result thereof.

 

“Non-IG
Rating” will occur if as of the last day of the then current Six-Month Interest Period: (a) assuming the Notes are rated
by only one NRSRO, the then most recent Rating from such NRSRO is a BB+ or lower; (b) assuming the Notes are rated by only two
NRSROs, the then lower of the most recent Ratings from such NRSROs is a BB+ or lower; or (c) assuming the Notes are rated by three
or more NRSROs, the then second lowest of the most recent Ratings from such NRSROs is a BB+ or lower.

 

    Schedule A-8

     

    

 

“Non-Recourse Debt”
means, for any Person, any Debt of such Person in which recourse of the applicable holder of such Debt for non-payment is limited
to such holder’s Liens on a particular asset or group of assets (other than for Customary Recourse Exceptions).

 

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

 

“Notes”
is defined in Section 1.

 

“NRSRO”
means any U.S. “nationally recognized rating organization” within the meaning of Section 3(a)(62) of the Exchange Act.

 

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

 

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

 

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

 

“Operating Cash
Flow” means, for any period of determination, with respect to the Company and its Subsidiaries, on a consolidated basis, net
cash provided by operating activities, exclusive of the effects from changes in operating assets and liabilities, plus cash paid for
income taxes and interest payments, determined in accordance with GAAP applied in a manner consistent with the Company’s most recent
audited financial statements.

 

“Opinion of Counsel”
means a written opinion from legal counsel which legal counsel may be an employee of or counsel to the Company. Opinions of Counsel
required to be delivered under this Agreement may have qualifications customary for opinions of the type required and counsel delivering
such Opinions of Counsel may rely on certificates of the Company or government or other officials customary for opinions of the type
required, including certificates certifying as to matters of fact, including that various covenants have been complied with.

 

“Other Purchasers”
means the Purchasers listed on the Purchaser Schedule, except Citizens State Bank and Southern Bank Foundation.

 

“Paying Agent”
means UMB Bank, N.A., as the paying agent and registrar for the Notes.

 

    Schedule A-9

     

    

 

“PBGC”
means the Pension Benefit Guaranty Corporation referred to and defined in ERISA.

 

“Permitted Liens”
means:

 

(a)       Liens
secured by the collateral under the Primary Credit Facility;

 

(b)       Liens
for taxes, fees, assessments or other governmental charges or levies, either not delinquent or being contested in good faith by appropriate
proceedings, provided any reserve or other appropriate provision as is required by GAAP has been made therefor; and

 

(c)       Liens
of a depository institution or broker-dealer arising solely by virtue of any contractual, statutory or common law provisions relating
to broker’s Liens, banker’s Liens, rights of set-off or similar rights and remedies as to deposit or brokerage accounts or
other funds maintained with such depository institution or broker-dealer

 

(d)       carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s and other similar Liens imposed by law, arising in the
ordinary course of business and securing obligations that are not overdue by more than 30 days or are being contested in good faith by
appropriate proceedings;

 

(e)       pledges
and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and other
social security laws or regulations;

 

(d)       deposits
to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other
obligations of a like nature, in each case in the ordinary course of business;

 

(e)       judgment
liens in respect of judgments that do not constitute an Event of Default under Section 11(i);

 

(f)       easements,
zoning restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business
that do not secure any monetary obligations and do not materially detract from the value of the affected property or interfere with the
ordinary conduct of business of the Company or any Subsidiary;

 

(g)       leases,
licenses, subleases or sublicenses granted to third parties in the ordinary course of business and not interfering in any material respect
with the ordinary conduct of business of the Company or any Subsidiary;

 

(h)       Liens
on specific items of inventory or other goods (other than fixed or capital assets) and proceeds thereof of any Person securing such
Person’s obligations in respect of bankers’ acceptances or letters of credit issued or created for the account of such
Person to facilitate the purchase, shipment or storage of such inventory or other goods in the ordinary course of business;

 

    Schedule A-10

     

    

 

(j)       Liens
in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation
of goods in the ordinary course of business so long as such Liens only cover the related goods; and

 

(k)       Liens
encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts or other
brokerage accounts incurred in the ordinary course of business and not for speculative purposes;

 

(l)       any
Lien existing on any property or asset prior to the acquisition thereof by the Company or any Subsidiary or existing on any property or
asset of any Person that becomes a Subsidiary after the date hereof prior to the time such Person becomes a Subsidiary; provided that
(i) such Lien is not created in contemplation of or in connection with such acquisition or such Person becoming a Subsidiary, as the case
may be, (ii) such Lien shall not apply to any other property or assets of the Company or any Subsidiary and (iii) such Lien shall secure
only those obligations which it secures on the date of such acquisition or the date such Person becomes a Subsidiary, as the case may
be and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof (except by the amount
of any accrued interest and premiums with respect to such Debt and transaction fees, costs and expenses in connection with such extension,
renewal or replacement thereof);

 

(m)       Liens
on fixed or capital assets acquired, constructed or improved by the Company or any Subsidiary; provided that (i) such security interests
and the Debt secured thereby are incurred prior to or within 180 days after such acquisition or the completion of such construction or
improvement, (ii) the Debt secured thereby does not exceed 100% of the cost of acquiring, constructing or improving such fixed or capital
assets and (iii) such security interests shall not apply to any other property or assets of the Company or any Subsidiary;

 

(n)       Liens
arising from precautionary Uniform Commercial Code financing statement or similar filings;

 

(o)       Liens
solely on any cash earnest money deposits made by the Company or any Subsidiary in connection with any acquisition permitted hereunder;
and

 

(p)        other
Liens securing Debt or other obligations of the Company or any Subsidiary at any time outstanding not to exceed $10,000,000.

 

    Schedule A-11

     

    

 

“Person”
means an individual, partnership, corporation, limited liability company, association, trust, unincorporated organization, business entity
or Governmental Authority.

 

“Plan”
means an “employee benefit plan” (as defined in section 3(3) of ERISA) subject to Title I of ERISA that is or, within the
preceding five years, has been established or maintained, or to which contributions are or, within the preceding five years, have been
made or required to be made, by the Company or any ERISA Affiliate or with respect to which the Company or any ERISA Affiliate may have
any liability.

 

“Primary Credit
Facility” means the Credit Agreement dated as of February 19, 2021, among the Company, the lenders party thereto, and JPMorgan
Chase Bank, N.A., administrative agent, including any renewals, extensions, further amendments, supplements, restatements, replacements
or refinancing thereof.

 

“property”
or “properties” means, unless otherwise specifically limited, real or personal property of any kind, tangible or intangible,
choate or inchoate.

 

“PTE” is
defined in Section 6.4(a).

 

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

 

“Purchaser Schedule”
means the Purchaser Schedule one file with the DTC Custodian listing the Purchasers of the Notes and including their notice and payment
information, as applicable.

 

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

 

“QPAM Exemption”
is defined in Section 6.4(d).

 

“Rating”
means a rating of the Notes, which rating shall specifically describe the Notes and not be rating of the Issuer generally, as determined
from time to time by any NRSRO.

 

“Real Property”
is defined in Section 5.20.

 

“Registrar”
is defined in Section 13.1.

 

    Schedule A-12

     

    

 

“Regulation S
Certificate” means a written certification addressed to the Company and to the effect that (a)(i) the transfer is not
being made to a Person in the United States, (i) at the time the buy order was originated, the transferee was outside the United
States or such transferor and any Person acting on its behalf reasonably believed and believes that the transferee was outside the
United States, or (iii) the transaction was executed in, on or through the facilities of a designated offshore securities market and
neither such transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United
States, (b) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of
Regulation S under the Securities Act, (c) the transaction is not part of a plan or scheme to evade the registration requirements of
the Securities Act, and (d) if the proposed transfer is being made prior to the expiration of the distribution compliance period (as
defined in Regulation S), the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person.

 

“Related Fund”
means, with respect to any holder of any Note, any fund or entity that (a) invests in Securities or bank loans, and (b) is advised
or managed by such holder, the same investment advisor as such holder or by an affiliate of such holder or such investment advisor.

 

“Required Holders”
means at any time on or after the Closing, the holders of more than 50% in principal amount of the Notes at the time outstanding (exclusive
of Notes then owned by the Company or any of its Affiliates).

 

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

 

“Restricted Legend”
means the legend in the form attached as Exhibit A hereto.

 

“Rule 144”
means Rule 144 promulgated under the Securities Act.

 

“Rule 144A”
means Rule 144A promulgated under the Securities Act.

 

“Rule 144A
Certificate” means a written certification addressed to the Company to the effect that the Person making such
certification (a) is acquiring the Note (or beneficial interest therein) for its own account or one or more accounts with respect to
which it exercises sole investment discretion and that it and each such account is a Qualified Institutional Buyer within the
meaning of Rule 144A, (b) is aware that the transfer to it or exchange, as applicable, is being made in reliance upon the exemption
from the provisions of Section 5 of the Securities Act provided by Rule 144A, and (c) acknowledges that it has received such
information regarding the Company as it has requested pursuant to Rule 144A(d)(4) or has determined not to request such
information.

 

“SEC” means
the Securities and Exchange Commission of the United States of America.

 

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

 

“Securities Act”
means the Securities Act of 1933 and the rules and regulations promulgated thereunder from time to time in effect.

 

    Schedule A-13

     

    

 

“Senior Debt Service”
means, for the Testing Period, the sum of: (a) the interest paid in cash or required to be paid in cash by the Company and its Subsidiaries,
on a consolidated basis, for the Testing Period with respect to all Debt, together with all fees and expenses paid on account of or with
respect thereto, minus the interest paid in cash or required to be paid in cash by the Company and its Subsidiaries, on a consolidated
basis, for the Testing Period with respect to all Subordinated Debt together with all fees and expenses paid on account of or with respect
thereto, in each case, determined in accordance with GAAP; plus (b) regularly scheduled principal amortization payments made or required
to be made on account of Debt for the Testing Period (exclusive of pay-offs or pay-downs on account of such Debt), minus regularly
scheduled principal amortization payments made or required to be made by the Company and its subsidiaries, on a consolidated basis, on
account of subordinated Indebtedness for borrowed money for such Testing Period (exclusive of pay-offs or pay-downs on account of such
Indebtedness), in each case determined in accordance with GAAP.

 

“Senior Debt Service
Coverage Ratio” means, with respect to the Company, at any date of determination, the ratio of Operating Cash Flow during the
Testing Period to Senior Debt Service for the Testing Period.

 

“Senior Financial
Officer” means the chief financial officer, principal accounting officer, treasurer or comptroller of the Company.

 

“Significant Subsidiary”
means at any time any Subsidiary that would at such time constitute a “significant subsidiary” (as such term is defined in
Regulation S-X of the SEC as in effect on the date of the Closing) of the Company.

 

“Six-Month Interest
Period” means the period beginning on each Interest Payment Date for the Notes and ending on the day immediately preceding
the commencement of the next following Interest Payment Date for the Notes. The initial Six-Month Interest Period will begin on the first
Interest Payment Date for the Notes.

 

“Source”
is defined in Section 6.4.

 

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

 

“Subsidiary”
means, as to any Person, a corporation, partnership or other entity of which shares of stock or other ownership interests having ordinary
voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to
elect a majority of the board of directors or other managers of such corporation, partnership or other entity are at the time owned, or
the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. Unless
the context otherwise clearly requires, any reference to a “Subsidiary” is a reference to a Subsidiary of the Company.

 

    Schedule A-14

     

    

 

“Subordinated Debt”
means all Debt of the Company and its Subsidiaries that is effectively subordinated in right of payment to the Notes.

 

“Substitute Purchaser”
is defined in Section 21.

 

“SVO” means
the Securities Valuation Office of the NAIC.

 

“Tangible Net Worth”
means, as of any date of determination, with respect to any Person, the Total Equity of such Person minus Intangible Assets of such
Person and its Subsidiaries, all on or as of such date.

 

“Testing Period”
means, with respect to the Company, at any date of determination, the four consecutive fiscal quarters of the Company most recently
ended immediately prior to such determination date.

 

“Total Debt” means, with respect
to the Company and its Subsidiaries on a consolidated basis, as of any date of determination, all Debt (other than (i) contingent liabilities
not reflected on the Company’s consolidated balance sheet and (ii) unamortized debt premium) on or as of such date of determination,
all determined in accordance with GAAP.

 

“Total Debt to Equity
Ratio” means, with respect to the Company and its Subsidiaries, on a consolidated basis, as of any date of determination, the
ratio as of such date of (i) Total Debt to (ii) Total Equity

 

“Total Equity”
means, as of any date of determination, with respect to any Person, all amounts which would be included under capital or shareholder’s
equity (or any like caption) on a balance sheet of such Person, minus (i)(a) amounts owing to such Person from any Affiliate thereof,
or from officers, employees, partners, members, directors, shareholders or other Persons similarly affiliated with such Person or any
Affiliate thereof and (b) prepaid taxes and/or expenses plus (ii) unamortized debt premium, all on or as of such date.

 

“Total Liabilities”
means, with respect to the Company on any date, all amounts that would be included under total liabilities on a balance sheet of
the Company and its consolidated Subsidiaries at such date, determined on a consolidated basis in accordance with GAAP.

 

“Triple-B Rating”
will occur ((a) in the case of determining the Applicable Rate, as of the last day of the then current Six-Month Interest Period
or (b) in all other cases) if: (i) assuming the Notes are rated by only one NRSRO, the then most recent Rating from such NRSRO is no
lower than a BBB- and no higher than a BBB+; (ii) assuming the Notes are rated by only two NRSROs, the then lower of the most recent
Ratings from such NRSROs is no lower than a BBB- and no higher than a BBB+; or (iii) assuming the Notes are rated by three or more NRSROs,
the then second lowest of the most recent Ratings from such NRSROs is no lower than a BBB- and no higher than a BBB+. The Ratings categories
referred to in this definition are those used by Egan-Jones but are deemed to refer also to the equivalent Ratings of any other NRSRO.

 

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

 

    Schedule A-15

     

    

 

“USA PATRIOT Act”
means United States Public Law 107-56, Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism (USA PATRIOT ACT) Act of 2001 and the rules and regulations promulgated thereunder from time to time in effect.

 

“U.S. Economic Sanctions
Laws” means those laws, executive orders, enabling legislation or regulations administered and enforced by the United States
pursuant to which economic sanctions have been imposed on any Person, entity, organization, country or regime, including the Trading with
the Enemy Act, the International Emergency Economic Powers Act, the Iran Sanctions Act, the Sudan Accountability and Divestment Act and
any other OFAC Sanctions Program.

 

“Voting Stock”
means, as applied to stock of any Person, means shares, interests, participations or other equivalents in the Equity Interest (however
designated) in such Person having ordinary voting power for the election of, or to appoint or to approve the appointment of the directors
(or the equivalent) of such Person, other than shares, interests, participations or other equivalents having such power only by reason
of the occurrence of a contingency.

 

“Wholly-Owned Subsidiary”
means, at any time, any Subsidiary all of the Equity Interests (except directors’ qualifying shares) and voting interests of which
are owned by any one or more of the Company and the Company’s other Wholly-Owned Subsidiaries at such time.

 

    Schedule A-16

     

    

 

Schedule 1

 

[Form
of Note]

 

THIS NOTE
WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT PURSUANT TO THE NOTE PURCHASE AGREEMENT, DATED
AS OF NOVEMBER 12, 2021, BETWEEN BROADMARK REALTY CAPITAL INC. AND THE PURCHASERS NAMED THEREIN (AS FROM TIME TO TIME AMENDED, THE “NOTE
PURCHASE AGREEMENT”), A COPY OF WHICH MAY BE OBTAINED UPON WRITTEN REQUEST FROM THE COMPANY. THIS NOTE REMAINS SUBJECT TO THE TERMS
AND CONDITIONS OF THE NOTE PURCHASE AGREEMENT AND BY ACCEPTING ANY BENEFICIAL INTEREST IN THIS NOTE THE PERSON ACCEPTING SUCH BENEFICIAL
INTEREST SHALL BE DEEMED TO AGREE TO AND SHALL BECOME BOUND BY ALL OF THE PROVISIONS OF THAT NOTE PURCHASE AGREEMENT APPLICABLE TO SUCH
PERSON, AS SET FORTH THEREIN.

 

BROADMARK REALTY CAPITAL INC. 

 

5.00%
Senior Note Due 2026

	No. [_____]	 	[Date]
	$[_______]	 	[QIB CUSIP: 11135B AA8]

[Accredited Investor CUSIP: 11135B AB6]

 

For
Value Received, the undersigned, Broadmark Realty Capital Inc., a Maryland corporation (herein called the “Company”),
hereby promises to pay to [____________], or registered assigns, the principal sum of [_____________________] Dollars
(or so much thereof as shall not have been prepaid) on November 15, 2026 (the “Maturity Date”), with interest (computed
on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance hereof at the Applicable Rate from the date
hereof, payable semiannually, on the 15th day of May and November in each year, commencing with May 15, 2022 to the Person in whose
name the Note is registered at the close of business on the April 30 and October 31 immediately prior to such Interest Payment Date, as
applicable, and on the Maturity Date, until the principal hereof shall have become due and payable, and (b) to the extent permitted
by law, (x) on any overdue payment of interest and (y) during the continuance of an Event of Default, on such unpaid balance and on any
overdue payment of any Make-Whole Amount, at a rate per annum from time to time equal to the Default Rate, payable semiannually as aforesaid
(or, at the option of the registered holder hereof, on demand).

 

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

 

    Schedule 1-1

     

    

 

This Note is one of a series
of Senior Notes (herein called the “Notes”) issued pursuant to the Note Purchase Agreement, dated November 12, 2021
(as from time to time amended, the “Note Purchase Agreement”), by and among the Company and the respective Purchasers
named therein and is entitled to the benefits thereof. Each holder of this Note will be deemed, by its acceptance hereof, to have, for
the benefit of the Company, (a) agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement,(b) made
the representation set forth in Section 6.4 of the Note Purchase Agreement, and (c) acknowledged that the Notes have not been registered
under the Securities Act and may be resold only if registered pursuant to the provisions of the Securities Act or if an exemption from
registration is available, except under circumstances where neither such registration nor such an exemption is required by law, and that
the Company is not required to register the Notes. Unless otherwise indicated, capitalized terms used in this Note shall have the respective
meanings ascribed to such terms in the Note Purchase Agreement.

 

This Note is a registered
Note and shall only be transferred as provided in Section 13.2 of the Note Purchase Agreement. Upon surrender of this Note for registration
of transfer accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney
duly authorized in writing, a new Note for a like principal amount will be issued to, and registered in the name of, the transferee. Prior
to due presentment for registration of transfer, the Company shall treat the Person in whose name this Note is registered as the owner
hereof for the purpose of receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary.

 

This Note is subject to prepayment,
in whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but not otherwise.

 

If an Event of Default occurs
and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including
any applicable Make-Whole Amount) and with the effect provided in the Note Purchase Agreement.

 

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

 

	 	BROADMARK REALTY CAPITAL INC.
	 	 
		By:	         	 
		Name:  	 	 
		Title:	 	 

 

    Schedule 1-2

     

    

 

[FORM OF
PAYING AGENT’S CERTIFICATE OF AUTHENTICATION FOR GLOBAL NOTE]

 

This is a Global Note for
the 5.00% Senior Notes due 2026 issued by Broadmark Realty Capital Inc. pursuant to the Paying Agency and Registrar Agreement Dated November
12, 2021. This Certificate of Authentication must accompany any security issued pursuant to such Senior Notes offering in order to be
a valid security.

 

	 	UMB
    BANK NATIONAL ASSOCIATION
	 	 
	 	 

 

    Schedule 1-3

     

    

 

EXHIBIT A

 

[FORM OF RESTRICTED LEGEND]

 

THIS NOTE
HAS BEEN ACQUIRED WITHOUT A VIEW TO DISTRIBUTION AND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”),
OR UNDER STATE SECURITIES LAWS. NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THIS NOTE MAY BE MADE UNLESS
REGISTERED OR EXEMPT FROM REGISTRATION UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS.

 

     

     

    

 

EXHIBIT B

 

[FORM OF DTC LEGEND]

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS A BENEFICIAL INTEREST HEREIN.

 

TRANSFERS OF THIS GLOBAL NOTE ARE LIMITED TO TRANSFERS
IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF
PORTIONS OF THIS GLOBAL NOTE ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE TRANSFER PROVISIONS OF THE NOTE PURCHASE AGREEMENT.

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