Document:

Exhibit 10.1

 

STOCK
PURCHASE AGREEMENT

 

This
Stock Purchase Agreement (this “Agreement”), dated as of May 7, 2021, is entered into between SurgePays, Inc., a Nevada
corporation (“Seller”), and Blue Skies Connections, LLC, an Oklahoma limited liability company (“Buyer”).

 

RECITALS

 

WHEREAS,
Seller owns all of the issued and outstanding shares of common stock, par value $0.001 (the “Shares”), of True Wireless,
Inc., an Oklahoma corporation (the “Company”);

 

WHEREAS,
Kevin Brian Cox, hereinafter referred to as “Cox” is an officer of the Seller and was previously an officer and the sole
shareholder of the Company; and

 

WHEREAS,
Seller wishes to sell to Buyer, and Buyer wishes to purchase from Seller, the Shares, subject to the terms and conditions set forth herein.

 

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

 

ARTICLE
I

Definitions

 

The
following terms have the meanings specified or referred to in this ARTICLE I:

 

“Acquisition
Proposal” has the meaning set forth in Section 5.03(a).

 

“Action”
means any claim, action, cause of action, demand, lawsuit, arbitration, inquiry, audit, notice of violation, proceeding, litigation,
citation, summons, subpoena or investigation of any nature, civil, criminal, administrative, regulatory or otherwise, whether at law
or in equity.

 

“Affiliate”
of a Person means any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is
under common control with, such Person. The term “control” (including the terms “controlled by” and “under
common control with”) 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. The term “Affiliate”
shall not include LogicsIQ, Inc, a Nevada corporation and subsidiary of Seller, Seller’s shareholders, Directors or Officers.

 

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

 

“Allocation
Schedule” has the meaning set forth in Section 6.05(b).

 

“Ancillary
Documents” means the definitive agreements executed by the parties hereto in connection with the purchase transaction set forth
herein, a detailed list to be agreed to by the parties within a reasonable time following execution of this Agreement.

 

“Assumed
Liabilities” has the meaning set forth in Section 2.02.

 

“Balance
Sheet” has the meaning set forth in Section 3.06.

 

    	 

     

    

 

“Balance
Sheet Date” has the meaning set forth in Section 3.06.

 

“Benefit
Plan” has the meaning set forth in Section 3.20(a).

 

“Business
Day” means any day except Saturday, Sunday or any other day on which commercial banks located in Oklahoma City, Oklahoma are
authorized or required by Law to be closed for business.

 

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

 

“Buyer
Indemnitees” has the meaning set forth in Section 8.02.

 

“Buyer’s
Accountants” means qualified and reputable accountants retained by Buyer in connection with the purchase transaction contemplated
herein.

 

“CERCLA”
means the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended by the Superfund Amendments and Reauthorization
Act of 1986, 42 U.S.C. §§ 9601 et seq.

 

“Closing”
has the meaning set forth in Section 2.05.

 

“Closing
Date” has the meaning set forth in Section 2.05.

 

“Closing
Indebtedness Certificate” means a certificate executed by a duly authorized officer of the Company certifying on behalf of
the Company an itemized list of all outstanding Indebtedness as of the close of business on the Closing Date and the Person to whom such
outstanding Indebtedness is owed and an aggregate total of such outstanding Indebtedness.

 

“Closing
Transaction Expenses Certificate” means a certificate executed by a duly authorized officer of the Company, certifying the
amount of Transaction Expenses remaining unpaid as of the close of business on the Closing Date (including an itemized list of each such
unpaid Transaction Expense with a description of the nature of such expense and the person to whom such expense is owed).

 

“Closing
Working Capital” means: (a) the Current Assets of the Company, less (b) the Current Liabilities of the Company, determined
as of the close of business on the Closing Date.

 

“Closing
Working Capital Statement” has the meaning set forth in Section 2.04(b)(i).

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Common
Stock” has the meaning set forth in Section 3.03(a).

 

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

 

“Company
Intellectual Property” means all Intellectual Property that is owned by the Company.

 

“Company
IP Agreements” means all licenses, sublicenses, consent to use agreements, settlements, coexistence agreements, covenants not
to sue, waivers, releases, permissions and other Contracts, whether written or oral, relating to Intellectual Property to which the Company
is a party, beneficiary or otherwise bound.

 

    	2

     

    

 

“Company
IP Registrations” means all Company Intellectual Property that is subject to any issuance, registration or application by or
with any Governmental Authority or authorized private registrar in any jurisdiction, including issued patents, registered trademarks,
domain names and copyrights, and pending applications for any of the foregoing.

 

“Company
IT Systems” means all Software, computer hardware, servers, networks, platforms, peripherals, and similar or related items
of automated, computerized, or other information technology (IT) networks and systems (including telecommunications networks and systems
for voice, data and video) owned, leased, licensed, or used (including through cloud-based or other third-party service providers) by
the Company.

 

“Contracts”
means all contracts, leases, deeds, mortgages, licenses, instruments, notes, commitments, undertakings, indentures, joint ventures and
all other agreements, commitments and legally binding arrangements, whether written or oral.

 

“Current
Assets” means cash and cash equivalents, accounts receivable, inventory and prepaid expenses, but excluding (a) the portion
of any prepaid expense of which Buyer will not receive the benefit following the Closing, and (b) deferred Tax assets, determined in
accordance with GAAP applied using the same accounting methods, practices, principles, policies and procedures, with consistent classifications,
judgments and valuation and estimation methodologies that were used in the preparation of the Financial Statements for the most recent
fiscal year end as if such accounts were being prepared as of a fiscal year end.

 

“Current
Liabilities” means accounts payable, accrued Taxes and accrued expenses, determined in accordance with GAAP applied using the
same accounting methods, practices, principles, policies and procedures, with consistent classifications, judgments and valuation and
estimation methodologies that were used in the preparation of the Financial Statements for the most recent fiscal year end as if such
accounts were being prepared as of a fiscal year end.

 

“Direct
Claim” has the meaning set forth in Section 8.05(c).

 

“Disclosure
Schedules” means the Disclosure Schedules delivered by Seller and Buyer concurrently with the execution and delivery of this
Agreement.

 

“Dollars
or $” means the lawful currency of the United States.

 

“Encumbrance”
means any charge, claim, community property interest, pledge, condition, equitable interest, lien (statutory or other), option, security
interest, mortgage, easement, encroachment, right of way, right of first refusal, or restriction of any kind, including any restriction
on use, voting, transfer, receipt of income or exercise of any other attribute of ownership.

 

“Environmental
Attributes” means any emissions and renewable energy credits, energy conservation credits, benefits, offsets and allowances,
emission reduction credits or words of similar import or regulatory effect (including emissions reduction credits or allowances under
all applicable emission trading, compliance or budget programs, or any other federal, state or regional emission, renewable energy or
energy conservation trading or budget program) that have been held, allocated to or acquired for the development, construction, ownership,
lease, operation, use or maintenance of the Company as of: (i) the date of this Agreement; and (ii) future years for which allocations
have been established and are in effect as of the date of this Agreement.

 

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“Environmental
Claim” means any Action, Governmental Order, lien, fine, penalty, or, as to each, any settlement or judgment arising therefrom,
by or from any Person alleging liability of whatever kind or nature (including liability or responsibility for the costs of enforcement
proceedings, investigations, cleanup, governmental response, removal or remediation, natural resources damages, property damages, personal
injuries, medical monitoring, penalties, contribution, indemnification and injunctive relief) arising out of, based on or resulting from:
(a) the presence, Release of, or exposure to, any Hazardous Materials; or (b) any actual or alleged non-compliance with any Environmental
Law or term or condition of any Environmental Permit.

 

“Environmental
Law” means any applicable Law, and any Governmental Order or binding agreement with any Governmental Authority: (a) relating
to pollution (or the cleanup thereof) or the protection of natural resources, endangered or threatened species, human health or safety,
or the environment (including ambient air, soil, surface water or groundwater, or subsurface strata); or (b) concerning the presence
of, exposure to, or the management, manufacture, use, containment, storage, recycling, reclamation, reuse, treatment, generation, discharge,
transportation, processing, production, disposal or remediation of any Hazardous Materials. The term “Environmental Law”
includes, without limitation, the following (including their implementing regulations and any state analogs): the Comprehensive Environmental
Response, Compensation, and Liability Act of 1980, as amended by the Superfund Amendments and Reauthorization Act of 1986, 42 U.S.C.
§§ 9601 et seq.; the Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery Act of 1976, as amended
by the Hazardous and Solid Waste Amendments of 1984, 42 U.S.C. §§ 6901 et seq.; the Federal Water Pollution Control Act of
1972, as amended by the Clean Water Act of 1977, 33 U.S.C. §§ 1251 et seq.; the Toxic Substances Control Act of 1976, as amended,
15 U.S.C. §§ 2601 et seq.; the Emergency Planning and Community Right-to-Know Act of 1986, 42 U.S.C. §§ 11001 et
seq.; the Clean Air Act of 1966, as amended by the Clean Air Act Amendments of 1990, 42 U.S.C. §§ 7401 et seq.; and the Occupational
Safety and Health Act of 1970, as amended, 29 U.S.C. §§ 651 et seq.

 

“Environmental
Notice” means any written directive, notice of violation or infraction, or notice respecting any Environmental Claim relating
to actual or alleged non-compliance with any Environmental Law or any term or condition of any Environmental Permit.

 

“Environmental
Permit” means any Permit, letter, clearance, consent, waiver, closure, exemption, decision or other action required under or
issued, granted, given, authorized by or made pursuant to Environmental Law.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, and the regulations promulgated thereunder.

 

“ERISA
Affiliate” means all employers (whether or not incorporated) that would be treated together with the Company or any of its
Affiliates as a “single employer” within the meaning of Section 414 of the Code or Section 4001 of ERISA.

 

“Escrow
Agent” means a mutually agreed upon qualified escrow agent designated by the parties hereto to facilitate any necessary escrow
arrangement.

 

“Escrow
Agreement” means the Escrow Agreement to be entered into by Buyer, Seller and Escrow Agent at the Closing if the parties elect
to have an escrow agent act in connection with the purchase transaction contemplated herein.

 

“Estimated
Closing Working Capital” has the meaning set forth in Section 2.04(a)(ii).

 

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“Estimated
Closing Working Capital Statement” has the meaning set forth in Section 2.04(a)(ii).

 

“Excluded
Liabilities” has the meaning set forth in Section 2.02.

 

“Financial
Statements” has the meaning set forth in Section 3.06.

 

“GAAP”
means United States generally accepted accounting principles in effect from time to time.

 

“Government
Contracts” has the meaning set forth in Section 3.09(a)(viii).

 

“Governmental
Authority” means any federal, state, local or foreign government or political subdivision thereof, or any agency or instrumentality
of such government or political subdivision, or any self-regulated organization or other non-governmental regulatory authority or quasi-governmental
authority (to the extent that the rules, regulations or orders of such organization or authority have the force of Law), or any arbitrator,
court or tribunal of competent jurisdiction.

 

“Governmental
Order” means any order, writ, judgment, injunction, decree, stipulation, determination or award entered by or with any Governmental
Authority.

 

“Hazardous
Materials” means: (a) any material, substance, chemical, waste, product, derivative, compound, mixture, solid, liquid, mineral
or gas, in each case, whether naturally occurring or manmade, that is hazardous, acutely hazardous, toxic, or words of similar import
or regulatory effect under Environmental Laws; and (b) any petroleum or petroleum-derived products, radon, radioactive materials or wastes,
asbestos in any form, lead or lead-containing materials, urea formaldehyde foam insulation, and polychlorinated biphenyls.

 

“Indebtedness”
means, without duplication and with respect to the Company, all (a) indebtedness for borrowed money; (b) obligations for the deferred
purchase price of property or services (other than Current Liabilities taken into account in the calculation of Closing Working Capital),
(c) long or short-term obligations evidenced by notes, bonds, debentures or other similar instruments; (d) obligations under any interest
rate, currency swap or other hedging agreement or arrangement; (e) capital lease obligations; (f) reimbursement obligations under any
letter of credit, banker’s acceptance or similar credit transactions; (g) guarantees made by the Company on behalf of any third
party in respect of obligations of the kind referred to in the foregoing clauses (a) through (f); and (h) any unpaid interest, prepayment
penalties, premiums, costs and fees that would arise or become due as a result of the prepayment of any of the obligations referred to
in the foregoing clauses (a) through (g).

 

“Indemnified
Party” has the meaning set forth in Section 8.05.

 

“Indemnifying
Party” has the meaning set forth in Section 8.05.

 

“Insurance
Policies” has the meaning set forth in Section 3.16.

 

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“Intellectual
Property” means any and all rights in, arising out of, or associated with any of the following in any jurisdiction throughout
the world: (a) issued patents and patent applications (whether provisional or non-provisional), including divisionals, continuations,
continuations-in-part, substitutions, reissues, reexaminations, extensions, or restorations of any of the foregoing, and other Governmental
Authority-issued indicia of invention ownership (including certificates of invention, petty patents, and patent utility models) (“Patents”);
(b) trademarks, service marks, brands, certification marks, logos, trade dress, trade names, and other similar indicia of source or origin,
together with the goodwill connected with the use of and symbolized by, and all registrations, applications for registration, and renewals
of, any of the foregoing (“Trademarks”); (c) copyrights and works of authorship, whether or not copyrightable, and
all registrations, applications for registration, and renewals of any of the foregoing (“Copyrights”); (d) internet
domain names and social media account or user names (including “handles”), whether or not Trademarks, all associated web
addresses, URLs, websites and web pages, social media sites and pages, and all content and data thereon or relating thereto, whether
or not Copyrights; (e) mask works, and all registrations, applications for registration, and renewals thereof; (f) industrial designs,
and all Patents, registrations, applications for registration, and renewals thereof; (g) trade secrets, know-how, inventions (whether
or not patentable), discoveries, improvements, technology, business and technical information, databases, data compilations and collections,
tools, methods, processes, techniques, and other confidential and proprietary information and all rights therein (“Trade Secrets”);
(h) computer programs, operating systems, applications, firmware, and other code, including all source code, object code, application
programming interfaces, data files, databases, protocols, specifications, and other documentation thereof; (i) rights of publicity; and
(j) all other intellectual or industrial property and proprietary rights.

 

“Interim
Balance Sheet” has the meaning set forth in Section 3.06.

 

“Interim
Balance Sheet Date” has the meaning set forth in Section 3.06.

 

“Interim
Financial Statements” has the meaning set forth in Section 3.06.

 

“Knowledge
of Seller or Seller’s Knowledge” or any other similar knowledge qualification, means the actual or constructive knowledge
of any director or officer of Seller or the Company, after due inquiry.

 

“Law”
means any statute, law, ordinance, regulation, rule, code, order, constitution, treaty, common law, judgment, decree, other requirement
or rule of law of any Governmental Authority.

 

“Liabilities”
has the meaning set forth in Section 3.07.

 

“Licensed
Intellectual Property” means all Intellectual Property in which the Company holds any rights or interests granted by other
Persons, including Seller or any of its Affiliates.

 

“Losses”
means losses, damages, liabilities, deficiencies, Actions, judgments, interest, awards, penalties, fines, costs or expenses of whatever
kind, including reasonable attorneys’ fees and the cost of enforcing any right to indemnification hereunder and the cost of pursuing
any insurance providers; provided, however, that “Losses” shall not include punitive damages, except to the
extent actually awarded to a Governmental Authority or other third party.

 

“Material
Adverse Effect” means any event, occurrence, fact, condition or change that is, or could reasonably be expected to become,
individually or in the aggregate, materially adverse to (a) the business, results of operations, condition (financial or otherwise) or
assets of the Company, or (b) the ability of Seller to consummate the transactions contemplated hereby on a timely basis.

 

“Material
Contracts” has the meaning set forth in Section 3.09(a).

 

“Material
Suppliers” has the meaning set forth in Section 3.15(b).

 

“Multiemployer
Plan” has the meaning set forth in Section 3.20(c).

 

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“Non-U.S.
Benefit Plan” has the meaning set forth in Section 3.20(a).

 

“Permits”
means all permits, licenses, franchises, approvals, authorizations, registrations, certificates, variances and similar rights obtained,
or required to be obtained, from Governmental Authorities.

 

“Permitted
Encumbrances” has the meaning set forth in Section 3.10(a).

 

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

 

“Platform
Agreements” has the meaning set forth in Section 3.12(h).

 

“Post-Closing
Adjustment” has the meaning set forth in Section 2.04(b)(ii).

 

“Post-Closing
Tax Period” means any taxable period beginning after the Closing Date and, with respect to any taxable period beginning before
and ending after the Closing Date, the portion of such taxable period beginning after the Closing Date.

 

“Post-Closing
Taxes” means Taxes of the Company for any Post-Closing Tax Period.

 

“Pre-Closing
Tax Period” means any taxable period ending on or before the Closing Date and, with respect to any taxable period beginning
before and ending after the Closing Date, the portion of such taxable period ending on and including the Closing Date.

 

“Pre-Closing
Taxes” means Taxes of the Company for any Pre-Closing Tax Period.

 

“Purchase
Price” has the meaning set forth in Section 2.02.

 

“Qualified
Benefit Plan” has the meaning set forth in Section 3.20(c).

 

“Real
Property” means the real property owned, leased or subleased by the Company, together with all buildings, structures and facilities
located thereon.

 

“Release”
means any actual or threatened release, spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching,
dumping, abandonment, disposing or allowing to escape or migrate into or through the environment (including, without limitation, ambient
air (indoor or outdoor), surface water, groundwater, land surface or subsurface strata or within any building, structure, facility or
fixture).

 

“Representative”
means, with respect to any Person, any and all directors, officers, employees, consultants, financial advisors, counsel, accountants
and other agents of such Person.

 

“Requisite
Governmental Approvals” has the meaning set forth in Section 2.07.

 

“Restricted
Business” means any and all enterprise or business opportunity which is directly or indirectly competitive with the Company
with respect to the Lifeline (as defined in 47 CFR Sec. 54.401) program in the State of Oklahoma (including without limitation all related
enterprise, business and market opportunities for Lifeline providers and subscribers, or which serve similar purposes to Lifeline).

 

“Restricted
Period” has the meaning set forth in Section 5.07(a).

 

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“Section
338(h)(10) Election” has the meaning set forth in Section 6.05(a).

 

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

 

“Seller
Indemnitees” has the meaning set forth in Section 8.03.

 

“Seller’s
Accountants” means one or more qualified accountants retained (if any) by Seller in connection with the transaction contemplated
herein.

 

“Shares”
has the meaning set forth in the recitals.

 

“Single
Employer Plan” has the meaning set forth in Section 3.20(c).

 

“Straddle
Period” has the meaning set forth in Section 6.04.

 

“Taxes”
means all federal, state, local, foreign and other income, gross receipts, sales, use, production, ad valorem, transfer, franchise, registration,
profits, license, lease, service, service use, withholding, payroll, employment, unemployment, estimated, excise, severance, environmental,
stamp, occupation, premium, property (real or personal), real property gains, windfall profits, customs, duties or other taxes, fees,
assessments or charges of any kind whatsoever, together with any interest, additions or penalties with respect thereto and any interest
in respect of such additions or penalties.

 

“Tax
Claim” has the meaning set forth in Section 6.06.

 

“Tax
Return” means any return, declaration, report, claim for refund, information return or statement or other document relating
to Taxes, including any schedule or attachment thereto, and including any amendment thereof.

 

“Territory”
means any and all states and jurisdictions in which the Company operates or otherwise conducts business.

 

“Third
Party Claim” has the meaning set forth in Section 8.05(a).

 

“Transaction
Expenses” means all fees and expenses incurred by the Company or Seller at or prior to the Closing in connection with the preparation,
negotiation and execution of this Agreement and the Ancillary Documents, and the performance and consummation of the transactions contemplated
hereby and thereby.

 

“Union”
has the meaning set forth in Section 3.21(b).

 

“WARN
Act” means the federal Worker Adjustment and Retraining Notification Act of 1988, and similar state, local and foreign laws
related to plant closings, relocations, mass layoffs and employment losses.

 

ARTICLE
II

Purchase and sale

 

Section
2.01 Purchase and Sale. Subject to the terms and
conditions set forth herein, at the Closing, Seller shall sell to Buyer, and Buyer shall purchase from Seller, the Shares, free and clear
of all Encumbrances, for the consideration specified in Section 2.02.

 

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Section
2.02 Purchase Price. The aggregate purchase price for the Shares shall be the value
of the specific known liabilities and debts assumed by Buyer, as more particularly set forth in Exhibit A, attached hereto and
incorporated herein by reference (the “Assumed Liabilities”), and subject to adjustment pursuant to Section 2.04 hereof
(collectively, the “Purchase Price”). Notwithstanding anything to the contrary herein, the Assumed Liabilities shall
only include those items set forth on Exhibit A and expressly designated as “Assumed Liabilities” in such Exhibit,
and shall not include (i) undisclosed debts and Liabilities of the Company or Seller (or either of their Affiliates), (ii) those debts
and Liabilities of the Company or the Seller (or either of their Affiliates), but which are not listed on Exhibit A, whether or
not such debts and Liabilities are disclosed on the Company’s Balance Sheet as of the Balance Sheet Date, or (iii) those debts
and Liabilities of the Company or the Seller listed on Exhibit A, but which are expressly designated as “Excluded Liabilities”
on Exhibit A. Notwithstanding any other provision in this Agreement to the contrary, Buyer shall not assume and shall not be responsible
to pay, perform or discharge any Liabilities or debts of Seller or the Company (or either of their Affiliates) of any kind or nature
whatsoever other than the Assumed Liabilities (the “Excluded Liabilities”). Seller shall and shall cause each of its
Affiliates (not including the Company) to assume all Excluded Liabilities, and to take all actions necessary to fully relieve Buyer and
the Company of any obligation relating thereto, including without limitation, cooperating with Buyer at Buyer’s request to effectuate
the same. It is also specifically understood and acknowledged here by execution of this Agreement, that under no circumstances will any
“Assumed Liabilities” include amounts payable by Buyer, partially or wholly, to Kevin Brian Cox, the individual, or in his
individual interests in any entity other than SurgePays, Inc., the Seller. Further, all Excluded Liabilities listed on Exhibit A
shall be fully and unconditionally assumed by Seller (or its designated Affiliate or assignee) on or before Closing, and the Buyer and
Company agree to cooperate with Seller to memorialize such assignment and assumption of debt. Each Party acknowledges and agrees that
the Buyer may restructure and otherwise reduce the amounts due and owing under the Assumed Liabilities with certain creditors. The benefits
accruing from all such negotiated debt restructurings and reductions shall be solely attributed and credited to Buyer, including without
limitation all savings accruing therefrom.

 

Section
2.03 Transactions to be Effected at the Closing.

 

(a)
At the Closing, Buyer shall:

 

(i)
deliver to Seller, the Ancillary Documents and all other agreements, documents, instruments or certificates required to be delivered
by Buyer at or prior to the Closing pursuant to Section 7.03 of this Agreement.

 

(b)
At the Closing, Seller shall deliver to Buyer:

 

(i)
stock certificates evidencing the Shares, free and clear of all Encumbrances, duly endorsed in blank or accompanied by stock powers or
other instruments of transfer duly executed in blank, with all required stock transfer tax stamps affixed thereto; and

 

(ii)
the Ancillary Documents and all other agreements, documents, instruments or certificates required to be delivered by Seller at or prior
to the Closing pursuant to Section 7.02 of this Agreement.

 

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Section
2.04 Purchase Price Adjustment.

 

(a)
Working Capital.

 

(i)
Intentionally Omitted.

 

(ii)
At least ten (10) days before the Closing, Seller and Buyer shall jointly prepare a statement setting forth its good faith estimate of
Closing Working Capital (the “Estimated Closing Working Capital”), which statement shall contain an estimated balance
sheet of the Company as of the Closing Date (without giving effect to the transactions contemplated herein), a calculation of Estimated
Closing Working Capital (the “Estimated Closing Working Capital Statement”), and a certificate of a duly authorized
officer of Seller that the Estimated Closing Working Capital Statement was prepared in accordance with GAAP applied using the same accounting
methods, practices, principles, policies and procedures, with consistent classifications, judgments and valuation and estimation methodologies
that were used in the preparation of the Financial Statements for the most recent fiscal year end as if such Estimated Closing Working
Capital Statement was being prepared as of a fiscal year end.

 

(b)
Post-Closing Adjustment.

 

(i)
Within sixty (60) days after the Closing Date, Buyer or Seller may prepare a statement setting forth its calculation of Closing Working
Capital, which statement shall contain an unaudited balance sheet of the Company as of the Closing Date (without giving effect to the
transactions contemplated herein), and a calculation of the actual Closing Working Capital (the “Closing Working Capital Statement”).

 

(ii)
The post-closing adjustment shall be an amount equal to the Closing Working Capital minus the Estimated Closing Working Capital (the
“Post-Closing Adjustment”).

 

(c)
After receipt of the Closing Working Capital Statement, Seller shall have ten (10) days to review the Closing Working Capital Statement.
During the Review Period, Seller and Seller’s Accountants shall have full access to the books and records of the Company, the personnel
of, and work papers prepared by, Buyer and/or Buyer’s Accountants to the extent that they relate to the Closing Working Capital
Statement and to such historical financial information (to the extent in Buyer’s possession) relating to the Closing Working Capital
Statement as Seller may reasonably request for the purpose of reviewing the Closing Working Capital Statement.

 

(d)
Within twenty (20) days from the date Buyer notifies Seller of the Post-Closing Adjustment amount (if any), Seller shall remit payment
of the Post-Closing Adjustment, and such funds shall be paid by wire transfer of immediately available funds to such account as is directed
by Buyer.

 

(e)
Any payments made pursuant to Section 2.04 shall be treated as an adjustment to the Purchase Price by the parties for Tax purposes, unless
otherwise required by Law.

 

Section
2.05 Closing. Subject to the terms and conditions
of this Agreement, the purchase and sale of the Shares contemplated hereby shall take place at a closing (the “Closing”)
to be held on or before May 28, 2021, or in any event no later than two (2) Business Days after the last of the conditions to Closing
set forth in ARTICLE VII have been satisfied or waived (other than conditions which, by their nature, are to be satisfied on the Closing
Date), remotely by exchange of documents and signatures (or their electronic counterparts), or at such other time or on such other date
or at such other place as Seller and Buyer may mutually agree upon in writing (the day on which the Closing takes place being the “Closing
Date”). The Closing Date may be reasonably extended by the Parties hereto upon giving written notice of the same to the other
Party, and upon that Party’s written consent within twenty-four (24) hours.

 

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Section
2.06 Intentionally Omitted.

 

Section
2.07 Stock Repurchase Rights. In the event Buyer is unable to obtain the licenses, permits, consents,
authorizations, orders and approvals from all Governmental Authorities that may be or become necessary or desirable to operate the business
of the Company after the Closing Date as intended by Buyer (the “Requisite Governmental Approvals”), the Buyer shall
have the right to exercise its option to compel Seller to repurchase the Shares in accordance with the terms set forth in that Stock
Repurchase Agreement attached hereto as Exhibit B. Seller hereby agrees to repurchase the Shares in accordance the terms of the
Stock Repurchase Agreement if the Buyer is unable to obtain the Requisite Governmental Approvals or any favorable outcome, as determined
in Buyer’s sole and absolute discretion. The Stock Repurchase Agreement shall carry with it a stock power and power of attorney
in favor of the Buyer whereby the Seller shall irrevocably constitute and appoint the Buyer as the Seller’s true and lawful attorney-in-fact
and agent to effectuate, with full power and authority to act in the Seller’s name, place, and stead in effectuating the purposes
of the Buyer pursuant to the terms and conditions of such Stock Repurchase Agreement, including the execution, acknowledgment, delivery,
filing, and recording of all certificates, documents, contracts, or counterparts thereof, and all other documents which the Buyer deems
necessary or appropriate to effectuate such Share transfer and repurchase. For purposes herein and without limiting its generality, “Requisite
Governmental Approvals” shall include, without limitation, obtaining a successful and timely ruling in any regulatory action and
in the following case (including all actions derived from such case, including any and all appeals therefrom): Oklahoma Corporation Case
EN 202000046, and regulatory relief from past actions against the Company (including Cox and its Affiliates) by the Oklahoma Corporation
Commission and all other Governmental Authorities. The determination as to whether such ruling is deemed successful or timely shall be
made by the Buyer in its sole and absolute discretion, taking into account how the ruling (or lack thereof) affects the Company’s
ability to operate its intended business. This Section 2.07 and the terms contained in the corresponding Stock Repurchase Agreement shall
survive Closing. Both parties acknowledge and agreement that the terms of the Stock Repurchase Agreement shall control in the event of
a conflict between it and this Agreement, including without limitation this Section 2.07.

 

ARTICLE
III

Representations and warranties of seller

 

Except
as set forth in the correspondingly numbered Section of the Disclosure Schedules, Seller represents and warrants to Buyer that the statements
contained in this ARTICLE III are true and correct as of the date hereof.

 

Section
3.01 Organization and Authority of Seller. Seller
is a corporation duly organized, validly existing and in good standing under the Laws of the state of its formation. Seller has full
corporate power and authority to enter into this Agreement and the Ancillary Documents to which Seller is a party, to carry out its obligations
hereunder and thereunder and to consummate the transactions contemplated hereby and thereby. The execution and delivery by Seller of
this Agreement and any Ancillary Document to which Seller is a party, the performance by Seller of its obligations hereunder and thereunder,
and the consummation by Seller of the transactions contemplated will have been duly authorized by all requisite corporate action on the
part of Seller upon satisfaction of all conditions to Closing, agreement and acceptance of all Exhibits hereto and agreement of a final
Purchase Price and prior to Closing. This Agreement has been duly executed and delivered by Seller, and (assuming due authorization,
execution and delivery by Buyer) this Agreement constitutes a legal, valid and binding obligation of Seller enforceable against Seller
in accordance with its terms. When each other Ancillary Document to which Seller is or will be a party has been duly executed and delivered
by Seller (assuming due authorization, execution and delivery by each other party thereto), such Ancillary Document will constitute a
legal and binding obligation of Seller enforceable against it in accordance with its terms. Notwithstanding the above, Seller assures
Buyer of its ability and corporate authority to execute this Agreement.

 

    	11

     

    

 

Section
3.02 Organization, Authority and Qualification of the Company. The
Company is a corporation duly organized, validly existing and in good standing under the Laws of the state of Oklahoma and has full corporate
power and authority to own, operate or lease the properties and assets now owned, operated or leased by it and to carry on its business
as it has been and is currently conducted. Section 3.02 of the Disclosure Schedules sets forth each jurisdiction in which the Company
is licensed or qualified to do business, and the Company is duly licensed or qualified to do business and is in good standing in each
jurisdiction in which the properties owned or leased by it or the operation of its business as currently conducted makes such licensing
or qualification necessary. All corporate actions taken by the Company in connection with this Agreement and the Ancillary Documents
will be duly authorized on or prior to the Closing.

 

Section
3.03 Capitalization.

 

(a)
The authorized capital stock of the Company consists of 1000 shares of common stock, par value $0.001 (“Common Stock”),
of which 100 shares are issued and outstanding and constitute the Shares. All of the Shares have been duly authorized, are validly issued,
fully paid and non-assessable, and are owned of record and beneficially by Seller, free and clear of all Encumbrances. Upon consummation
of the transactions contemplated by this Agreement, Buyer shall own all of the Shares, free and clear of all Encumbrances.

 

(b)
All of the Shares were issued in compliance with applicable Laws. None of the Shares were issued in violation of any agreement, arrangement
or commitment to which Seller or the Company is a party or is subject to or in violation of any preemptive or similar rights of any Person.

 

(c)
There are no outstanding or authorized options, warrants, convertible securities or other rights, agreements, arrangements or commitments
of any character relating to the capital stock of the Company or obligating Seller or the Company to issue or sell any shares of capital
stock of, or any other interest in, the Company. The Company does not have outstanding or authorized any stock appreciation, phantom
stock, profit participation or similar rights. There are no voting trusts, stockholder agreements, proxies or other agreements or understandings
in effect with respect to the voting or transfer of any of the Shares.

 

Section
3.04 No Subsidiaries. The Company does not own or
have any interest in any shares or have an ownership interest in any other Person.

 

Section
3.05 No Conflicts; Consents. The execution, delivery
and performance by Seller of this Agreement and the Ancillary Documents to which it is a party, and the consummation of the transactions
contemplated hereby and thereby, do not and will not: (a) conflict with or result in a violation or breach of, or default under, any
provision of the certificate of incorporation, by-laws or other organizational documents of Seller or the Company; (b) conflict with
or result in a violation or breach of any provision of any Law or Governmental Order applicable to Seller or the Company; (c) require
the consent, notice or other action by any Person under, conflict with, result in a violation or breach of, constitute a default or an
event that, with or without notice or lapse of time or both, would constitute a default under, result in the acceleration of or create
in any party the right to accelerate, terminate, modify or cancel any Contract to which Seller or the Company is a party or by which
Seller or the Company is bound or to which any of their respective properties and assets are subject (including any Material Contract)
or any Permit affecting the properties, assets or business of the Company; or (d) result in the creation or imposition of any Encumbrance
other than Permitted Encumbrances on any properties or assets of the Company. No consent, approval, Permit, Governmental Order, declaration
or filing with, or notice to, any Governmental Authority is required by or with respect to Seller or the Company in connection with the
execution and delivery of this Agreement and the Ancillary Documents and the consummation of the transactions contemplated hereby and
thereby.,

 

    	12

     

    

 

Section
3.06 Financial Statements. Complete copies of the
Company’s financial statements consisting of the balance sheet of the Company as at December 31 in each of the years 2018, 2019
and 2020, and the related statements of income and retained earnings, stockholders’ equity and cash flow for the years then ended,
and unaudited financial statements consisting of the balance sheet of the Company as at March 31, 2021 and the related statements of
income and retained earnings, stockholders’ equity and cash flow for the nine-month period then ended (the “Interim Financial
Statements” and together with the other financial statements listed above, the “Financial Statements”).
The Financial Statements have been prepared in accordance with GAAP applied on a consistent basis throughout the period involved, subject,
in the case of the Interim Financial Statements, to normal and recurring year-end adjustments (the effect of which will not be materially
adverse) and the absence of notes (that, if presented, would not differ materially from those presented in the Financial Statements).
The Financial Statements are based on the books and records of the Company, and fairly and accurately present the financial condition
of the Company as of the respective dates they were prepared and the results of the operations of the Company for the periods indicated.
The balance sheet of the Company as of March 31, 2021 is referred to herein as the “Balance Sheet” and the date thereof
as the “Balance Sheet Date” and the balance sheet of the Company as of December 31, 2020 is referred to herein as
the “Interim Balance Sheet” and the date thereof as the “Interim Balance Sheet Date”. The Company
maintains a standard system of accounting established and administered in accordance with GAAP.

 

Section
3.07 Undisclosed Liabilities. The Company has no
liabilities, obligations or commitments of any nature whatsoever, asserted or unasserted, known or unknown, absolute or contingent, accrued
or unaccrued, matured or unmatured or otherwise (“Liabilities”), except those which are adequately reflected or reserved
against in the Balance Sheet as of the Balance Sheet Date.

 

Section
3.08 Absence of Certain Changes, Events and Conditions. Since
the Balance Sheet Date, and other than in the ordinary course of business consistent with past practice, there has not been, with respect
to the Company, any:

 

(a)
event, occurrence or development that has had, or could reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect;

 

(b)
amendment of the charter, by-laws or other organizational documents of the Company;

 

(c)
split, combination or reclassification of any shares of its capital stock;

 

(d)
issuance, sale or other disposition of any of its capital stock, or grant of any options, warrants or other rights to purchase or obtain
(including upon conversion, exchange or exercise) any of its capital stock;

 

(e)
declaration or payment of any dividends or distributions on or in respect of any of its capital stock or redemption, purchase or acquisition
of its capital stock;

 

    	13

     

    

 

(f)
material change in any method of accounting or accounting practice of the Company, except as required by GAAP or as disclosed in the
notes to the Financial Statements;

 

(g)
material change in the Company’s cash management practices and its policies, practices and procedures with respect to collection
of accounts receivable, establishment of reserves for uncollectible accounts, accrual of accounts receivable, inventory control, prepayment
of expenses, payment of trade accounts payable, accrual of other expenses, deferral of revenue and acceptance of customer deposits;

 

(h)
entry into any Contract that would constitute a Material Contract;

 

(i)
incurrence, assumption or guarantee of any indebtedness for borrowed money except unsecured current obligations and Liabilities incurred
in the ordinary course of business consistent with past practice;

 

(j)
transfer, assignment, sale or other disposition of any of the assets shown or reflected in the Balance Sheet or cancellation of any debts
or entitlements;

 

(k)
transfer or assignment of or grant of any license or sublicense under or with respect to any Company Intellectual Property or Company
IP Agreements;

 

(l)
abandonment or lapse of or failure to maintain in full force and effect any Company IP Registration, or failure to take or maintain reasonable
measures to protect the confidentiality or value of any Trade Secrets included in the Company Intellectual Property;

 

(m)
material damage, destruction or loss (whether or not covered by insurance) to its property;

 

(n)
any capital investment in, or any loan to, any other Person;

 

(o)
acceleration, termination, material modification to or cancellation of any material Contract (including, but not limited to, any Material
Contract) to which the Company is a party or by which it is bound;

 

(p)
any material capital expenditures;

 

(q)
imposition of any Encumbrance upon any of the Company properties, capital stock or assets, tangible or intangible;

 

(r)
(i) grant of any bonuses, whether monetary or otherwise, or increase in any wages, salary, severance, pension or other compensation or
benefits in respect of its current or former employees, officers, directors, independent contractors or consultants, other than as provided
for in any written agreements or required by applicable Law, (ii) change in the terms of employment for any employee or any termination
of any employees for which the aggregate costs and expenses exceed $5,000, or (iii) action to accelerate the vesting or payment of any
compensation or benefit for any current or former employee, officer, director, independent contractor or consultant;

 

(s)
hiring or promoting any person as or to (as the case may be) an officer or hiring or promoting any employee below officer except to fill
a vacancy in the ordinary course of business;

 

    	14

     

    

 

(t)
adoption, modification or termination of any: (i) employment, severance, retention or other agreement with any current or former employee,
officer, director, independent contractor or consultant, (ii) Benefit Plan or (iii) collective bargaining or other agreement with a Union,
in each case whether written or oral;

 

(u)
any loan to (or forgiveness of any loan to), or entry into any other transaction with, any of its stockholders or current or former directors,
officers and employees;

 

(v)
entry into a new line of business or abandonment or discontinuance of existing lines of business;

 

(w)
adoption of any plan of merger, consolidation, reorganization, liquidation or dissolution or filing of a petition in bankruptcy under
any provisions of federal or state bankruptcy Law or consent to the filing of any bankruptcy petition against it under any similar Law;

 

(x)
purchase, lease or other acquisition of the right to own, use or lease any property or assets for an amount in excess of $25,000 individually
(in the case of a lease, per annum) or $50,000 in the aggregate (in the case of a lease, for the entire term of the lease, not including
any option term), except for purchases of inventory or supplies in the ordinary course of business consistent with past practice;

 

(y)
acquisition by merger or consolidation with, or by purchase of a substantial portion of the assets or stock of, or by any other manner,
any business or any Person or any division thereof;

 

(z)
action by the Company to make, change or rescind any Tax election, amend any Tax Return or take any position on any Tax Return, take
any action, omit to take any action or enter into any other transaction that would have the effect of increasing the Tax liability or
reducing any Tax asset of Buyer in respect of any Post-Closing Tax Period; or

 

(aa)
any Contract to do any of the foregoing, or any action or omission that would result in any of the foregoing.

 

Section
3.09 Material Contracts.

 

(a)
Section 3.09(a) of the Disclosure Schedules lists each of the following Contracts of the Company (such Contracts, together with all Contracts
concerning the occupancy, management or operation of any Real Property (including without limitation, brokerage contracts listed or otherwise
disclosed in Section 3.10(b) of the Disclosure Schedules and all Company IP Agreements, being “Material Contracts”):

 

(i)
each Contract of the Company involving aggregate consideration in excess of $5,000 and which, in each case, cannot be cancelled by the
Company without penalty or without more than 90 days’ notice;

 

(ii)
all Contracts that require the Company to purchase its total requirements of any product or service from a third party or that contain
“take or pay” provisions;

 

(iii)
all Contracts that provide for the indemnification by the Company of any Person or the assumption of any Tax, environmental or other
Liability of any Person;

 

    	15

     

    

 

(iv)
all Contracts that relate to the acquisition or disposition of any business, a material amount of stock or assets of any other Person
or any real property (whether by merger, sale of stock, sale of assets or otherwise);

 

(v)
all broker, distributor, dealer, manufacturer’s representative, franchise, agency, sales promotion, market research, marketing
consulting and advertising Contracts to which the Company is a party;

 

(vi)
all employment agreements and Contracts with independent contractors or consultants (or similar arrangements) to which the Company is
a party and which are not cancellable without material penalty or without more than 90 days’ notice;

 

(vii)
except for Contracts relating to trade receivables, all Contracts relating to indebtedness (including, without limitation, guarantees)
of the Company;

 

(viii)
all Contracts with any Governmental Authority to which the Company is a party (“Government Contracts”);

 

(ix)
all Contracts that limit or purport to limit the ability of the Company to compete in any line of business or with any Person or in any
geographic area or during any period of time;

 

(x)
any Contracts to which the Company is a party that provide for any joint venture, partnership or similar arrangement by the Company;

 

(xi)
all Contracts between or among the Company on the one hand and Seller or any Affiliate of Seller (other than the Company) on the other
hand;

 

(xii)
all collective bargaining agreements or Contracts with any Union to which the Company is a party; and

 

(xiii)
any other Contract that is material to the Company and not previously disclosed pursuant to this Section 3.09.

 

(b)
Each Material Contract is valid and binding on the Company in accordance with its terms and is in full force and effect. None of the
Company or, to Seller’s Knowledge, any other party thereto is in breach of or default under (or is alleged to be in breach of or
default under), or has provided or received any notice of any intention to terminate, any Material Contract. No event or circumstance
has occurred that, with notice or lapse of time or both, would constitute an event of default under any Material Contract or result in
a termination thereof or would cause or permit the acceleration or other changes of any right or obligation or the loss of any benefit
thereunder. Complete and correct copies of each Material Contract (including all modifications, amendments and supplements thereto and
waivers thereunder) have been made available to Buyer.

 

    	16

     

    

 

Section
3.10 Title to Assets; Real Property.

 

(a)
The Company has a good and valid leasehold interest in, all Real Property and personal property and other assets reflected in the Financial
Statements or acquired after the Balance Sheet Date, other than properties and assets sold or otherwise disposed of in the ordinary course
of business consistent with past and commercially reasonable practice since the Balance Sheet Date. Further, the Company does not own
or otherwise hold title in any Real Property. All such properties and assets (including leasehold interests) are free and clear of Encumbrances
except for the following (collectively referred to as “Permitted Encumbrances”):

 

(i)
liens for Taxes not yet due and payable;

 

(ii)
mechanics, carriers’, workmen’s, repairmen’s or other like liens arising or incurred in the ordinary course of business
consistent with past practice or amounts that are not delinquent and which are not, individually or in the aggregate, material to the
business of the Company;

 

(iii)
easements, rights of way, zoning ordinances and other similar encumbrances affecting Real Property which are not, individually or in
the aggregate, material to the business of the Company; or

 

(iv)
other than with respect to owned Real Property, liens arising under original purchase price conditional sales contracts and equipment
leases with third parties entered into in the ordinary course of business consistent with past practice which are not, individually or
in the aggregate, material to the business of the Company.

 

(b)
Section 3.10(b) of the Disclosure Schedules lists (i) the street address of each parcel of Real Property; (ii) if such property is leased
or subleased by the Company, the landlord under the lease, the rental amount currently being paid, and the expiration of the term of
such lease or sublease for each leased or subleased property; and (iii) the current use of such property. With respect to leased Real
Property, Seller has delivered or made available to Buyer true, complete and correct copies of any leases affecting the Real Property.
The Company is not a sublessor or grantor under any sublease or other instrument granting to any other Person any right to the possession,
lease, occupancy or enjoyment of any leased Real Property. The use and operation of the Real Property in the conduct of the Company’s
business do not violate in any material respect any Law, covenant, condition, restriction, easement, license, permit or agreement. No
material improvements constituting a part of the Real Property encroach on real property owned or leased by a Person other than the Company.
There are no Actions pending nor, to the Seller’s Knowledge, threatened against or affecting the Real Property or any portion thereof
or interest therein in the nature or in lieu of condemnation or eminent domain proceedings.

 

Section
3.11 Condition and Sufficiency of Assets. The buildings, plants, structures, furniture,
fixtures, machinery, equipment, vehicles and other items of tangible personal property of the Company are structurally sound, are in
good operating condition and repair, and are adequate for the uses to which they are being put, and none of such buildings, plants, structures,
furniture, fixtures, machinery, equipment, vehicles and other items of tangible personal property is in need of maintenance or repairs
except for ordinary, routine maintenance and repairs that are not material in nature or cost. The buildings, plants, structures, furniture,
fixtures, machinery, equipment, vehicles and other items of tangible personal property currently owned or leased by the Company, together
with all other properties and assets of the Company, are sufficient for the continued conduct of the Company’s business after the
Closing in substantially the same manner as conducted prior to the Closing and constitute all of the rights, property and assets necessary
to conduct the business of the Company as currently conducted.

 

    	17

     

    

 

Section
3.12 Intellectual Property.

 

(a)
Section 3.12(a) of the Disclosure Schedules contains a correct, current, and complete list of: (i) all Company IP Registrations, specifying
as to each, as applicable: the title, mark, or design; the record owner and inventor(s), if any; the jurisdiction by or in which it has
been issued, registered, or filed; the patent, registration, or application serial number; the issue, registration, or filing date; and
the current status and (ii) all unregistered Trademarks included in the Company Intellectual Property; and (iii) all proprietary Software
of the Company; and (iv) all other Company Intellectual Property used or held for use in the Company’s business as currently conducted
and as proposed to be conducted.

 

(b)
Section 3.12(b) of the Disclosure Schedules contains a correct, current, and complete list of all Company IP Agreements, specifying for
each the date, title, and parties thereto, and separately identifying the Company IP Agreements: (i) under which the Company is a licensor
or otherwise grants to any Person any right or interest relating to any Company Intellectual Property; (ii) under which the Company is
a licensee or otherwise granted any right or interest relating to the Intellectual Property of any Person; and (iii) which otherwise
relate to the Company’s ownership or use of Intellectual Property, in each case identifying the Intellectual Property covered by
such Company IP Agreement. Seller has provided Buyer with true and complete copies (or in the case of any oral agreements, a complete
and correct written description) of all Company IP Agreements, including all modifications, amendments and supplements thereto and waivers
thereunder. Each Company IP Agreement is valid and binding on the Company in accordance with its terms and is in full force and effect.
Neither the Company nor any other party thereto is, or is alleged to be, in breach of or default under, or has provided or received any
notice of breach of, default under, or intention to terminate (including by non-renewal), any Company IP Agreement.

 

(c)
The Company is the sole and exclusive legal and beneficial, and with respect to the Company IP Registrations, record, owner of all right,
title, and interest in and to the Company Intellectual Property, and has the valid and enforceable right to use all other Intellectual
Property used or held for use in or necessary for the conduct of the Company’s business as currently conducted and as proposed
to be conducted, in each case, free and clear of Encumbrances other than Permitted Encumbrances. The Company has entered into binding,
valid and enforceable, written Contracts with each current and former employee and independent contractor who is or was involved in or
has contributed to the invention, creation, or development of any Intellectual Property during the course of employment or engagement
with the Company whereby such employee or independent contractor (i) acknowledges the Company’s exclusive ownership of all Intellectual
Property invented, created, or developed by such employee or independent contractor within the scope of his or her employment or engagement
with the Company; (ii) grants to the Company a present, irrevocable assignment of any ownership interest such employee or independent
contractor may have in or to such Intellectual Property, to the extent such Intellectual Property does not constitute a “work made
for hire” under applicable Law; and (iii) irrevocably waives any right or interest, including any moral rights, regarding any such
Intellectual Property, to the extent permitted by applicable Law. Seller has provided Buyer with true and complete copies of all such
Contracts. All assignments and other instruments necessary to establish, record, and perfect the Company’s ownership interest in
the Company IP Registrations have been validly executed, delivered, and filed with the relevant Governmental Authorities and authorized
registrars.

 

(d)
Neither the execution, delivery or performance of this Agreement, nor the consummation of the transactions contemplated hereunder, will
result in the loss or impairment of, or require the consent of any other Person in respect of, the Company’s right to own or use
any Company Intellectual Property or Licensed Intellectual Property.

 

    	18

     

    

 

(e)
To the Company’s best knowledge, all of the Company Intellectual Property and Licensed Intellectual Property is valid and enforceable,
and all Company IP Registrations are subsisting and in full force and effect. The Company has taken all reasonable and necessary steps
to maintain and enforce the Company Intellectual Property and Licensed Intellectual Property and to preserve the confidentiality of all
Trade Secrets included in the Company Intellectual Property, including by requiring all Persons having access thereto to execute binding,
written non-disclosure agreements. All required filings and fees related to the Company IP Registrations have been timely submitted with
and paid to the relevant Governmental Authorities and authorized registrars. Seller has provided Buyer with true and complete copies
of all file histories, documents, certificates, office actions, correspondence, assignments, and other instruments relating to the Company
IP Registrations.

 

(f)
The conduct of the Company’s business as currently and formerly conducted and as proposed to be conducted, including the use of
the Company Intellectual Property and Licensed Intellectual Property in connection therewith, and the products, processes and services
of the Company have not infringed, misappropriated or otherwise violated, and will not infringe, misappropriate or otherwise violate,
the Intellectual Property or other rights of any Person. No Person has infringed, misappropriated or otherwise violated any Company Intellectual
Property or Licensed Intellectual Property.

 

(g)
There are no Actions (including any opposition, cancellation, revocation, review, or other proceeding), whether settled, pending, or
threatened (including in the form of offers to obtain a license): (i) alleging any infringement, misappropriation, or other violation
by the Company of the Intellectual Property of any Person; (ii) challenging the validity, enforceability, registrability, patentability,
or ownership of any Company Intellectual Property or Licensed Intellectual Property or the Company’s right, title, or interest
in or to any Company Intellectual Property or Licensed Intellectual Property; or (iii) by the Company or by the owner of any Licensed
Intellectual Property alleging any infringement, misappropriation, or other violation by any Person of the Company Intellectual Property
or such Licensed Intellectual Property. Neither Seller nor the Company is aware of any facts or circumstances that could reasonably be
expected to give rise to any such Action. The Company is not subject to any outstanding or prospective Governmental Order (including
any motion or petition therefor) that does or could reasonably be expected to restrict or impair the use of any Company Intellectual
Property or Licensed Intellectual Property.

 

(h)
Section 3.12(h) of the Disclosure Schedules contains a correct, current, and complete list of all social media accounts used in the Company’s
business. The Company has complied with all terms of use, terms of service, and other Contracts and all associated policies and guidelines
relating to its use of any social media platforms, sites, or services (collectively, “Platform Agreements”). There
are no Actions, whether settled, pending, or threatened, alleging any (A) breach or other violation of any Platform Agreement by the
Company; or (B) defamation, violation of publicity rights of any Person, or any other violation by the Company in connection with its
use of social media.

 

    	19

     

    

 

(i)
All Company IT Systems are in good working condition and are sufficient for the operation of the Company’s business as currently
conducted and as proposed to be conducted. As of the Closing Date, there has been no malfunction, failure, continued substandard performance,
denial-of-service, or other cyber incident, including any cyberattack, or other impairment of the Company IT Systems that has resulted
or is reasonably likely to result in disruption or damage to the business of the Company and that has not been remedied. The Company
has taken all commercially reasonable steps to safeguard the confidentiality, availability, security, and integrity of the Company IT
Systems, including implementing and maintaining appropriate backup, disaster recovery, and Software and hardware support arrangements.

 

(j)
The Company has complied with all applicable Laws and all internal or publicly posted policies, notices, and statements concerning the
collection, use, processing, storage, transfer, and security of personal information in the conduct of the Company’s business.
As of the Closing Date, the Company has not (i) experienced any actual, alleged, or suspected data breach or other security incident
involving personal information in its possession or control or (ii) been subject to or received any written notice of any audit, investigation,
complaint, or other Action by any Governmental Authority or other Person concerning the Company’s collection, use, processing,
storage, transfer, or protection of personal information or actual, alleged, or suspected violation of any applicable Law concerning
privacy, data security, or data breach notification, and to Seller’s Knowledge, there are no facts or circumstances that could
reasonably be expected to give rise to any such Action.

 

Section
3.13 Inventory. All inventory of the Company, whether
or not reflected in the Balance Sheet, consists of a quality and quantity usable and salable in the ordinary course of business consistent
with past practice, except for obsolete, damaged, defective or slow-moving items that have been written off or written down to fair market
value or for which adequate reserves have been established. All such inventory is owned by the Company free and clear of all Encumbrances,
and no inventory is held on a consignment basis. The quantities of each item of inventory (whether raw materials, work-in-process or
finished goods) are not excessive, but are reasonable in the present circumstances of the Company.

 

Section
3.14 Accounts Receivable. The accounts receivable
reflected on the Interim Balance Sheet and the accounts receivable arising after the date thereof (a) have arisen from bona fide transactions
entered into by the Company involving the sale of goods or the rendering of services in the ordinary course of business consistent with
past practice; (b) constitute only valid, undisputed claims of the Company not subject to claims of set-off or other defenses or counterclaims
other than normal cash discounts accrued in the ordinary course of business consistent with past and commercially reasonable practice;
and (c) subject to a reserve for bad debts shown on the Interim Balance Sheet or, with respect to accounts receivable arising after the
Interim Balance Sheet Date, on the accounting records of the Company, are collectible in full within 90 days after billing. The reserve
for bad debts shown on the Interim Balance Sheet or, with respect to accounts receivable arising after the Interim Balance Sheet Date,
on the accounting records of the Company have been determined in accordance with GAAP, consistently applied, subject to normal year-end
adjustments and the absence of disclosures normally made in footnotes.

 

Section
3.15 Customers and Suppliers.

 

(a)
Intentionally Omitted.

 

(b)
Section 3.15(b) of the Disclosure Schedules sets forth (i) each supplier to whom the Company has paid consideration for goods or services
rendered in an amount greater than or equal to $2,500 for each of the two most recent fiscal years (collectively, the “Material
Suppliers”); and (ii) the amount of purchases from each Material Supplier during such periods. The Company has not received
any notice, and has no reason to believe, that any of its Material Suppliers has ceased, or intends to cease, to supply goods or services
to the Company or to otherwise terminate or materially reduce its relationship with the Company.

 

    	20

     

    

 

Section
3.16 Insurance. Section 3.16 of the Disclosure Schedules
sets forth a true and complete list of all current policies or binders of fire, liability, product liability, umbrella liability, real
and personal property, workers’ compensation, vehicular, directors’ and officers’ liability, fiduciary liability and
other casualty and property insurance maintained by Seller or its Affiliates (including the Company) and relating to the assets, business,
operations, employees, officers and directors of the Company (collectively, the “Insurance Policies”) and true and
complete copies of such Insurance Policies have been made available to Buyer. Such Insurance Policies are in full force and effect and
Seller shall obtain tail coverage insurance in form and amount as agreed to by Buyer prior to Closing. Seller shall work with Buyer to
obtain commercially reasonable assurances that one or more of Seller’s insurance policies will sufficiently cover those risks which
would customarily be covered under tail coverage policies for similarly situated transactions as contemplated herein. Neither the Seller
nor any of its Affiliates (including the Company) has received any written notice of cancellation of, premium increase with respect to,
or alteration of coverage under, any of such Insurance Policies. All premiums due on such Insurance Policies have either been paid or,
if due and payable prior to Closing, will be paid prior to Closing in accordance with the payment terms of each Insurance Policy. The
Insurance Policies do not provide for any retrospective premium adjustment or other experience-based liability on the part of the Company.
All such Insurance Policies (a) are valid and binding in accordance with their terms; (b) are provided by carriers who are financially
solvent; and (c) have not been subject to any lapse in coverage. There are no claims related to the business of the Company pending under
any such Insurance Policies as to which coverage has been questioned, denied or disputed or in respect of which there is an outstanding
reservation of rights. None of Seller or any of its Affiliates (including the Company) is in default under, or has otherwise failed to
comply with, in any material respect, any provision contained in any such Insurance Policy. The Insurance Policies are of the type and
in the amounts customarily carried by Persons conducting a business similar to the Company and are sufficient for compliance with all
applicable Laws and Contracts to which the Company is a party or by which it is bound. Except for the tail coverage set forth above,
Buyer acknowledges and agrees that the Insurance Policies will terminate or otherwise not apply to the Company following Closing.

 

Section
3.17 Legal Proceedings; Governmental Orders.

 

(a)
Except as set forth in Section 3.17(a) of the Disclosure Schedules, there are no Actions pending or, to Seller’s Knowledge, threatened
(a) against or by the Company affecting any of its properties or assets (or by or against Seller or any Affiliate thereof and relating
to the Company); or (b) against or by the Company, Seller or any Affiliate of Seller that challenges or seeks to prevent, enjoin or otherwise
delay the transactions contemplated by this Agreement. No event has occurred or circumstances exist that may give rise to, or serve as
a basis for, any such Action.

 

(b)
Except as set forth in Section 3.17(b) of the Disclosure Schedules, there are no outstanding Governmental Orders and no unsatisfied judgments,
penalties or awards against or affecting the Company or any of its properties or assets. The Company is in compliance with the terms
of each Governmental Order set forth in Section 3.17(b) of the Disclosure Schedules. No event has occurred or circumstances exist that
may constitute or result in (with or without notice or lapse of time) a violation of any such Governmental Order.

 

    	21

     

    

 

Section
3.18 Compliance With Laws; Permits.

 

(a)
Except as set forth in Section 3.18(a) of the Disclosure Schedules, the Company has complied, and is now complying, with all Laws applicable
to it or its business, properties or assets.

 

(b)
All Permits required for the Company to conduct its business have been obtained by it and are valid and in full force and effect. All
fees and charges with respect to such Permits as of the date hereof have been paid in full. Section 3.18(b) of the Disclosure Schedules
lists all current Permits issued to the Company, including the names of the Permits and their respective dates of issuance and expiration.
No event has occurred that, with or without notice or lapse of time or both, would reasonably be expected to result in the revocation,
suspension, lapse or limitation of any Permit set forth in Section 3.18(b) of the Disclosure Schedules.

 

Section
3.19 Environmental Matters.

 

(a)
The Company is currently and has been in compliance with all Environmental Laws and has not, and the Seller has not, received from any
Person any: (i) Environmental Notice or Environmental Claim; or (ii) written request for information pursuant to Environmental Law, which,
in each case, either remains pending or unresolved, or is the source of ongoing obligations or requirements as of the Closing Date.

 

(b)
Intentionally Omitted

 

(c)
No real property leased by the Company is listed on, or has been proposed for listing on, the National Priorities List (or CERCLIS) under
CERCLA, or any similar state list.

 

(d)
There has been no Release of Hazardous Materials in contravention of Environmental Law with respect to the business or assets of the
Company or any real property formerly owned, operated or leased by the Company, and neither the Company nor Seller has received an Environmental
Notice that any real property formerly owned, operated or leased in connection with the business of the Company (including soils, groundwater,
surface water, buildings and other structure located on any such real property) has been contaminated with any Hazardous Material which
could reasonably be expected to result in an Environmental Claim against, or a violation of Environmental Law or term of any Environmental
Permit by, Seller or the Company.

 

(e)
Intentionally Omitted.

 

(f)
Intentionally Omitted.

 

(g)
Neither Seller nor the Company has retained or assumed, by contract or operation of Law, any liabilities or obligations of third parties
under Environmental Law.

 

(h)
Intentionally Omitted.

 

(i)
Neither the Seller nor the Company is aware of or reasonably anticipates, as of the Closing Date, any condition, event or circumstance
concerning the Release or regulation of Hazardous Materials that might, after the Closing Date, prevent, impede or materially increase
the costs associated with the ownership, lease, operation, performance or use of the business or assets of the Company as currently carried
out.

 

(j)
Intentionally Omitted.

 

    	22

     

    

 

Section
3.20 Employee Benefit Matters.

 

(a)
Section 3.20(a) of the Disclosure Schedules contains a true and complete list of each pension, benefit, retirement, compensation, employment,
consulting, profit-sharing, deferred compensation, incentive, bonus, performance award, phantom equity, stock or stock-based, change
in control, retention, severance, vacation, paid time off (PTO), medical, vision, dental, disability, welfare, Code Section 125 cafeteria,
fringe benefit and other similar agreement, plan, policy, program or arrangement (and any amendments thereto), in each case whether or
not reduced to writing and whether funded or unfunded, including each “employee benefit plan” within the meaning of Section
3(3) of ERISA, whether or not tax-qualified and whether or not subject to ERISA, which is or has been maintained, sponsored, contributed
to, or required to be contributed to by the Company for the benefit of any current or former employee, officer, director, retiree, independent
contractor or consultant of the Company or any spouse or dependent of such individual, or under which the Company or any of its ERISA
Affiliates has or may have any Liability, or with respect to which Buyer or any of its Affiliates would reasonably be expected to have
any Liability, contingent or otherwise (as listed on Section 3.20(a) of the Disclosure Schedules, each, a “Benefit Plan”).
The Company has separately identified in Section 3.20(a) of the Disclosure Schedules (i) each Benefit Plan that contains a change in
control provision and (ii) each Benefit Plan that is maintained, sponsored, contributed to, or required to be contributed to by the Company
primarily for the benefit of employees outside of the United States (a “Non-U.S. Benefit Plan”).

 

(b)
Intentionally Omitted.

 

(c)
Intentionally Omitted.

 

(d)
Intentionally Omitted.

 

(e)
Intentionally Omitted.

 

(f)
Intentionally Omitted.

 

(g)
Intentionally Omitted.

 

(h)
Intentionally Omitted.

 

(i)
None of Seller, the Company, nor any of their Affiliates has any commitment or obligation or has made any representations to any director,
officer, employee, independent contractor or consultant, whether or not legally binding, to adopt, amend, modify or terminate any Benefit
Plan or any collective bargaining agreement.

 

(j)
Intentionally Omitted.

 

(k)
Intentionally Omitted.

 

    	23

     

    

 

(l)
Neither the execution of this Agreement nor any of the transactions contemplated by this Agreement will (either alone or upon the occurrence
of any additional or subsequent events): (i) entitle any current or former director, officer, employee, independent contractor or consultant
of the Company to severance pay or any other payment; (ii) accelerate the time of payment, funding or vesting, or increase the amount
of compensation (including stock-based compensation) due to any such individual; (iii) limit or restrict the right of the Company to
merge, amend, or terminate any Benefit Plan; (iv) increase the amount payable under or result in any other material obligation pursuant
to any Benefit Plan; (v) result in “excess parachute payments” within the meaning of Section 280G(b) of the Code; or (vi)
require a “gross-up” or other payment to any “disqualified individual” within the meaning of Section 280G(c)
of the Code. Seller has made available to Buyer true and complete copies of any Section 280G calculations prepared (whether or not final)
with respect to any disqualified individual in connection with the transactions.

 

Section
3.21 Employment Matters.

 

(a)
Section 3.21(a) of the Disclosure Schedules contains a list of all persons who are employees, independent contractors or consultants
of the Company as of the date hereof, including any employee who is on a leave of absence of any nature, paid or unpaid, authorized or
unauthorized, and sets forth for each such individual the following: (i) name; (ii) title or position (including whether full-time or
part-time); (iii) hire or retention date; (iv) current annual base compensation rate or contract fee; (v) commission, bonus or other
incentive-based compensation; and (vi) a description of the fringe benefits provided to each such individual as of the date hereof. As
of the date hereof, all compensation, including wages, commissions, bonuses, fees and other compensation, payable to all employees, independent
contractors or consultants of the Company for services performed on or prior to the date hereof have been paid in full (or accrued in
full on the balance sheet contained in the Closing Working Capital Statement) and there are no outstanding agreements, understandings
or commitments of the Company with respect to any compensation, commissions, bonuses or fees.

 

(b)
The Company is not, and has not been for the past three (3) years, a party to, bound by, or negotiating any collective bargaining agreement
or other Contract with a union, works council or labor organization (collectively, “Union”), and there is not, and
has not been for the past three (3) years, any Union representing or purporting to represent any employee of the Company, and, to Seller’s
Knowledge, no Union or group of employees is seeking or has sought to organize employees for the purpose of collective bargaining. There
has never been, nor has there been any threat of, any strike, slowdown, work stoppage, lockout, concerted refusal to work overtime or
other similar labor disruption or dispute affecting the Company or any of its employees. The Company has no duty to bargain with any
Union.

 

(c)
The Company is and has been in compliance with all applicable Laws pertaining to employment and employment practices, including all Laws
relating to labor relations, equal employment opportunities, fair employment practices, employment discrimination, harassment, retaliation,
reasonable accommodation, disability rights or benefits, immigration, wages, hours, overtime compensation, child labor, hiring, promotion
and termination of employees, working conditions, meal and break periods, privacy, health and safety, workers’ compensation, leaves
of absence, paid sick leave and unemployment insurance. All individuals characterized and treated by the Company as independent contractors
or consultants are properly treated as independent contractors under all applicable Laws. All employees of the Company classified as
exempt under the Fair Labor Standards Act and state and local wage and hour laws are properly classified. The Company is in compliance
with and has complied with all immigration laws, including Form I-9 requirements and any applicable mandatory E-Verify obligations. There
are no Actions against the Company pending, or to the Seller’s Knowledge, threatened to be brought or filed, by or with any Governmental
Authority or arbitrator in connection with the employment of any current or former applicant, employee, consultant, volunteer, intern
or independent contractor of the Company, including, without limitation, any charge, investigation or claim relating to unfair labor
practices, equal employment opportunities, fair employment practices, employment discrimination, harassment, retaliation, reasonable
accommodation, disability rights or benefits, immigration, wages, hours, overtime compensation, employee classification, child labor,
hiring, promotion and termination of employees, working conditions, meal and break periods, privacy, health and safety, workers’
compensation, leaves of absence, paid sick leave, unemployment insurance or any other employment related matter arising under applicable
Laws.

 

    	24

     

    

 

(d)
Intentionally Omitted. With respect to each Government Contract, the Company is and has been in compliance with Executive Order No. 11246
of 1965 (“E.O. 11246”), Section 503 of the Rehabilitation Act of 1973 (“Section 503”) and the Vietnam
Era Veterans’ Readjustment Assistance Act of 1974 (“VEVRAA”), including all implementing regulations. The Company
maintains and complies with affirmative action plans in compliance with E.O. 11246, Section 503 and VEVRAA, including all implementing
regulations. The Company is not, and has not been for the past three (3) years, the subject of any audit, investigation or enforcement
action by any Governmental Authority in connection with any Government Contract or related compliance with E.O. 11246, Section 503 or
VEVRAA. The Company has not been debarred, suspended or otherwise made ineligible from doing business with the United States government
or any government contractor. The Company is in compliance with and has complied with all immigration laws, including any applicable
mandatory E-Verify obligations.

 

Section
3.22 Taxes. Except as set forth in Section 3.22 of
the Disclosure Schedules:

 

(a)
All Tax Returns required to be filed on or before the Closing Date by the Company have been, or will be, timely filed. Such Tax Returns
are, or will be, true, complete and correct in all respects. All Taxes due and owing by the Company (whether or not shown on any Tax
Return) have been, or will be, timely paid. All Taxes due and owing (whether disputed or undisputed), including all sales and use tax
due, has been paid in full as of the Closing Date. Each Party acknowledges that Seller has filed consolidated Tax Returns with respect
to the Company by virtue of its sole ownership of the Company.

 

(b)
The Company has withheld and paid each Tax required to have been withheld and paid in connection with amounts paid or owing to any employee,
independent contractor, creditor, customer, shareholder or other party, and complied with all information reporting and backup withholding
provisions of applicable Law.

 

(c)
No claim has been made by any taxing authority in any jurisdiction where the Company does not file Tax Returns that it is, or may be,
subject to Tax by that jurisdiction.

 

(d)
No extensions or waivers of statutes of limitations have been given or requested with respect to any Taxes of the Company.

 

(e)
The amount of the Company’s Liability for unpaid Taxes for all periods ending on or before the Closing Date does not, in the aggregate,
exceed the amount of accruals for Taxes (excluding reserves for deferred Taxes) reflected on the Financial Statements. The amount of
the Company’s Liability for unpaid Taxes for all periods following the end of the recent period covered by the Financial Statements
shall not, in the aggregate, exceed the amount of accruals for Taxes (excluding reserves for deferred Taxes) as adjusted for the passage
of time in accordance with the past custom and practice of the Company (and which accruals shall not exceed comparable amounts incurred
in similar periods in prior years).

 

    	25

     

    

 

(f)
Section 3.22(f) of the Disclosure Schedules sets forth:

 

(i)
the taxable years of the Company as to which the applicable statutes of limitations on the assessment and collection of Taxes have not
expired;

 

(ii)
those years for which examinations by the taxing authorities have been completed; and

 

(iii)
those taxable years for which examinations by taxing authorities are presently being conducted.

 

(g)
All deficiencies asserted, or assessments made, against the Company as a result of any examinations by any taxing authority have been
fully paid.

 

(h)
The Company is not a party to any Action by any taxing authority. There are no pending or threatened Actions by any taxing authority.

 

(i)
Seller has delivered to Buyer copies of all federal, state, local and foreign income, franchise and similar Tax Returns, examination
reports, and statements of deficiencies assessed against, or agreed to by, the Company for all Tax periods up and through the Closing
Date.

 

(j)
There are no Encumbrances for Taxes (other than for current Taxes not yet due and payable) upon the assets of the Company.

 

(k)
The Company is not a party to, or bound by, any Tax indemnity, Tax sharing or Tax allocation agreement.

 

(l)
No private letter rulings, technical advice memoranda or similar agreement or rulings have been requested, entered into or issued by
any taxing authority with respect to the Company.

 

(m)

 

(n)
The Company will not be required to include any item of income in, or exclude any item or deduction from, taxable income for any taxable
period or portion thereof ending after the Closing Date as a result of:

 

(i)
any change in a method of accounting under Section 481 of the Code (or any comparable provision of state, local or foreign Tax Laws),
or use of an improper method of accounting, for a taxable period ending on or prior to the Closing Date;

 

(ii)
an installment sale or open transaction occurring on or prior to the Closing Date;

 

(iii)
a prepaid amount received on or before the Closing Date;

 

(iv)
any closing agreement under Section 7121 of the Code, or similar provision of state, local or foreign Law; or

 

(v)
any election under Section 108(i) of the Code.

 

(o)
Seller is not a “foreign person” as that term is used in Treasury Regulations Section 1.1445-2. The Company is not, nor has
it been, a United States real property holding corporation (as defined in Section 897©(2) of the Code) during the applicable period
specified in Section 897(c)(1)(a) of the Code.

 

    	26

     

    

 

Section
3.23 Books
and Records. The Company has not maintained minute books and stock record books of the Company. The Seller shall indemnify
the Buyer and Company as a result of this omission as set forth in Section 8.02(e). .

 

Section
3.24 Brokers.
No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission in connection
with the transactions contemplated by this Agreement or any other Ancillary Document based upon arrangements made by or on behalf of
Seller.

 

Section
3.25 Cox Affidavit. All statements, facts and assertions contained in the Cox Affidavit, attached
hereto as Exhibit C, are true and correct in all respects. The representations and warranties contained in this Section 3.25 are only
applicable with respect to a final agreed upon document signed by all Parties hereto, which shall take place prior to or in conjunction
with Closing.

 

Section
3.26 Full
Disclosure. No representation or warranty by Seller in this Agreement and no statement contained in the Disclosure Schedules
to this Agreement or any certificate or other document furnished or to be furnished to Buyer pursuant to this Agreement contains any
untrue statement of a material fact, or omits to state a material fact necessary to make the statements contained therein, in light of
the circumstances in which they are made, not misleading.

 

ARTICLE
IV

Representations and warranties of buyer

 

Except
as set forth in the correspondingly numbered Section of the Disclosure Schedules, Buyer represents and warrants to Seller that the statements
contained in this ARTICLE IV are true and correct as of the date hereof.

 

Section
4.01 Organization
and Authority of Buyer. Buyer is a limited liability company duly organized, validly existing and in good standing under the
Laws of the state of Oklahoma. Buyer has full corporate power and authority to enter into this Agreement and the Ancillary Documents
to which Buyer is a party, to carry out its obligations hereunder and thereunder and to consummate the transactions contemplated hereby
and thereby. The execution and delivery by Buyer of this Agreement and any Ancillary Document to which Buyer is a party, the performance
by Buyer of its obligations hereunder and thereunder and the consummation by Buyer of the transactions contemplated hereby and thereby
have been duly authorized by all requisite corporate action on the part of Buyer. This Agreement has been duly executed and delivered
by Buyer, and (assuming due authorization, execution and delivery by Seller) this Agreement constitutes a legal, valid and binding obligation
of Buyer enforceable against Buyer in accordance with its terms. When each Ancillary Document to which Buyer is or will be a party has
been duly executed and delivered by Buyer (assuming due authorization, execution and delivery by each other party thereto), such Ancillary
Document will constitute a legal and binding obligation of Buyer enforceable against it in accordance with its terms.

 

Section
4.02 No
Conflicts; Consents. The execution, delivery and performance by Buyer of this Agreement and the Ancillary Documents to which
it is a party, and the consummation of the transactions contemplated hereby and thereby, do not and will not: (a) conflict with or result
in a violation or breach of, or default under, any provision of the articles of organization, operating agreement or other organizational
documents of Buyer; (b) conflict with or result in a violation or breach of any provision of any Law or Governmental Order applicable
to Buyer; or (c) require the consent, notice or other action by any Person under any Contract to which Buyer is a party. No consent,
approval, Permit, Governmental Order, declaration or filing with, or notice to, any Governmental Authority is required by or with respect
to Buyer in connection with the execution and delivery of this Agreement and the Ancillary Documents and the consummation of the transactions
contemplated hereby and thereby, except for such filings and notices as may be required under any regulatory body governing the business
of the Company.

 

    	27

     

    

 

Section
4.03 Investment Purpose. Buyer is acquiring
the Shares solely for its own account for investment purposes and not with a view to, or for offer or sale in connection with, any distribution
thereof. Buyer acknowledges that the Shares are not registered under the Securities Act of 1933, as amended, or any state securities
laws, and that the Shares may not be transferred or sold except pursuant to the registration provisions of the Securities Act of 1933,
as amended or pursuant to an applicable exemption therefrom and subject to state securities laws and regulations, as applicable.

 

Section
4.04 Brokers.
No broker, finder or investment banker is entitled to any brokerage, fin’er’s or other fee or commission in connection
with the transactions contemplated by this Agreement or any Ancillary Document based upon arrangements made by or on behalf of Buyer.

 

Section
4.05 Sufficiency
of Funds. Buyer has sufficient cash on hand or other sources of immediately available funds to enable it to consummate the
transactions contemplated by this Agreement.

 

Section
4.06 Legal
Proceedings. There are no Actions pending against the Buyer that challenge or seek to prevent, enjoin or otherwise delay the
transactions contemplated by this Agreement. To Buyer’s Knowledge, no event has occurred, or circumstances exist that may give
rise or serve as a basis for any such Action.

 

ARTICLE
V

Covenants

 

Section
5.01 Conduct
of Business Prior to the Closing. From the date hereof until the Closing, except as otherwise provided in this Agreement or
consented to in writing by Buyer, Seller shall, and shall cause the Company to (in conjunction with Buyer’s rights and obligations
under the Interim Management Agreement), (x) conduct the business of the Company in the ordinary course of business consistent with commercially
best practices; and (y) use best efforts to maintain and preserve intact the current organization, business and franchise of the Company
and to preserve the rights, franchises, goodwill and relationships of its employees, customers, lenders, suppliers, regulators and others
having business relationships with the Company. Without limiting the foregoing, from the date hereof until the Closing Date, Seller shall:

 

(a)
cause the Company to preserve and maintain all of its Permits;

 

(b)
cause the Company to pay its debts (incurred in the ordinary course of business), Taxes and other obligations when due;

 

(c)
cause the Company to maintain the properties and assets owned, operated or used by the Company in the same condition as they were on
the date of this Agreement, subject to reasonable wear and tear, and to not sell or otherwise dispose of its assets, except in the ordinary
course of business consistent with past and commercially reasonable practices;

 

(d)
cause the Company to continue in full force and effect without modification all Insurance Policies, except as required by applicable
Law;

 

    	28

     

    

 

(e)
cause the Company to defend and protect its properties and assets from infringement or usurpation;

 

(f)
cause the Company to perform all of its obligations under all Contracts relating to or affecting its properties, assets or business;

 

(g)
cause the Company to maintain its books and records in accordance with past practice;

 

(h)
cause the Company to comply in all material respects with all applicable Laws;

 

(i)
cause the Company not to take or permit any action that would cause any of the changes, events or conditions described in Section 3.08
to occur; and

 

(j)
cause the Company to continue to fully recognize and comply with the terms of that certain Interim Management Agreement dated December
1, 2020 entered into by the Company and certain principals of the Buyer.

 

Section
5.02 Access to Information. From the date
hereof until the Closing, Seller shall, and shall cause the Company to, (a) afford Buyer and its Representatives full and free
access to and the right to inspect all of the Real Property, properties, assets, premises, books and records, Contracts and other
documents and data related to the Company; (b) furnish Buyer and its Representatives with such financial, operating and other data
and information related to the Company as Buyer or any of its Representatives may reasonably request; and (c) instruct the
Representatives of Seller and the Company to cooperate with Buyer in its investigation of the Company. Any investigation pursuant to
this Section 5.02 shall be conducted in such manner as not to interfere unreasonably with the conduct of the business of Seller or
the Company. No investigation by Buyer or other information received by Buyer shall operate as a waiver or otherwise affect any
representation, warranty or agreement given or made by Seller in this Agreement.

 

Section
5.03 No
Solicitation of Other Bids.

 

(a)
Seller shall not, and shall not authorize or permit any of its Affiliates (including the Company) or any of its or their Representatives
to, directly or indirectly, (i) encourage, solicit, initiate, facilitate or continue inquiries regarding an Acquisition Proposal; (ii)
enter into discussions or negotiations with, or provide any information to, any Person concerning a possible Acquisition Proposal; or
(iii) enter into any agreements or other instruments (whether or not binding) regarding an Acquisition Proposal. Seller shall immediately
cease and cause to be terminated, and shall cause its Affiliates (including the Company) and all of its and their Representatives to
immediately cease and cause to be terminated, all existing discussions or negotiations with any Persons conducted heretofore with respect
to, or that could lead to, an Acquisition Proposal. For purposes hereof, “Acquisition Proposal” shall mean any inquiry,
proposal or offer from any Person (other than Buyer or any of its Affiliates) concerning (i) a merger, consolidation, liquidation, recapitalization,
share exchange or other business combination transaction involving the Company; (ii) the issuance or acquisition of shares of capital
stock or other equity securities of the Company; or (iii) the sale, lease, exchange or other disposition of any significant portion of
the Company’s properties or assets.

 

(b)
In addition to the other obligations under this Section 5.03, Seller shall promptly (and in any event within three Business Days after
receipt thereof by Seller or its Representatives) advise Buyer orally and in writing of any Acquisition Proposal, any request for information
with respect to any Acquisition Proposal, or any inquiry with respect to or which could reasonably be expected to result in an Acquisition
Proposal, the material terms and conditions of such request, Acquisition Proposal or inquiry, and the identity of the Person making the
same.

 

    	29

     

    

 

(c)
Seller agrees that the rights and remedies for noncompliance with this Section 5.03 shall include having such provision specifically
enforced by any court having equity jurisdiction, it being acknowledged and agreed that any such breach or threatened breach shall cause
irreparable injury to Buyer and that money damages would not provide an adequate remedy to Buyer.

 

Section
5.04 Notice
of Certain Events.

 

(a)
From the date hereof until the Closing, Seller shall promptly notify Buyer in writing of:

 

(i)
any fact, circumstance, event or action the existence, occurrence or taking of which (A) has had, or could reasonably be expected to
have, individually or in the aggregate, a Material Adverse Effect, (B) has resulted in, or could reasonably be expected to result in,
any representation or warranty made by Seller hereunder not being true and correct or (C) has resulted in, or could reasonably be expected
to result in, the failure of any of the conditions set forth in Section 7.02 to be satisfied;

 

(ii)
any notice or other communication from any Person alleging that the consent of such Person is or may be required in connection with the
transactions contemplated by this Agreement;

 

(iii)
any notice or other communication from any Governmental Authority in connection with the transactions contemplated by this Agreement;
and

 

(iv)
any Actions commenced or, to Seller’s Knowledge, threatened against, relating to or involving or otherwise affecting Seller or
the Company that, if pending on the date of this Agreement, would have been required to have been disclosed pursuant to Section 3.17
or that relates to the consummation of the transactions contemplated by this Agreement.

 

(b)
Buyer’s receipt of information pursuant to this Section 5.04 shall not operate as a waiver or otherwise affect any representation,
warranty or agreement given or made by Seller in this Agreement (including Section 8.02 and Section 9.01(b)) and shall not be deemed
to amend or supplement the Disclosure Schedules.

 

Section
5.05 Resignations.
Seller shall deliver to Buyer written resignations, effective as of the Closing Date, of the officers and directors of the
Company on or before Closing.

 

Section
5.06 Confidentiality.
From and after the Closing, Seller shall, and shall cause its Affiliates to, hold, and shall use its reasonable best efforts
to cause its or their respective Representatives to hold, in confidence any and all information, whether written or oral, concerning
the Company, except to the extent that Seller can show that such information (a) is generally available to and known by the public through
no fault of Seller, any of its Affiliates or their respective Representatives; or (b) is lawfully acquired by Seller, any of its Affiliates
or their respective Representatives from and after the Closing from sources which are not prohibited from disclosing such information
by a legal, contractual or fiduciary obligation. If Seller or any of its Affiliates or their respective Representatives are compelled
to disclose any information by judicial or administrative process or by other requirements of Law, Seller shall promptly notify Buyer
in writing and shall disclose only that portion of such information which Seller is advised by its counsel in writing is legally required
to be disclosed, provided that Seller shall use reasonable best efforts to obtain an appropriate protective order or other reasonable
assurance that confidential treatment will be accorded such information.

 

    	30

     

    

 

Section
5.07 Non-Competition;
Non-Solicitation.

 

(a)
For a period of three (3) years commencing on the Closing Date (the “Restricted Period”), Seller (including officers
and directors), Cox and each of their Affiliates (including officers and directors), in existence now or at any time created, shall not,
and shall not permit any of their Affiliates to, directly or indirectly, (i) engage in or assist others in engaging in the Restricted
Business in the Territory; (ii) have an interest in any Person that engages directly or indirectly in the Restricted Business in the
Territory in any capacity, including as a partner, shareholder, member, employee, principal, agent, trustee or consultant; or (iii) intentionally
interfere in any respect with the business relationships (whether formed prior to or after the date of this Agreement) between the Company
(and its Affiliates) and customers or suppliers of the Company. The Parties acknowledge and agree that the restrictive covenants set
forth in this Section 5.07 shall apply to the officers and directors of Seller and its Affiliates notwithstanding any such officer or
director being excluded from the definition of “Affiliate”. Provided, as it relates to such officers and directors (excluding
Cox), the restrictive covenants herein shall only be of force and effect with such individuals while holding such office for the Seller
and any Affiliate, and shall not be of any force or effect against such individual upon the termination of such individual’s engagement
with the Seller or Affiliate.

 

(b)
During the Restricted Period, Seller, Cox and each of their Affiliates shall not, and shall not permit any of their Affiliates to, directly
or indirectly, hire or solicit any employee or contractor of the Company or encourage any such employee or contractor to leave such employment
or hire any such employee or contractor who has left such employment or engagement, except pursuant to a general solicitation which is
not directed specifically to any such employees.

 

(c)
During the Restricted Period, Seller, Cox and each of their Affiliates shall not, and shall not permit any of its Affiliates to, directly
or indirectly, solicit or entice, or attempt to solicit or entice, any clients or customers of the Company (or its Affiliates) or potential
clients or customers of the Company (or its Affiliates) for purposes of diverting their business or services from the Company (or its
Affiliates).

 

(d)
Seller, Cox and each of their Affiliates acknowledges that a breach or threatened breach of this Section 5.07 would give rise to irreparable
harm to Buyer, for which monetary damages would not be an adequate remedy, and hereby agrees that in the event of a breach or a threatened
breach by Seller, Cox or each of their Affiliates of any such obligations, Buyer shall, in addition to any and all other rights and remedies
that may be available to it in respect of such breach, be entitled to equitable relief, including a temporary restraining order, an injunction,
specific performance and any other relief that may be available from a court of competent jurisdiction (without any requirement to post
bond).

 

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(e)
Seller, Cox and each of their Affiliates acknowledges that the restrictions contained in this Section 5.07 are reasonable and necessary
to protect the legitimate interests of Buyer and constitute a material inducement to Buyer to enter into this Agreement and consummate
the transactions contemplated by this Agreement. In the event that any covenant contained in this Section 5.07 should ever be adjudicated
to exceed the time, geographic, product or service, or other limitations permitted by applicable Law in any jurisdiction, then any court
is expressly empowered to reform such covenant, and such covenant shall be deemed reformed, in such jurisdiction to the maximum time,
geographic, product or service, or other limitations permitted by applicable Law. The covenants contained in this Section 5.07 and each
provision hereof are severable and distinct covenants and provisions. The invalidity or unenforceability of any such covenant or provision
as written shall not invalidate or render unenforceable the remaining covenants or provisions hereof, and any such invalidity or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such covenant or provision in any other jurisdiction.

 

Section
5.08 Governmental Approvals and Consents.

 

(a)
Each party hereto shall, as promptly as possible, (i) make, or cause or be made, all filings and submissions required under any Law applicable
to such party or any of its Affiliates; and (ii) use reasonable best efforts to obtain, or cause to be obtained, all consents, authorizations,
orders and approvals from all Governmental Authorities that may be or become necessary for its execution and delivery of this Agreement
and the performance of its obligations pursuant to this Agreement and the Ancillary Documents. Each party shall cooperate fully with
the other party and its Affiliates in promptly seeking to obtain all such consents, authorizations, orders and approvals. The parties
hereto shall not willfully take any action that will have the effect of delaying, impairing or impeding the receipt of any required consents,
authorizations, orders and approvals.

 

(b)
Seller and Buyer shall use reasonable best efforts to give all notices to, and obtain all consents from, all third parties that are described
in Section 3.05 and Section 4.02 of the Disclosure Schedules.

 

(c)
Without limiting the generality of the parties’ undertakings pursuant to subsections (a) and (b) above, each of the parties hereto
shall use all reasonable best efforts to:

 

(i)
respond to any inquiries by any Governmental Authority regarding antitrust or other matters with respect to the transactions contemplated
by this Agreement or any Ancillary Document;

 

(ii)
avoid the imposition of any order or the taking of any action that would restrain, alter or enjoin the transactions contemplated by this
Agreement or any Ancillary Document; and

 

(iii)
in the event any Governmental Order adversely affecting the ability of the parties to consummate the transactions contemplated by this
Agreement or any Ancillary Document has been issued, to have such Governmental Order vacated or lifted.

 

(d)
If any consent, approval or authorization necessary to preserve any right or benefit under any Contract to which the Company is a party
is not obtained prior to the Closing, Seller shall, subsequent to the Closing, cooperate with Buyer and the Company in attempting to
obtain such consent, approval or authorization as promptly thereafter as practicable. If such consent, approval or authorization cannot
be obtained, Seller shall use its reasonable best efforts to provide the Company with the rights and benefits of the affected Contract
for the term thereof, and, if Seller provides such rights and benefits, the Company shall assume all obligations and burdens thereunder.

 

    	32

     

    

 

(e)
All analyses, appearances, meetings, discussions, presentations, memoranda, briefs, filings, arguments, and proposals made by or on behalf
of either party before any Governmental Authority or the staff or regulators of any Governmental Authority, in connection with the transactions
contemplated hereunder (but, for the avoidance of doubt, not including any interactions between Seller or the Company with Governmental
Authorities in the ordinary course of business, any disclosure which is not permitted by Law or any disclosure containing confidential
information) shall be disclosed to the other party hereunder in advance of any filing, submission or attendance, it being the intent
that the parties will consult and cooperate with one another, and consider in good faith the views of one another, in connection with
any such analyses, appearances, meetings, discussions, presentations, memoranda, briefs, filings, arguments, and proposals. Each party
shall give notice to the other party with respect to any meeting, discussion, appearance or contact with any Governmental Authority or
the staff or regulators of any Governmental Authority, with such notice being sufficient to provide the other party with the opportunity
to attend and participate in such meeting, discussion, appearance or contact.

 

(f)
Notwithstanding the foregoing, nothing in this Section 5.08 shall require, or be construed to require, Buyer or any of its Affiliates
to agree to (i) sell, hold, divest, discontinue or limit, before or after the Closing Date, any assets, businesses or interests of Buyer,
the Company or any of their respective Affiliates; (ii) any conditions relating to, or changes or restrictions in, the operations of
any such assets, businesses or interests which, in either case, could reasonably be expected to result in a Material Adverse Effect or
materially and adversely impact the economic or business benefits to Buyer of the transactions contemplated by this Agreement; or (iii)
any material modification or waiver of the terms and conditions of this Agreement.

 

Section
5.09 Books and Records.

 

(a)
In order to facilitate the resolution of any claims made against or incurred by Seller prior to the Closing, or for any other reasonable
purpose, for a period of one (1) year after the Closing, Buyer shall:

 

(i)
retain the books and records (including personnel files) of the Company relating to periods prior to the Closing in a manner reasonably
consistent with the prior practices of the Company; and

 

(ii)
upon reasonable notice, afford the Representatives of Seller reasonable access (including the right to make, at Seller’s expense,
photocopies), during normal business hours, to such books and records;

 

provided,
however, that any books and records related to Tax matters shall be retained pursuant to the periods set forth in ARTICLE VI.

 

(b)
In order to facilitate the resolution of any claims made by or against or incurred by Buyer or the Company after the Closing, or for
any other reasonable purpose, for a period of three (3) years following the Closing, Seller shall:

 

(i)
retain the books and records (including personnel files) of Seller which relate to the Company and its operations for periods prior to
the Closing; and

 

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(ii)
upon reasonable notice, afford the Representatives of Buyer or the Company reasonable access (including the right to make, at Buyer’s
expense, photocopies), during normal business hours, to such books and records;

 

provided,
however, that any books and records related to Tax matters shall be retained pursuant to the periods set forth in ARTICLE VI.

 

(c)
Neither Buyer nor Seller shall be obligated to provide the other party with access to any books or records (including personnel files)
pursuant to this Section 5.09 where such access would violate any Law.

 

Section
5.10 Closing Conditions From the date hereof until
the Closing, each party hereto shall, and Seller shall cause the Company to, use reasonable best efforts to take such actions as are
necessary to expeditiously satisfy the closing conditions set forth in ARTICLE VII hereof.

 

Section
5.11 Public Announcements. Unless otherwise required
by applicable Law (based upon the reasonable advice of counsel), no party to this Agreement shall make any public announcements in respect
of this Agreement or the transactions contemplated hereby or otherwise communicate with any news media without the prior written consent
of the other party (which consent shall not be unreasonably withheld, conditioned or delayed), and the parties shall cooperate as to
the timing and contents of any such announcement. Without limiting the generality of the foregoing, such public announcements shall include,
without limitation, any announcements or press releases made by the Seller which discloses this transaction or any terms hereof, unless
such press release is approved in writing by Buyer prior to its release. Further, no press release shall name an officer or principal
of the Buyer without such individual’s prior written consent. Nothing in this Section 5.11 or otherwise in this Agreement shall
preclude Buyer from communicating the terms and existence of this Agreement and the transactions contemplated hereby with the Oklahoma
Corporation Commission or any other Governmental Body, and Seller and Cox hereby expressly consent to and authorize Buyer to communicate
with such agencies.

 

Section
5.12 Further Assurances. Following the Closing, each of the parties hereto shall, and
shall cause their respective Affiliates to, execute and deliver such additional documents, instruments, conveyances and assurances and
take such further actions as may be reasonably required to carry out the provisions hereof and give effect to the transactions contemplated
by this Agreement.

 

Section
5.13 Consent to Due Diligence Inquiry. Seller, Company and Cox hereby consent to Buyer communicating
with all relevant third parties who may be of interest to Buyer in connection with the purchase transaction contemplated herein, including
without limitation all creditors of the Seller, Company and Cox (as the case may be). Further, the Buyer shall have the right to request
and inspect any and all records held in trust by such third parties in connection with its due diligence inquiry hereunder.

 

ARTICLE
VI

Tax matters

 

Section
6.01 Tax Covenants.

 

(a)
Without the prior written consent of Buyer, Seller (and, prior to the Closing, the Company, its Affiliates and their respective Representatives)
shall not, to the extent it may affect, or relate to, the Company, make, change or rescind any Tax election, amend any Tax Return or
take any position on any Tax Return, take any action, omit to take any action or enter into any other transaction that would have the
effect of increasing the Tax liability or reducing any Tax asset of Buyer or the Company in respect of any Post-Closing Tax Period. Seller
agrees that Buyer is to have no liability for any Tax resulting from any action of Seller, the Company, its Affiliates or any of their
respective Representatives, and agrees to indemnify and hold harmless Buyer (and, after the Closing Date, the Company) against any such
Tax or reduction of any Tax asset.

 

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(b)
All transfer, documentary, sales, use, stamp, registration, value added and other such Taxes and fees (including any penalties and interest)
incurred in connection with this Agreement and the Ancillary Documents (including any real property transfer Tax and any other similar
Tax) shall be borne and paid by Seller when due. Seller shall, at its own expense, timely file any Tax Return or other document with
respect to such Taxes or fees (and Buyer shall cooperate with respect thereto as necessary).

 

(c)
Buyer shall prepare, or cause to be prepared, all Tax Returns required to be filed by the Company after the Closing Date with respect
to a Pre-Closing Tax Period. Any such Tax Return shall be prepared in a manner consistent with past practice (unless otherwise required
by Law) and without a change of any election or any accounting method and shall be submitted by Buyer to Seller (together with schedules,
statements and, to the extent requested by Seller, supporting documentation) at least 45 days prior to the due date (including extensions)
of such Tax Return. If Seller objects to any item on any such Tax Return, it shall, within ten days after delivery of such Tax Return,
notify Buyer in writing that it so objects, specifying with particularity any such item and stating the specific factual or legal basis
for any such objection. If a notice of objection shall be duly delivered, Buyer and Seller shall negotiate in good faith and use their
reasonable best efforts to resolve such items. If Buyer and Seller are unable to reach such agreement within ten days after receipt by
Buyer of such notice, the disputed items shall be resolved by the Independent Accountant and any determination by the Independent Accountant
shall be final. The Independent Accountant shall resolve any disputed items within twenty days of having the item referred to it pursuant
to such procedures as it may require. If the Independent Accountant is unable to resolve any disputed items before the due date for such
Tax Return, the Tax Return shall be filed as prepared by Buyer and then amended to reflect the Independent Accountant’s resolution.
The costs, fees and expenses of the Independent Accountant shall be borne equally by Buyer and Seller. The preparation and filing of
any Tax Return of the Company that does not relate to a Pre-Closing Tax Period shall be exclusively within the control of Buyer.

 

Section
6.02 Termination of Existing Tax Sharing Agreements. Any
and all existing Tax sharing agreements (whether written or not) binding upon the Company shall be terminated as of the Closing Date.
After such date none of the Company, Seller nor any of Seller’s Affiliates and their respective Representatives shall have any
further rights or liabilities thereunder.

 

Section
6.03 Tax Indemnification. Except to the extent treated
as a liability in the calculation of Closing Working Capital, Seller shall indemnify the Company, Buyer, and each Buyer Indemnitee and
hold them harmless from and against (a) any Loss attributable to any breach of or inaccuracy in any representation or warranty made in
Section 3.22; (b) any Loss attributable to any breach or violation of, or failure to fully perform, any covenant, agreement, undertaking
or obligation in ARTICLE VI; (c) all Taxes of the Company or relating to the business of the Company for all Pre-Closing Tax Periods;
(d) all Taxes of any member of an affiliated, consolidated, combined or unitary group of which the Company (or any predecessor of the
Company) is or was a member on or prior to the Closing Date by reason of a liability under Treasury Regulation Section 1.1502-6 or any
comparable provisions of foreign, state or local Law; and (e) any and all Taxes of any person imposed on the Company arising under the
principles of transferee or successor liability or by contract, relating to an event or transaction occurring before the Closing Date.
In each of the above cases, together with any out-of-pocket fees and expenses (including attorneys’ and accountants’ fees)
incurred in connection therewith, Seller shall reimburse Buyer for any Taxes of the Company that are the responsibility of Seller pursuant
to this Section 6.03 within ten Business Days after payment of such Taxes by Buyer or the Company. In the event Buyer or a Buyer Indemnitee
elects to defend itself or dispute one or more Losses before a taxing authority with respect to one or more Losses covered by this Section
6.03 (and the corresponding referenced Sections herein), Seller shall remit payment of $100,000 into Buyer’s escrow account to
be held in trust as a retainer payment for Buyer’s legal and accounting fees for such defense within ten (10) days of receiving
written notice of the same. This amount only represents an initial retainer for such fees and does not represent the total possible amount
of fees due and owing to Buyer by Seller in defending or disputing one or more Losses.

 

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Section
6.04 Straddle Period. In the case of Taxes that are
payable with respect to a taxable period that begins before and ends after the Closing Date (each such period, a “Straddle Period”),
the portion of any such Taxes that are treated as Pre-Closing Taxes for purposes of this Agreement shall be:

 

(a)
in the case of Taxes (i) based upon, or related to, income, receipts, profits, wages, capital or net worth, (ii) imposed in connection
with the sale, transfer or assignment of property, or (iii) required to be withheld, deemed equal to the amount which would be payable
if the taxable year ended with the Closing Date; and

 

(b)
in the case of other Taxes, deemed to be the amount of such Taxes for the entire period multiplied by a fraction the numerator of which
is the number of days in the period ending on the Closing Date and the denominator of which is the number of days in the entire period.

 

Section
6.05 Section 338(h)(10) Election.

 

(a)
Election. At Buyer’s option, the Company and Seller shall join with Buyer in making a timely election under Section 338(h)(10)
of the Code (and any corresponding election under state, local, and foreign Law) with respect to the purchase and sale of the Shares
of the Company hereunder (collectively, a “Section 338(h)(10) Election”). Seller shall pay any Tax attributable to
the making of the Section 338(h)(10) Election and Seller shall indemnify Buyer and the Company against any adverse consequences arising
out of any failure to pay any such Taxes.

 

(b)
Allocation of Purchase Price. If a Section 338(h)(10) Election is made, Seller and Buyer agree that the Purchase Price and the
Liabilities of the Company (plus other relevant items) shall be allocated among the assets of the Company for all purposes (including
Tax and financial accounting) as shown on the allocation schedule (the “Allocation Schedule”). A draft of the Allocation
Schedule shall be prepared by Buyer in its sole and absolute discretion.

 

Section
6.06 Contests. Buyer agrees to give written notice
to Seller of the receipt of any written notice by the Company, Buyer or any of Buyer’s Affiliates which involves the assertion
of any claim, or the commencement of any Action, in respect of which an indemnity may be sought by Buyer pursuant to this ARTICLE VI
(a “Tax Claim”); provided, that failure to comply with this provision shall not affect Buyer’s right
to indemnification hereunder. Buyer shall control the contest or resolution of any Tax Claim; provided, however, that Buyer shall
obtain the prior written consent of Seller (which consent shall not be unreasonably withheld, conditioned or delayed) before entering
into any settlement of a claim or ceasing to defend such claim; and, provided further, that Seller shall be entitled to participate
in the defense of such claim and to employ counsel of its choice for such purpose, the fees and expenses of which separate counsel shall
be borne solely by Seller.

 

    	36

     

    

 

Section
6.07 Cooperation and Exchange of Information. Seller
and Buyer shall provide each other with such cooperation and information as either of them reasonably may request of the other in filing
any Tax Return pursuant to this ARTICLE VI or in connection with any audit or other proceeding in respect of Taxes of the Company. Such
cooperation and information shall include providing copies of relevant Tax Returns or portions thereof, together with accompanying schedules,
related work papers and documents relating to rulings or other determinations by tax authorities. Each of Seller and Buyer shall retain
all Tax Returns, schedules and work papers, records and other documents in its possession relating to Tax matters of the Company for
any taxable period beginning before the Closing Date until the expiration of the statute of limitations of the taxable periods to which
such Tax Returns and other documents relate, without regard to extensions except to the extent notified by the other party in writing
of such extensions for the respective Tax periods. Prior to transferring, destroying or discarding any Tax Returns, schedules and work
papers, records and other documents in its possession relating to Tax matters of the Company for any taxable period beginning before
the Closing Date, Seller or Buyer (as the case may be) shall provide the other party with reasonable written notice and offer the other
party the opportunity to take custody of such materials.

 

Section
6.08 Tax Treatment of Indemnification Payments. Any
indemnification payments pursuant to this ARTICLE VI shall be treated as an adjustment to the Purchase Price by the parties for Tax purposes,
unless otherwise required by Law.

 

Section
6.09 Intentionally Omitted.

 

Section
6.10 Survival. Notwithstanding anything in this Agreement
to the contrary, the provisions of Section 3.22 and this ARTICLE VI shall survive for the full period of all applicable statutes of limitations
(giving effect to any waiver, mitigation or extension thereof) plus 60 days.

 

Section
6.11 Overlap. To the extent that any obligation or
responsibility pursuant to ARTICLE VIII may overlap with an obligation or responsibility pursuant to this ARTICLE VI, the provisions
of this ARTICLE VI shall govern.

 

ARTICLE
VII

Conditions to closing

 

Section
7.01 Conditions to Obligations of All Parties. The
obligations of each party to consummate the transactions contemplated by this Agreement shall be subject to the fulfillment, at or prior
to the Closing, of each of the following conditions:

 

(a)
All Exhibits and Ancillary Documents necessary or desirable to effectuate the transactions contemplated herein are in a final form agreed
to by all Parties hereto, including without limitation the Stock Repurchase Agreement referenced in Section 2.07 and any and all agreements
pertaining to Kevin Brian Cox, a former officer of the Company.

 

(b)
No Governmental Authority shall have enacted, issued, promulgated, enforced or entered any Governmental Order which is in effect and
has the effect of making the transactions contemplated by this Agreement impractical, untenable, unduly burdensome to the Buyer, illegal,
otherwise restraining or prohibiting consummation of such transactions or causing any of the transactions contemplated hereunder to be
rescinded following completion thereof, including without limitation, an unfavorable Governmental Order against the Company or Seller
with respect to the Oklahoma Corporation Case EN 202000046, and any past regulatory actions against the Company by the OCC or other Governmental
Authority which adversely affect the Buyer’s ability to consummate the transactions contemplated hereunder.

 

    	37

     

    

 

(c)
Seller shall have received all consents, authorizations, orders and approvals from the Governmental Authorities referred to in Section
3.05 and Buyer shall have received all consents, authorizations, orders and approvals from the Governmental Authorities referred to in
Section 4.02, in each case, in form and substance reasonably satisfactory to Buyer and Seller, and no such consent, authorization, order
and approval shall have been revoked.

 

Section
7.02 Conditions to Obligations of Buyer. The obligations
of Buyer to consummate the transactions contemplated by this Agreement shall be subject to the fulfillment or Buyer’s waiver, at
or prior to the Closing, of each of the following conditions:

 

(a)
Other than the representations and warranties of Seller contained in Section 3.01, Section 3.02, Section 3.03, Section 3.06 and Section
3.24, the representations and warranties of Seller contained in this Agreement, the Ancillary Documents and any certificate or other
writing delivered pursuant hereto shall be true and correct in all respects (in the case of any representation or warranty qualified
by materiality or Material Adverse Effect) or in all material respects (in the case of any representation or warranty not qualified by
materiality or Material Adverse Effect) on and as of the date hereof and on and as of the Closing Date with the same effect as though
made at and as of such date (except those representations and warranties that address matters only as of a specified date, the accuracy
of which shall be determined as of that specified date in all respects). The representations and warranties of Seller contained Section
3.01, Section 3.02, Section 3.03, Section 3.06 and Section 3.24, shall be true and correct in all respects on and as of the date hereof
and on and as of the Closing Date with the same effect as though made at and as of such date (except those representations and warranties
that address matters only as of a specified date, the accuracy of which shall be determined as of that specified date in all respects).

 

(b)
Seller shall have duly performed and complied in all material respects with all agreements, covenants and conditions required by this
Agreement and each of the Ancillary Documents to be performed or complied with by it prior to or on the Closing Date; provided, that,
with respect to agreements, covenants and conditions that are qualified by materiality, Seller shall have performed such agreements,
covenants and conditions, as so qualified, in all respects.

 

(c)
No Action shall have been commenced against Buyer, Seller or the Company, which would prevent the Closing. No injunction or restraining
order shall have been issued by any Governmental Authority, and be in effect, which restrains or prohibits any transaction contemplated
hereby.

 

(d)
All approvals, consents and waivers that are listed on Section 3.05 of the Disclosure Schedules shall have been received, and executed
counterparts thereof shall have been delivered to Buyer at or prior to the Closing.

 

(e)
From the date of this Agreement, there shall not have occurred any Material Adverse Effect, nor shall any event or events have occurred
that, individually or in the aggregate, with or without the lapse of time, could reasonably be expected to result in a Material Adverse
Effect.

 

(f)
The Ancillary Documents shall have been executed and delivered by the parties thereto and true and complete copies thereof shall have
been delivered to Buyer.

 

(g)
Buyer shall have received resignations of the directors and officers of the Company pursuant to Section 5.05.

 

    	38

     

    

 

(h)
At least three Business Days before Closing, Seller shall have delivered to Buyer the Closing Indebtedness Certificate and the Closing
Transaction Expenses Certificate.

 

(i)
Seller shall have delivered to Buyer the Estimated Closing Working Capital Statement contemplated in Section 2.04(a)(ii).

 

(j)
Seller shall have delivered to Buyer a good standing certificate (or its equivalent) for the Company from the secretary of state or similar
Governmental Authority of the jurisdiction under the Laws in which the Company is organized.

 

(k)
Seller shall have delivered, or caused to be delivered, to Buyer stock certificates evidencing the Shares, free and clear of Encumbrances,
duly endorsed in blank or accompanied by stock powers or other instruments of transfer duly executed in blank and with all required stock
transfer tax stamps affixed.

 

(l)
Buyer shall have received a certificate, dated the Closing Date and signed by a duly authorized officer of Seller, that each of the conditions
set forth in Section 7.02(a) and Section 7.02(b) have been satisfied.

 

(m)
Buyer shall have received a certificate of the Secretary or an Assistant Secretary (or equivalent officer) of Seller certifying that
attached thereto are true and complete copies of all resolutions adopted by the board of directors of Seller authorizing the execution,
delivery and performance of this Agreement and the Ancillary Documents and the consummation of the transactions contemplated hereby and
thereby, and that all such resolutions are in full force and effect and are all the resolutions adopted in connection with the transactions
contemplated hereby and thereby.

 

(n)
Buyer shall have received a certificate of the Secretary or an Assistant Secretary (or equivalent officer) of Seller certifying the names
and signatures of the officers of Seller authorized to sign this Agreement, the Ancillary Documents and the other documents to be delivered
hereunder and thereunder.

 

(o)
Seller shall have delivered to Buyer such other documents or instruments as Buyer reasonably requests and are reasonably necessary to
consummate the transactions contemplated by this Agreement.

 

(p)
All releases, approvals, consents and waivers pertaining to Excluded Liabilities and Company debt that is not being assumed by the Buyer
or the Company following Closing are obtained to the satisfaction of the Buyer. Seller and Cox hereby agree to use their best efforts
to assist Buyer in obtaining such releases, approvals, consents and waivers.

 

(q)
Buyer, in its sole and absolute discretion, is fully satisfied with respect to how it desires to proceed forward with respect to the
representations, warranties, covenants and indemnification obligations of Cox, as more particularly outlined in Section 10.13.

 

    	39

     

    

 

Section
7.03 Conditions to Obligations of Seller. The obligations
of Seller to consummate the transactions contemplated by this Agreement shall be subject to the fulfillment or Seller’s waiver,
at or prior to the Closing, of each of the following conditions:

 

(a)
Other than the representations and warranties of Buyer contained in Section 4.01 and Section 4.04, the representations and warranties
of Buyer contained in this Agreement, the Ancillary Documents and any certificate or other writing delivered pursuant hereto shall be
true and correct in all respects (in the case of any representation or warranty qualified by materiality or Material Adverse Effect)
or in all material respects (in the case of any representation or warranty not qualified by materiality or Material Adverse Effect) on
and as of the date hereof and on and as of the Closing Date with the same effect as though made at and as of such date (except those
representations and warranties that address matters only as of a specified date, the accuracy of which shall be determined as of that
specified date in all respects). The representations and warranties of Buyer contained in Section 4.01 and Section 4.04 shall be true
and correct in all respects on and as of the date hereof and on and as of the Closing Date with the same effect as though made at and
as of such date.

 

(b)
Buyer shall have duly performed and complied in all material respects with all agreements, covenants and conditions required by this
Agreement and each of the Ancillary Documents to be performed or complied with by it prior to or on the Closing Date; provided, that,
with respect to agreements, covenants and conditions that are qualified by materiality, Buyer shall have performed such agreements, covenants
and conditions, as so qualified, in all respects.

 

(c)
No injunction or restraining order shall have been issued by any Governmental Authority, and be in effect, which restrains or prohibits
any material transaction contemplated hereby.

 

(d)
All approvals, consents and waivers that are listed on Section 4.02 of the Disclosure Schedules shall have been received, and executed
counterparts thereof shall have been delivered to Seller at or prior to the Closing.

 

(e)
The Ancillary Documents shall have been executed and delivered by the parties thereto and true and complete copies thereof shall have
been delivered to Seller.

 

(f)
Seller shall have received a certificate, dated the Closing Date and signed by a duly authorized officer of Buyer, that each of the conditions
set forth in Section 7.03(a) and Section 7.03(b) have been satisfied.

 

(g)
Seller shall have received a certificate of the Secretary or an Assistant Secretary (or equivalent officer) of Buyer certifying that
attached thereto are true and complete copies of all resolutions adopted by the board of directors of Buyer authorizing the execution,
delivery and performance of this Agreement and the Ancillary Documents and the consummation of the transactions contemplated hereby and
thereby, and that all such resolutions are in full force and effect and are all the resolutions adopted in connection with the transactions
contemplated hereby and thereby.

 

(h)
Seller shall have received a certificate of the Secretary or an Assistant Secretary (or equivalent officer) of Buyer certifying the names
and signatures of the officers of Buyer authorized to sign this Agreement, the Ancillary Documents and the other documents to be delivered
hereunder and thereunder.

 

(i)
Buyer shall have delivered to Seller such other documents or instruments as Seller reasonably requests and are reasonably necessary to
consummate the transactions contemplated by this Agreement.

 

    	40

     

    

 

ARTICLE
VIII

Indemnification

 

Section
8.01 Survival. Subject to the limitations and other
provisions of this Agreement, the representations and warranties contained herein (other than any representations or warranties contained
in Section 3.22 which are subject to ARTICLE VI) shall survive the Closing and shall remain in full force and effect until the date that
is five (5) years from the Closing Date; provided, that the representations and warranties Section 3.01, Section 3.02, Section
3.03, Section 3.06 and Section 3.24, Section 4.01 and Section 4.04 shall survive indefinitely. All covenants and agreements of the parties
contained herein (other than any covenants or agreements contained in ARTICLE VI which are subject to ARTICLE VI) shall survive the Closing
indefinitely or for the period explicitly specified therein. Notwithstanding the foregoing, any claims asserted in good faith with reasonable
specificity (to the extent known at such time) and in writing by notice from the non-breaching party to the breaching party prior to
the expiration date of the applicable survival period shall not thereafter be barred by the expiration of the relevant representation
or warranty and such claims shall survive until finally resolved.

 

Section
8.02 Indemnification By Seller. Subject to the other
terms and conditions of ARTICLE VIII, Seller (and its Affiliates jointly and severally) shall indemnify and defend each of Buyer and
its Affiliates (including the Company and Buyer’s principals Michael Fina and Jim Roth in their individual capacities) and their
respective Representatives (collectively, the “Buyer Indemnitees”) against, and shall hold each of them harmless from
and against, and shall pay and reimburse each of them for, any and all Losses incurred or sustained by, or imposed upon, the Buyer Indemnitees
based upon, arising out of, with respect to or by reason of:

 

(a)
any inaccuracy in or breach of any of the representations or warranties of Seller or Cox contained in this Agreement or in any certificate
or instrument delivered by or on behalf of Seller or Cox pursuant to this Agreement (other than in respect of Section 3.22, it being
understood that the sole remedy for any such inaccuracy in or breach thereof shall be pursuant to ARTICLE VI), as of the date such representation
or warranty was made or as if such representation or warranty was made on and as of the Closing Date (except for representations and
warranties that expressly relate to a specified date, the inaccuracy in or breach of which will be determined with reference to such
specified date);

 

(b)
any breach or non-fulfillment of any covenant, agreement or obligation to be performed by Seller or Cox pursuant to this Agreement (other
than any breach or violation of, or failure to fully perform, any covenant, agreement, undertaking or obligation in ARTICLE VI, it being
understood that the sole remedy for any such breach, violation or failure shall be pursuant to ARTICLE VI);

 

(c)
any Transaction Expenses or Indebtedness of the Company outstanding as of the Closing to the extent not deducted from the Purchase Price
in the determination of the Closing Date Payment pursuant to Section 2.04(a)(i);

 

(d)
any undisclosed Liability or debt of the Company or one of its officers; or

 

(e)
any Loss due to Company’s failure to maintain proper books and records with respect to the Company minutes and records of board
of director and/or shareholder consents that may have been required to perform certain actions of the Company.

 

    	41

     

    

 

Section
8.03 Indemnification By Buyer. Subject to the other
terms and conditions of this ARTICLE VIII, Buyer shall indemnify and defend each of Seller and its Affiliates and in the case of (c)
below, Cox, and their respective Representatives (collectively, the “Seller Indemnitees”) against, and shall hold
each of them harmless from and against, and shall pay and reimburse each of them for, any and all Losses incurred or sustained by, or
imposed upon, the Seller Indemnitees based upon, arising out of, with respect to or by reason of:

 

(a)
any inaccuracy in or breach of any of the representations or warranties of Buyer contained in this Agreement or in any certificate or
instrument delivered by or on behalf of Buyer pursuant to this Agreement, as of the date such representation or warranty was made or
as if such representation or warranty was made on and as of the Closing Date (except for representations and warranties that expressly
relate to a specified date, the inaccuracy in or breach of which will be determined with reference to such specified date); or

 

(b)
any breach or non-fulfillment of any covenant, agreement or obligation to be performed by Buyer pursuant to this Agreement (other than
ARTICLE VI, it being understood that the sole remedy for any such breach thereof shall be pursuant to ARTICLE VI).

 

(c)
any default of the loan facility owed to Bank3 and guaranteed by Cox (if Cox’s guaranty is not extinguished on or before Closing).

 

Section
8.04 Intentionally Omitted.

 

Section
8.05 Indemnification Procedures. The party making
a claim under this ARTICLE VIII is referred to as the “Indemnified Party”, and the party against whom such claims
are asserted under this ARTICLE VIII is referred to as the “Indemnifying Party”.

 

(a)
Third Party Claims. If any Indemnified Party receives notice of the assertion or commencement of any Action made or brought by
any Person who is not a party to this Agreement or an Affiliate of a party to this Agreement or a Representative of the foregoing (a
“Third Party Claim”) against such Indemnified Party with respect to which the Indemnifying Party is obligated to provide
indemnification under this Agreement, the Indemnified Party shall give the Indemnifying Party reasonably prompt written notice thereof,
but in any event not later than 30 calendar days after receipt of such notice of such Third Party Claim. The failure to give such prompt
written notice shall not, however, relieve the Indemnifying Party of its indemnification obligations, except and only to the extent that
the Indemnifying Party forfeits rights or defenses by reason of such failure. Such notice by the Indemnified Party shall describe the
Third Party Claim in reasonable detail, shall include copies of all material written evidence thereof and shall indicate the estimated
amount, if reasonably practicable, of the Loss that has been or may be sustained by the Indemnified Party. The Indemnifying Party shall
have the right to participate in, or by giving written notice to the Indemnified Party, to assume the defense of any Third Party Claim
at the Indemnifying Party’s expense and by the Indemnifying Party’s own counsel, and the Indemnified Party shall cooperate
in good faith in such defense; provided, that if the Indemnifying Party is Seller, such Indemnifying Party shall not have the
right to defend or direct the defense of any such Third Party Claim that (x) is asserted directly by or on behalf of a Person that is
a supplier or customer of the Company, or (y) seeks an injunction or other equitable relief against the Indemnified Party. In the event
that the Indemnifying Party assumes the defense of any Third Party Claim, subject to Section 8.05(b), it shall have the right to take
such action as it deems necessary to avoid, dispute, defend, appeal or make counterclaims pertaining to any such Third Party Claim in
the name and on behalf of the Indemnified Party. The Indemnified Party shall have the right to participate in the defense of any Third
Party Claim with counsel selected by it subject to the Indemnifying Party’s right to control the defense thereof. The fees and
disbursements of such counsel shall be at the expense of the Indemnified Party, provided, that if in the reasonable opinion of
counsel to the Indemnified Party, (A) there are legal defenses available to an Indemnified Party that are different from or additional
to those available to the Indemnifying Party; or (B) there exists a conflict of interest between the Indemnifying Party and the Indemnified
Party that cannot be waived, the Indemnifying Party shall be liable for the reasonable fees and expenses of counsel to the Indemnified
Party in each jurisdiction for which the Indemnified Party determines counsel is required. If the Indemnifying Party elects not to compromise
or defend such Third Party Claim, fails to promptly notify the Indemnified Party in writing of its election to defend as provided in
this Agreement, or fails to diligently prosecute the defense of such Third Party Claim, the Indemnified Party may, subject to Section
8.05(b), pay, compromise, defend such Third Party Claim and seek indemnification for any and all Losses based upon, arising from or relating
to such Third Party Claim. Seller and Buyer shall cooperate with each other in all reasonable respects in connection with the defense
of any Third Party Claim, including making available (subject to the provisions of Section 5.06) records relating to such Third Party
Claim and furnishing, without expense (other than reimbursement of actual out-of-pocket expenses) to the defending party, management
employees of the non-defending party as may be reasonably necessary for the preparation of the defense of such Third Party Claim.

 

    	42

     

    

 

(b)
Settlement of Third Party Claims. Notwithstanding any other provision of this Agreement, the Indemnifying Party shall not enter
into settlement of any Third Party Claim without the prior written consent of the Indemnified Party, except as provided in this Section
8.05(b). If a firm offer is made to settle a Third Party Claim without leading to liability or the creation of a financial or other obligation
on the part of the Indemnified Party and provides, in customary form, for the unconditional release of each Indemnified Party from all
liabilities and obligations in connection with such Third Party Claim and the Indemnifying Party desires to accept and agree to such
offer, the Indemnifying Party shall give written notice to that effect to the Indemnified Party. If the Indemnified Party fails to consent
to such firm offer within ten days after its receipt of such notice, the Indemnified Party may continue to contest or defend such Third
Party Claim and in such event, the maximum liability of the Indemnifying Party as to such Third Party Claim shall not exceed the amount
of such settlement offer. If the Indemnified Party fails to consent to such firm offer and also fails to assume defense of such Third
Party Claim, the Indemnifying Party may settle the Third Party Claim upon the terms set forth in such firm offer to settle such Third
Party Claim. If the Indemnified Party has assumed the defense pursuant to Section 8.05(a), it shall not agree to any settlement without
the written consent of the Indemnifying Party (which consent shall not be unreasonably withheld, conditioned or delayed).

 

(c)
Direct Claims. Any Action by an Indemnified Party on account of a Loss which does not result from a Third Party Claim (a “Direct
Claim”) shall be asserted by the Indemnified Party giving the Indemnifying Party reasonably prompt written notice thereof,
but in any event not later than 30 days after the Indemnified Party becomes aware of such Direct Claim. The failure to give such prompt
written notice shall not, however, relieve the Indemnifying Party of its indemnification obligations, except and only to the extent that
the Indemnifying Party forfeits rights or defenses by reason of such failure. Such notice by the Indemnified Party shall describe the
Direct Claim in reasonable detail, shall include copies of all material written evidence thereof and shall indicate the estimated amount,
if reasonably practicable, of the Loss that has been or may be sustained by the Indemnified Party. The Indemnifying Party shall have
30 days after its receipt of such notice to respond in writing to such Direct Claim. The Indemnified Party shall allow the Indemnifying
Party and its professional advisors to investigate the matter or circumstance alleged to give rise to the Direct Claim, and whether and
to what extent any amount is payable in respect of the Direct Claim and the Indemnified Party shall assist the Indemnifying Party’s
investigation by giving such information and assistance (including access to the Company’s premises and personnel and the right
to examine and copy any accounts, documents or records) as the Indemnifying Party or any of its professional advisors may reasonably
request. If the Indemnifying Party does not so respond within such 30 day period, the Indemnifying Party shall be deemed to have rejected
such claim, in which case the Indemnified Party shall be free to pursue such remedies as may be available to the Indemnified Party on
the terms and subject to the provisions of this Agreement.

 

    	43

     

    

 

(d)
Tax Claims. Notwithstanding any other provision of this Agreement, the control of any claim, assertion, event or proceeding in
respect of Taxes of the Company (including, but not limited to, any such claim in respect of a breach of the representations and warranties
in Section 3.22 hereof or any breach or violation of or failure to fully perform any covenant, agreement, undertaking or obligation in
ARTICLE VI) shall be governed exclusively by ARTICLE VI hereof.

 

Section
8.06 Payments.

 

(a)
Once a Loss is agreed to by the Indemnifying Party or finally adjudicated to be payable pursuant to this ARTICLE VIII, the Indemnifying
Party shall satisfy its obligations within 20 Business Days of such final, non-appealable adjudication by wire transfer of immediately
available funds. The parties hereto agree that should an Indemnifying Party not make full payment of any such obligations within such
20 Business Day period, any amount payable shall accrue interest from and including the date of agreement of the Indemnifying Party or
final, non-appealable adjudication to but excluding the date such payment has been made at a rate per annum equal five percent (5%).
Such interest shall be calculated daily on the basis of a 365 day year and the actual number of days elapsed, without compounding.

 

Section
8.07 Tax Treatment of Indemnification Payments. All
indemnification payments made under this Agreement shall be treated by the parties as an adjustment to the Purchase Price for Tax purposes,
unless otherwise required by Law.

 

Section
8.08 Effect of Investigation. The representations,
warranties and covenants of the Indemnifying Party, and the Indemnified Party’s right to indemnification with respect thereto,
shall not be affected or deemed waived by reason of any investigation made by or on behalf of the Indemnified Party (including by any
of its Representatives) or by reason of the fact that the Indemnified Party or any of its Representatives knew or should have known that
any such representation or warranty is, was or might be inaccurate or by reason of the Indemnified Party’s waiver of any condition
set forth in Section 7.02 or Section 7.03, as the case may be.

 

Section
8.09 Exclusive Remedies. Subject to Section 5.07
and Section 10.11, the parties acknowledge and agree that their sole and exclusive remedy with respect to any and all claims (other than
claims arising from fraud, criminal activity or willful misconduct on the part of a party hereto in connection with the transactions
contemplated by this Agreement) for any breach of any representation, warranty, covenant, agreement or obligation set forth herein or
otherwise relating to the subject matter of this Agreement, shall be pursuant to the indemnification provisions set forth in ARTICLE
VI and this ARTICLE VIII. In furtherance of the foregoing, each party hereby waives, to the fullest extent permitted under Law, any and
all rights, claims and causes of action for any breach of any representation, warranty, covenant, agreement or obligation set forth herein
or otherwise relating to the subject matter of this Agreement it may have against the other parties hereto and their Affiliates and each
of their respective Representatives arising under or based upon any Law, except pursuant to the indemnification provisions set forth
in ARTICLE VI and this ARTICLE VIII. Nothing in this Section 8.09 shall limit any Person’s right to seek and obtain any equitable
relief to which any Person shall be entitled or to seek any remedy on account of any party’s fraudulent, criminal or intentional
misconduct.

 

    	44

     

    

 

ARTICLE
IX

Termination

 

Section
9.01 Termination. This Agreement may be terminated
at any time prior to the Closing:

 

(a)
by the mutual written consent of Seller and Buyer;

 

(b)
by Buyer by written notice to Seller;

 

(c)
by Seller by written notice to Buyer; or

 

(d)
by Buyer or Seller in the event that (i) there shall be any Law that makes consummation of the transactions contemplated by this Agreement
illegal or otherwise prohibited or (ii) any Governmental Authority shall have issued a Governmental Order restraining or enjoining the
transactions contemplated by this Agreement, and such Governmental Order shall have become final and non-appealable.

 

Section
9.02 Effect of Termination. In the event of the termination
of this Agreement in accordance with this Article, this Agreement shall forthwith become void and there shall be no liability on the
part of any party hereto except:

 

(a)
as set forth in this ARTICLE IX and Section 5.06 and ARTICLE X hereof; and

 

(b)
that nothing herein shall relieve any party hereto from liability for any willful breach of any provision hereof.

 

ARTICLE
X

Miscellaneous

 

Section
10.01 Expenses. Except as otherwise expressly provided
herein, all costs and expenses, including, without limitation, fees and disbursements of counsel, financial advisors and accountants,
incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such costs and
expenses, whether or not the Closing shall have occurred; provided, however, Seller shall reimburse Buyer for all such fees up
to a maximum limit of $50,000 unless Closing does not occur by reason of Buyer terminating this Agreement, in which case each party shall
be solely responsible for its own such costs and expenses.

 

    	45

     

    

 

Section
10.02 Notices. All notices, requests, consents, claims, demands, waivers and other
communications hereunder shall be in writing and shall be deemed to have been given (a) when delivered by hand (with written confirmation
of receipt); (b) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the
date sent by facsimile or e-mail of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient,
and on the next Business Day if sent after normal business hours of the recipient or (d) on the third day after the date mailed, by certified
or registered mail, return receipt requested, postage prepaid. Such communications must be sent to the respective parties at the following
addresses (or at such other address for a party as shall be specified in a notice given in accordance with this Section 10.02):

 

	If
    to Seller:	SurgePays,
                                            Inc

    E-mail:
    

    Attention:
    Brian Cox, CEO

	 	 
	with
    a copy to:	E-mail:
                                            

    Attention:
    David C. Ansani

	 	 
	If
    to Buyer:	Blue
                                            Skies Connections, LLC

    E-mail:

    Attention:
    Mike Fina

	 	 
	with
    a copy to:	Verge
                                            Law Group, P.C.

    E-mail:

    Attention:
    Matt Jones

 

Section
10.03 Interpretation. For purposes of this Agreement,
(a) the words “include,” “includes” and “including” shall be deemed to be followed by the words “without
limitation”; (b) the word “or” is not exclusive; and (c) the words “herein,” “hereof,” “hereby,”
“hereto” and “hereunder” refer to this Agreement as a whole. Unless the context otherwise requires, references
herein: (x) to Articles, Sections, Disclosure Schedules and Exhibits mean the Articles and Sections of, and Disclosure Schedules and
Exhibits attached to, this Agreement; (y) to an agreement, instrument or other document means such agreement, instrument or other document
as amended, supplemented and modified from time to time to the extent permitted by the provisions thereof and (z) to a statute means
such statute as amended from time to time and includes any successor legislation thereto and any regulations promulgated thereunder.
This Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the party
drafting an instrument or causing any instrument to be drafted. The Disclosure Schedules and Exhibits referred to herein shall be construed
with, and as an integral part of, this Agreement to the same extent as if they were set forth verbatim herein.

 

Section
10.04 Headings. The headings in this Agreement are
for reference only and shall not affect the interpretation of this Agreement.

 

Section
10.05 Severability. If any term or provision of this
Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect
any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction.
Except as provided in Section 5.07(e), upon such determination that any term or other provision is invalid, illegal or unenforceable,
the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely
as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated
to the greatest extent possible.

 

Section
10.06 Entire Agreement. This Agreement and the Ancillary
Documents constitute the sole and entire agreement of the parties to this Agreement with respect to the subject matter contained herein
and therein, and supersede all prior and contemporaneous understandings and agreements, both written and oral, with respect to such subject
matter. In the event of any inconsistency between the statements in the body of this Agreement and those in the Ancillary Documents,
the Exhibits and Disclosure Schedules (other than an exception expressly set forth as such in the Disclosure Schedules), the statements
in the body of this Agreement will control.

 

    	46

     

    

 

Section
10.07 Successors and Assigns. This Agreement shall
be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns. Neither party
may assign its rights or obligations hereunder without the prior written consent of the other party, which consent shall not be unreasonably
withheld, conditioned or delayed; provided, however, that prior to the Closing Date, Buyer may, without the prior written consent
of Seller, assign all or any portion of its rights under this Agreement to one or more of its direct or indirect wholly-owned subsidiaries.
No assignment shall relieve the assigning party of any of its obligations hereunder.

 

Section
10.08 No Third-party Beneficiaries. Except as provided
in Section 6.03 and ARTICLE VIII, this Agreement is for the sole benefit of the parties hereto and their respective successors and permitted
assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person or entity any legal or equitable
right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

 

Section
10.09 Amendment and Modification; Waiver. This Agreement
may only be amended, modified or supplemented by an agreement in writing signed by each party hereto. No waiver by any party of any of
the provisions hereof shall be effective unless explicitly set forth in writing and signed by the party so waiving. No waiver by any
party shall operate or be construed as a waiver in respect of any failure, breach or default not expressly identified by such written
waiver, whether of a similar or different character, and whether occurring before or after that waiver. No failure to exercise, or delay
in exercising, any right, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor
shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof
or the exercise of any other right, remedy, power or privilege.

 

Section
10.10 Governing Law; Submission to Jurisdiction; Waiver of Jury Trial.

 

(a)
This Agreement shall be governed by and construed in accordance with the internal laws of the State of Oklahoma without giving effect
to any choice or conflict of law provision or rule (whether of the State of Oklahoma or any other jurisdiction).

 

(b)
ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE ANCILLARY DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED
HEREBY OR THEREBY MAY BE INSTITUTED IN THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA OR THE COURTS OF THE STATE OF OKLAHOMA IN EACH
CASE LOCATED IN THE CITY OF OKLAHOMA CITY AND COUNTY OF OKLAHOMA, AND EACH PARTY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF
SUCH COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING. SERVICE OF PROCESS, SUMMONS, NOTICE OR OTHER DOCUMENT BY MAIL TO SUCH PARTY’S
ADDRESS SET FORTH HEREIN SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY SUIT, ACTION OR OTHER PROCEEDING BROUGHT IN ANY SUCH COURT. THE
PARTIES IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY OBJECTION TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR ANY PROCEEDING IN SUCH COURTS
AND IRREVOCABLY WAIVE AND AGREE NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH
COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

    	47

     

    

 

(c)
EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT OR THE ANCILLARY DOCUMENTS IS LIKELY TO
INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE
TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE ANCILLARY DOCUMENTS OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY. EACH PARTY TO THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE OF ANY OTHER PARTY
HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A LEGAL
ACTION, (B) SUCH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (D) SUCH PARTY
HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 10.10(c).

 

Section
10.11 Specific Performance. The parties agree that
irreparable damage would occur if any provision of this Agreement were not performed in accordance with the terms hereof and that the
parties shall be entitled to specific performance of the terms hereof, in addition to any other remedy to which they are entitled at
law or in equity.

 

Section
10.12 Counterparts. This Agreement may be executed in counterparts, each of which shall
be deemed an original, but all of which together shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered
by facsimile, e-mail or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original
signed copy of this Agreement.

 

Section
10.13 Further Negotiations Concerning Cox. The Parties acknowledge that further due diligence inquiry
is needed in order to determine whether the Company will require Cox to make additional representations, warranties and covenants in
this Agreement (in addition to certain obligations of Cox set forth herein). In the interest of time and making progress on the purchase
transaction contemplated herein, the Parties desire to execute this Agreement prior to the resolution of such matters set forth in the
immediately preceding sentence. Each Party hereby acknowledges and agrees that this Agreement may be amended (with the written consent
and agreement of all Parties, in their sole and absolute discretion) with respect to certain additional representations, warranties,
covenants and indemnification obligations concerning Cox once the Buyer makes further progress on certain due diligence items associated
with the purchase transaction contemplated herein.

 

[Signature
page to follow.] 

 

    	48

     

    

 

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

 

	 	COMPANY:
	 	 
	 	True
    Wireless, Inc.
	 	 	 
	 	By:	/s/
    David C. Ansani
	 	Name:	David
    C. Ansani
	 	Title:	President
	 	 	 
	 	SELLER:
	 	 
	 	SurgePays,
    Inc.
	 	 	 
	 	By:
    	/s/
    David C. Ansani
	 	Name:
    	David
    C. Ansani
	 	Title:
    	Chief
    Administrative Officer
	 	 	 
	 	COX:
	 	 	 
	 	By:	/s/
    Kevin Brian Cox
	 	Name:
    	Kevin
    Brian Cox
	 	 	 
	 	BUYER:
	 	 
	 	Blue
    Skies Connections, LLC
	 	 	 
	 	By:	/s/
    Michael Fina
	 	Name:
    	Michael
    Fina
	 	Title:
    	CEO

 

    	 

     

    

 

EXHIBIT
A

 

Assumed
Liabilities & Excluded Liabilities

 

    	 

     

    

 

EXHIBIT
B

 

Stock
Repurchase Agreement

 

    	 

     

    

 

EXHIBIT
C

 

Cox
Affidavit

 

    	 

     

    

 

DISCLOSURE
SCHEDULESEX-4.4

 Exhibit 4.4 
  

 
 ESSENTIAL PROPERTIES, L.P.

  
  

INDENTURE 
 Dated as of
                    , 2021 
  

 
 U.S. BANK
NATIONAL ASSOCIATION 
 Trustee 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	2	 
	 Section 1.1
	 	Definitions.	  	 	2	 
	 Section 1.2
	 	Other Definitions.	  	 	5	 
	 Section 1.3
	 	Incorporation by Reference of Trust Indenture Act.	  	 	5	 
	 Section 1.4
	 	Rules of Construction.	  	 	5	 
		
	 ARTICLE II. THE SECURITIES
	  	 	6	 
	 Section 2.1
	 	Issuable in Series.	  	 	6	 
	 Section 2.2
	 	Establishment of Terms of Series of Securities.	  	 	6	 
	 Section 2.3
	 	Execution and Authentication.	  	 	8	 
	 Section 2.4
	 	Registrar and Paying Agent.	  	 	9	 
	 Section 2.5
	 	Paying Agent to Hold Money in Trust.	  	 	9	 
	 Section 2.6
	 	Securityholder Lists.	  	 	9	 
	 Section 2.7
	 	Transfer and Exchange.	  	 	10	 
	 Section 2.8
	 	Mutilated, Destroyed, Lost and Stolen Securities.	  	 	10	 
	 Section 2.9
	 	Outstanding Securities.	  	 	10	 
	 Section 2.10
	 	Treasury Securities.	  	 	11	 
	 Section 2.11
	 	Temporary Securities.	  	 	11	 
	 Section 2.12
	 	Cancellation.	  	 	11	 
	 Section 2.13
	 	Defaulted Interest.	  	 	11	 
	 Section 2.14
	 	Global Securities.	  	 	12	 
	 Section 2.15
	 	CUSIP Numbers.	  	 	13	 
		
	 ARTICLE III. REDEMPTION
	  	 	13	 
	 Section 3.1
	 	Notice to Trustee.	  	 	13	 
	 Section 3.2
	 	Selection of Securities to be Redeemed.	  	 	13	 
	 Section 3.3
	 	Notice of Redemption.	  	 	13	 
	 Section 3.4
	 	Effect of Notice of Redemption.	  	 	14	 
	 Section 3.5
	 	Deposit of Redemption Price.	  	 	14	 
	 Section 3.6
	 	Securities Redeemed in Part.	  	 	14	 
		
	 ARTICLE IV. COVENANTS
	  	 	14	 
	 Section 4.1
	 	Payment of Principal and Interest.	  	 	14	 
	 Section 4.2
	 	SEC Reports.	  	 	15	 
	 Section 4.3
	 	Compliance Certificate.	  	 	15	 
	 Section 4.4
	 	Stay, Extension and Usury Laws.	  	 	15	 
		
	 ARTICLE V. SUCCESSORS
	  	 	15	 
	 Section 5.1
	 	When Company May Merge, Etc.	  	 	15	 
	 Section 5.2
	 	Successor Entity Substituted.	  	 	16	 
	 Section 5.3
	 	Essential Properties Realty Trust, Inc. May Consolidate on Certain Terms	  	 	16	 
	 Section 5.4
	 	Essential Properties Realty Trust, Inc. Successor to Be Substituted	  	 	17	 

  
 i 

							
		
	 ARTICLE VI. DEFAULTS AND REMEDIES
	  	 	17	 
	 Section 6.1
	 	Events of Default.	  	 	17	 
	 Section 6.2
	 	Acceleration of Maturity; Rescission and Annulment.	  	 	18	 
	 Section 6.3
	 	Collection of Indebtedness and Suits for Enforcement by Trustee.	  	 	18	 
	 Section 6.4
	 	Trustee May File Proofs of Claim.	  	 	19	 
	 Section 6.5
	 	Trustee May Enforce Claims Without Possession of Securities.	  	 	19	 
	 Section 6.6
	 	Application of Money Collected.	  	 	20	 
	 Section 6.7
	 	Limitation on Suits.	  	 	20	 
	 Section 6.8
	 	Unconditional Right of Holders to Receive Principal and Interest.	  	 	20	 
	 Section 6.9
	 	Restoration of Rights and Remedies.	  	 	21	 
	 Section 6.10
	 	Rights and Remedies Cumulative.	  	 	21	 
	 Section 6.11
	 	Delay or Omission Not Waiver.	  	 	21	 
	 Section 6.12
	 	Control by Holders.	  	 	21	 
	 Section 6.13
	 	Waiver of Past Defaults.	  	 	21	 
	 Section 6.14
	 	Undertaking for Costs.	  	 	22	 
		
	 ARTICLE VII. TRUSTEE
	  	 	22	 
	 Section 7.1
	 	Duties of Trustee.	  	 	22	 
	 Section 7.2
	 	Rights of Trustee.	  	 	23	 
	 Section 7.3
	 	Individual Rights of Trustee.	  	 	24	 
	 Section 7.4
	 	Trustee’s Disclaimer.	  	 	24	 
	 Section 7.5
	 	Notice of Defaults.	  	 	24	 
	 Section 7.6
	 	Reports by Trustee to Holders.	  	 	24	 
	 Section 7.7
	 	Compensation and Indemnity.	  	 	24	 
	 Section 7.8
	 	Replacement of Trustee.	  	 	25	 
	 Section 7.9
	 	Successor Trustee by Merger, Etc.	  	 	26	 
	 Section 7.10
	 	Eligibility; Disqualification.	  	 	26	 
	 Section 7.11
	 	Preferential Collection of Claims Against Company.	  	 	26	 
		
	 ARTICLE VIII. SATISFACTION AND DISCHARGE; DEFEASANCE
	  	 	26	 
	 Section 8.1
	 	Satisfaction and Discharge of Indenture.	  	 	26	 
	 Section 8.2
	 	Application of Trust Funds; Indemnification.	  	 	27	 
	 Section 8.3
	 	Legal Defeasance of Securities of any Series.	  	 	27	 
	 Section 8.4
	 	Covenant Defeasance.	  	 	29	 
	 Section 8.5
	 	Repayment to Company.	  	 	29	 
	 Section 8.6
	 	Reinstatement.	  	 	30	 
		
	 ARTICLE IX. AMENDMENTS AND WAIVERS
	  	 	30	 
	 Section 9.1
	 	Without Consent of Holders.	  	 	30	 
	 Section 9.2
	 	With Consent of Holders.	  	 	30	 
	 Section 9.3
	 	Limitations.	  	 	31	 
	 Section 9.4
	 	Compliance with Trust Indenture Act.	  	 	31	 
	 Section 9.5
	 	Revocation and Effect of Consents.	  	 	31	 
	 Section 9.6
	 	Notation on or Exchange of Securities.	  	 	32	 
	 Section 9.7
	 	Trustee Protected.	  	 	32	 

  
 ii 

							
		
	 ARTICLE X. MISCELLANEOUS
	  	 	32	 
	 Section 10.1
	 	Trust Indenture Act Controls.	  	 	32	 
	 Section 10.2
	 	Notices.	  	 	32	 
	 Section 10.3
	 	Communication by Holders with Other Holders.	  	 	33	 
	 Section 10.4
	 	Certificate and Opinion as to Conditions Precedent.	  	 	33	 
	 Section 10.5
	 	Statements Required in Certificate or Opinion.	  	 	33	 
	 Section 10.6
	 	Rules by Trustee and Agents.	  	 	34	 
	 Section 10.7
	 	Legal Holidays.	  	 	34	 
	 Section 10.8
	 	No Recourse Against Others.	  	 	34	 
	 Section 10.9
	 	Counterparts.	  	 	34	 
	 Section 10.10
	 	Governing Law; Waiver of Jury Trial; Consent to Jurisdiction.	  	 	34	 
	 Section 10.11
	 	No Adverse Interpretation of Other Agreements.	  	 	35	 
	 Section 10.12
	 	Successors.	  	 	35	 
	 Section 10.13
	 	Severability.	  	 	35	 
	 Section 10.14
	 	Table of Contents, Headings, Etc.	  	 	35	 
	 Section 10.15
	 	Securities in a Foreign Currency.	  	 	35	 
	 Section 10.16
	 	Judgment Currency.	  	 	36	 
	 Section 10.17
	 	USA Patriot Act.	  	 	36	 
	 Section 10.18
	 	Force Majeure.	  	 	36	 
		
	 ARTICLE XI. SINKING FUNDS
	  	 	36	 
	 Section 11.1
	 	Applicability of Article.	  	 	36	 
	 Section 11.2
	 	Satisfaction of Sinking Fund Payments with Securities.	  	 	37	 
	 Section 11.3
	 	Redemption of Securities for Sinking Fund.	  	 	37	 
		
	 ARTICLE XII. GUARANTEE
	  	 	37	 
	 Section 12.1
	 	Unconditional Guarantee.	  	 	37	 
	 Section 12.2
	 	Execution and Delivery of Notation of Guarantee.	  	 	38	 
	 Section 12.3
	 	Limitation on Guarantors’ Liability.	  	 	38	 
	 Section 12.4
	 	Release of Guarantors from Guarantee.	  	 	39	 

 EXHIBITS 

Exhibit A        Form of Notation of Guarantee 

  
 iii 

 ESSENTIAL PROPERTIES, L.P. 

Reconciliation and tie between Trust Indenture Act of 1939 and 

Indenture, dated as of                 , 2021 

 

					
	§ 310(a)(1)	 		  	7.10
	(a)(2)	 		  	7.10
	(a)(3)	 		  	Not Applicable
	(a)(4)	 		  	Not Applicable
	(a)(5)	 		  	7.10
	(b)	 		  	7.10
	§ 311(a)	 		  	7.11
	(b)	 		  	7.11
	§ 312(a)	 		  	2.6
	(b)	 		  	10.3
	(c)	 		  	10.3
	§ 313(a)	 		  	7.6
	(b)(1)	 		  	7.6
	(b)(2)	 		  	7.6
	(c)(1)	 		  	7.6
	(c)(2)	 		  	7.6
	(c)(3)	 		  	7.6
	(d)	 		  	7.6
	§ 314(a)	 		  	4.2, 10.5
	(b)	 		  	Not Applicable
	(c)(1)	 		  	10.4
	(c)(2)	 		  	10.4
	(c)(3)	 		  	Not Applicable
	(d)	 		  	Not Applicable
	(e)	 		  	10.5
	(f)	 		  	Not Applicable
	§ 315(a)	 		  	7.1
	(b)	 		  	7.5
	(c)	 		  	7.1
	(d)	 		  	7.1
	(e)	 		  	6.14
	§ 316(a)	 		  	2.10
	(a)(1)(A)	 		  	6.12
	(a)(1)(B)	 		  	6.13
	(b)	 		  	6.8
	(c)	 		  	9.5
	§ 317(a)(1)	 		  	6.3
	(a)(2)	 		  	6.4
	(b)	 		  	2.5
	§ 318(a)	 		  	10.1

  
 Note: This
reconciliation and tie shall not, for any purpose, be deemed to be part of the Indenture. 

 Indenture, dated as of
                , 2021, among Essential Properties, L.P., a Delaware limited partnership (the “Company”), the Guarantors (as
defined herein) party hereto and U.S. Bank National Association, a national banking association, as trustee (the “Trustee”). 

Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Securities issued
under this Indenture. 
 ARTICLE I. 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.1 Definitions. 

“Additional Amounts” means any additional amounts which are required hereby or by any Security, under circumstances specified herein
or therein, to be paid by the Company in respect of certain taxes imposed on Holders specified herein or therein and which are owing to such Holders. 

“Affiliate” of any specified person means any other person directly or indirectly controlling or controlled by or under common
control with such specified person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to any person,
shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such person, whether through the ownership of voting securities or by agreement or otherwise. 

“Agent” means any Registrar, Paying Agent or Notice Agent. 

“Board of Directors” means the board of directors of Essential Properties Realty Trust, Inc. or any duly authorized committee
thereof. 
 “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the sole
member of the General Partner to have been adopted by the Board of Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the certificate and delivered to the Trustee. 

“Business Day” means, unless otherwise provided by Board Resolution, Officer’s Certificate or supplemental indenture hereto for
a particular Series, any day except a Saturday, Sunday, a day on which banking institutions in the state in which the Corporate Trust Office is located or a legal holiday in The City of New York (or in connection with any payment, the place of
payment) on which banking institutions are authorized or required by law, regulation or executive order to close. 
 “Capital
Stock” means, with respect to any person, any and all shares, interests, participations or other equivalents (however designated, whether voting or non-voting), including partnership or limited liability
company interests, whether general or limited, in the equity of such person, outstanding as of any date, including all options, warrants or other rights issued by such person to purchase Capital Stock of such person. 

“Company” means the party named as such above until a successor replaces it and thereafter means the successor. 

“Company Order” means a written order signed in the name of the Company by the General Partner by an Officer. 

“Corporate Trust Office” means the office of the Trustee at which at any particular time its corporate trust business related to
this Indenture shall be principally administered, which office at the date of the Indenture is located at the address set forth in Section 10.2, or such other address as the Trustee may designate from time to time by notice to the Holders and
the Company. 
 “CUSIP” means the Committee on Uniform Security Identification Procedures and will be used pursuant to
Section 2.15. 

  
 2 

 “Default” means any event which is, or after notice or passage of time or both
would be, an Event of Default. 
 “Depositary” means, with respect to the Securities of any Series issuable or issued in whole or
in part in the form of one or more Global Securities, the person designated as Depositary for such Series by the Company, which Depositary shall be a clearing agency registered under the Exchange Act; and if at any time there is more than one such
person, “Depositary” as used with respect to the Securities of any Series shall mean the Depositary with respect to the Securities of such Series. 

“Discount Security” means any Security that provides for an amount less than the stated principal amount thereof to be due and
payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.2. 
 “Dollars” and “$”
means the currency of The United States of America. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Foreign Currency” means any currency or currency unit issued by a government other than the government of the United States of
America, including the Euro. 
 “Foreign Government Obligations” means, with respect to Securities of any Series that are
denominated in a Foreign Currency, direct obligations of, or obligations guaranteed by, the government that issued or caused to be issued such currency for the payment of which obligations its full faith and credit is pledged and which are not
callable or redeemable at the option of the issuer thereof. 
 “GAAP” means generally accepted accounting principles as used in
the United States applied on a consistent basis as in effect from time to time. 
 “General Partner” means Essential Properties OP
G.P., LLC, in its capacity as general partner of the Company, and, subject to the provision in Article V, its successor and assigns. 

“Global Security” or “Global Securities” means a Security or Securities, as the case may be, in the form established
pursuant to Section 2.2 evidencing all or part of a Series of Securities, issued to the Depositary for such Series or its nominee, and registered in the name of such Depositary or nominee. 

“Guarantor” means each person that executes this Indenture as a guarantor and its respective successors and assigns, in each case
until the Guarantee of such person has been released in accordance with the provisions of this Indenture; provided, however, that such person shall be a Guarantor only with respect to a Series of Securities for which such person has executed a
Notation of Guarantee with respect to such Series. 
 “Holder” or “Securityholder” means a person in whose name a
Security is registered. 
 “Indenture” means this Indenture as amended or supplemented, from time to time and shall include the
form and terms of particular Series of Securities established as contemplated hereunder. 
 “interest” with respect to any
Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity. 
 “Maturity,”
when used with respect to any Security, means the date on which the principal of such Security becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise.

 “Notation of Guarantee” means a notation, substantially in the form of Exhibit A, executed by a Guarantor and affixed to each
Security of any Series to which the Guarantee of such Guarantor under Article XII of this Indenture applies. 

  
 3 

 “Officer” means the Chief Executive Officer, the President, the Chief Financial
Officer, the Treasurer or any Assistant Treasurer, the Secretary or any Assistant Secretary, and any Vice President of the General Partner or any Guarantor, as the case may be. 

“Officer’s Certificate” means a certificate signed by any Officer, which complies with Section 10.4. 

“Opinion of Counsel” means a written opinion of legal counsel. The counsel may be an employee of or counsel to the Company or the
General Partner. The opinion may contain customary limitations, conditions and exceptions. 
 “person” means any individual,
corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 

“principal” of a Security means the principal of the Security plus, when appropriate, the premium, if any, on, and any Additional
Amounts in respect of, the Security. 
 “Responsible Officer” means any officer of the Trustee in its Corporate Trust Office
having responsibility for administration of this Indenture and also means, with respect to a particular corporate trust matter, any other officer to whom any corporate trust matter relating to this Indenture is referred because of his or her
knowledge of and familiarity with a particular subject. 
 “SEC” means the Securities and Exchange Commission. 

“Securities” means the debentures, notes or other debt instruments of the Company of any Series authenticated and delivered under
this Indenture; provided, however that, if at any time there is more than one person acting as Trustee under this Indenture, “Securities,” with respect to any such person, shall mean Securities authenticated and delivered under this
Indenture, exclusive, however, of Securities of any Series as to which such person is not Trustee. 
 “Series” or “Series of
Securities” means each series of debentures, notes or other debt instruments of the Company created pursuant to Sections 2.1 and 2.2 hereof. 

“Stated Maturity” when used with respect to any Security, means the date specified in such Security as the fixed date on which the
principal of such Security or interest is due and payable. 
 “Subsidiary” means, with respect to any person, a corporation,
partnership, trust, joint venture, limited liability company or other entity the majority of the shares of the voting capital stock or other equivalent ownership interests of which (except directors’ qualifying shares) are at the time directly
or indirectly owned by such person and/or any other Subsidiary or Subsidiaries of such person and which is required to be consolidated with the accounts of such Person. For the purposes of this definition, “voting capital stock” means
capital stock having voting power for the election of directors, trustees or managers, as the case may be, whether at all times or only so long as no senior class of capital stock has such voting power by reason of any contingency. 

“TIA” means the Trust Indenture Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb) as in effect on the date of this Indenture;
provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent required by any such amendment, the Trust Indenture Act as so amended. 

“Trustee” means the person named as the “Trustee” in the first paragraph of this instrument until a successor Trustee
shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each person who is then a Trustee hereunder, and if at any time there is more than one such person,
“Trustee” as used with respect to the Securities of any Series shall mean the Trustee with respect to Securities of that Series. 

“U.S. Government Obligations” means securities which are direct obligations of, or guaranteed by, The United States of America for
the payment of which its full faith and credit is pledged and which are not callable or redeemable at the option of the issuer thereof, and shall also include a depositary receipt issued by a bank or trust company as custodian with respect to any
such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a depositary receipt, if such custodian is not authorized (except as
required by law) to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the U.S. Government Obligation evidenced by such depositary receipt. 

  
 4 

 Section 1.2 Other Definitions. 

 

					
	 TERM
	  	DEFINED
IN
SECTION	 
	 “Bankruptcy Law”
	  	 	6.1	 
	 “Guarantee”
	  	 	12.1	(b) 
	 “Event of Default”
	  	 	6.1	 
	 “Judgment Currency”
	  	 	10.16	 
	 “Legal Holiday”
	  	 	10.7	 
	 “mandatory sinking fund payment”
	  	 	11.1	 
	 “New York Banking Day”
	  	 	10.16	 
	 “Notice Agent”
	  	 	2.4	 
	 “optional sinking fund payment”
	  	 	11.1	 
	 “Paying Agent”
	  	 	2.4	 
	 “Registrar”
	  	 	2.4	 
	 “Required Currency”
	  	 	10.16	 
	 “successor entity”
	  	 	5.1	 
	 “USA Patriot Act”
	  	 	10.17	 

 Section 1.3 Incorporation by Reference of Trust Indenture Act. 

Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The
following TIA terms used in this Indenture have the following meanings: 
 “Commission” means the SEC. 

“indenture securities” means the Securities. 

“obligor” on the indenture securities means the Company and any successor obligor upon the Securities. 

All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under
the TIA and not otherwise defined herein are used herein as so defined. 
 Section 1.4 Rules of Construction. 

Unless the context otherwise requires: 

(a) a term has the meaning assigned to it; 

(b) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

(c) “or” is not exclusive; 

(d) words in the singular include the plural, and in the plural include the singular; and 

(e) provisions apply to successive events and transactions. 

  
 5 

 ARTICLE II. 

THE SECURITIES 
 Section 2.1
Issuable in Series. 
 The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is
unlimited. The Securities may be issued in one or more Series. All Securities of a Series shall be identical except as may be set forth or determined in the manner provided in a Board Resolution, a supplemental indenture or an Officer’s
Certificate detailing the adoption of the terms thereof pursuant to authority granted under a Board Resolution. In the case of Securities of a Series to be issued from time to time, the Board Resolution, Officer’s Certificate or supplemental
indenture detailing the adoption of the terms thereof pursuant to authority granted under a Board Resolution may provide for the method by which specified terms (such as interest rate, maturity date, record date or date from which interest shall
accrue) are to be determined. Securities may differ between Series in respect of any matters; provided, that all Series of Securities shall be equally and ratably entitled to the benefits of the Indenture. 

Section 2.2 Establishment of Terms of Series of Securities. 

At or prior to the issuance of any Securities within a Series, the following shall be established (as to the Series generally, in the case of
Subsection 2.2.1 and either as to such Securities within the Series or as to the Series generally in the case of Subsections 2.2.2 through 2.2.30) by or pursuant to a Board Resolution, and set forth or determined in the manner provided in a Board
Resolution, supplemental indenture hereto or Officer’s Certificate: 
 2.2.1 the title (which shall distinguish the Securities of that
particular Series from the Securities of any other Series) and ranking (including the terms of any subordination provisions) of the Series; 

2.2.2 the price or prices (expressed as a percentage of the principal amount thereof) at which the Securities of the Series will be issued;

 2.2.3 any limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and delivered under this
Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the Series pursuant to Section 2.7, 2.8, 2.11, 3.6 or 9.6) and whether additional Securities
of that Series may be issued without the consent of Holders of outstanding Securities of that Series or any other Series; provided, that in the event that additional Securities of such Series may be so issued, the terms thereof shall indicate
whether any such additional Securities shall have the same terms as the prior Securities of such Series or whether the Issuer may establish additional or different terms with respect to such additional Securities; 

2.2.4 the date or dates on which the principal of the Securities of the Series is payable; 

2.2.5 the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or rates
(including, but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Securities of the Series shall bear interest, if any, the date or dates from which such interest, if any, shall accrue, the date or
dates on which such interest, if any, shall commence and be payable, any regular record date for the interest payable on any interest payment date and the basis upon which interest shall be calculated if other than that of a 360-day year of twelve 30-day months; 
 2.2.6 the place or places
where the principal of, and any premium, if any, and interest, if any, on the Securities of the Series shall be payable, where the Securities of such Series may be surrendered for registration of transfer or exchange and where notices and demands to
or upon the Company in respect of the Securities of such Series and this Indenture may be delivered, and the method of such payment, if by wire transfer, mail or other means; 

2.2.7 if applicable, the period or periods within which, the price or prices at which and the terms and conditions upon which the Securities of
the Series may be redeemed, in whole or in part, at the option of the Company; 
 2.2.8 the obligation, if any, of the Company to redeem or
purchase the Securities of the Series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions upon which Securities
of the Series shall be redeemed or purchased, in whole or in part, pursuant to such obligation; 

  
 6 

 2.2.9 the dates, if any, on which and the price or prices at which the Securities of the
Series will be repurchased by the Company at the option of the Holders thereof and other detailed terms and provisions of such repurchase obligations; 

2.2.10 if other than denominations of $1,000 and any integral multiple thereof, the denominations in which the Securities of the Series shall
be issuable; 
 2.2.11 the forms of the Securities of the Series and whether the Securities will be issuable as Global Securities; 

2.2.12 if other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable
upon declaration of acceleration of the maturity thereof pursuant to Section 6.2; 
 2.2.13 the currency of denomination of the
Securities of the Series, which may be Dollars or any Foreign Currency, and if such currency of denomination is a composite currency, the agency or organization, if any, responsible for overseeing such composite currency; 

2.2.14 the designation of the currency, currencies or currency units in which payment of the principal of, premium, if any, and interest, if
any, on the Securities of the Series will be made; 
 2.2.15 if payments of principal of, premium, if any, or interest, if any, on the
Securities of the Series are to be made in one or more currencies or currency units other than that or those in which such Securities are denominated, the manner in which the exchange rate with respect to such payments will be determined; 

2.2.16 the manner in which the amounts of payment of principal of, premium, if any, or interest, if any, on the Securities of the Series will
be determined, if such amounts may be determined by reference to an index based on a currency or currencies or by reference to a commodity, commodity index, stock exchange index or financial index; 

2.2.17 the provisions, if any, relating to any security provided for the Securities of the Series or the Guarantees; 

2.2.18 any addition to, deletion of or change in the Events of Default which applies to any Securities of the Series and any change in the
right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 6.2; 

2.2.19 any addition to, deletion of or change in the covenants and terms set forth in Article IV, V or IX which applies to Securities of the
Series; 
 2.2.20 any Depositaries, interest rate calculation agents, exchange rate calculation agents or other agents with respect to
Securities of such Series if other than those appointed herein; 
 2.2.21 the provisions, if any, relating to conversion or exchange of any
Securities of such Series, including if applicable, the conversion or exchange price, the conversion or exchange period, provisions as to whether conversion or exchange will be mandatory, at the option of the Holders thereof or at the option of the
Company, the events requiring an adjustment of the conversion price or exchange price and provisions affecting conversion or exchange if such Series of Securities are redeemed; 

2.2.22 any other terms of the Series (which may supplement, modify or delete any provision of this Indenture insofar as it applies to such
Series), including any terms that may be required under applicable law or regulations or advisable in connection with the marketing of Securities of that Series; 

2.2.23 whether the Securities of such Series are entitled to the benefits of the Guarantee of any Guarantor pursuant to this Indenture, whether
any such Guarantee shall be made on a senior or subordinated basis and, if applicable, a description of the subordination terms of any such Guarantee; 

2.2.24 if a person other than U.S. Bank National Association is to act as Trustee for the Securities of that Series, the name and location of
the designated corporate trust office of such Trustee; 

  
 7 

 2.2.25 the securities exchanges, if any, on which the Securities of the Series may be
listed; 
 2.2.26 if the Securities of that Series do not bear interest, the applicable dates for purposes of Section 2.6; 

2.2.27 if Securities of the Series are to be issuable initially in the form of a temporary Global Security, the circumstances under which the
temporary Global Security can be exchanged for definitive Securities; 
 2.2.28 whether Securities of that Series are to be issuable in
bearer form and any additions or changes to any of the provisions of this Indenture as shall be necessary to permit or facilitate the issuance of Securities in bearer form, registrable or not registrable as to principal, and with or without interest
coupons; 
 2.2.29 the applicability, if any, of Sections 8.3 and/or 8.4 to the Securities of the Series and any provisions in modification
of, in addition to or in lieu of any of the provisions of Article VIII; and 
 2.2.30 any change in the right of the Trustee or the right of
the requisite Holders of Securities to declare the principal amount thereof due and payable. 
 All Securities of any particular Series
shall be substantially identical except as to denomination and the date from which interest, if any, shall accrue, and except as may otherwise be provided in or pursuant to such Board Resolutions and set forth in such Officer’s Certificate
relating thereto or provided in or pursuant to any supplemental indenture hereto. All Securities of any one Series need not be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture, if so provided
by or pursuant to the Board Resolution, supplemental indenture hereto or Officer’s Certificate referred to above. 
 Section 2.3 Execution and
Authentication. 
 Any Officer shall sign the Securities for the Company by manual, facsimile or other electronic (including .pdf)
signature (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com). 

If an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall
nevertheless be valid. 
 A Security shall not be valid until authenticated by the manual signature of an authorized signatory of the
Trustee or an authenticating agent. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture. 

The Trustee shall at any time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board
Resolution, supplemental indenture hereto or Officer’s Certificate, upon receipt by the Trustee of a Company Order. Each Security shall be dated the date of its authentication. 

The aggregate principal amount of Securities of any Series outstanding at any time may not exceed any limit upon the maximum principal amount
for such Series set forth in the Board Resolution, supplemental indenture hereto or Officer’s Certificate delivered pursuant to Section 2.2, except as provided in Section 2.8. 

Prior to the issuance of Securities of any Series, the Trustee shall have received and (subject to Section 7.2) shall be fully protected
in relying on: (a) the Board Resolution, supplemental indenture hereto or Officer’s Certificate establishing the form of the Securities of that Series or of Securities within that Series and the terms of the Securities of that Series or of
Securities within that Series, (b) an Officer’s Certificate complying with Section 10.4, and (c) an Opinion of Counsel complying with Section 10.4. 

The Trustee shall have the right to decline to authenticate and deliver any Securities of such Series: (a) if the Trustee, being advised
by counsel, determines that such action may not be taken lawfully; or (b) if the Trustee in good faith shall determine that such action would expose the Trustee to personal liability to Holders of any then outstanding Series of Securities. 

  
 8 

 The Trustee may appoint an authenticating agent acceptable to the Company to authenticate
Securities. An authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as
an Agent to deal with the Company or an Affiliate of the Company. 
 Section 2.4 Registrar and Paying Agent. 

The Company shall maintain, with respect to each Series of Securities, at the place or places specified with respect to such Series pursuant to
Section 2.2, an office or agency where Securities of such Series may be presented or surrendered for payment (“Paying Agent”), where Securities of such Series may be surrendered for registration of transfer or exchange
(“Registrar”) and where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be delivered (“Notice Agent”). The Registrar shall keep a register with respect to each Series
of Securities and to their transfer and exchange. The Company will give prompt written notice to the Trustee of the name and address, and any change in the name or address, of each Registrar, Paying Agent or Notice Agent. If at any time the Company
shall fail to maintain any such required Registrar, Paying Agent or Notice Agent or shall fail to furnish the Trustee with the name and address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust
Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands; provided, that the Corporate Trust Office of the Trustee shall not be a place of service of legal
process on the Company. 
 The Company may also from time to time designate one or more
co-registrars, additional paying agents or additional notice agents and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve
the Company of its obligations to maintain a Registrar, Paying Agent and Notice Agent in each place so specified pursuant to Section 2.2 for Securities of any Series for such purposes. The Company will give prompt written notice to the Trustee
of any such designation or rescission and of any change in the name or address of any such co-registrar, additional paying agent or additional notice agent. The term “Registrar” includes any co-registrar; the term “Paying Agent” includes any additional paying agent; and the term “Notice Agent” includes any additional notice agent. The Company or any of its Affiliates may serve as
Registrar or Paying Agent. 
 The Company hereby appoints the Trustee the initial Registrar, Paying Agent and Notice Agent for each Series
unless another Registrar, Paying Agent or Notice Agent, as the case may be, is appointed prior to the time Securities of that Series are first issued. 

Section 2.5 Paying Agent to Hold Money in Trust. 

The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust, for the
benefit of Securityholders of any Series of Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on the Series of Securities, and will notify the Trustee in writing of any default by the Company
in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon
payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary of the Company) shall have no further liability for the money. If the Company or a Subsidiary of the Company acts as Paying Agent, it shall segregate and hold
in a separate trust fund for the benefit of Securityholders of any Series of Securities all money held by it as Paying Agent. Upon any bankruptcy, reorganization or similar proceeding with respect to the Company, the Trustee shall serve as Paying
Agent for the Securities. 
 Section 2.6 Securityholder Lists. 

The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of
Securityholders of each Series of Securities and shall otherwise comply with TIA Section 312(a). If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least ten days before each interest payment date and at such other
times as the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses of Securityholders of each Series of Securities. 

  
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 Section 2.7 Transfer and Exchange. 

Where Securities of a Series are presented to the Registrar or a co-registrar with a request to
register a transfer or to exchange them for an equal principal amount of Securities of the same Series, the Registrar shall register the transfer or make the exchange if its requirements for such transactions are met. To permit registrations of
transfers and exchanges, the Trustee shall authenticate Securities at the Registrar’s request. No service charge shall be made for any registration of transfer or exchange (except as otherwise expressly permitted herein), 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 any such transfer tax or similar governmental charge payable upon exchanges pursuant to Section 2.11, 3.6
or 9.6). 
 Neither the Company nor the Registrar shall be required (a) to issue, register the transfer of, or exchange Securities of
any Series for the period beginning at the opening of business 15 days immediately preceding the sending of a notice of redemption of Securities of that Series selected for redemption and ending at the close of business on the day such notice is
sent, or (b) to register the transfer of or exchange Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities selected, called or being called for redemption in
part. 
 Section 2.8 Mutilated, Destroyed, Lost and Stolen Securities. 

If any mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange
therefor a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 

If there shall be delivered to the Company and the Trustee (a) evidence to their satisfaction of the destruction, loss or theft of any
Security and (b) such security or indemnity bond as may be required by each of them to hold itself and any of its agents harmless, then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a bona fide
purchaser, the Company shall execute and upon receipt of a Company Order the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen Security, a new Security of the same Series and of like tenor and
principal amount and bearing a number not contemporaneously outstanding. 
 In case any such mutilated, destroyed, lost or stolen Security
has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security following delivery of the documents and security or indemnity required in the preceding paragraph. 

Upon the issuance of any new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 

Every new Security of any Series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an
original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with
any and all other Securities of that Series duly issued hereunder. 
 The provisions of this Section are exclusive and shall preclude (to
the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 

Section 2.9 Outstanding Securities. 

The Securities outstanding at any time are all the Securities authenticated by the Trustee except for those canceled by it, those delivered to
it for cancellation, those reductions in the interest on a Global Security effected by the Trustee in accordance with the provisions hereof and those described in this Section as not outstanding, including those paid in accordance with the third
paragraph of Section 2.8. 
 If a Security is replaced pursuant to Section 2.8, it ceases to be outstanding. 

  
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 If the Paying Agent (other than the Company, a Subsidiary of the Company or an Affiliate of
the Company) holds on the Maturity of Securities of a Series money sufficient to pay such Securities payable on that date as provided in this Indenture, then on and after that date such Securities of the Series cease to be outstanding and interest
on them ceases to accrue. 
 The Company may purchase or otherwise acquire the Securities, whether by open market purchases, negotiated
transactions or otherwise. A Security does not cease to be outstanding because the Company or an Affiliate of the Company holds the Security (but see Section 2.10 below). 

In determining whether the Holders of the requisite principal amount of outstanding Securities have given any request, demand, authorization,
direction, notice, consent or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such
determination upon a declaration of acceleration of the Maturity thereof pursuant to Section 6.2. 
 Section 2.10 Treasury Securities. 

In determining whether the Holders of the requisite principal amount of outstanding Securities of a Series have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, Securities of a Series owned by the Company, any Guarantor, or any other obligor upon the Securities of such Series or any Affiliate of the Company or any Guarantor or any of the other
obligors shall be disregarded, except that for the purposes of determining whether the Trustee shall be protected in relying on any such request, demand, authorization, direction, notice, consent or waiver, only Securities of a Series that a
Responsible Officer of the Trustee knows are so owned shall be so disregarded. 
 Section 2.11 Temporary Securities. 

Until definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Securities upon a
Company Order. Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company shall prepare and the
Trustee upon receipt of a Company Order shall authenticate definitive Securities of the same Series and date of maturity in exchange for temporary Securities. Until so exchanged, temporary securities shall have the same rights under this Indenture
as the definitive Securities. 
 Any temporary Global Security and any permanent Global Security shall, unless otherwise provided therein,
be delivered to the Depositary designated pursuant to Section 2.2. 
 Section 2.12 Cancellation. 

The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee
any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all Securities surrendered for transfer, exchange, payment, replacement or cancellation and shall dispose of such canceled Securities in
accordance with its then customary procedures (subject to the record retention requirement of the Exchange Act and the Trustee) and deliver a certificate of such cancellation to the Company upon written request of the Company. The Company may not
issue new Securities to replace Securities that it has paid or delivered to the Trustee for cancellation. 
 Section 2.13 Defaulted Interest.

 If the Company defaults in a payment of interest on a Series of Securities, it shall pay the defaulted interest, plus, to the extent
permitted by law, any interest payable on the defaulted interest, to the persons who are Securityholders of the Series on a subsequent special record date. The Company shall fix the record date and payment date. At least ten days before the special
record date, the Company shall send to the Trustee and to each Securityholder of the Series a notice that states the special record date, the payment date and the amount of interest to be paid. The Company may pay defaulted interest in any other
lawful manner. 

  
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 Section 2.14 Global Securities. 

2.14.1 Terms of Securities. A Board Resolution, a supplemental indenture hereto or an Officer’s Certificate shall establish whether
the Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities and the Depositary for such Global Security or Securities. 

2.14.2 Transfer and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.7 of the Indenture and in
addition thereto, any Global Security shall be exchangeable pursuant to Section 2.7 of the Indenture for Securities registered in the names of Holders other than the Depositary for such Security or its nominee only if (a) such Depositary
notifies the Company that it is unwilling or unable to continue as Depositary for such Global Security or if at any time such Depositary ceases to be a clearing agency registered under the Exchange Act, and, in either case, the Company fails to
appoint a successor Depositary registered as a clearing agency under the Exchange Act within 90 days of the notification to the Company or of the Company becoming aware of the Depositary ceasing to be so registered, (b) the Company executes and
delivers to the Trustee an Officer’s Certificate to the effect that such Global Security shall be so exchangeable or (c) there shall have occurred and be continuing an Event of Default with respect to the Securities of a Series represented
by such Global Security. Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Securities registered in such names as the Depositary shall direct in writing in an aggregate principal amount equal to
the principal amount of the Global Security with like tenor and terms. 
 Except as provided in this Section 2.14.2, a Global Security
may not be transferred except as a whole by the Depositary with respect to such Global Security to a nominee of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by the Depositary or any
such nominee to a successor Depositary or a nominee of such a successor Depositary. 
 2.14.3 Legend. Any Global Security issued
hereunder shall bear a legend in substantially the following form: 
 “THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE
INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY.” 
 In addition, so long as The
Depository Trust Company (“DTC”) is the Depositary, each Global Note registered in the name of DTC or its nominee shall bear a legend in substantially the following form: 

“UNLESS THIS GLOBAL NOTE 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 GLOBAL NOTE 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 AN INTEREST HEREIN.” 
 2.14.4 Acts of Holders. The Depositary,
as a Holder, may appoint agents and otherwise authorize participants to give or take any request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the Indenture. 

2.14.5 Payments. Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.2,
payment of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof. 

  
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 2.14.6 Consents, Declaration and Directions. The Company, the Trustee and any Agent
shall be entitled to conclusively treat a person as the absolute owner of such principal amount of outstanding Securities of such Series represented by a Global Security as shall be specified in a written statement of the Depositary or by the
applicable procedures of the Depositary with respect to such Global Security, for purposes of obtaining any consents, declarations, waivers or directions required to be given by the Holders pursuant to this Indenture. 

Section 2.15 CUSIP Numbers. 
 The
Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided, that any such notice may
state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other elements of identification printed on the
Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company shall promptly notify the Trustee in writing of any change in CUSIP numbers. 

ARTICLE III. 
 REDEMPTION

 Section 3.1 Notice to Trustee. 

The Company may, with respect to any Series of Securities, reserve the right to redeem and pay the Series of Securities or may covenant to
redeem and pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities. If a Series of Securities is redeemable and the Company wants or is obligated to
redeem prior to the Stated Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee in writing of the redemption date and the principal amount of the Series of Securities to be
redeemed. The Company shall give the notice at least 15 days before the redemption date (or such shorter period as may be acceptable to the Trustee). 

Section 3.2 Selection of Securities to be Redeemed. 

Unless otherwise indicated for a particular Series by a Board Resolution, supplemental indenture hereto or Officer’s Certificate, if less
than all the Securities of a Series are to be redeemed, the Trustee shall select the Securities of the Series to be redeemed by lot, unless otherwise required by law or applicable stock exchange requirements (as certified by the Company to the
Trustee), subject, in the case of Global Securities, to the applicable rules and procedures of the Depositary. The Trustee shall make the selection from Securities of the Series outstanding not previously called for redemption. The Trustee may
select for redemption portions of the principal of Securities of the Series that have denominations larger than $1,000. Securities of the Series and portions of them it selects shall be in amounts of $1,000 or whole multiples of $1,000 thereof or,
with respect to Securities of any Series issuable in other denominations pursuant to Section 2.2.10, the minimum principal denomination for each Series and the authorized integral multiples thereof. Provisions of this Indenture that apply to
Securities of a Series called for redemption also apply to portions of Securities of that Series called for redemption. 
 Section 3.3 Notice of
Redemption. 
 Unless otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an
Officer’s Certificate, at least 15 calendar days but not more than 60 calendar days before a redemption date, the Company shall send or cause to be sent by first class mail or electronically, in accordance with the procedures of the Depositary,
a notice of redemption to each Holder whose Securities are to be redeemed, with a copy to the Trustee. 
 The notice shall identify the
Securities of the Series to be redeemed and shall state: 
 (a) the aggregate principal amount of the Securities of the Series to be
redeemed; 
 (b) the redemption date; 

(c) the redemption price; 

  
 13 

 (d) the place or places of payment and that payment will be made upon presentation and
surrender of such Securities of the Series to be redeemed; 
 (e) the name and address of the Paying Agent; 

(f) if any Securities are being redeemed in part, the portion of the principal amount of such Securities to be redeemed and that, after the
redemption date and upon surrender of such Security, a new Security or Securities in principal amount equal to the unredeemed portion of the original Security shall be issued in the name of the Holder thereof upon cancellation of the original
Security; 
 (g) that Securities of the Series called for redemption must be surrendered to the Paying Agent to collect the redemption price;

 (h) that interest on Securities of the Series called for redemption ceases to accrue on and after the redemption date; 

(i) the CUSIP number, if any; and 

(j) any other information as may be required by the terms of the particular Series or the Securities of a Series being redeemed. 

At the Company’s written request, the Trustee shall give the notice of redemption in the Company’s name and at its expense;
provided, however, that the Company has delivered to the Trustee, at least five days (unless a shorter time shall be acceptable to the Trustee) prior to the notice date, an Officer’s Certificate requesting that the Trustee give such notice and
setting forth the information to be stated in such notice in the form of such notice. 
 Section 3.4 Effect of Notice of Redemption. 

Once notice of redemption is sent as provided in Section 3.3, Securities of a Series called for redemption become due and payable on the
redemption date and at the redemption price. Except as otherwise provided in the supplemental indenture, Board Resolution or Officer’s Certificate for a Series, a notice of redemption may not be conditional. Upon surrender to the Paying Agent,
such Securities shall be paid at the redemption price plus accrued interest, if any, to the redemption date. 
 Section 3.5 Deposit of Redemption
Price. 
 On or before 11:00 a.m., New York City time, on the redemption date, the Company shall deposit with the Paying Agent money
sufficient to pay the redemption price of and accrued interest, if any, on all Securities to be redeemed on that date. 
 Section 3.6 Securities
Redeemed in Part. 
 Upon surrender of a Security that is redeemed in part, the Trustee shall authenticate for the Holder a new Security
of the same Series and the same Maturity equal in principal amount to the unredeemed portion of the Security surrendered. 
 ARTICLE IV.

 COVENANTS 
 Section 4.1
Payment of Principal and Interest. 
 The Company covenants and agrees for the benefit of the Holders of each Series of Securities that
it shall duly and punctually pay or cause to be paid when due the principal of and interest, if any, on the Securities of that Series in accordance with the terms of such Securities and this Indenture. On or before 11:00 a.m., New York City time, on
the applicable payment date, the Company shall deposit with the Paying Agent money sufficient to pay the principal of and interest, if any, on the Securities of each Series in accordance with the terms of such Securities and this Indenture. 

  
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 Section 4.2 SEC Reports. 

Essential Properties Realty Trust, Inc. shall, so long as any Securities are outstanding, deliver to the Trustee within 15 days after it files
them with the SEC copies of the annual reports and of the information, documents, and other reports (or copies of such portions of any of the foregoing as the SEC may by rules and regulations prescribe) which Essential Properties Realty Trust, Inc.
is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act. Essential Properties Realty Trust, Inc. shall also comply with the other provisions of TIA Section 314(a). Reports, information and documents filed with
the SEC via the EDGAR system will be deemed to be delivered to the Trustee as of the time of such filing via EDGAR for purposes of this Section 4.2; provided, however, that the Trustee shall have no obligation whatsoever to determine whether or
not such information, documents or reports have been filed via EDGAR. 
 Delivery of reports, information and documents to the Trustee under
this Section 4.2 are for informational purposes only and the Trustee’s receipt of the foregoing shall not constitute constructive or actual notice of any information contained therein or determinable from information contained therein,
including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). 

Section 4.3 Compliance Certificate. 

The Company and each Guarantor (to the extent that such Guarantor is so required under the TIA) shall, so long as any Securities are
outstanding, deliver to the Trustee, within 120 days after the end of each fiscal year of the Company, an Officer’s Certificate stating that a review of the activities of the Guarantor, Company and its Subsidiaries during the preceding fiscal
year has been made under the supervision of the signing Officer with a view to determining whether the Company and any Guarantor has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to such
Officer signing such certificate, that to the best of such Officer’s knowledge the Company and any Guarantor has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the
performance or observance of any of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which such Officer may have knowledge and the nature and
status thereof). 
 The Company will, so long as any of the Securities are outstanding, deliver to the Trustee, promptly upon becoming aware
of any Default or Event of Default, an Officer’s Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect thereto. 

Section 4.4 Stay, Extension and Usury Laws. 

The Company and the Guarantors covenant (to the extent that they may lawfully do so) that they will not at any time insist upon, plead, or in
any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture or the Securities and the
Company and the Guarantors (to the extent they may lawfully do so) hereby expressly waive all benefit or advantage of any such law and covenants that they will not, by resort to any such law, hinder, delay or impede the execution of any power herein
granted to the Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted. 
 ARTICLE V.

 SUCCESSORS 
 Section 5.1
When Company May Merge, Etc. 
 The Company may consolidate with, or sell, lease or convey all or substantially all of its assets to, or
merge with or into, any other entity (a “successor entity”); provided, that the following conditions are met: 
 (a) the Company
shall be the continuing entity, or the successor entity (if other than Company) formed by or resulting from any consolidation or merger or which shall have received the transfer of assets shall be an entity organized and existing under U.S. laws and
expressly assume payment of principal of, and premium, if any, and interest, on, all of the Securities and the due and punctual performance and observance of all of the covenants and conditions in this Indenture; 

  
 15 

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

(c) an Officer’s Certificate covering these conditions shall be delivered to the Trustee. 

In the case of any such consolidation, sale, conveyance or merger, but not a lease, in a transaction in which there is a successor entity, the
successor entity will succeed to, and be substituted for, the Company under this Indenture and, subject to the terms of this Indenture, the Company will be released from its obligations under this Indenture. 

Notwithstanding the above, any Subsidiary of the Company may consolidate with, merge into or transfer all or part of its assets to the
Company. An Officer’s Certificate shall not be required to be delivered in connection therewith. 
 Section 5.2 Successor Entity Substituted.

 Upon any consolidation, sale, lease or conveyance of all or substantially all of the assets of the Company, or merger with or into any
successor entity, in accordance with Section 5.1, the successor entity formed by such consolidation or into or with which the Company is merged or to which such sale, lease or conveyance is made shall succeed to, and be substituted for, and may
exercise every right and power of, the Company under this Indenture with the same effect as if such successor entity had been named as the Company herein; provided, however, that the predecessor Company in the case of a sale or conveyance (other
than a lease) shall be released from all obligations and covenants under this Indenture and the Securities. 
 Section 5.3 Essential Properties
Realty Trust, Inc. May Consolidate on Certain Terms 
 Essential Properties Realty Trust, Inc. may consolidate with, or sell, lease or
convey all or substantially all of its assets to, or merge with or into, any successor entity; provided, that the following conditions are met: 

(a) Essential Properties Realty Trust, Inc. shall be the continuing entity, or the successor entity (if other than Guarantor) formed by or
resulting from any consolidation or merger or which shall have received the transfer of assets shall be an entity organized and existing under U.S. laws and expressly assume the obligations of Essential Properties Realty Trust, Inc. under the
Guarantee and the due and punctual performance and observance of all of the covenants and conditions in this Indenture; 
 (b) immediately
after giving effect to the transaction, no Event of Default under this Indenture, and no event which, after notice or the lapse of time, or both, would become an Event of Default, shall have occurred and be continuing; and 

(c) an Officer’s Certificate covering these conditions shall be delivered to the Trustee. 

In the case of any such consolidation, sale, conveyance or merger, but not a lease, in a transaction in which there is a successor entity, the
successor entity will succeed to, and be substituted for, Essential Properties Realty Trust, Inc. under this Indenture and, subject to the terms of this Indenture, Essential Properties Realty Trust, Inc. will be released from its obligations under
this Indenture. 
 Notwithstanding the above, any Subsidiary of Essential Properties Realty Trust, Inc. may consolidate with, merge into or
transfer all or part of its properties to Essential Properties Realty Trust, Inc. Neither an Officer’s Certificate nor an Opinion of Counsel shall be required to be delivered in connection therewith. 

  
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 Section 5.4 Essential Properties Realty Trust, Inc. Successor to Be Substituted 

Upon any consolidation, sale, lease or conveyance of all or substantially all of the assets of Essential Properties Realty Trust, Inc., or
merger with or into any successor entity, in accordance with Section 5.3, the successor entity formed by such consolidation or into which Essential Properties Realty Trust, Inc. is merged or to which such sale, lease or conveyance is made shall
succeed to, and be substituted for, and may exercise every right and power of, Essential Properties Realty Trust, Inc. under this Indenture with the same effect as if such successor entity had been named as Essential Properties Realty Trust, Inc.
herein, and thereafter, the predecessor person shall be released from all obligations and covenants under this Indenture; provided, however, that the predecessor Guarantor shall not be relieved from the obligation, if any, to guarantee the
payment of the principal of and interest on the Securities except in the case of a sale of all or substantially all of Essential Properties Realty Trust, Inc.’s assets in a transaction that is subject to, and that complies with the provisions
of, Section 5.3 hereof. 
 ARTICLE VI. 

DEFAULTS AND REMEDIES 
 Section 6.1
Events of Default. 
 “Event of Default,” wherever used herein with respect Securities of any Series, means any one of the
following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body), unless in the establishing Board Resolution, supplemental indenture or Officer’s Certificate, it is provided that such Series shall not have the benefit of said Event of Default: 

(a) default for 30 days in the payment of any installment of interest under any Series of Securities; 

(b) default in the payment of the principal amount or any other portion of the redemption price due with respect to any Series of Securities,
when the same becomes due and payable; 
 (c) any Guarantee is not (or is claimed by any Guarantor in writing to the Trustee not to be) in
full force and effect (other than in accordance with the terms of the Indenture) with respect to any Series of Securities; 
 (d) failure by
the Company or any Guarantor to comply with any of the Company’s or any Guarantor’s respective other agreements in any Series of Securities or this Indenture upon receipt by the Company of notice of such default by the Trustee or by
Holders of not less than 25% in aggregate principal amount of the such Series of Securities then outstanding and the Company’s failure to cure (or obtain a waiver of) such default within 60 days after it receives such notice; 

(e) [Reserved]; or 
 (f) the
Company or any Guarantor pursuant to or under or within the meaning of any Bankruptcy Law: 
 (i) commences a voluntary case
or proceeding seeking liquidation, reorganization or other relief with respect to the Company or such Guarantor or its debts or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of the Company or such
Guarantor or any substantial part of the property of the Company or such Guarantor; or 
 (ii) consents to any such relief or
to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against the Company or such Guarantor; or 

(iii) consents to the appointment of a custodian of it or for all or substantially of its property; or 

(iv) makes a general assignment for the benefit of creditors; or 

(g) an involuntary case or other proceeding shall be commenced against the Company or any Guarantor seeking liquidation, reorganization or
other relief with respect to the Company or any Guarantor or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar
official of the Company or any Guarantor or any substantial part of the property of the Company or any Guarantor, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of thirty (30) calendar days;

  
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 (h) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law
that 
 (i) is for relief against the Company or any Guarantor in an involuntary case or proceeding; 

(ii) appoints a trustee, receiver, liquidator, custodian or other similar official of the Company or any Guarantor or any
substantial part of the property of the Company or any Guarantor; or 
 (iii) orders the liquidation of the Company or any
Guarantor; 
 in each case in this Clause (h), the order or decree remains unstayed and in effect for thirty (30) calendar days; or 

(i) any other Event of Default provided with respect to Securities of that Series, which is specified in a Board Resolution, a supplemental
indenture hereto or an Officer’s Certificate, in accordance with Section 2.2.18 
 The term “Bankruptcy Law” means title
11, U.S. Code or any similar federal or state law for the relief of debtors. 
 Section 6.2 Acceleration of Maturity; Rescission and Annulment.

 If an Event of Default with respect to Securities of any Series at the time outstanding occurs and is continuing (other than an Event
of Default referred to in Section 6.1(f), (g) or (h)), then, in every case, the Trustee or the Holders of not less than 25% in principal amount of the outstanding Securities of that Series may declare the principal amount (or, if any Securities
of that Series are Discount Securities, such portion of the principal amount as may be specified in the terms of such Securities) of and accrued and unpaid interest, if any, on all of the Securities of that Series to be due and payable immediately,
by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) and accrued and unpaid interest, if any, shall become immediately due and payable. If an Event
of Default specified in Section 6.1(f), (g) or (h) shall occur, the principal amount (or specified amount) of and accrued and unpaid interest, if any, on all outstanding Securities shall ipso facto become and be immediately due and payable
without any declaration or other act on the part of the Trustee or any Holder. 
 At any time after such a declaration of acceleration with
respect to any Series has been made, but before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the outstanding Securities
of that Series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences, including any related payment default that resulted from such acceleration, if (a) the Company or any Guarantor has
deposited with the Trustee all required payments of the principal of, and premium, if any, and interest on, the Securities of such Series, plus the reasonable compensation and reimbursement for the Trustee’s expenses, disbursements and advances
pursuant to Section 7.7 of this Indenture; and (b) all Events of Default, other than the non-payment of accelerated principal of (or specified portion thereof), or premium, if any, and interest on,
the Securities of such Series that have become due solely because of such acceleration, have been cured or waived as provided in Section 6.13. 

No such rescission shall affect any subsequent Default or impair any right consequent thereon. 

Section 6.3 Collection of Indebtedness and Suits for Enforcement by Trustee. 

The Company covenants that if: 

(a) default is made in the payment of any interest on any Security when such interest becomes due and payable and such default continues for a
period of 30 days, or 
 (b) default is made in the payment of principal of any Security at the Maturity thereof, or 

  
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 (c) default is made in the deposit of any sinking fund payment when and as due by the terms
of a Security, then, the Company and the Guarantors shall, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal and interest and, to the
extent that payment of such interest shall be legally enforceable, interest on any overdue principal and any overdue interest at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be
sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 

If the Company or the Guarantors fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an
express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company, any Guarantor or any other obligor upon such
Securities and collect the moneys adjudged or deemed to be payable in the manner provided by law out of the property of the Company, any Guarantor or any other obligor upon such Securities, wherever situated. 

If an Event of Default with respect to any Securities of any Series occurs and is continuing, the Trustee may proceed to protect and enforce
its rights and the rights of the Holders of Securities of such Series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or
agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 
 Section 6.4 Trustee May
File Proofs of Claim. 
 In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement,
adjustment, composition or other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of
the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal or interest) shall be entitled
and empowered, by intervention in such proceeding or otherwise, 
 (a) to file and prove a claim for the whole amount of principal or, if the
Securities of such Series are Discount Securities, such amounts as may be due and payable with respect to such Securities pursuant to an acceleration in accordance with Section 6.2, and interest owing and unpaid in respect of the Securities and
to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and
of the Holders allowed in such judicial proceeding, and 
 (b) to collect and receive any moneys or other property payable or deliverable on
any such claims and to distribute the same, 
 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any
such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that such payments shall be made directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7. 

Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any
plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

Section 6.5 Trustee May Enforce Claims Without Possession of Securities. 

All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of
any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after
provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered.

  
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 Section 6.6 Application of Money Collected. 

Any money or property collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by
the Trustee and, in case of the distribution of such money or property on account of principal or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:

 First: To the payment of all amounts due the Trustee under Section 7.7; and 

Second: To the payment of the amounts then due and unpaid for principal of and interest on the Securities in respect of which or for the
benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal and interest, respectively; and 

Third: To the Company or the Guarantors, as applicable. 

Section 6.7 Limitation on Suits. 
 No
Holder of any Security of any Series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless 

(a) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that
Series; 
 (b) the Holders of not less than 25% in principal amount of the outstanding Securities of that Series shall have made written
request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 
 (c) such Holder
or Holders have offered to the Trustee indemnity or security reasonably satisfactory to the Trustee against the costs, claims, expenses and liabilities which might be incurred by the Trustee in compliance with such request; 

(d) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and

 (e) no direction inconsistent with such written request has been given to the Trustee during such
60-day period by the Holders of a majority in principal amount of the outstanding Securities of that Series; 
 it
being understood, intended and expressly covenanted by the Holder of every Security with every other Holder and the Trustee that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any
provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the
manner herein provided and for the equal and ratable benefit of all such Holders of the applicable Series (it being expressly understood that the Trustee shall not have an affirmative duty to ascertain whether such action is prejudicial). 

Section 6.8 Unconditional Right of Holders to Receive Principal and Interest. 

Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to
receive payment of the principal of, premium, if any, and interest, if any, on such Security on the Maturity of such Security, including the Stated Maturity expressed in such Security (or, in the case of redemption, on the redemption date) and to
institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder. 

  
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 Section 6.9 Restoration of Rights and Remedies. 

If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been
discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Guarantors, the Trustee and the Holders shall
be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted. 

Section 6.10 Rights and Remedies Cumulative. 

Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.8,
no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every
other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not, to the extent permitted by law, prevent the concurrent
assertion or employment of any other appropriate right or remedy. 
 Section 6.11 Delay or Omission Not Waiver. 

No delay or omission of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall
impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often
as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 
 Section 6.12 Control by Holders. 

The Holders of a majority in principal amount of the outstanding Securities of any Series (or of all the Securities then outstanding under this
Indenture, as the case may be) shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or of exercising any trust or power conferred upon the Trustee, with respect to the
Securities of such Series, provided that 
 (a) such direction shall not be in conflict with any rule of law or with this Indenture, 

(b) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction, 

(c) the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer of
the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability, the direction is in conflict with any law or this Indenture, or the direction would be unduly prejudicial to the Holders of such Series not
joining therein provided, however, that the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction (it being expressly understood that the Trustee shall not have an affirmative duty to ascertain
whether such action is prejudicial), and 
 (d) prior to taking any action as directed under this Section 6.12, the Trustee shall
receive indemnity or security reasonably satisfactory to it against the costs, claims, expenses and liabilities which might be incurred by it in compliance with such request or direction. 

Section 6.13 Waiver of Past Defaults. 

The Holders of not less than a majority in principal amount of the outstanding Securities of any Series may on behalf of the Holders of all the
Securities of such Series, by written notice to the Trustee and the Company, waive any past Default hereunder with respect to such Series and its consequences, except a Default in the payment of the principal of, and premium, if any, or interest on
any Security of such Series (provided, however, that the Holders of a majority in principal amount of the outstanding Securities of any Series may rescind an acceleration and its consequences, including any related payment default that resulted from
such acceleration). Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or
other Default or impair any right consequent thereon. 

  
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 Section 6.14 Undertaking for Costs. 

All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court
may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit
of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits and
good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Company, to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of
Holders, holding in the aggregate more than 10% in principal amount of the outstanding Securities of any Series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or interest on any Security on or after
the Maturity of such Security, including the Stated Maturity expressed in such Security (or, in the case of redemption, on the redemption date). 

ARTICLE VII. 
 TRUSTEE

 Section 7.1 Duties of Trustee. 

(a) If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture and
use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(b) Except during the continuance of an Event of Default: 

(i) The Trustee need perform only those duties that are specifically set forth in this Indenture and no others. 

(ii) In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon Officer’s Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements of this Indenture; however, in the case of any such Officer’s Certificates or Opinions of Counsel
which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officer’s Certificates and Opinions of Counsel to determine whether or not they conform to the form requirements of this
Indenture. 
 (c) The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own
willful misconduct, except that: 
 (i) This paragraph does not limit the effect of paragraph (b) of this Section. 

(ii) The Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the
Trustee was negligent in ascertaining the pertinent facts. 
 (iii) The Trustee shall not be liable with respect to any action taken,
suffered or omitted to be taken by it with respect to Securities of any Series in good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Securities of such Series relating to the time, method
and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such Series in accordance with Section 6.12.

  
 22 

 (d) Every provision of this Indenture that in any way relates to the Trustee is subject to
paragraph (a), (b) and (c) of this Section. 
 (e) The Trustee may refuse to perform any duty or exercise any right or power unless it
receives indemnity reasonably satisfactory to it against the costs, claims, expenses and liabilities which might be incurred by it in performing such duty or exercising such right or power. 

(f) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company. Money
held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 
 (g) No provision of this
Indenture shall require the Trustee to risk its own funds or otherwise incur any financial liability in the performance of any of its duties, or in the exercise of any of its rights or powers, if adequate indemnity against such risk is not assured
to the Trustee to its satisfaction. 
 (h) The Paying Agent, the Registrar and any authenticating agent shall be entitled to the protections
and immunities as are set forth in paragraphs (e), (f) and (g) of this Section, each with respect to the Trustee. 
 Section 7.2 Rights of
Trustee. 
 (a) The Trustee shall be entitled to conclusively rely on and shall be protected in acting or refraining from acting upon any
document (whether in its original or facsimile form) reasonably believed by it to be genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document. 

(b) Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate and an Opinion of Counsel. The Trustee shall
not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate and Opinion of Counsel. 

(c) The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care. No
Depositary shall be deemed an agent of the Trustee and the Trustee shall not be responsible for any act or omission by any Depositary. 
 (d)
The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers; provided, that the Trustee’s conduct does not constitute willful misconduct or negligence.

 (e) The Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and
complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder without willful misconduct or negligence, and in reliance thereon. 

(f) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders of Securities unless such Holders shall have offered, and, if requested, provided to the Trustee security or indemnity reasonably satisfactory to it against the costs, claims, expenses and liabilities which might be incurred by
it in compliance with such request or direction. 
 (g) The Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee may make such further
inquiry or investigation into such facts or matters as it may see fit. 
 (h) The Trustee shall not be deemed to have notice of any Default
or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such
notice references the Securities generally or the Securities of a particular Series and this Indenture. 

  
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 (i) Any permissive right or authority granted to the Trustee shall not be construed as a
mandatory duty. 
 (j) The Trustee may request that the Company deliver an Officer’s Certificate setting forth the names of individuals
and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officer’s Certificate may be signed by any person authorized to sign an Officer’s Certificate, including any person specified as
so authorized in any such certificate previously delivered and not superseded. 
 (k) In no event shall the Trustee be responsible or liable
for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of
the form of action arising in connection with the Indenture. 
 (l) The Trustee shall not be required to give any bond or surety in respect
of the execution of the trusts and powers or otherwise in respect of the Indenture. 
 (m) Under no circumstances shall the Trustee be liable
in its individual capacity for the obligations evidenced by the Securities. 
 Section 7.3 Individual Rights of Trustee. 

The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or an
Affiliate of the Company with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. The Trustee is also subject to Sections 7.10 and 7.11. 

Section 7.4 Trustee’s Disclaimer. 

The Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the
Company’s use of the proceeds from the Securities, and it shall not be responsible for any statement in the Securities other than its authentication. 

Section 7.5 Notice of Defaults. 
 If
a Default or Event of Default occurs and is continuing with respect to the Securities of any Series and if it is known to a Responsible Officer of the Trustee, the Trustee shall mail to each Securityholder of the Securities of that Series, in the
manner set forth in Section 10.2, notice of a Default or Event of Default within 90 days after it occurs or, if later, after a Responsible Officer of the Trustee has knowledge of such Default or Event of Default. Except in the case of a Default
or Event of Default in payment of principal of, premium, if any, or interest on any Security of any Series, the Trustee may withhold the notice if and so long as the Trustee in good faith determines that withholding the notice is in the interests of
Securityholders of that Series. 
 Section 7.6 Reports by Trustee to Holders. 

Within 60 days after May 15 of each year, the Trustee shall transmit to all Securityholders, as their names and addresses appear on the
register kept by the Registrar, a brief report dated as of such anniversary date, in accordance with, and to the extent required under, TIA Section 313. 

A copy of each report at the time of its delivery to Securityholders of any Series shall be filed with the SEC and each national securities
exchange on which the Securities of that Series are listed. The Company shall promptly notify the Trustee in writing when Securities of any Series are listed on any national securities exchange and of any delisting thereof. 

Section 7.7 Compensation and Indemnity. 

The Company shall pay to the Trustee from time to time compensation for its services as the Company and the Trustee shall from time to time
agree upon in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred by it. Such expenses shall include the reasonable compensation and expenses of the Trustee’s agents and counsel. 

  
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 The Company shall indemnify each of the Trustee and any predecessor Trustee (including the
cost of defending itself) against any cost, claim, expense or liability, including taxes (other than taxes based upon, measured by or determined by the income of the Trustee) incurred by it except as set forth in the next paragraph in the
performance of its duties under this Indenture as Trustee or Agent. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its
obligations under this Section 7.7 except to the extent that the Company suffers actual and material prejudice as a result of such failure. The Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have
separate counsel of its selection and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. This
indemnification shall apply to officers, directors, employees, shareholders and agents of the Trustee. 
 The Company need not reimburse any
expense or indemnify against any loss or liability incurred by the Trustee or by any officer, director, employee, shareholder or agent of the Trustee through willful misconduct or negligence. 

To secure the Company’s payment obligations in this Section, the Trustee shall have a lien prior to the Securities of any Series on all
money or property held or collected by the Trustee, except that held in trust to pay principal of and interest on particular Securities of that Series. 

When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.1(f), (g) or (h) occurs, the
expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law. 
 The
provisions of this Section shall survive the termination of this Indenture or the earlier resignation or removal of the Trustee. 
 Section 7.8
Replacement of Trustee. 
 A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only
upon the successor Trustee’s acceptance of appointment as provided in this Section. 
 The Trustee may resign with respect to the
Securities of one or more Series by so notifying the Company at least 30 days prior to the date of the proposed resignation. The Holders of a majority in principal amount of the Securities of any Series may remove the Trustee with respect to that
Series by so notifying the Trustee and the Company. The Company may remove the Trustee with respect to Securities of one or more Series if: 

(a) the Trustee fails to comply with Section 7.10; 

(b) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law;

 (c) a receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law or public officer takes charge of
the Trustee or its property; or 
 (d) the Trustee becomes incapable of acting. 

If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Securities may appoint a successor Trustee to replace the successor Trustee appointed by the Company.

  
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 If a successor Trustee with respect to the Securities of any one or more Series does not
take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of at least a majority in principal amount of the Securities of the applicable Series may, at the Company’s sole cost
and expense, petition any court of competent jurisdiction for the appointment of a successor Trustee. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Immediately after that, the
retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee subject to the lien provided for in Section 7.7, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee
shall have all the rights, powers and duties of the Trustee with respect to each Series of Securities for which it is acting as Trustee under this Indenture. A successor Trustee shall deliver a notice of its succession to each Securityholder of each
such Series. Notwithstanding replacement of the Trustee pursuant to this Section 7.8, the Company’s obligations under Section 7.7 hereof shall continue for the benefit of the retiring Trustee with respect to expenses and liabilities
incurred by it for actions taken or omitted to be taken in accordance with its rights, powers and duties under this Indenture prior to such replacement. 

Section 7.9 Successor Trustee by Merger, Etc. 

If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another
corporation or banking association, the successor corporation or banking association without any further act shall be the successor Trustee, subject to Section 7.10. 

Section 7.10 Eligibility; Disqualification. 

This Indenture shall always have a Trustee who satisfies the requirements of TIA Section 310(a)(1), (2) and (5). The Trustee shall always
have a combined capital and surplus of at least $25,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with TIA Section 310(b). In determining whether the Trustee has a conflicting interest as
defined in Section 310(b) of the TIA with respect to the Securities of any Series, there shall be excluded Securities of any particular Series of Securities other than that Series. 

Section 7.11 Preferential Collection of Claims Against Company. 

The Trustee is subject to TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). A Trustee who has
resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated. 
 ARTICLE VIII. 

SATISFACTION AND DISCHARGE; DEFEASANCE 

Section 8.1 Satisfaction and Discharge of Indenture. 

This Indenture shall upon Company Order be discharged with respect to the Securities of any Series and cease to be of further effect as to all
Securities of such Series (except as hereinafter provided in this Section 8.1), and the Trustee, at the expense of the Company, shall execute instruments reasonably requested by the Company acknowledging satisfaction and discharge of this
Indenture, when 
 (a) either 

(i) all Securities of such Series theretofore authenticated and delivered (other than Securities that have been destroyed, lost or stolen or
destroyed and that have been replaced or paid and for whose payment money has been deposited in trust and thereafter repaid) have been delivered to the Trustee for cancellation; or 

(ii) all such Securities of such Series not theretofore delivered to the Trustee for cancellation: 

(1) have become due and payable by reason of sending a notice of redemption or otherwise, or 

(2) will become due and payable at their Stated Maturity within one year, or 

  
 26 

 (3) have been called for redemption or are to be called for redemption within one year
under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, or 

(4) are deemed paid and discharged pursuant to Section 8.3, as applicable; 

and the Company, in the case of (1), (2) or (3) above, has irrevocably deposited or caused to be deposited with the Trustee in trust cash in Dollars
and/or U.S. Government Obligations that, through the payment of principal and interest in accordance with their terms, shall provide cash sufficient for the purpose of paying and discharging the entire indebtedness on such Securities not theretofore
delivered to the Trustee for cancellation, for principal of, and premium, if any, and interest, if any, on the Securities of such Series to the date of the Stated Maturity or the redemption date, as the case may be, in accordance with the terms of
this Indenture and the Securities of such Series; 
 (b) the Company has paid or caused to be paid all sums payable hereunder by the Company;
and 
 (c) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 
 Notwithstanding the
satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.7, and, if money shall have been deposited with the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.4,
2.7, 2.8, 8.2 and 8.5 shall survive. 
 If the Company exercises the satisfaction and discharge provisions in compliance with this Indenture
with respect to Securities of a particular Series that are entitled to the benefit of the Guarantee of any Guarantor, the Guarantee will terminate with respect to that Series of Securities. 

Section 8.2 Application of Trust Funds; Indemnification. 

(a) Subject to the provisions of Section 8.5, all money or U.S. Government Obligations deposited with the Trustee pursuant to
Section 8.1, all money and U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Sections 8.3 or 8.4 and all money received by the Trustee in respect of U.S. Government Obligations or Foreign
Government Obligations deposited with the Trustee pursuant to Sections 8.3 or 8.4, shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any
Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the persons entitled thereto, of the principal and interest for whose payment such money has been deposited with or received by the Trustee or to
make mandatory sinking fund payments or analogous payments as contemplated by Sections 8.3 or 8.4. 
 (b) The Company shall pay and
shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against U.S. Government Obligations or Foreign Government Obligations deposited pursuant to Sections 8.3 or 8.4 or the interest and principal received in
respect of such obligations other than any payable by or on behalf of Holders. 
 (c) The Trustee shall deliver or pay to the Company from
time to time upon Company Order any U.S. Government Obligations or Foreign Government Obligations or money held by it as provided in Section 8.3 or 8.4 which, in the opinion of a nationally recognized firm of independent certified public
accountants expressed in a written certification thereof delivered to the Trustee, are then in excess of the amount thereof which then would have been required to be deposited for the purpose for which such U.S. Government Obligations or Foreign
Government Obligations or money were deposited or received. This provision shall not authorize the sale by the Trustee of any U.S. Government Obligations or Foreign Government Obligations held under this Indenture. 

Section 8.3 Legal Defeasance of Securities of any Series. 

Unless this Section 8.3 is otherwise specified, pursuant to Section 2.2, to be inapplicable to Securities of any Series, the Company
shall be deemed to have paid and discharged the entire indebtedness on all the outstanding Securities of any Series on the 91st day after the date of the deposit referred to in subparagraph (d) hereof, and the provisions of this Indenture, as
it relates to such outstanding Securities of such Series, shall no longer be in effect and any Guarantee will terminate with respect to that Series of Securities (and the Trustee, at the expense of the Company, shall, upon receipt of a Company
Order, execute instruments reasonably requested by the Company acknowledging the same), except as to: 

  
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 (a) the rights of Holders of Securities of such Series to receive, from the trust funds
described in subparagraph (d) hereof, (i) payment of the principal of and each installment of principal of and interest on the outstanding Securities of such Series on the Maturity of such principal or installment of principal or interest
and (ii) the benefit of any mandatory sinking fund payments applicable to the Securities of such Series on the day on which such payments are due and payable in accordance with the terms of this Indenture and the Securities of such Series; 

(b) the provisions of Sections 2.4, 2.7, 2.8, 8.2, 8.3 and 8.5; and 

(c) the rights, powers, trust and immunities of the Trustee hereunder and the Company’s obligations in connection therewith; 

provided that, the following conditions shall have been satisfied: 

i. the Company shall have deposited or caused to be irrevocably deposited (except as provided in Section 8.2(c)) with the Trustee as trust
funds in trust for the purpose of making the following payments, specifically pledged as security for and dedicated solely to the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars,
cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of
principal and interest in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day before the due date of any payment of money, an
amount in cash, sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of principal of, and premium,
if any, and interest, if any, on and any mandatory sinking fund payments in respect of all the Securities of such Series on the dates such installments of principal, premium or interest and such sinking fund payments are due; 

ii. such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or
instrument to which the Company is a party or by which it is bound (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit (and any similar concurrent deposit related to other indebtedness of the
Company or any Subsidiary) and the granting of liens to secure such borrowings); 
 iii. no Default or Event of Default with respect to the
Securities of such Series shall have occurred and be continuing on the date of such deposit or during the period ending on the 91st day after such date; 

iv. the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel to the effect that (i) the
Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution of this Indenture, there has been a change in the applicable federal income tax law, in either case to the
effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the Securities of such Series will not recognize income, gain or loss for federal income tax purposes as a result of such deposit, defeasance and discharge and
will be subject to federal income tax on the same amount and in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge had not occurred; 

v. the Company shall have delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by the Company with the
intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and 
 vi. the Company shall have delivered to the
Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating to the defeasance contemplated by this Section have been complied with. 

  
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 Section 8.4 Covenant Defeasance. 

Unless this Section 8.4 is otherwise specified pursuant to Section 2.2 to be inapplicable to Securities of any Series, the Company
may omit to comply with respect to the Securities of any Series with any term, provision or condition set forth under Sections 4.2, 4.3, 4.4, 4.5 and 5.1 as well as any additional covenants specified in a supplemental indenture for such Series of
Securities or a Board Resolution or an Officer’s Certificate delivered pursuant to Section 2.2 (and the failure to comply with any such covenants shall not constitute a Default or Event of Default with respect to such Series under
Section 6.1) and the occurrence of any event specified in a supplemental indenture for such Series of Securities or a Board Resolution or an Officer’s Certificate delivered pursuant to Section 2.2.18 and designated as an Event of
Default shall not constitute a Default or Event of Default hereunder, with respect to the Securities of such Series, provided that the following conditions shall have been satisfied: 

(a) With reference to this Section 8.4, the Company has deposited or caused to be irrevocably deposited (except as provided in
Section 8.2(c)) with the Trustee as trust funds in trust for the purpose of making the following payments specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities (i) in the case of
Securities of such Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign
Government Obligations, which through the payment of principal and interest in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one
day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof delivered to the Trustee, to pay
and discharge each installment of principal of and interest, if any, on and any mandatory sinking fund payments in respect of the Securities of such Series on the dates such installments of interest or principal and such sinking fund payments are
due; 
 (b) Such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or
instrument to which the Company is a party or by which it is bound (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit (and any similar concurrent deposit related to other indebtedness of the
Company or any Subsidiary) and the granting of liens to secure such borrowings); 
 (c) No Default or Event of Default with respect to the
Securities of such Series shall have occurred and be continuing on the date of such deposit; 
 (d) The Company shall have delivered to the
Trustee an Opinion of Counsel to the effect that the Holders of the Securities of such Series will not recognize income, gain or loss for federal income tax purposes as a result of such deposit and covenant defeasance and will be subject to federal
income tax on the same amounts, in the same manner and at the same times as would have been the case if such deposit and covenant defeasance had not occurred; 

(e) The Company shall have delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by the Company with the
intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and 
 (f) The Company shall have delivered to the
Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the covenant defeasance contemplated by this Section have been complied with. 

Section 8.5 Repayment to Company. 

Subject to applicable abandoned property law, the Trustee and the Paying Agent shall pay to the Company upon request any money held by them for
the payment of principal and interest that remains unclaimed for two years. After that, Securityholders entitled to the money must look to the Company for payment as general creditors unless an applicable abandoned property law designates another
person. 

  
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 Section 8.6 Reinstatement. 

If the Trustee or the Paying Agent is unable to apply any money deposited with respect to Securities of any Series in accordance with
Section 8.1 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the obligations of the Company under this Indenture
with respect to the Securities of such Series and under the Securities of such Series shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.1 until such time as the Trustee or the Paying Agent is permitted to
apply all such money in accordance with Section 8.1; provided, however, that if the Company has made any payment of principal of or interest on or any Additional Amounts with respect to any Securities because of the reinstatement of its
obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money or U.S. Government Obligations held by the Trustee or Paying Agent after payment in full to the Holders. 

ARTICLE IX. 
 AMENDMENTS
AND WAIVERS 
 Section 9.1 Without Consent of Holders. 

The Company, any Guarantors and the Trustee may amend or supplement this Indenture or the Securities of one or more Series without the consent
of any Securityholder: 
 (a) to cure any ambiguity, defect or inconsistency in the Indenture; provided that this action shall not adversely
affect the interests of the Holders of the Notes in any material respect; 
 (b) to evidence a successor to the Company as obligor or to any
Guarantor as guarantor under this Indenture; 
 (c) to make any change that does not adversely affect the interests of the Holders of any
Series of Securities then outstanding; 
 (d) to provide for the issuance of Securities in accordance with the limitations set forth in this
Indenture; 
 (e) to provide for the acceptance of appointment of a successor Trustee or facilitate the administration of the trusts under
the Indenture by more than one Trustee; 
 (f) to comply with the requirements of the SEC in order to effect or maintain the qualification of
the Indenture under the TIA; 
 (g) to reflect the release of any Guarantor as guarantor, in accordance with this Indenture; 

(h) to secure the any Series of Securities; and 

(i) to add guarantors with respect to any Series of Securities. 

Section 9.2 With Consent of Holders. 

The Company, any Guarantors and the Trustee may enter into a supplemental indenture with the written consent of the Holders of at least a
majority in principal amount of the outstanding Securities of each Series affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series), for the purpose of
adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Securityholders of each such Series. Except as provided in
Section 6.13, the Holders of at least a majority in principal amount of the outstanding Securities of any Series by notice to the Trustee (including consents obtained in connection with a tender offer or exchange offer for the Securities of
such Series) may waive compliance by the Company with any provision of this Indenture or the Securities with respect to such Series. 
 It
shall not be necessary for the consent of the Holders of Securities under this Section 9.2 to approve the particular form of any proposed supplemental indenture or waiver, but it shall be sufficient if such consent approves the substance
thereof. After a supplemental indenture or waiver under this section becomes effective, the Company shall mail to the Holders of Securities affected thereby (with a copy to the Trustee), a notice briefly describing the supplemental indenture or
waiver. 

  
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 Any failure by the Company to send such notice, or any defect therein, shall not, however,
in any way impair or affect the validity of any such supplemental indenture or waiver. 
 Section 9.3 Limitations. 

Without the consent of each Securityholder affected, an amendment or waiver may not: 

(a) reduce the principal amount of Securities whose Holders must consent to an amendment, supplement or waiver; 

(b) reduce the rate of or extend the time for payment of interest (including default interest) on any Security; 

(c) reduce the principal of, or premium, if any, on or change the Stated Maturity of any Security or reduce the amount of, or postpone the date
fixed for, the payment of any sinking fund or analogous obligation; 
 (d) reduce the principal amount of Discount Securities payable upon
acceleration of the maturity thereof; 
 (e) waive a Default or Event of Default in the payment of the principal of, or premium, if any, or
interest on any Security (except a rescission of acceleration of the Securities of any Series by the Holders of at least a majority in principal amount of the then outstanding Securities of such Series and a waiver of the payment default that
resulted from such acceleration); 
 (f) make the principal of, or premium, if any, or interest on any Security payable in currency other
than that stated in the Security; 
 (g) make any change in Section 6.8, 6.13 or 9.3 (this sentence); 

(h) waive a redemption payment with respect to any Security; or 

(i) if the Securities of that Series are entitled to the benefit of the Guarantee, release any Guarantor of such Series other than as provided
in this Indenture or modify the Guarantee in any manner adverse to the Holders. 
 Section 9.4 Compliance with Trust Indenture Act. 

Every amendment to this Indenture or the Securities of one or more Series shall be set forth in a supplemental indenture hereto that complies
with the TIA as then in effect. 
 Section 9.5 Revocation and Effect of Consents. 

Until an amendment is set forth in a supplemental indenture or a waiver becomes effective, a consent to it by a Holder of a Security is a
continuing consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not made on any Security. However, any such
Holder or subsequent Holder may revoke the consent as to his Security or portion of a Security if the Trustee receives the notice of revocation before the date of the supplemental indenture or the date the waiver becomes effective. 

Any amendment or waiver once effective shall bind every Securityholder of each Series affected by such amendment or waiver unless it is of the
type described in any of clauses (a) through (i) of Section 9.3 or requires the consent of each Security Holder affected, as set forth in a supplemental indenture or Officer’s Certificate in respect to a particular Series of
Securities. In that case, the amendment or waiver shall bind each Holder of a Security who has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security.

 The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to give their
consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately preceding paragraph, those persons who were Holders at such record date
(or their duly designated proxies), and only those persons, shall be entitled to give such consent or to revoke any consent previously given or take any such action, whether or not such persons continue to be Holders after such record date. No such
consent shall be valid or effective for more than 120 days after such record date. 

  
 31 

 Section 9.6 Notation on or Exchange of Securities. 

The Company or the Trustee may place an appropriate notation about an amendment or waiver on any Security of any Series thereafter
authenticated. The Company in exchange for Securities of that Series may issue and the Trustee shall authenticate upon request new Securities of that Series that reflect the amendment or waiver. 

Section 9.7 Trustee Protected. 
 In
executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall receive, and (subject to Section 7.1) shall
be fully protected in relying upon, an Officer’s Certificate or an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Trustee shall sign all supplemental indentures
upon delivery of such an Officer’s Certificate or Opinion of Counsel, except that the Trustee need not sign any supplemental indenture that adversely affects its rights. 

ARTICLE X. 

MISCELLANEOUS 
 Section 10.1 Trust
Indenture Act Controls. 
 If any provision of this Indenture limits, qualifies, or conflicts with another provision which is required or
deemed to be included in this Indenture by the TIA, such required or deemed provision shall control. 
 Section 10.2 Notices. 

Any notice or communication by the Company, any Guarantor or the Trustee to the other, or by a Holder to the Company, any Guarantor or the
Trustee, is duly given if in writing and delivered in person or mailed by first-class mail: 
 if to the Company or any Guarantor: 

Essential Properties, L.P. 
 902 Carnegie Center Blvd., Suite 520,

 Princeton, New Jersey 08540 
 Attention: Mark E. Patten 

with a copy to: 
 Sidley Austin LLP 

787 Seventh Avenue 
 New York, New York 10019 

Attention: Bartholomew A. Sheehan, III 
 if to the Trustee: 

U.S. Bank National Association 
 225 Water Street, Suite 700 

Jacksonville, FL 32202 
 Attention: Global Corporate Trust 

Telephone: 904.358.5363 

  
 32 

 The Company, any Guarantor or the Trustee by notice to the other may designate additional or
different addresses for subsequent notices or communications. 
 Any notice or communication to a Securityholder shall be sent
electronically or by first-class mail to his, her or its address shown on the register kept by the Registrar, in accordance with the procedures of the Depositary. Failure to send a notice or communication to a Securityholder of any Series or any
defect in it shall not affect its sufficiency with respect to other Securityholders of that or any other Series. 
 If a notice or
communication is sent or published in the manner provided above, within the time prescribed, it is duly given, whether or not the Securityholder receives it. 

If the Company or any Guarantor mails a notice or communication to Securityholders, it shall mail a copy to the Trustee and each Agent at the
same time. 
 Notwithstanding any other provision of this Indenture or any Security, where this Indenture or any Security provides for
notice of any event (including any notice of redemption) to a Holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given to the Depositary for such Security (or its designee) pursuant to the customary
procedures of such Depositary. 
 Section 10.3 Communication by Holders with Other Holders. 

Securityholders of any Series may communicate pursuant to TIA Section 312(b) with other Securityholders of that Series or any other Series
with respect to their rights under this Indenture or the Securities of that Series or all Series. The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA Section 312(c). 

Section 10.4 Certificate and Opinion as to Conditions Precedent. 

Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the
Trustee: 
 (a) an Officer’s Certificate stating that, in the opinion of the signers, all covenants and conditions precedent, if any,
provided for in this Indenture relating to the proposed action have been complied with; and 
 (b) an Opinion of Counsel stating that, in the
opinion of such counsel, all such covenants and conditions precedent have been complied with. 
 Section 10.5 Statements Required in Certificate or
Opinion. 
 Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other
than a certificate provided pursuant to TIA Section 314(a)(4)) shall comply with the provisions of TIA Section 314(e) and shall include: 

(a) a statement that the person making such certificate or opinion has read such covenant or condition; 

(b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such
certificate or opinion are based; 
 (c) a statement that, in the opinion of such person, such person has made such examination or
investigation as is necessary to enable such person to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(d) a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with. 

  
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 Section 10.6 Rules by Trustee and Agents. 

The Trustee may make reasonable rules for action by or a meeting of Securityholders of one or more Series. Any Agent may make reasonable rules
and set reasonable requirements for its functions. 
 Section 10.7 Legal Holidays. 

Unless otherwise provided by Board Resolution, Officer’s Certificate or supplemental indenture hereto for a particular Series, a
“Legal Holiday” is any day that is not a Business Day. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for
the intervening period. 
 Section 10.8 No Recourse Against Others. 

A director, officer, employee or stockholder (past or present), as such, of the Company or any Guarantor shall not have any liability for any
obligations of the Company under the Securities, the Guarantee or this Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Securityholder by accepting a Security waives and releases all such
liability. The waiver and release are part of the consideration for the issue of the Securities. 
 Section 10.9 Counterparts. 

This Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and
delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. The words “execution,” “signed,” “signature,” and words of like import in this Indenture shall
include images of manually executed signatures transmitted by facsimile, email or other electronic format (including, without limitation, “pdf,” “tif” or “jpg”) and other electronic signatures (including without
limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of
the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National
Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code. Without limitation to
the foregoing, and anything in this Indenture to the contrary notwithstanding, (a) any Officer’s Certificate, Company Order, Opinion of Counsel, Security, Guarantee endorsed on any Security, opinion of counsel, instrument, agreement or
other document delivered pursuant to this Indenture may be executed, attested and transmitted by any of the foregoing electronic means and formats, (b) all references in Section 2.3 or elsewhere in this Indenture to the execution,
attestation or authentication of any Security, any Guarantee endorsed on any Security, or any certificate of authentication appearing on or attached to any Security by means of a manual or facsimile signature shall be deemed to include signatures
that are made or transmitted by any of the foregoing electronic means or formats, and (c) any requirement in this Indenture that any signature be made under a corporate seal (or facsimile thereof) shall not be applicable to the Securities or
any Guarantees endorsed on any Securities. The Company agrees to assume all risks arising out of the use of using digital signatures, including without limitation the risk of the Trustee acting on unauthorized instructions. 

Section 10.10 Governing Law; Waiver of Jury Trial; Consent to Jurisdiction. 

THIS INDENTURE AND THE SECURITIES, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THE INDENTURE OR THE SECURITIES, SHALL BE
GOVERNED BY THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW). 

THE COMPANY, THE GUARANTORS, THE TRUSTEE AND THE HOLDERS (BY THEIR ACCEPTANCE OF THE SECURITIES) EACH HEREBY IRREVOCABLY WAIVE, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 

  
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 Any legal suit, action or proceeding arising out of or based upon this Indenture or the
transactions contemplated hereby may be instituted in the federal courts of the United States of America located in the City of New York or the courts of the State of New York in each case located in the City of New York (collectively, the
“Specified Courts”), and each party irrevocably submits to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding. Service of any process, summons, notice or
document by mail (to the extent allowed under any applicable statute or rule of court) to such party’s address set forth above shall be effective service of process for any suit, action or other proceeding brought in any such court. The
Company, the Guarantors, the Trustee and the Holders (by their acceptance of the Securities) each hereby irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or other proceeding in the Specified Courts and
irrevocably and unconditionally waive and agree not to plead or claim any such suit, action or other proceeding has been brought in an inconvenient forum. 

Section 10.11 No Adverse Interpretation of Other Agreements. 

This Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or a Subsidiary of the Company. Any such
indenture, loan or debt agreement may not be used to interpret this Indenture. 
 Section 10.12 Successors. 

All agreements of the Company and the Guarantors in this Indenture and the Securities shall bind their respective successors. All agreements of
the Trustee in this Indenture shall bind its successor. 
 Section 10.13 Severability. 

In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 10.14 Table of Contents, Headings, Etc.

 The Table of Contents, Cross Reference Table, and headings of the Articles and Sections of this Indenture have been inserted for
convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 

Section 10.15 Securities in a Foreign Currency. 

Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate delivered pursuant to
Section 2.2 of this Indenture with respect to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified percentage in aggregate principal amount of Securities of all Series
or all Series affected by a particular action at the time outstanding and, at such time, there are outstanding Securities of any Series which are denominated in more than one currency, then the principal amount of Securities of such Series which
shall be deemed to be outstanding for the purpose of taking such action shall be determined by converting any such other currency into a currency that is designated upon issuance of any particular Series of Securities. Unless otherwise specified in
a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate delivered pursuant to Section 2.2 of this Indenture with respect to a particular Series of Securities, such conversion shall be made by the Company at the spot
rate for the purchase of the designated currency as published in The Financial Times in the “Currency Rates” section (or, if The Financial Times is no longer published, or if such information is no longer available in The Financial Times,
such source as may be selected in good faith by the Company) on any date of determination. The provisions of this paragraph shall apply in determining the equivalent principal amount in respect of Securities of a Series denominated in currency other
than Dollars in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture. 
 All decisions and
determinations provided for in the preceding paragraph shall, in the absence of manifest error, to the extent permitted by law, be conclusive for all purposes and irrevocably binding upon the Trustee and all Holders. 

  
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 Section 10.16 Judgment Currency. 

The Company and each Guarantor agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if for the
purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of or interest or other amount on the Securities of any Series (the “Required Currency”) into a currency in which a judgment will
be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on
the day on which final unappealable judgment is entered, unless such day is not a New York Banking Day, then the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of
New York the Required Currency with the Judgment Currency on the New York Banking Day preceding the day on which final unappealable judgment is entered and (b) its obligations under this Indenture to make payments in the Required Currency
(i) shall not be discharged or satisfied by any tender, any recovery pursuant to any judgment (whether or not entered in accordance with subsection (a)), in any currency other than the Required Currency, except to the extent that such tender or
recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action for the
purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable, and (iii) shall not be affected by judgment being obtained
for any other sum due under this Indenture. For purposes of the foregoing, “New York Banking Day” means any day except a Saturday, Sunday or a legal holiday in The City of New York on which banking institutions are authorized or required
by law, regulation or executive order to close. 
 Section 10.17 USA Patriot Act. 

The parties hereto acknowledge that, in accordance with Section 326 of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (as amended, modified or supplemented from time to time, the “USA Patriot Act”), the Trustee, like all financial institutions, is required to obtain, verify,
and record information that identifies each person or legal entity that opens an account. The parties to this Indenture agree that they will provide the Trustee with such information as the Trustee may reasonably request in order for the Trustee to
satisfy the requirements of the USA Patriot Act. 
 Section 10.18 Force Majeure. 

In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of
or caused by, directly or indirectly, forces beyond its control, including strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, pandemics, epidemics, recognized public emergencies, quarantine restrictions,
nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services, hacking, cyber-attacks, or other use or infiltration of the Trustee’s
technological infrastructure exceeding authorized access; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the
circumstances. 
 ARTICLE XI. 

SINKING FUNDS 
 Section 11.1
Applicability of Article. 
 The provisions of this Article shall be applicable to any sinking fund for the retirement of the Securities
of a Series if so provided by the terms of such Securities pursuant to Section 2.2, except as otherwise permitted or required by any form of Security of such Series issued pursuant to this Indenture. 

The minimum amount of any sinking fund payment provided for by the terms of the Securities of any Series is herein referred to as a
“mandatory sinking fund payment” and any other amount provided for by the terms of Securities of such Series is herein referred to as an “optional sinking fund payment.” If provided for by the terms of Securities of any Series,
the cash amount of any sinking fund payment may be subject to reduction as provided in Section 11.2. Each sinking fund payment shall be applied to the redemption of Securities of any Series as provided for by the terms of the Securities of such
Series. 

  
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 Section 11.2 Satisfaction of Sinking Fund Payments with Securities. 

The Company may, in satisfaction of all or any part of any sinking fund payment with respect to the Securities of any Series to be made
pursuant to the terms of such Securities (1) deliver outstanding Securities of such Series to which such sinking fund payment is applicable (other than any of such Securities previously called for mandatory sinking fund redemption) and
(2) apply as credit Securities of such Series to which such sinking fund payment is applicable and which have been repurchased by the Company or redeemed either at the election of the Company pursuant to the terms of such Series of Securities
(except pursuant to any mandatory sinking fund) or through the application of permitted optional sinking fund payments or other optional redemptions pursuant to the terms of such Securities, provided that such Securities have not been previously so
credited. Such Securities shall be received by the Trustee, together with an Officer’s Certificate with respect thereto, not later than 15 days prior to the date on which the Trustee begins the process of selecting Securities for redemption,
and shall be credited for such purpose by the Trustee at the price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. If as a result of the
delivery or credit of Securities in lieu of cash payments pursuant to this Section 11.2, the principal amount of Securities of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee
need not call Securities of such Series for redemption, except upon receipt of a Company Order that such action be taken, and such cash payment shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking fund payment,
provided, however, that the Trustee or such Paying Agent shall from time to time upon receipt of a Company Order pay over and deliver to the Company any cash payment so being held by the Trustee or such Paying Agent upon delivery by the Company to
the Trustee of Securities of that Series purchased by the Company having an unpaid principal amount equal to the cash payment required to be released to the Company. 

Section 11.3 Redemption of Securities for Sinking Fund. 

Not less than 45 days (unless otherwise indicated in the Board Resolution, supplemental indenture hereto or Officer’s Certificate in
respect of a particular Series of Securities) prior to each sinking fund payment date for any Series of Securities, the Company will deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing mandatory sinking
fund payment for that Series pursuant to the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting of Securities of that
Series pursuant to Section 11.2, and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated to pay the amount therein specified. Not less than 30 days
(unless otherwise indicated in the Board Resolution, Officer’s Certificate or supplemental indenture in respect of a particular Series of Securities) before each such sinking fund payment date the Trustee shall select the Securities to be
redeemed upon such sinking fund payment date in the manner specified in Section 3.2 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 3.3. Such notice
having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 3.4, 3.5 and 3.6. 

ARTICLE XII. 
 GUARANTEE

 Section 12.1 Unconditional Guarantee. 

(a) Notwithstanding any provision of this Article XII to the contrary, the provisions of this Article XII shall be applicable only to, and
inure solely to the benefit of, the Securities of any Series designated, pursuant to Section 2.2.23, as entitled to the benefits of the Guarantee of each Guarantor identified in such designation and that has executed a Notation of Guarantee
with respect to such Series. 
 (b) For value received, each Guarantor hereby jointly and severally, fully, unconditionally and absolutely
guarantees (the “Guarantee”) to the Holders and to the Trustee the due and punctual payment of the principal of, premium, if any, and interest on each Series of Securities for which such Guarantor has executed a Notation of Guarantee with
respect to such Series and all other amounts due and payable under this Indenture and the Securities of such Series by the Company, when and as such principal, premium, if any, interest, and such other amounts as shall become due and payable,
whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise, according to the terms of such Securities and this Indenture, subject to the limitations set forth in Section 12.3. 

  
 37 

 (c) Failing payment when due of any amount guaranteed pursuant to the Guarantee, for
whatever reason, each of the Guarantors will be jointly and severally obligated to pay the same immediately. Each of the Guarantors hereby agrees that its obligations hereunder shall be full, unconditional and absolute, irrespective of the validity,
regularity or enforceability of the Securities, the Guarantee (including the Guarantee of any other Guarantor) or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Securities with respect to
any provisions hereof or thereof, the recovery of any judgment against the Company or any other Guarantor, or any action to enforce the same or any other circumstances which might otherwise constitute a legal or equitable discharge or defense of any
of the Guarantors. Each Guarantor hereby agrees that in the event of a default in payment of the principal of or interest on the Securities entitled to the Guarantee of such Guarantor, whether at the Stated Maturity or by declaration of
acceleration, call for redemption or otherwise, legal proceedings may be instituted by the Trustee on behalf of the Holders or, subject to Section 6.7, by the Holders, on the terms and conditions set forth in this Indenture, directly against
such Guarantor to enforce the Guarantee without first proceeding against the Company or any other Guarantor. 
 (d) Each Guarantor hereby
(i) waives diligence, presentment, demand of payment, filing of claims with a court in the event of the merger, insolvency or bankruptcy of the Company or any of the Guarantors, and all demands whatsoever and (ii) acknowledges that any
agreement, instrument or document evidencing the Guarantee may be transferred and that the benefit of its obligations hereunder shall extend to each holder of any agreement, instrument or document evidencing the Guarantee without notice to it. Each
Guarantor further agrees that if at any time all or any part of any payment theretofore applied by any person to the Guarantee is, or must be, rescinded or returned for any reason whatsoever, including without limitation, the insolvency, bankruptcy
or reorganization of the Company or any of the Guarantors, the Guarantee shall, to the extent that such payment is or must be rescinded or returned, be deemed to have continued in existence notwithstanding such application, and the Guarantee shall
continue to be effective or be reinstated, as the case may be, as though such application had not been made. 
 (e) Each Guarantor shall be
subrogated to all rights of the Holders and the Trustee against the Company in respect of any amounts paid by such Guarantor pursuant to the provisions of this Indenture; provided, however, that such Guarantor shall not be entitled to enforce or to
receive any payments arising out of, or based upon, such right of subrogation until all of the Securities entitled to the Guarantee of such Guarantor and the Guarantee shall have been paid in full or discharged. 

Section 12.2 Execution and Delivery of Notation of Guarantee. 

To evidence the Guarantee of a Guarantor of a Series of Securities, a Notation of Guarantee, executed by either manual or facsimile signature
of an Officer of such Guarantor, shall be affixed on each Security entitled to the benefits of the Guarantee of such Guarantor. If any Officer of any Guarantor whose signature is on a Notation of Guarantee no longer holds that office at the time the
Trustee authenticates a Security to which such Notation of Guarantee is affixed or at any time thereafter, the Guarantee of such Security shall be valid nevertheless. The delivery of any Security by the Trustee, after the authentication thereof
hereunder, shall constitute due delivery of any Guarantee relating to such Security set forth in the Indenture on behalf of the Guarantor. Notwithstanding the foregoing, each Guarantor hereby agrees that its Guarantee shall remain in full force and
effect notwithstanding the absence of a Notation of Guarantee being affixed to such Security. 
 Section 12.3 Limitation on Guarantors’
Liability. 
 Each Guarantor by its acceptance hereof and each Holder of Security and the Trustee entitled to the benefits of the
Guarantee hereby confirms that it is the intention of all such parties that the guarantee by such Guarantor pursuant to the Guarantee not constitute a fraudulent transfer or conveyance for purposes of any federal or state law. To effectuate the
foregoing intention, each Holder of a Security and the Trustee entitled to the benefits of the Guarantee and each Guarantor hereby irrevocably agrees that the obligations of each Guarantor under the Guarantee shall be limited to the maximum amount
as will, after giving effect to all other contingent and fixed liabilities of such Guarantor and to any collections from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under the
Guarantee, not result in the obligations of such Guarantor under the Guarantee constituting a fraudulent conveyance or fraudulent transfer under federal or state law. 

  
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 Section 12.4 Release of Guarantors from Guarantee. 

(a) Notwithstanding any other provisions of this Indenture, the Guarantee of any Guarantor may be released upon the terms and subject to the
conditions set forth in Section 8.1, Section 8.3 and this Section 12.4. Provided that no Default shall have occurred and shall be continuing under this Indenture, the Guarantee incurred by a Guarantor pursuant to this Article XII
shall be unconditionally released and discharged (i) automatically upon (A) any sale, exchange or transfer, whether by way of merger or otherwise, to any person that is not an Affiliate of the Company, of all of the Company’s direct
or indirect equity interests in such Guarantor (provided such sale, exchange or transfer is not prohibited by this Indenture) or (B) the merger of such Guarantor into the Company or any other Guarantor or the liquidation and dissolution of such
Guarantor (in each case to the extent not prohibited by this Indenture) or (ii) with respect to any Series of Securities, upon the occurrence of any other condition set forth in the Board Resolution, supplemental indenture or Officer’s
Certificate establishing the terms of such Series. 
 (b) Upon receipt of a written request of the Company accompanied by an Officer’s
Certificate or Opinion of Counsel to the effect that any Guarantor is entitled to be released from the Guarantee in accordance with the provisions of this Indenture, the Trustee shall deliver instruments reasonably requested by the Company or such
Guarantor evidencing the release of such Guarantor from the Guarantee, such instruments to be prepared by the Company or such Guarantor and delivered to the Trustee. Any Guarantor not so released shall remain liable for the full amount of principal
of and interest on the Securities entitled to the benefits of the Guarantee as provided in this Indenture, subject to the limitations of Section 12.3. 

[SIGNATURE PAGE FOLLOWS] 

  
 39 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of the day and year
first above written. 
  

			
	 ESSENTIAL PROPERTIES, L.P., as the Company
  

By: Essential Properties OP G.P., LLC, its general partner
  

By: Essential Properties Realty Trust, Inc., the sole member of the general partner

		
	By:	 	 
		 	Name:
		 	Title:
	
	ESSENTIAL PROPERTIES REALTY TRUST, INC., as Guarantor
		
	By:	 	 
		 	Name:
		 	Title:
	
	U.S. BANK NATIONAL ASSOCIATION, as the Trustee
		
	By:	 	 
		 	Name:
		 	Title:

 [Signature Page to Indenture] 

 EXHIBIT A 

[FORM OF] 
 NOTATION OF
GUARANTEE 
 Each Guarantor signing below has fully, unconditionally and absolutely guaranteed, to the extent set forth in the Indenture and subject to
the provisions in the Indenture, the due and punctual payment of the principal of, premium, if any, and interest on the Securities to which this notation is affixed and all other amounts due and payable under the Indenture and the Securities to
which this notation is affixed by the Company. 
 The obligations of such Guarantor to the Holders of Securities to which this notation is affixed and to
the Trustee pursuant to the Guarantee and the Indenture are expressly set forth in Article XII of the Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantee. 

 

			
	[NAME OF GUARANTOR(S)]
		
	By:	 	  

		 	Name:
		 	Title:

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