Document:

EX-4.18

 EXHIBIT 4.18 

INSTITUTIONAL FINANCIAL MARKETS, INC. 

Company 
  

 
 INDENTURE 

Dated as of                     

  
  

Trustee 

 CROSS-REFERENCE TABLE* 
  

			
	 Trust Indenture

Act Section
	  	Indenture Section
	310(a)(1)	  	7.10
	      (a)(2)	  	7.10
	      (a)(3)	  	N.A.
	      (a)(4)	  	N.A.
	      (a)(5)	  	7.10
	      (b)	  	7.10
	      (c)	  	N.A.
	311(a)	  	7.11
	      (b)	  	7.11
	      (c)	  	N.A.
	312(a)	  	2.05
	      (b)	  	12.03
	      (c)	  	12.03
	313(a)	  	7.06
	      (b)	  	7.06
	      (c)	  	7.06; 12.02
	      (d)	  	7.06
	314(a)	  	4.03; 12.02; 12.05
	      (c)(1)	  	12.04
	      (c)(2)	  	12.04
	      (c)(3)	  	N.A.
	      (e)	  	12.05
	      (f)	  	N.A.
	315(a)	  	7.01
	      (b)	  	7.05; 12.02
	      (c)	  	7.01
	      (d)	  	7.01
	      (e)	  	6.11
	316(a) (last sentence)	  	2.09
	      (a)(1)(A)	  	6.05
	      (a)(1)(B)	  	6.04
	      (a)(2)	  	N.A.
	      (b)	  	6.07
	      (c)	  	2.12
	317(a)(1)	  	6.08
	      (a)(2)	  	6.09
	      (b)	  	2.04
	318(a)	  	12.01
	      (b)	  	N.A.
	      (c)	  	12.01

  
 N.A. means
not applicable. 

	*	This Cross Reference Table is not part of the Indenture. 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	  
	 Section 1.01 Definitions
	  	 	1	  
	 Section 1.02 Other Definitions
	  	 	8	  
	 Section 1.03 Incorporation by Reference of Trust Indenture Act
	  	 	8	  
	 Section 1.04 Rules of Construction
	  	 	9	  
		
	 ARTICLE 2 THE NOTES
	  	 	9	  
	 Section 2.01 Amount Unlimited; Issuable in Series
	  	 	9	  
	 Section 2.02 Form and Dating; Execution and Authentication
	  	 	12	  
	 Section 2.03 Registrar and Paying Agent
	  	 	14	  
	 Section 2.04 Paying Agent to Hold Money in Trust
	  	 	14	  
	 Section 2.05 Holder Lists
	  	 	14	  
	 Section 2.06 Transfer and Exchange
	  	 	15	  
	 Section 2.07 Replacement Notes
	  	 	19	  
	 Section 2.08 Outstanding Notes
	  	 	20	  
	 Section 2.09 Treasury Notes
	  	 	20	  
	 Section 2.10 Temporary Notes
	  	 	20	  
	 Section 2.11 Cancellation
	  	 	20	  
	 Section 2.12 Defaulted Interest
	  	 	21	  
	 Section 2.13 CUSIP Numbers
	  	 	21	  
		
	 ARTICLE 3 REDEMPTION AND PREPAYMENT
	  	 	21	  
	 Section 3.01 Optional Redemption
	  	 	21	  
	 Section 3.02 Notices to Trustee
	  	 	21	  
	 Section 3.03 Selection of Notes to Be Redeemed or Purchased
	  	 	22	  
	 Section 3.04 Notice of Redemption
	  	 	22	  
	 Section 3.05 Effect of Notice of Redemption
	  	 	23	  
	 Section 3.06 Deposit of Redemption or Purchase Price
	  	 	23	  
	 Section 3.07 Notes Redeemed or Purchased in Part
	  	 	24	  
	 Section 3.08 Mandatory Redemption
	  	 	24	  
		
	 ARTICLE 4 COVENANTS
	  	 	24	  
	 Section 4.01 Payment of Notes
	  	 	24	  
	 Section 4.02 Maintenance of Office or Agency
	  	 	25	  
	 Section 4.03 Reports
	  	 	25	  
	 Section 4.04 Compliance Certificate
	  	 	26	  
	 Section 4.05 Stay, Extension and Usury Laws
	  	 	27	  
	 Section 4.06 Legal Existence
	  	 	27	  
		
	 ARTICLE 5 SUCCESSORS
	  	 	27	  
	 Section 5.01 Merger, Consolidation, or Sale of Assets
	  	 	27	  
	 Section 5.02 Successor Person Substituted
	  	 	29	  

  
 i 

					
		
	 ARTICLE 6 DEFAULTS AND REMEDIES
	  	 	29	  
	 Section 6.01 Events of Default
	  	 	29	  
	 Section 6.02 Acceleration
	  	 	30	  
	 Section 6.03 Other Remedies
	  	 	31	  
	 Section 6.04 Waiver of Past Defaults
	  	 	32	  
	 Section 6.05 Control by Majority
	  	 	32	  
	 Section 6.06 Limitation on Suits
	  	 	32	  
	 Section 6.07 Rights of Holders of Notes to Receive Payment
	  	 	33	  
	 Section 6.08 Collection Suit by Trustee
	  	 	33	  
	 Section 6.09 Trustee May File Proofs of Claim
	  	 	33	  
	 Section 6.10 Priorities
	  	 	34	  
	 Section 6.11 Undertaking for Costs
	  	 	34	  
	 Section 6.12 Remedies Subject to Applicable Law
	  	 	34	  
		
	 ARTICLE 7 TRUSTEE
	  	 	35	  
	 Section 7.01 Duties of Trustee
	  	 	35	  
	 Section 7.02 Rights of Trustee
	  	 	36	  
	 Section 7.03 Individual Rights of Trustee
	  	 	37	  
	 Section 7.04 Trustee’s Disclaimer
	  	 	37	  
	 Section 7.05 Notice of Defaults
	  	 	37	  
	 Section 7.06 Reports by Trustee to Holders of the Notes
	  	 	37	  
	 Section 7.07 Compensation and Indemnity
	  	 	38	  
	 Section 7.08 Replacement of Trustee
	  	 	38	  
	 Section 7.09 Successor Trustee by Merger, etc.
	  	 	39	  
	 Section 7.10 Eligibility; Disqualification
	  	 	40	  
	 Section 7.11 Preferential Collection of Claims Against Company
	  	 	40	  
		
	 ARTICLE 8 LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	  	 	40	  
	 Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance
	  	 	40	  
	 Section 8.02 Legal Defeasance and Discharge
	  	 	40	  
	 Section 8.03 Covenant Defeasance
	  	 	41	  
	 Section 8.04 Conditions to Legal or Covenant Defeasance
	  	 	41	  
	 Section 8.05 Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions
	  	 	43	  
	 Section 8.06 Repayment to Company
	  	 	43	  
	 Section 8.07 Reinstatement
	  	 	44	  
		
	 ARTICLE 9 AMENDMENT, SUPPLEMENT AND WAIVER
	  	 	44	  
	 Section 9.01 Without Consent of Holders of Notes
	  	 	44	  
	 Section 9.02 With Consent of Holders of Notes
	  	 	46	  
	 Section 9.03 Compliance with Trust Indenture Act
	  	 	47	  
	 Section 9.04 Revocation and Effect of Consents
	  	 	48	  
	 Section 9.05 Notation on or Exchange of Notes
	  	 	48	  
	 Section 9.06 Trustee to Sign Amendments, etc.
	  	 	48	  
	 Section 9.07 Reference in Notes to Supplemental Indentures
	  	 	48	  

					
		
	 ARTICLE 10 [RESERVED]
	  	 	49	  
		
	 ARTICLE 11 SATISFACTION AND DISCHARGE
	  	 	49	  
	 Section 11.01 Satisfaction and Discharge
	  	 	49	  
	 Section 11.02 Application of Trust Money
	  	 	50	  
		
	 ARTICLE 12 MISCELLANEOUS
	  	 	50	  
	 Section 12.01 Trust Indenture Act Controls
	  	 	50	  
	 Section 12.02 Notices
	  	 	50	  
	 Section 12.03 Communication by Holders of Notes with Other Holders of Notes
	  	 	52	  
	 Section 12.04 Certificate and Opinion as to Conditions Precedent
	  	 	52	  
	 Section 12.05 Statements Required in Certificate or Opinion
	  	 	52	  
	 Section 12.06 Rules by Trustee and Agents
	  	 	53	  
	 Section 12.07 No Personal Liability of Directors, Officers, Employees and Stockholders
	  	 	53	  
	 Section 12.08 Governing Law
	  	 	53	  
	 Section 12.09 No Adverse Interpretation of Other Agreements
	  	 	53	  
	 Section 12.10 Successors
	  	 	53	  
	 Section 12.11 Severability
	  	 	53	  
	 Section 12.12 Counterpart Originals
	  	 	53	  
	 Section 12.13 Table of Contents, Headings, etc.
	  	 	54	  
	 Section 12.14 Waiver of Jury Trial
	  	 	54	  
	 Section 12.15 Force Majeure
	  	 	54	  

 INDENTURE dated as of
[                    ] among Institutional Financial Markets, Inc., a Maryland corporation, and
[                    ,] as trustee. 

The Company (as defined) and the Trustee (as defined) agree as follows for the benefit of each other and for the equal and ratable benefit of
the Holders (as defined) of the Notes (as defined): 
 RECITALS 

A. The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its
senior indebtedness, notes, bonds, debentures or other evidences of indebtedness (collectively, the “Notes”) unlimited as to principal amount to bear such rates of interest, to mature at such time or times, to be issued in one or
more series and to have such other provisions as shall be fixed as in this Indenture provided. 
 B. All things necessary to make
this Indenture a valid and legally binding agreement of the Company, in accordance with its terms, have been done. 
 AGREEMENT 

For and in consideration of the premises and the purchase of the Notes by the Holders thereof, it is mutually agreed, for the equal and
proportionate benefit of all Holders of the Notes or of any series thereof, as applicable, as follows: 
 ARTICLE 1 

DEFINITIONS AND INCORPORATION 
 BY
REFERENCE 
 Section 1.01 Definitions. 

“Additional Interest” means all amounts, if any, payable pursuant to the provisions relating to additional interest
described under Section 6.02 as the sole remedy for an Event of Default relating to the failure to comply with the reporting obligations described under Section 4.03, and for any failure to comply with the requirements of
Section 314(a) of the TIA. 
 “Additional Notes” means additional Notes of a series (other than the
initially issued Notes of such series) issued under this Indenture in accordance with Section 2.02 hereof, as part of the same series as such initially issued Notes. 

“Affiliate” means, when used with reference to any Person: 

(1) any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control with, the
referent Person or such other Person, as the case may be, or 
 (2) any director, officer or partner of such Person or any
Person specified in clause (1) above. 

 For the purposes of this definition, the term “control” when used with respect to any specified Person
means the power to direct or cause the direction of management or policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “affiliated,”
“controlling,” and “controlled” have meanings correlative of the foregoing. 
 “Agent” means any
Registrar, co-registrar, Paying Agent or additional paying agent. 
 “Applicable Procedures” means, with
respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange. 

“Bankruptcy Law” means United States Bankruptcy Code and any other bankruptcy, insolvency, receivership,
reorganization, moratorium or similar law providing relief to debtors, in each case, as from time to time amended and applicable to the relevant case. 

“Board” means (1) with respect to a corporation, the board of directors of the corporation or any committee
thereof duly authorized to act on behalf of such board; (2) with respect to a partnership, the board of directors (or any committee thereof duly authorized to act on behalf of such board) or other similar governing body of the controlling
general partner of the partnership; (3) with respect to a limited liability company, the Person or Persons who are the managing member, members or managers or any controlling committee or managing member, members or managers thereof; and
(4) with respect to any other Person, the board or committee or other body of such Person serving a similar function. 

“Board Resolution” means a copy of a resolution certified by the Secretary or Assistant Secretary of the Company to
have been duly adopted by the Board of the Company, to be in full force and effect on the date of such certification and delivered to the Trustee. 

“Business Day” means any day other than a Legal Holiday. 

“Capitalized Lease Obligation” means, as to any Person, the discounted rental stream payable by such Person that is
required to be classified and accounted for as a capital lease obligation under GAAP and, for purposes of this definition, the amount of such obligation at any date shall be the capitalized amount of such obligation at such date, determined in
accordance with GAAP. The final maturity of any such obligation shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be terminated by the lessee without penalty.

 “Capital Stock” means: 

(1) with respect to any Person that is a corporation, any and all shares, rights, interests, participations or other
equivalents (however designated and whether or not voting) of corporate stock, including each class of common stock and preferred stock of such Person, and 

(2) with respect to any Person that is not a corporation, any and all partnership, membership or other equity interests of such
Person. 

  
 2 

 “Clearstream” means Clearstream Banking, S.A. 

“Company” means Institutional Financial Markets, Inc., a Maryland corporation, and any and all successors thereto.

 “Corporate Trust Office of the Trustee” will be at the address of the Trustee specified in Section 12.02
hereof or such other address as to which the Trustee may give notice to the Company. 
 “Custodian” means the
Trustee, as custodian with respect to the Notes in global form, or any successor entity thereto. 
 “Default”
means any event that is or with the passage of time or the giving of notice or both would be an Event of Default. 

“Definitive Note” means a certificated Note, other than a Global Note, registered in the name of the Holder thereof
and issued in accordance with Section 2.06 hereof, substantially in the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global
Note” attached thereto. 
 “Depositary” means, with respect to the Notes issuable or issued in whole or
in part in global form, the Person specified in Section 2.03 hereof as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become such pursuant to the applicable provision of
this Indenture. 
 “Disqualified Capital Stock” means any Capital Stock that by its terms (or by the terms of
any security into which it is, by its terms, convertible or for which it is, by its terms, exchangeable at the option of the holder thereof), or upon the happening of any specified event, is required to be redeemed or is redeemable (at the option of
the holder thereof) at any time prior to the earlier of the repayment of all Notes or the stated maturity of the Notes or is exchangeable at the option of the holder thereof for Indebtedness at any time prior to the earlier of the repayment of all
Notes or the stated maturity of the Notes. 
 “Equity Interests” means Capital Stock and all warrants,
options or other rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock). 

“Equity Offering” means any public or private sale of Qualified Capital Stock. 

“Euroclear” means Euroclear Bank, S.A./N.V., as operator of the Euroclear system. 

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

“GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as may be approved by a significant segment of
the accounting profession of the United States, which are in effect as of the date of this Indenture. 

  
 3 

 “Global Note Legend” means the legend set forth in Section 2.06(f)
hereof, which is required to be placed on all Global Notes issued under this Indenture. 
 “Global Notes”
means a permanent global note in registered form deposited with the Trustee, as a custodian for The Depositary Trust Company or any other designated depositary, substantially in the form of Exhibit A hereto and that bears the Global Note Legend and
that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, issued in accordance with Section 2.01 or 2.06(d) hereof. 

“Government Securities” means marketable direct obligations issued by, or unconditionally guaranteed by, the United
States government or issued by any agency or instrumentality thereof and backed by the full faith and credit of the United States, in each case maturing within 12 months from the date of acquisition thereof by the Company. 

“Hedging Obligations” means all obligations of the Company arising under or in connection with any rate or basis swap,
forward contract, commodity swap or option, equity or equity index swap or option, bond, note or bill option, interest rate option, foreign currency exchange transaction, cross currency rate swap, currency option, cap, collar or floor transaction,
swap option, synthetic trust product, synthetic lease or any similar transaction or agreement. 
 “Holder”
means a Person in whose name a Note is registered. 
 “Incur” means, with respect to any Indebtedness of any
Person or any Lien, to create, issue, incur (by conversion, exchange or otherwise), assume, guarantee or otherwise become liable in respect of such Indebtedness or Lien or the recording, as required pursuant to GAAP or otherwise, of any such
Indebtedness on the balance sheet of such Person (and “Incurrence,” “Incurred,” “Incurrable” and “Incurring” shall have meanings correlative to the foregoing). 

“Indebtedness” means with respect to any Person, without duplication, whether contingent or otherwise, 

(1) any obligations for money borrowed, 

(2) any obligation evidenced by bonds, debentures, notes, or other similar instruments, 

(3) Letter of Credit Obligations and obligations in respect of other similar instruments, 

(4) any obligations to pay the deferred purchase price of property or services, including Capitalized Lease Obligations, 

(5) the maximum fixed redemption or repurchase price of Disqualified Capital Stock, 

  
 4 

 (6) Indebtedness of other Persons of the types described in clauses
(1) through (5) above, secured by a Lien on the assets of such Person valued, in such cases where the recourse thereof is limited to such assets, at the lesser of the principal amount of such Indebtedness or the fair market value of the
subject assets, 
 (7) Indebtedness of other Persons of the types described in clauses (1) through (5) above,
guaranteed by such Person, and 
 (8) the net obligations of such Person under Hedging Obligations, 

provided that the amount of any Indebtedness at any date shall be calculated as the outstanding balance of all unconditional
obligations and the maximum liability supported by any contingent obligations at such date. 
 Notwithstanding the foregoing,
“Indebtedness” shall not be construed to include trade payables, credit on open account, accrued liabilities, provisional credit, daylight overdrafts or similar items. For purposes of this definition, the “maximum fixed redemption or
repurchase price” of any Disqualified Capital Stock that does not have a fixed repurchase price shall be calculated in accordance with the terms of such Disqualified Capital Stock as if such Disqualified Capital Stock were repurchased on the
date on which Indebtedness shall be required to be determined pursuant to this Indenture, and if such price is based upon, or measured by, the fair market value of such Disqualified Capital Stock, such fair market value shall be determined
reasonably and in good faith by the Board of the issuing Person. Unless otherwise specified in this Indenture, the amount outstanding at any time of any Indebtedness issued with original issue discount is the full amount of such Indebtedness less
the remaining unamortized portion of the original issue discount of such Indebtedness at such time as determined in conformity with GAAP. 

“Indenture” means this Indenture, as amended or supplemented from time to time, and shall include the form and terms
of particular series of Notes established from time to time as contemplated by Section 2.01. 
 “Indirect
Participant” means a Person who holds a beneficial interest in a Global Note through a Participant. 

“Interest Payment Date” means the Stated Maturity of an installment of interest on a particular series of Notes.

 “Interest Swap Obligations” means the net obligations of any Person under any interest rate protection
agreement, interest rate future, interest rate option, interest rate swap, interest rate cap, collar or floor transaction or other interest rate Hedging Obligation. 

“Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in the City of New York or at a
place of payment are authorized by law, regulation or executive order to remain closed. 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 on such payment for the intervening period. 

  
 5 

 “Letter of Credit Obligations” means Obligations of the Company arising
under or in connection with letters of credit. 
 “Lien” means, with respect to any assets, any mortgage,
lien, pledge, charge, security interest or other similar encumbrance (including, without limitation, any conditional sale or other title retention agreement or lease in the nature thereof, any option or other agreement to sell, and any filing of or
agreement to give, any security interest). 
 “Notes” has the meaning assigned to it in the recitals to this
Indenture. The initially issued Notes of any series of Notes and any Additional Notes of such series shall be treated as a single class for all purposes under this Indenture, and unless the context otherwise requires, all references to Notes shall
include the initially issued Notes of such series and any Additional Notes of such series. 
 “Obligations”
means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities, whether absolute or contingent, payable under the documentation governing any Indebtedness. 

“Officer” means, (i) with respect to any Person that is a corporation, the Chairman of the Board, the Chief
Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary, the Assistant Secretary or any Vice-President of such Person and (ii) with
respect to any other Person, the individuals selected by the Board or corresponding governing or managing body of such Person to perform functions similar to those of the officers listed in clause (i). 

“Officers’ Certificate” means a certificate signed on behalf of the Company by two Officers of the Company, one
of whom must be the Chairman of the Board; the Chief Executive Officer; the President; the Chief Operating Officer or a Vice President of the Company and the other of whom must be the Chief Financial Officer; the Treasurer; the Secretary or an
Assistant Treasurer or Assistant Secretary of the Company, that meets the requirements of Section 12.05 hereof. 

“Opinion of Counsel” means a written opinion from legal counsel that meets the requirements of Section 12.05
hereof. The counsel may be an employee of or counsel to the Company or any Subsidiary of the Company. 

“Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the
Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream). 

“Person” means any individual, corporation, partnership, joint venture, association, limited liability company,
joint-stock company, trust, unincorporated organization, or government agency or political subdivision thereof (including any subdivision or ongoing business of any such entity or substantially all of the assets of any such entity, subdivision or
business). 

  
 6 

 “Plan of Liquidation” means, with respect to any Person, a plan
(including by operation of law) that provides for, contemplates or the effectuation of which is preceded or accomplished by (whether or not substantially contemporaneously): 

(1) the sale, lease or conveyance of all or substantially all of the assets of such Person otherwise than as an entirety or
substantially as an entirety, and 
 (2) the distribution of all or substantially all of the proceeds of such sale, lease,
conveyance, or other disposition and all or substantially all of the remaining assets of such Person to holders of Capital Stock of such Person. 

“Property” means any right or interest in or to property of any kind whatsoever, whether real, personal or mixed and
whether tangible or intangible, including, without limitation, Capital Stock. 
 “Qualified Capital Stock”
means any Capital Stock that is not Disqualified Capital Stock. 
 “Responsible Officer” means any officer
within the corporate trust administration of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also means,
with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this
Indenture. 
 “SEC” means the Securities and Exchange Commission. 

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

“Stated Maturity” means, with respect to any installment of interest or principal on any series of Indebtedness, the
date on which such payment of interest or principal was scheduled to be paid in the original documentation governing such Indebtedness, and shall not include any contingent obligations to repay, redeem or repurchase any such interest or principal
prior to the date originally scheduled for the payment thereof. 
 “Subsidiary,” with respect to any Person,
means: 
 (1) any corporation or comparably organized entity, a majority of whose voting stock (defined as any class
of capital stock having voting power under ordinary circumstances to elect a majority of the Board of such Person) is owned, directly or indirectly, by such Person, and 

(2) any other Person (other than a corporation) in which such Person, directly or indirectly, has at least a majority ownership
interest entitled to vote in the election of directors, managers or trustees thereof or of which such Person is the managing general partner. 

“TIA” means the Trust Indenture Act of 1939, as amended. 

  
 7 

 “Trustee” means
[                    ] until a successor replaces it in accordance with the applicable provisions of this Indenture and thereafter means the
successor serving hereunder. 
 “Weighted Average Life to Maturity” means, when applied to any Indebtedness at any
date, the Company’s calculations of the number of years obtained by dividing: 
 (1) the then outstanding
aggregate principal amount of such Indebtedness into, 
 (2) the total of the products obtained by multiplying: 

(A) the amount of each then remaining installment, sinking fund, serial maturity or other required payment of principal,
including payment at final maturity, in respect thereof, by 
 (B) the number of years (calculated to the nearest
one-twelfth) that will elapse between such date and the making of such payment. 
 Section 1.02 Other Definitions. 

 

					
	 Term
	  	Defined in Section	 
	 “Authentication Order”
	  	 	2.02	  
	 “Covenant Defeasance”
	  	 	8.03	  
	 “DTC”
	  	 	2.03	  
	 “Event of Default”
	  	 	6.01	  
	 “Legal Defeasance”
	  	 	8.02	  
	 “Paying Agent”
	  	 	2.03	  
	 “Payment Default”
	  	 	6.01	  
	 “Registrar”
	  	 	2.03	  

 Section 1.03 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: 

“indenture securities” means the Notes; 

“indenture security Holder” means a Holder of a Note; 

“indenture to be qualified” means this Indenture; 

“indenture trustee” or “institutional trustee” means the Trustee; and 

“obligor” on the Notes means the Company and any successor obligor upon the Notes. 

  
 8 

 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 have the meanings so assigned to them. 
 Section 1.04 Rules of Construction. 

Unless the context otherwise requires: 

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

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

(3) “or” is not exclusive; 

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

(5) “will” shall be interpreted to express a command; 

(6) provisions apply to successive events and transactions; 

(7) references to sections of or rules under the Securities Act will be deemed to include substitute, replacement or successor
sections or rules adopted by the SEC from time to time; and 
 (8) references to any contract, instrument or agreement shall
be deemed to include any amendments, modifications or supplements thereto or restatements thereof not prohibited hereby, through the date of reference thereto. 

ARTICLE 2 
 THE NOTES 

Section 2.01 Amount Unlimited; Issuable in Series. 

The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is unlimited. 

The Notes may be issued in one or more series. There shall be established in or pursuant to a Board Resolution and, subject to
Section 2.02, set forth, or determined in the manner provided, in an Officers’ Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Notes of any series: 

(a) the title of the Notes of the series, including CUSIP number(s) (which shall distinguish the Notes of the series from Notes of any other
series); 
 (b) any limit upon the aggregate principal amount of the Notes of the series that may be authenticated and delivered under this
Indenture (except for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes of the series pursuant to Section 2.06, 2.07, 2.10, 3.07 or 9.05); 

  
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 (c) the Person to whom any interest on a Note of the series shall be payable, if other than the
Person in whose name that Note (or one or more predecessor Notes) is registered at the close of business on the record date for such interest; 

(d) the date or dates on which the principal of any Notes of the series is payable or the method of determination thereof; 

(e) the rate or rates (which may be fixed or variable) at which any Notes of the series shall bear interest, if any, the date or dates from
which any such interest shall accrue, the interest payment dates on which any such interest shall be payable and the record date for any such interest payable on any interest payment date; 

(f) any terms applicable to original issue discount, if any (as that term is defined in the Internal Revenue Code of 1986, as amended, and the
regulations thereunder), including the rate or rates at which such original issue discount, if any, shall accrue; 
 (g) the place or places
where the principal of and any premium and interest on any Notes of the series shall be payable; 
 (h) the period or periods within which,
the price or prices at which and the terms and conditions upon which any Notes of the series may be redeemed, in whole or in part, at the option of the Company and, if other than by a Board Resolution, the manner in which any election by the Company
to redeem the Notes shall be evidenced; 
 (i) the obligation, if any, of the Company to redeem or purchase any Notes of the series pursuant
to any sinking fund or analogous provisions or at the option of the Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions upon which any Notes of the series shall be redeemed or purchased,
in whole or in part, pursuant to such obligation; 
 (j) if other than denominations of $1,000 and any integral multiple thereof, the
denominations in which any Notes of the series shall be issuable; 
 (k) if the amount of principal of or any premium or interest on any
Notes of the series may be determined with reference to a financial or economic measure or pursuant to a formula, the manner in which such amounts shall be determined; 

(l) if other than the currency of the United States of America, the currency, currencies or currency units in which the principal of or any
premium or interest on any Notes of the series shall be payable and the manner of determining the equivalent thereof in the currency of the United States of America for any purpose; 

(m) if the principal of or any premium or interest on any Notes of the series is to be payable, at the election of the Company or the Holder
thereof, in one or more currencies or currency units other than that or those in which such Notes are stated to be payable, the currency, 

  
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currencies or currency units in which the principal of or any premium or interest on such Notes as to which such election is made shall be payable, the periods within which and the terms and
conditions upon which such election is to be made and the amount so payable (or the manner in which such amount shall be determined); 
 (n)
if other than the entire principal amount thereof, the portion of the principal amount of any Notes of the series which shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.02; 

(o) if the principal amount payable at the Stated Maturity of any Notes of the series will not be determinable as of any one or more dates
prior to the Stated Maturity, the amount that shall be deemed to be the principal amount of such Notes as of any such date for any purpose thereunder or hereunder, including the principal amount thereof that shall be due and payable upon any
maturity other than the Stated Maturity or that shall be deemed to be outstanding as of any date prior to the Stated Maturity (or, in any such case, the manner in which such amount deemed to be the principal amount shall be determined); 

(p) if other than by a Board Resolution, the manner in which any election by the Company to defease any Notes of the series pursuant to
Section 8.02 or Section 8.03 shall be evidenced; or, that the Notes of the series, in whole or any specified part, shall not be defeasible pursuant to Section 8.02 or Section 8.03 or both such Sections; 

(q) if applicable, that any Notes of the series shall be issuable in whole or in part in the form of one or more Global Notes and, in such
case, the respective Depositaries for such Global Notes, the form of any Global Note Legend or Legends that shall be borne by any such Global Note in addition to or in lieu of that set forth in Section 2.06(f) and any circumstances in addition
to or in lieu of those set forth in Section 2.06 in which any such Global Note may be exchanged in whole or in part for Notes registered, and any transfer of such Global Note in whole or in part may be registered, in the name or names of
Persons other than the Depositary for such Global Note or a nominee thereof; 
 (r) if applicable, any provisions relating to the seniority
or subordination of all or any portion of the Indebtedness evidenced by the Notes of the series to other Indebtedness of the Company, including, as applicable, all indebtedness evidenced by the Notes; 

(s) the provisions, if any, relating to any security provided for the Notes of the series; 

(t) the provisions, if any, relating to any conversion or exchange right of the Notes of the series; 

(u) any addition to, deletion from or change in the Events of Default that apply to any Notes of the series and any addition to, deletion from
or change in the right of the Trustee or the requisite Holders of such Notes to declare the principal amount thereof due and payable pursuant to Section 6.02; 

(v) any addition to, deletion from or change in the covenants set forth in Articles 4 or 5 which apply to Notes of the series; 

  
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 (w) any addition to, deletion from or change in the definitions set forth in Article 1 which
apply to Notes of the series; and 
 (x) any other terms of the Notes of the series (which terms may modify or delete any provision of this
Indenture, insofar as it applies to such series of Notes; provided, that no such term may modify or delete any provision hereof if imposed by the TIA, and provided further that any modification or deletion of the rights, duties and immunities of the
Trustee hereunder shall have been consented to in writing by the Trustee). 
 All Notes of any one series shall be substantially identical
except as to denomination and except as may otherwise be provided in or pursuant to the Board Resolution referred to above and (subject to Section 2.02) set forth, or determined in the manner provided, in the Officers’ Certificate referred
to above or in any such indenture supplemental hereto. All Notes of any one series need not be issued at one time and, unless otherwise provided in or pursuant to the Board Resolution referred to above and (subject to Section 2.02) set forth,
or determined in the manner provided, in the Officers’ Certificate referred to above or in any such indenture supplemental hereto with respect to a series of Notes, Additional Notes may be issued, at the option of the Company, without the
consent of any Holder, at any time and from time to time. 
 If any of the terms of the series are established by action taken pursuant to a
Board Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officers’ Certificate setting forth
the terms of the series. If all of the Notes of any series established by action taken pursuant to a Board Resolution are not to be issued at one time, it shall not be necessary to deliver a record of such action at the time of issuance of each Note
of such series, but an appropriate record of such action shall be delivered at or before the time of issuance of the first Note of such series. 

Section 2.02 Form and Dating; Execution and Authentication. 

(a) General. The Notes and the Trustee’s certificate of authentication will be substantially in the form of Exhibit A hereto, or in
such other form as shall be established by or pursuant to a Board Resolution or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted
by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or Depositary therefor or as may,
consistently herewith, be determined by the officers executing such Notes, as evidenced by their execution thereof. If the form of Notes of any series is established by action taken pursuant to a Board Resolution, a copy of an appropriate record of
such action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Authentication Order contemplated by Section 2.02(d) for the authentication and delivery of
such Notes. If all of the Notes of any series established by action taken pursuant to a Board Resolution are not to be issued at one time, it shall not be necessary to deliver a record of such action at the time of issuance of each Note of such
series, but an appropriate record of such action shall be delivered at or before the time of issuance of the first Note of such series. 

  
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 The Notes may have notations, legends or endorsements required by law, stock exchange rule or
usage. Each Note will be dated the date of its authentication. Except as otherwise established in accordance with Section 2.01(j), the Notes shall be in denominations of $1,000 and integral multiples thereof. 

The terms and provisions contained in the Notes will constitute, and are hereby expressly made, a part of this Indenture and the Company and
the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of this Indenture, the
provisions of this Indenture shall govern and be controlling. 
 (b) Global Notes. Subject to Section 2.02(a), Global Notes will
be substantially in the form of Exhibit A hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Subject to Section 2.02(a), Definitive Notes will be
substantially in the form of Exhibit A hereto (but without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent such of the outstanding
Notes as will be specified therein and each shall provide that it represents the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may
from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented
thereby will be made by the Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof. 

(c) Execution. At least one Officer must sign the Notes for the Company by manual or facsimile signature. 

If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note will nevertheless be
valid. 
 A Note will not be valid until authenticated by the manual signature of the Trustee. The signature will be conclusive evidence
that the Note has been authenticated under this Indenture. 
 (d) Authentication. The Trustee will, upon receipt of a written order of
the Company signed by two Officers (an “Authentication Order”), authenticate Notes for original issuance in an aggregate principal amount specified in the written order of the Company pursuant to this Section 2.02. Such
Authentication Order shall specify the amount of Notes to be authenticated and the date on which the original issue of Notes is to be authenticated. The aggregate principal amount of Notes, including any Additional Notes, of a series outstanding at
any time may not exceed the aggregate principal amount of Notes of such series authorized for issuance by the Company, pursuant to one or more Authentication Orders, except as provided in Section 2.07 hereof. 

The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Notes. An authenticating agent may authenticate
Notes 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 Holders or an Affiliate of the
Company. 

  
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 Section 2.03 Registrar and Paying Agent. 

The Company will maintain an office or agency where Notes may be presented for registration of transfer or for exchange
(“Registrar”) and an office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar will keep a register of the Notes and of their transfer and exchange. The Company may appoint one or
more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent. The Company may change any Paying Agent or Registrar
without notice to any Holder. The Company will notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee
shall act as such. The Company or any of its Subsidiaries may act as Paying Agent or Registrar. 
 The Company initially
appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes. 
 The Company
initially appoints the Trustee to act as the Registrar and Paying Agent and to act as Custodian with respect to the Global Notes. 
 Section 2.04
Paying Agent to Hold Money in Trust. 
 The Company will require each Paying Agent other than the Trustee to agree in writing that the
Paying Agent will hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium or interest or Additional Interest, if any, on the Notes, and will notify the Trustee 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) will have no further liability for the money. If the Company or a Subsidiary of the Company acts as Paying Agent, it will
segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Company, the Trustee will serve as Paying Agent for the Notes. 

Section 2.05 Holder Lists. 
 The
Trustee will preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders of each series of Notes and shall otherwise comply with TIA § 312(a). If the Trustee is not
the Registrar, the Company will furnish to the Trustee at least seven Business 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 the Holders of each series of Notes and the Company shall otherwise comply with TIA § 312(a). 

  
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 Section 2.06 Transfer and Exchange. 

(a) Transfer and Exchange of Global Notes. A Global Note 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 to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes of a series will be
exchanged by the Company for Definitive Notes of such series if: 
 (1) the Company delivers to the Trustee notice from the
Depositary that it is unwilling or unable to continue to act as Depositary or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Company within 120 days after
the date of such notice from the Depositary; 
 (2) the Company in its sole discretion determines that the Global Notes (in
whole but not in part) of such series should be exchanged for Definitive Notes of such series and delivers a written notice to such effect to the Trustee; or 

(3) there has occurred and is continuing a Default or Event of Default with respect to the Notes of such series. 

Upon the occurrence of either of the events in (1) or (2) above, Definitive Notes of such series shall be issued in such names as
the Depositary shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10 hereof. Other than as provided in this Section 2.06(a), every Note authenticated and delivered
in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note; provided, that beneficial
interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b) or (c) hereof. 
 (b) Transfer and
Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global Notes will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable
Procedures. Transfers of beneficial interests in the Global Notes also will require compliance with either subparagraph (1) or (2) below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 

(1) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Global Note may be
transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Global Note. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section
2.06(b)(1). 
 (2) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In
connection with all transfers and exchanges of beneficial interests that are not subject to Section 2.06(b)(1) above, the transferor of such beneficial interest must deliver to the Registrar either: 

  
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 (A) both: 

(i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note of such series in an amount equal to the beneficial interest to be transferred or exchanged; and 

(ii) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account
to be credited with such increase; or 
 (B) both: 

(i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to cause to be issued a Definitive Note of such series in an amount equal to the beneficial interest to be transferred or exchanged; and 

(ii) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such
Definitive Note of such series shall be registered to effect the transfer or exchange referred to in Section 2.06(b)(2)(B)(i) above. 
 Upon
satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the
relevant Global Note(s) pursuant to Section 2.06(g) hereof. 
 (c) Transfer or Exchange of Beneficial Interests in Global Notes for
Definitive Notes. If any holder of a beneficial interest in an Global Note of a series proposes to exchange such beneficial interest for a Definitive Note of such series or to transfer such beneficial interest to a Person who takes delivery
thereof in the form of a Definitive Note of such series, then, upon satisfaction of the conditions set forth in Section 2.06(b)(2) hereof, the Trustee shall cause the aggregate principal amount of the applicable Global Note of such series to be
reduced accordingly pursuant to Section 2.06(g) hereof, and the Company shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note of such series in the appropriate principal
amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest
requests through instructions to the Registrar from or through the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered. 

  
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 (d) Transfer and Exchange of Definitive Notes for Beneficial Interests in Global Notes. A
Holder of a Definitive Note of a series may exchange such Note for a beneficial interest in a Global Note of such series or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in a Global Note
of such series at any time. Upon receipt of a request for such an exchange or transfer, the Trustee will cancel the applicable Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Global Notes of such
series pursuant to Section 2.06(g) hereof. 
 (e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by
a Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06(e), the Registrar will register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the
requesting Holder must present or surrender to the Registrar the Definitive Notes of such series duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney,
duly authorized in writing. A Holder of Definitive Notes of a series may transfer such Notes to a Person who takes delivery thereof in the form of a Definitive Note of such series. Upon receipt of a request to register such a transfer, the Registrar
shall register the Definitive Notes of such series pursuant to the instructions from the Holder thereof, and the Company shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note of
such series in the appropriate principal amount. 
 (f) Global Note Legend. Each Global Note issued under this Indenture, unless
specifically stated otherwise in the applicable provisions of this Indenture, will bear a legend in substantially the following form: 

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT
OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE
MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE
TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART
FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR 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 SUCCESSOR DEPOSITARY. UNLESS THIS GLOBAL NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO THE
COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL 

  
 17 

 
NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH
OTHER ENTITY AS MAY BE 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.” 
 (g) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global
Note of a series have been exchanged for Definitive Notes of such series or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note will be returned to or retained and canceled by the
Trustee in accordance with Section 2.11 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note of a series is exchanged for or transferred to a Person who will take delivery thereof in the form of a
beneficial interest in another Global Note of such series or for Definitive Notes of such series, the principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by the
Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another
Global Note of such series, such other Global Note will be increased accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 

(h) General Provisions Relating to Transfers and Exchanges. 

(1) To permit registrations of transfers and exchanges, the Company will execute and the Trustee will authenticate Global Notes
and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 hereof or at the Registrar’s request. 

(2) No service charge will be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note
for any registration of transfer or exchange, 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 taxes or similar
governmental charge payable upon exchange or transfer pursuant to Sections 2.10, 3.07 and 9.05 hereof or other provisions relating to any offer to purchase Notes required to be made by the Company contained in any Board Resolution, supplemental
indenture hereto or an Officers’ Certificate establishing or amending a series of Notes). 
 (3) The Registrar will not
be required to register the transfer of or exchange of any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 

(4) All Global Notes and Definitive Notes of a series issued upon any registration of transfer or exchange of Global Notes or
Definitive Notes of such series will be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes of such series surrendered upon such registration
of transfer or exchange. 

  
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 (5) Neither the Registrar nor the Company will be required: 

(A) to issue, to register the transfer of or to exchange any Notes of a series during a period beginning at the opening of
business 15 days before the day of any selection of Notes of such series for redemption under Section 3.03 hereof and ending at the close of business on the day of selection; 

(B) to register the transfer of or to exchange any Note selected for redemption in whole or in part, except the unredeemed
portion of any Note being redeemed in part; or 
 (C) to register the transfer of or to exchange a Note of a series between a
record date and the next succeeding interest payment date of such series. 
 (6) Prior to due presentment for the
registration of a transfer of any Note, the Trustee, any Agent and the Company may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on
such Note and for all other purposes, and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary. 

(7) The Trustee will authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02
hereof. 
 (8) All certifications and certificates required to be submitted to the Registrar pursuant to this
Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile. 
 Section 2.07 Replacement Notes. 

If any mutilated Note is surrendered to the Trustee, or each of the Company and the Trustee receives evidence to its respective satisfaction of
the destruction, loss or theft of any Note, the Company will issue and the Trustee, upon receipt of an Authentication Order, will authenticate a replacement Note of the same series if the Trustee’s requirements are met. If required by the
Trustee or the Company, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent and any authenticating agent from any loss that any of them may
suffer if a Note is replaced. The Company may charge a Holder for the Company’s expenses in replacing a Note. 
 Every replacement Note
of a series is an additional obligation of the Company and will be entitled to all of the benefits of this Indenture equally and proportionately with all other Notes of such series duly issued hereunder. 

  
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 Section 2.08 Outstanding Notes. 

The Notes outstanding at any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for
cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this Section 2.08 as not outstanding. Except as set forth in Section 2.09 hereof or in
any provision of the form of Note that so expressly states, a Note does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note. 

If a Note is replaced pursuant to Section 2.07 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory
to it that the replaced Note is held by a bona fide purchaser. 
 If the principal amount of any Note is considered paid under
Section 4.01 hereof, it ceases to be outstanding and interest on it ceases to accrue. 
 If the Paying Agent (other than the Company, a
Subsidiary of the Company or an Affiliate of any thereof) holds, on a redemption date or maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes will be deemed to be no longer outstanding and will
cease to accrue interest. 
 Section 2.09 Treasury Notes. 

In determining whether the Holders of the required principal amount of Notes of a series have concurred in any direction, waiver or consent,
Notes owned by the Company, or by any Affiliate of the Company, will be considered as though not outstanding, except that for the purposes of determining whether the Trustee will be protected in relying on any such direction, waiver or consent, only
Notes of such series that a Responsible Officer of the Trustee actually knows are so owned will be so disregarded. 
 Section 2.10 Temporary
Notes. 
 Until certificated Notes are ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication
Order, will authenticate temporary Notes. Temporary Notes will be substantially in the form of certificated Notes but may have variations that the Company considers appropriate for temporary Notes and as may be reasonably acceptable to the Trustee.
Without unreasonable delay, the Company will prepare and the Trustee will authenticate definitive Notes in exchange for temporary Notes. 

Holders of temporary Notes will be entitled to all of the benefits of this Indenture. 

Section 2.11 Cancellation. 
 The
Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent will forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else will
cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and will dispose of such canceled Notes (subject to the record retention requirement of the Exchange Act) in its customary manner. The Company
may not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation. 

  
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 Section 2.12 Defaulted Interest. 

If the Company defaults in a payment of interest on a series of Notes, it will pay the defaulted interest in any lawful manner plus, to
the extent lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01 hereof. The Company will notify the Trustee in
writing of the amount of defaulted interest proposed to be paid on each Note of such series and the date of the proposed payment. The Company will fix or cause to be fixed each such special record date and payment date; provided that no such
special record date may be less than 10 days prior to the related payment date for such defaulted interest. At least 15 days before the special record date, the Company (or, upon the written request of the Company, the Trustee in the name and at the
expense of the Company) will mail or cause to be mailed to Holders of such series of Notes a notice that states the special record date, the related payment date and the amount of such interest to be paid. 

Section 2.13 CUSIP Numbers. 
 The
Company in issuing the Notes 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 Notes or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Notes,
and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee of any change in the “CUSIP” numbers. 

ARTICLE 3 
 REDEMPTION AND
PREPAYMENT 
 Section 3.01 Optional Redemption. 

Notes of any series that are redeemable before their maturity shall be redeemable in accordance with their terms set forth in any Board
Resolution, Officers’ Certificate or supplemental indenture that establishes or amends the terms of the Notes of any series and in accordance with this Article. 

Section 3.02 Notices to Trustee. 
 If
the Company elects to redeem Notes of any series pursuant to the optional redemption provisions of such Note, it must furnish to the Trustee, at least 40 days but not more than 60 days before a redemption date, an Officers’ Certificate setting
forth: 
 (1) the clause of this Indenture pursuant to which the redemption shall occur; 

(2) the series of Notes to be redeemed; 

  
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 (3) the redemption date; 

(4) the principal amount of Notes to be redeemed; 

(5) the redemption price; and 

(6) the applicable CUSIP numbers. 

Section 3.03 Selection of Notes to Be Redeemed or Purchased. 

If less than all of the Notes of any series are to be redeemed or purchased pursuant to this Indenture at any time, the Trustee will select the
Notes of such series to be redeemed or purchased among the holders of Notes of such series as follows: 
 (1) if such Notes
are listed, in compliance with the requirements of the principal national securities exchange on which such Notes are listed, or 

(2) if such Notes are not so listed, on a pro rata basis, by lot or in accordance with any other method the Trustee
considers fair and appropriate. 
 In the event of partial redemption or purchase by lot, the particular Notes of any series to be redeemed
or purchased will be selected, unless otherwise provided herein, not less than 35 nor more than 60 days prior to the redemption or purchase date by the Trustee from the outstanding Notes of such series not previously called for redemption or
purchase. 
 The Trustee will promptly notify the Company in writing of the Notes selected for redemption or purchase and, in the case of
any Note selected for partial redemption or purchase, the principal amount thereof to be redeemed or purchased. Notes of a series and portions of such Notes selected will be in amounts of $1,000 or whole multiples of $1,000; except that if all of
the Notes of a series of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes of such series held by such Holder, even if not a multiple of $1,000, shall be redeemed or purchased. Except as provided in the preceding
sentence, provisions of this Indenture that apply to Notes of a series called for redemption or purchase also apply to portions of Notes of a series called for redemption or purchase. 

Section 3.04 Notice of Redemption. 

Unless otherwise indicated for a particular series by Board Resolution establishing the terms of any series of Notes as set forth, or
determined in the manner provided, in an Officers’ Certificate, or established in a supplemental indenture hereto, at least 30 days but not more than 60 days before a redemption date, the Company will mail or cause to be mailed, by first class
mail, a notice of redemption to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance
of the Notes pursuant to Article 8 hereof or a satisfaction and discharge of this Indenture pursuant to Article 11 hereof. 

  
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 The notice will identify the Notes of the series to be redeemed and will state: 

(1) the redemption date; 

(2) the redemption price; 

(3) if any Note of such series is being redeemed in part, the portion of the principal amount of such Note to be redeemed and
that, after the redemption date upon surrender of such Note, a new Note or Notes of such series in principal amount equal to the unredeemed portion will be issued upon cancellation of the original Note; 

(4) the name and address of the Paying Agent; 

(5) that Notes of such series called for redemption must be surrendered to the Paying Agent to collect the redemption price;

 (6) that, unless the Company defaults in making such redemption payment, interest and Additional Interest, if any, on
Notes of such series called for redemption ceases to accrue on and after the redemption date, subject to the satisfaction of any condition to such redemption; 

(7) the paragraph of the Notes of such series and/or Section of this Indenture pursuant to which the Notes of such series
called for redemption are being redeemed; and 
 (8) that no representation is made as to the correctness or accuracy of the
CUSIP number, if any, listed in such notice or printed on the Notes of such series. 
 At the Company’s request, the Trustee will 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 45 days prior to the redemption date (unless a shorter period is acceptable to the Trustee), an
Officers’ Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph. 

Section 3.05 Effect of Notice of Redemption. 

Once notice of redemption is mailed in accordance with Section 3.04 hereof, Notes called for redemption become irrevocably due and payable
on the redemption date at the redemption price, subject to the satisfaction of any conditions to such redemption. A notice of redemption may be conditional in that the Company may, notwithstanding the giving of the notice of redemption, condition
the redemption of the Notes specified in the notice of redemption upon the completion of other transactions, such as refinancings or acquisitions (whether of the Company or by the Company). 

Section 3.06 Deposit of Redemption or Purchase Price. 

On or before 10:00 a.m. New York City time on the redemption or purchase date, the Company will deposit with the Trustee or with the Paying
Agent money sufficient to pay the redemption or purchase price of and accrued interest and Additional Interest, if any, on all Notes to be redeemed or purchased on that date. The Trustee or the Paying Agent will promptly return to the Company any
money deposited with the Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption or purchase price of, and accrued interest and Additional Interest, if any, on, all Notes to be redeemed or purchased. 

  
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 If the Company complies with the provisions of the preceding paragraph, on and after the
redemption or purchase date, subject to the satisfaction of any conditions to such redemption, interest will cease to accrue on the Notes or the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on or after an
interest record date but on or prior to the related interest payment date, then any accrued and unpaid interest shall be paid to the Person in whose name such Note was registered at the close of business on such record date. If any Note called for
redemption or purchase is not so paid upon surrender for redemption or purchase because of the failure of the Company to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase date until
such principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01 hereof. 

Section 3.07 Notes Redeemed or Purchased in Part. 

Upon surrender of a Note that is redeemed or purchased in part, the Company will issue and, upon receipt of an Authentication Order, the
Trustee will authenticate for the Holder at the expense of the Company a new Note of the same series equal in principal amount to the unredeemed or unpurchased portion of the Note surrendered. 

Section 3.08 Mandatory Redemption. 

The Company is not required to make mandatory redemption or sinking fund payments with respect to the Notes. 

ARTICLE 4 
 COVENANTS 

Section 4.01 Payment of Notes. 
 The
Company will pay or cause to be paid the principal of, premium, if any, and interest and Additional Interest, if any, on, the Notes of a series on the dates and in the manner provided in accordance with the terms of such Notes and this Indenture.
Principal, premium, if any, and interest and Additional Interest, if any, will be considered paid on the date due if the Paying Agent, if other than the Company or a Subsidiary thereof, holds as of 10:00 a.m. Eastern Time on the due date money
deposited by the Company in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due. 

The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium,
if any, at the then applicable interest rate on the Notes to the extent lawful; it will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Additional Interest (without
regard to any applicable grace period) at the same rate payable on overdue principal to the extent lawful. 

  
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 Section 4.02 Maintenance of Office or Agency. 

The Company will maintain in the Borough of Manhattan, the City of New York, an office or agency (which may be an office of the Trustee or an
affiliate of the Trustee, Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. The
Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company fails to maintain any such required office or agency or fails to furnish the Trustee with
the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee (or at the office of its affiliate, if so designated by the Trustee). 

The Company may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered
for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission will in any manner relieve the Company of its obligation to maintain an office or agency in the
Borough of Manhattan, the City of New York 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 location of any such other office or agency. 

The Company hereby designates the Corporate Trust Office of the Trustee, as one such office or agency of the Company in accordance with
Section 2.03 hereof. 
 Section 4.03 Reports. 

(a) Whether or not required by the rules and regulations of the SEC, so long as any series of Notes are outstanding, the Company will furnish
to the Trustee for mailing to the Holders of such series of Notes: 
 (1) all quarterly and annual financial information that
would be required to be contained in a filing or filings by the Company with the SEC on Forms 10-Q and 10-K if the Company were required to file such forms, including a “Management’s Discussion and Analysis of Financial Condition and
Results of Operations” and, with respect to the annual information only, a report thereon by the Company’s certified independent accountants, and 

(2) all current reports that would be required to be filed by the Company with the SEC on Form 8-K if the Company were required
to file such reports, in each case within 15 days of the applicable time periods specified in the SEC’s rules and regulations. 
 In addition, whether
or not required by the rules and regulations of the SEC, the Company will file a copy of all such information and reports with the SEC for public availability (unless the SEC will not accept such a filing) and make such information available to
securities analysts and prospective investors upon request. The Company may deliver the consolidated reports or financial information of the Company to comply with the foregoing requirements. The Company will at all times comply with TIA §
314(a). 

  
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 If, at any time, the Company is no longer subject to the periodic reporting requirements of the
Exchange Act for any reason, the Company will nevertheless continue filing the reports specified in the preceding paragraph with the SEC within the time periods specified above unless the SEC will not accept such a filing. The Company will not take
any action for the purpose of causing the SEC not to accept any such filings. If, notwithstanding the foregoing, the SEC will not accept the Company’s filings for any reason, the Company will post the reports referred to in the preceding
paragraph on its website within the time periods that would apply if the Company were required to file those reports with the SEC. 

Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such
shall not constitute constructive 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 Officers’ Certificates). 
 (b) For so long as any series of Notes remain outstanding, if at any time the Company is
not required to file with the SEC the reports required by paragraph (a) of this Section 4.03, the Company will furnish to the Holders of such series of Notes and to securities analysts and prospective investors, upon their request, the
information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 
 Section 4.04 Compliance Certificate. 

(a) So long as any Notes are outstanding, the Company shall deliver to the Trustee, within 120 days after the end of each fiscal year for each
outstanding series of Notes an Officers’ Certificate stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to
determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge the Company 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 of this Indenture (or, if a Default or Event of Default has
occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action or actions the Company is taking or proposes to take with respect thereto) and that to the best of his or her knowledge no event has
occurred and is continuing by reason of which payments on account of the principal of or interest, if any, on the Notes is prohibited or if such event has occurred, a description of the event and what action or actions the Company is taking or
proposes to take with respect thereto. The first certificate to be delivered pursuant to this Section 4.04(a) shall be for the first fiscal year ending on December 31 of the calendar year in which Notes of such series are first issued
under this Indenture. 
 (b) So long as any of the Notes are outstanding, the Company will deliver to the Trustee, forthwith upon any Officer
becoming aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action or actions the Company is taking or proposes to take with respect thereto. 

  
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 Section 4.05 Stay, Extension and Usury Laws. 

The Company covenants (to the extent that it may lawfully do so) that it 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, that may affect the covenants or the performance of this Indenture; and the Company (to the extent that it may
lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it 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. 
 Section 4.06 Legal Existence. 

Subject to Article 5 hereof, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect: 

(1) its corporate existence, and the corporate, partnership or other existence of each of its Subsidiaries, in accordance with
the respective organizational documents (as the same may be amended from time to time) of the Company or any such Subsidiary; and 

(2) the rights (charter and statutory), licenses and franchises of the Company and its Subsidiaries; 

provided, however, that the Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other
existence of any of its Subsidiaries, if the Company shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries, taken as a whole, and that the loss thereof is not adverse
in any material respect to the Holders of the Notes. 
 ARTICLE 5 

SUCCESSORS 
 Section 5.01 Merger,
Consolidation, or Sale of Assets. 
 The Company may not, in a single transaction or a series of related transactions, consolidate or
merge with or into any Person, or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of the properties or assets of the Company and its Subsidiaries, taken as a whole, to any Person or adopt a Plan of Liquidation
unless: 
 (1) either 

(A) in the case of a consolidation or merger, the Company, or any successor thereto, is the surviving or continuing
corporation, or 

  
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 (B) the Person (if other than the Company) formed by such consolidation or into
which the Company is merged or the Person which acquires by sale, assignment, transfer, lease, conveyance or other disposition of the properties and assets of the Company and its Subsidiaries, taken as a whole, or in the case of a Plan of
Liquidation, the Person to which assets of the Company and its Subsidiaries have been transferred (i) shall be a corporation or other entity organized and validly existing under the laws of the United States or any State thereof or the District
of Columbia; provided, that if the successor is an entity other than a corporation, the Notes shall be co-issued or assumed on a co-issuer basis by a corporation organized and validly existing under the laws of the United States or any State thereof
or the District of Columbia and (ii) shall expressly assume, by supplemental indenture (in form and substance satisfactory to the Trustee), executed and delivered to the Trustee, the due and punctual payment of the principal of, and premium, if
any, and interest and Additional Interest, if any, on all of the Notes and the performance of every covenant of the Notes and this Indenture on the part of the Company to be performed or observed; 

(2) immediately before and immediately after giving effect to such transaction and the assumption contemplated by clause
(1)(B)(ii) above no Default and no Event of Default shall have occurred or be continuing; and 
 (3) the Company or such
other Person shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, sale, assignment, transfer, lease, conveyance, other disposition or Plan of Liquidation and, if a
supplemental indenture is required in connection with such transaction, such supplemental indenture, comply with the applicable provisions of this Indenture and that all conditions precedent in this Indenture relating to such transaction have been
satisfied. 
 Notwithstanding the provisions in this Section 5.01 above: 

(1) any Subsidiary of the Company may consolidate with, or merge with or into, or sell, assign, transfer, lease, convey or
otherwise dispose of all or substantially all of its assets to the Company or to another Subsidiary of the Company, and 

(2) the Company or any Subsidiary of the Company may consolidate with or merge with or into, or sell, assign, transfer, lease,
convey or otherwise dispose of all or substantially all of its assets to any Person if such transaction is solely for the purpose of effecting a change in the state of incorporation or form of organization of the Company or such Subsidiary. 

For purposes of the foregoing, the transfer (by lease, assignment, sale or otherwise, in a single transaction or series of transactions) of
all or substantially all of the properties and assets of one or more Subsidiaries of the Company, the Capital Stock of which constitutes all or substantially all of the properties and assets of the Company, shall be deemed to be the transfer of all
or substantially all of the properties and assets of the Company. 

  
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 Section 5.02 Successor Person Substituted. 

Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the
properties or assets of the Company in a transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof, the successor Person formed by such consolidation or into or with which the Company is merged or to which
such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger, sale, assignment, transfer, lease, conveyance or other
disposition, the provisions of this Indenture referring to the Company shall refer instead to the successor Person and not to the Company), and may exercise every right and power of the Company under this Indenture with the same effect as if such
successor Person had been named as the Company herein; and thereafter the predecessor Company shall be relieved from the obligation to pay the principal of and interest on the Notes and from any further obligation under this Indenture. 

ARTICLE 6 
 DEFAULTS AND
REMEDIES 
 Section 6.01 Events of Default. 

Each of the following is an “Event of Default” with respect to Notes of any series: 

(1) the Company’s default for 30 days in the payment when due of interest (including any Additional Interest) on the Notes
of such series; 
 (2) the Company’s default in payment of the principal of or premium, if any, on the Notes of such
series when due and payable, at maturity, upon acceleration, redemption or otherwise; 
 (3) failure by the Company to comply
with any of its other agreements in this Indenture (other than an agreement that has been included in this Indenture solely for the benefit of a series of Notes other than such series) or the Notes of such series for 60 days after written notice to
the Company by the Trustee or by Holders of not less than 25% in aggregate principal amount of the Notes of such series then outstanding voting as a single class; 

(4) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or
evidenced any Indebtedness for money borrowed by the Company or any Subsidiary of the Company (or the payment of which is guaranteed by the Company or any Subsidiary of the Company) whether such Indebtedness or guarantee now exists, or is created
after the date such series of Notes was first issued; 
 (A) is caused by a failure to pay principal of or premium, if any,
or interest, if any, on such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”), or 

  
 29 

 (B) results in the acceleration of such Indebtedness prior to its express
maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates
$10 million or more; 
 (5) failure by the Company or any Subsidiary of the Company to pay final judgments aggregating in
excess of $10 million, net of any amounts reasonably expected to be covered by insurance, which judgments are not paid, discharged or stayed for a period of 60 days after such judgment or judgments become final and non-appealable; 

(6) the Company pursuant to or within the meaning of Bankruptcy Law: 

(A) commences a voluntary case; 

(B) consents to the entry of an order for relief against it in an involuntary case; 

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

(D) makes a general assignment for the benefit of its creditors; and 

(7) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(A) is for relief against the Company in an involuntary case; 

(B) appoints a custodian of the Company or for all or substantially all of its property; or 

(C) orders the liquidation of the Company; 

and the order or decree remains unstayed and in effect for 60 consecutive days. 

Section 6.02 Acceleration. 
 If an
Event of Default with respect to the Notes of any series (other than an Event of Default with respect to clauses (6) and (7) of Section 6.01 hereof occurs and is continuing, then and in every such case, the Trustee or the Holders of
not less than 25% in aggregate principal amount of the then outstanding Notes of such series may declare the principal amount, together with any accrued and unpaid interest and premium and Additional Interest, if any, on all the Notes of such series
then outstanding to be due and payable, by a notice in writing to the Company (and to the Trustee, if given by Holders) specifying the Event of Default and that it is a “notice of acceleration” and upon delivery of such notice the
principal amount, in either case, together with any accrued and unpaid interest and premium and Additional Interest, if any, on all the Notes of such series then outstanding will become immediately due and payable, notwithstanding anything contained
in this Indenture or the Notes to the contrary. Upon the 

  
 30 

 
occurrence of any Event of Default specified in clause (6) or (7) of Section 6.01 hereof, the principal amount, together with any accrued and unpaid interest and premium and
Additional Interest, if any, will immediately and automatically become due and payable, without the necessity of notice or any other action by any Person. Holders of the Notes of such series may not enforce this Indenture or the Notes except as
provided in this Indenture. 
 Notwithstanding any other provision of this Indenture, the sole remedy for an Event of Default relating to
the failure to comply with the reporting obligations described under Section 4.03, and for any failure to comply with the requirements of Section 314(a) of the TIA, will for the 365 days after the occurrence of such an Event of Default
consist exclusively of the right to receive Additional Interest on the principal amount of the Notes of such series at a rate equal to 0.25% per annum. This Additional Interest will be payable in the same manner and subject to the same terms as
other interest payable under this Indenture. The Additional Interest will accrue on all outstanding Notes of such series from and including the date on which an Event of Default relating to a failure to comply with the reporting obligations
described under Section 4.03 or Section 314(a) of the TIA first occurs to but not excluding the 365th day thereafter (or such earlier date on which the Event of Default relating to the reporting obligations described under
Section 4.03 or Section 314(a) of the TIA shall have been cured or waived). On such 365th day (or earlier, if the Event of Default relating to such reporting obligations is cured or waived prior to such 365th day), such Additional Interest
will cease to accrue and the Notes of such series will be subject to the other remedies as provided under this Section 6.02 if the Event of Default is continuing. For the avoidance of doubt, the provisions of this paragraph will not affect the
rights of Holders of Notes of such series in the event of the occurrence of any other Event of Default. 
 The Holders of a majority in
aggregate principal amount of the then outstanding Notes of such series by written notice to the Trustee may, on behalf of all of the Holders of the Notes of such series, rescind an acceleration and its consequences, if the rescission would not
conflict with any judgment or decree and if all existing Events of Default (except nonpayment of principal, interest or premium or Additional Interest, if any, that has become due solely because of the acceleration) have been cured or waived. 

Section 6.03 Other Remedies. 
 If an
Event of Default with respect to the Notes of a series occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium and Additional Interest, if any, and interest on the Notes of such series or to
enforce the performance of any provision of the Notes of such series or this Indenture. 
 The Trustee may maintain a proceeding even if it
does not possess any of the Notes of such series or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of a Note of such series in exercising any right or remedy accruing upon an Event of Default shall
not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law. 

  
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 Section 6.04 Waiver of Past Defaults. 

The Holders of a majority in aggregate principal amount of the Notes of any series then outstanding by notice to the Trustee may on behalf of
the Holders of all of the Notes of such series waive any existing Default or Event of Default with respect to the Notes of such series and its consequences under this Indenture except a continuing Default or Event of Default in the payment of
principal of, premium or Additional Interest, if any, or interest, on the Notes of such series (including in connection with an offer to purchase) (provided, however, that the Holders of a majority in aggregate principal amount of the then
outstanding Notes of such series may rescind an acceleration and its consequences, including any related payment default that resulted solely from such acceleration). The waiver by the holders of any Indebtedness described in clause (4) of
Section 6.01 of the predicating default under such Indebtedness shall be deemed a waiver of such Default or Event of Default arising under, and a rescission of any acceleration resulting from the application of clause (4), from the effective
date, during the effective period and to the extent of, the waiver by the holders of such other Indebtedness. Upon any waiver granted or deemed granted in accordance with the terms hereof, such Default shall cease to exist, and any Event of Default
arising therefrom shall be deemed to have been cured and waived for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 

Section 6.05 Control by Majority. 

Holders of a majority in aggregate principal amount of the then outstanding Notes of any series may direct the time, method and place of
conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it with respect to the Notes of such series. However, the Trustee may refuse to follow any direction that conflicts with law
or this Indenture, that the Trustee determines may be unduly prejudicial to the rights of other Holders of such series of Notes, or that may involve the Trustee in personal liability. 

Section 6.06 Limitation on Suits. 
 A
Holder of any series of Notes may pursue a remedy with respect to this Indenture or the Notes only if: 
 (1) such Holder
gives to the Trustee written notice that an Event of Default is continuing; 
 (2) Holders of at least 25% in aggregate
principal amount of the then outstanding Notes of such series make a written request to the Trustee to pursue the remedy; 

(3) such Holder or Holders offer and, if requested, provide to the Trustee security or indemnity reasonably satisfactory to the
Trustee against any loss, liability or expense; 
 (4) the Trustee does not comply with the request within 60 days after
receipt of the request and the offer of security or indemnity; and 

  
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 (5) during such 60-day period, Holders of a majority in aggregate principal
amount of the then outstanding Notes of such series do not give the Trustee a direction inconsistent with such request. 
 A Holder of any
series of Notes may not use this Indenture to prejudice the rights of another Holder of such series of Notes or to obtain a preference or priority over another Holder of Notes of such series. 

Section 6.07 Rights of Holders of Notes to Receive Payment. 

Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive payment of principal, premium and
Additional Interest, if any, and interest on such Note, on or after the respective due dates expressed in such Note (including in connection with an offer to purchase), or to bring suit for the enforcement of any such payment on or after such
respective dates, shall not be impaired or affected without the consent of such Holder. 
 Section 6.08 Collection Suit by Trustee. 

If an Event of Default specified in Section 6.01(1) or (2) hereof occurs and is continuing, the Trustee is authorized to recover
judgment in its own name and as trustee of an express trust against the Company for the whole amount of principal of, premium and Additional Interest, if any, and interest remaining unpaid on, the Notes of all series as to which such Event of
Default has occurred and is continuing and interest on overdue principal and, to the extent lawful, interest and 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. 
 Section 6.09 Trustee May File Proofs of Claim. 

The Trustee for each series of Notes is authorized to file such proofs of claim and 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 the Holders of the Notes allowed in any judicial proceedings relative
to the Company, its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby
authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to 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 7.07 hereof. To the extent that the payment of any such compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out
of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. 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 Notes or the rights of any Holder, or to
authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

  
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 Section 6.10 Priorities. 

If the Trustee collects any money pursuant to this Article 6, it shall pay out the money in the following order: 

First: to the Trustee, its agents and attorneys for amounts due under Section 7.07 hereof, including payment of all compensation, expenses
and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 
 Second: to Holders of Notes in
respect of which or for the benefit of which such money has been collected for amounts due and unpaid on the Notes for principal, premium and Additional Interest, if any, and interest, ratably, without preference or priority of any kind, according
to the amounts due and payable on the applicable Notes for principal, premium and Additional Interest, if any and interest, respectively; and 

Third: to the Company or to such party as a court of competent jurisdiction shall direct. 

The Trustee may fix a record date and payment date for any payment to Holders of Notes pursuant to this Section 6.10. 

Section 6.11 Undertaking for Costs. 

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 or omitted
by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’
fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder of a
Note pursuant to Section 6.07 hereof, or a suit by Holders of more than 10% in aggregate principal amount of the then outstanding Notes of any series. 

Section 6.12 Remedies Subject to Applicable Law. 

All rights, remedies and powers provided by this Article 6 may be exercised only to the extent that the exercise thereof does not violate any
applicable provision of law, and all the provisions of this Indenture are intended to be subject to all applicable laws and to be limited to the extent necessary so that they will not render this Indenture invalid, unenforceable or not entitled to
be recorded, registered or filed under the provisions of any applicable law. 

  
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 ARTICLE 7 

TRUSTEE 
 Section 7.01 Duties of
Trustee. 
 (a) If an Event of Default with respect to Notes of any series has occurred and is continuing, the Trustee will, with respect
to such Notes, exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its 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 with respect to Notes of any series: 

(1) the duties of the Trustee will be determined solely by the express provisions of this Indenture and the Trustee need
perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(2) 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 certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, in the case of certificates or opinions specifically required by any provision
hereof to be furnished to it, the Trustee will examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or
other facts stated therein). 
 (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: 
 (1) this paragraph does not limit the effect of paragraph (b) of
this Section 7.01; 
 (2) the Trustee will 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; and 
 (3) the Trustee will
not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05 hereof. 

(d) Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to
paragraphs (a), (b) and (c) of this Section 7.01. 
 (e) No provision of this Indenture will require the Trustee to expend or
risk its own funds or incur any liability. The Trustee will be under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holder, unless such Holder has offered to the Trustee security and indemnity
satisfactory to it against any loss, liability or expense. 

  
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 (f) The Trustee will 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. 

Section 7.02 Rights of Trustee. 
 (a)
The Trustee may conclusively rely upon any document (whether in original or facsimile form) 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 Officers’ Certificate or an Opinion of Counsel, or
both. The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee may consult with counsel of its own selection and the advice of such
counsel or any Opinion of Counsel will be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 

(c) The Trustee may act through its attorneys and agents and will not be responsible for the misconduct or negligence of any agent appointed
with due care. 
 (d) The Trustee will not be liable for any action it takes or omits to take in good faith that it believes to be authorized
or within the rights or powers conferred upon it by this Indenture. 
 (e) Unless otherwise specifically provided in this Indenture, any
demand, request, direction or notice from the Company will be sufficient if signed by an Officer of the Company. 
 (f) The Trustee will 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 unless such Holders have offered to the Trustee indemnity or security reasonably satisfactory to it against
the losses, liabilities and expenses that might be incurred by it in compliance with such request or direction. 
 (g) In no event shall the
Trustee be responsible or liable for special, indirect, 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. 
 (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 Notes and
this Indenture. 
 (i) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its
right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 

  
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 (j) The Trustee may request that the Company deliver an Officers’ 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 Officers’ Certificate may be signed by any person authorized to sign an Officers’ Certificate, including
any person specified as so authorized in any such certificate previously delivered and not superseded. 
 Section 7.03 Individual Rights of
Trustee. 
 The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the
Company or any Affiliate of the Company with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days, apply to the SEC for
permission to continue as trustee (if this Indenture has been qualified under the TIA) or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11 hereof. 

Section 7.04 Trustee’s Disclaimer. 

The Trustee will not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not
be accountable for the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any provision of this Indenture, it will not be responsible for the use or application of any money
received by any Paying Agent other than the Trustee, and it will not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture other
than its certificate of authentication. 
 Section 7.05 Notice of Defaults. 

If a Default or Event of Default occurs and is continuing and if it is known to the Trustee, the Trustee will mail to Holders of Notes of all
applicable series a notice of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of principal of, premium or Additional Interest, if any, or interest on, any Note, the
Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders of the Notes of such series. 

Section 7.06 Reports by Trustee to Holders of the Notes. 

(a) Within 60 days after each May 15 beginning with the May 15 following the date of this Indenture, and for so long as Notes remain
outstanding, the Trustee will mail to the Holders of the Notes a brief report dated as of such reporting date that complies with TIA § 313(a) (but if no event described in TIA § 313(a) has occurred within the twelve months preceding the
reporting date, no report need be transmitted). The Trustee also will comply with TIA § 313(b). The Trustee will also transmit by mail all reports as required by TIA § 313(c). 

(b) A copy of each report at the time of its mailing to the Holders of Notes will be mailed by the Trustee to the Company and filed by the
Trustee with the SEC and each stock exchange on which the Notes are listed in accordance with TIA § 313(d). The Company will promptly notify the Trustee when the Notes of any series are listed on any stock exchange or delisted therefrom. 

  
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 Section 7.07 Compensation and Indemnity. 

(a) The Company will pay to the Trustee from time to time reasonable compensation for its acceptance of this Indenture and services hereunder.
The Trustee’s compensation will not be limited by any law on compensation of a trustee of an express trust. The Company will reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by
it in addition to the compensation for its services. Such expenses will include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel. 

(b) The Company will indemnify the Trustee against any and all losses, claims, damages, liabilities or expenses incurred by it arising out of
or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against the Company (including this Section 7.07) and defending itself against any claim
(whether asserted by the Company, any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent any such loss, liability or expense may be determined to
have been caused by its negligence or bad faith. The Trustee will notify the Company promptly of any claim for which the Trustee may seek indemnity. Failure by the Trustee to so notify the Company will not relieve the Company of its obligations
hereunder. The Company will defend the claim and the Trustee will cooperate in the defense. The Trustee may have separate counsel and the Company will pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement
made without its consent, which consent will not be unreasonably withheld. 
 (c) The obligations of the Company under this Section 7.07
will survive the satisfaction and discharge of this Indenture. 
 (d) To secure the Company’s payment obligations in this
Section 7.07, the Trustee will have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Notes or particular series of Notes. Such Lien will
survive the satisfaction and discharge of this Indenture. 
 (e) When the Trustee incurs expenses or renders services after an Event of
Default specified in Section 6.01(6) or (7) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any
Bankruptcy Law. 
 Section 7.08 Replacement of Trustee. 

(a) A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section 7.08. 

  
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 (b) The Trustee may resign in writing at any time and be discharged from the trust hereby created
by so notifying the Company. The Holders of a majority in aggregate principal amount of the then outstanding Notes of any series may remove the Trustee as to such series of Notes by so notifying the Trustee and the Company in writing. The Company
may remove the Trustee if: 
 (1) the Trustee fails to comply with Section 7.10 hereof; 

(2) 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; 
 (3) a receiver, custodian or public officer takes charge of the Trustee or its property; or 

(4) the Trustee becomes incapable of acting. 

(c) If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company will promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then outstanding Notes of any series may appoint a successor Trustee for such series of Notes to replace the
successor Trustee for such series of Notes appointed by the Company. 
 (d) If a successor Trustee 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 10% in aggregate principal amount of the then outstanding Notes of any series may petition any court of competent jurisdiction for the
appointment of a successor Trustee for such series of Notes at the expense of the Company. 
 (e) If the Trustee, after written request by
any Holder who has been a Holder for at least six months, fails to comply with Section 7.10 hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

(f) A successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the
resignation or removal of the retiring Trustee will become effective, and the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee will mail a notice of its succession to the
Holders. The retiring Trustee will promptly transfer all property held by it as Trustee to the successor Trustee, provided that all sums owing to the Trustee hereunder have been paid, and subject to the Lien provided for in Section 7.07 hereof.
Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.07 hereof will continue for the benefit of the retiring Trustee. 

Section 7.09 Successor Trustee by Merger, etc. 

If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another
corporation, the successor corporation without any further act will be the successor Trustee. 

  
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 Section 7.10 Eligibility; Disqualification. 

There will at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of
America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least [$100.0
million] as set forth in its most recent published annual report of condition. 
 This Indenture will always have a Trustee who
satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee is subject to TIA § 310(b). 
 Section 7.11 Preferential
Collection of Claims Against Company. 
 The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA
§ 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated therein. 

ARTICLE 8 
 LEGAL DEFEASANCE
AND COVENANT DEFEASANCE 
 Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance. 

The Company may at any time, at the option of its Board evidenced by a resolution set forth in an Officers’ Certificate, elect to have
either Section 8.02 or 8.03 hereof be applied to all outstanding Notes or any series of Notes upon compliance with the conditions set forth below in this Article 8. 

Section 8.02 Legal Defeasance and Discharge. 

Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Company will,
subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from its obligations with respect to all outstanding Notes of such series on the date the conditions set forth in
Section 8.04 hereof are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company will be deemed to have paid and discharged the entire Indebtedness represented by the outstanding
Notes of such series which will thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in clauses (1) and (2) below, and to have satisfied
all their other obligations under such Notes of such series and this Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same) with respect to such series, except for the
following provisions which will survive until otherwise terminated or discharged hereunder: 
 (1) the rights of
Holders of outstanding Notes of such series to receive payments in respect of the principal of, or interest or premium and Additional Interest, if any, on, such Notes when such payments are due from the trust referred to in Section 8.04 hereof;

  
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 (2) the Company’s obligations with respect to such Notes under Article 2 and
Section 4.02 hereof; 
 (3) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the
Company’s obligations in connection therewith; and 
 (4) this Article 8. 

Subject to compliance with this Article 8, the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise
of its option under Section 8.03 hereof. 
 Section 8.03 Covenant Defeasance. 

Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Company will,
subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from each of its obligations under the covenants contained in Sections 4.03, 4.04, and 4.05 hereof and clause (3) of Section 5.01 hereof with
respect to the outstanding Notes of the applicable series (and with any additional specified terms, provisions or conditions set forth in any Board Resolution, Officers’ Certificate or supplemental indenture that establishes or amends the terms
of the Notes of any series) on and after the date the conditions set forth in Section 8.04 hereof are satisfied (hereinafter, “Covenant Defeasance”), and the Notes of such series will thereafter be deemed not
“outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders of Notes of such series (and the consequences of any thereof) in connection with such covenants, but will continue to be deemed
“outstanding” for all other purposes hereunder (it being understood that such Notes will not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes of such
series, the Company may omit to comply with and will have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere in this Indenture to any such
covenant or by reason of any reference in any such covenant to any other provision in this Indenture or in any other document and such omission to comply will not constitute a Default or an Event of Default under Section 6.01 hereof, but,
except as specified above, the remainder of this Indenture and such Notes will be unaffected thereby. In addition, upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, subject to the
satisfaction of the conditions set forth in Section 8.04 hereof, Sections 6.01(3) through 6.01(5) hereof will not constitute Events of Default with respect to such series of Notes. 

Section 8.04 Conditions to Legal or Covenant Defeasance. 

In order to exercise either Legal Defeasance or Covenant Defeasance under either Section 8.02 or 8.03 hereof with respect to any
outstanding series of Notes: 
 (1) the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the
Holders of Notes of such series, cash in U.S. dollars, non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the
principal of, premium, if any, and interest and Additional Interest, if any, on the outstanding Notes of such series on the stated maturity or on the applicable redemption date, as the case may be, and the Company must specify whether the Notes of
such series are being defeased to maturity or to a particular redemption date; 

  
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 (2) in the case of an election under Section 8.02 hereof, the Company shall
have delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that: 
 (A) the Company
has received from, or there has been published by, the Internal Revenue Service a ruling, or 
 (B) since the date 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 outstanding Notes of such series will not recognize income, gain or loss for federal income tax purposes as a result of such Legal 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 Legal Defeasance had not occurred; 
 (3) in the
case of an election under Section 8.03 hereof, the Company shall have delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that the Holders of the outstanding Notes of such series will not recognize
income, gain or loss for federal income tax purposes as a result of such 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 Covenant
Defeasance had not occurred; 
 (4) if applicable, the Company shall have delivered to the Trustee an Opinion of Counsel
reasonably acceptable to the Trustee to the effect that the funds deposited pursuant to Section 8.04 hereof will not be subject to the rights of the holders of any “Senior Indebtedness” as defined in any indenture supplemental hereto
applicable to the Notes of such series; 
 (5) no Default or Event of Default with respect to such series of Notes shall have
occurred and be continuing either: 
 (A) on the date of such deposit (other than a Default or Event of Default resulting
from transactions occurring contemporaneously with the borrowing of funds, or the borrowing of funds, to be applied to such deposit); or 

(B) insofar as the occurrence of Events of Default resulting from bankruptcy or insolvency events are concerned, at any time in
the period ending on the 91st day after the date of deposit (in which case such defeasance shall have been effective on the date of deposit until the time of such occurrence and, upon such occurrence, shall immediately cease to be effective); 

  
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 (6) such Legal Defeasance or Covenant Defeasance will not result in a breach or
violation of, or constitute a default under any material agreement or instrument (other than this Indenture) to which the Company is a party or by which the Company is bound; 

(7) the Company must deliver to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company
with the intent of preferring the Holders of Notes of such series over the other creditors of the Company with the intent of defeating, hindering, delaying or defrauding creditors of the Company or others; and 

(8) the Company must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 
 Section 8.05 Deposited Money and
Government Securities to be Held in Trust; Other Miscellaneous Provisions. 
 Subject to Section 8.06 hereof, all money and
non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in
respect of the outstanding Notes of any series will be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent as the Trustee may
determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium and Additional Interest, if any, and interest, but such money need not be segregated from other funds except to the extent required by
law. 
 The Company will pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash
or non-callable Government Securities deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the
outstanding Notes of such series. 
 Notwithstanding anything in this Article 8 to the contrary, the Trustee will deliver or pay to the
Company from time to time upon the request of the Company any money or non-callable Government Securities held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(1) hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent
Legal Defeasance or Covenant Defeasance. 
 Section 8.06 Repayment to Company. 

Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium or
Additional Interest, if any, or interest on, any Note and remaining unclaimed for two years after such principal, premium or Additional Interest, if any, or interest has become due and payable shall be paid to the Company on its request or (if then
held by the Company) will be discharged from such trust; and the 

  
 43 

 
Holder of such Note will thereafter be permitted to look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all
liability of the Company as trustee thereof, will thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in the New
York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which will not be less than 30 days from the date of such notification or publication, any unclaimed
balance of such money then remaining will be repaid to the Company. 
 Section 8.07 Reinstatement. 

If the Trustee or Paying Agent is unable to apply any U.S. dollars or non-callable Government Securities in accordance with Section 8.02
or 8.03 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s obligations under this Indenture and the
applicable Notes will be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02
or 8.03 hereof, as the case may be; provided, however, that, if the Company makes any payment of principal of, premium or Additional Interest, if any, or interest on, any such Note following the reinstatement of its obligations, the Company will be
subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent. 

ARTICLE 9 
 AMENDMENT,
SUPPLEMENT AND WAIVER 
 Section 9.01 Without Consent of Holders of Notes. 

Notwithstanding Section 9.02 of this Indenture, the Company and the Trustee may amend or supplement this Indenture or the Notes of one or
more series without the consent of any Holder of Notes: 
 (1) to cure any ambiguity, defect or inconsistency; 

(2) to provide for uncertificated Notes in addition to or in place of certificated Notes; 

(3) to provide for the assumption of the Company’s obligations to the Holders of the Notes of any series by a successor to
the Company pursuant to Article 5 or Article 10 hereof; 
 (4) to make any change that would provide any additional rights or
benefits to the Holders of all or any series of Notes (and if such additional rights or benefits are for the benefit of less than all series of Notes, stating that such additional rights or benefits are expressly being included solely for the
benefit of such series) or that does not adversely affect the legal rights hereunder of any Holder; 

  
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 (5) to comply with requirements of the SEC in order to effect or maintain the
qualification of this Indenture under the TIA; 
 (6) to conform the text of this Indenture or the Notes of any series to any
provision of the “Description of Notes” section of any prospectus or prospectus supplement or other offering document or similarly named section thereof, relating to the initial offering of such series of Notes, to the extent that such
provision in that “Description of Notes” section of any prospectus or prospectus supplement or other offering document or similarly named section thereof was intended to be a verbatim recitation of a provision of this Indenture or the
Notes of such series; 
 (7) to provide for the issuance of Additional Notes of any series of Notes (including any additional
or different restrictions on transfer or exchange of such Additional Notes, including without limitation those that would be appropriate if the Additional Notes were issued in a transaction exempt from registration under the Securities Act) in
accordance with the limitations set forth in this Indenture prior to such issuance of Additional Notes; 
 (8) to secure the
Notes of any series; 
 (9) to add to the covenants of the Company for the benefit of the Holders of all or any series of
Notes (and if such covenants are to be for the benefit of less than all series of Notes, stating that such covenants are expressly being included solely for the benefit of such series) or to surrender any right or power conferred upon the Company;

 (10) to establish the form or terms of Notes of any series as permitted by this Indenture; 

(11) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Notes of
one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee; or 

(12) to add to, change or eliminate any of the provisions of this Indenture in respect of one or more series of Notes, provided
that any such addition, change or elimination (i) shall neither (A) apply to any Note of any series created prior to the execution of such supplemental indenture and entitled to the benefit of such provision nor (B) modify the rights
of the Holder of any such Note with respect to such provision or (ii) shall become effective only when there is no Note described in clause (i) outstanding. 

Upon the request of the Company accompanied by a resolution of its Board authorizing the execution of any such amended or supplemental
indenture, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee will join with the Company in the execution of any amended or supplemental indenture authorized or permitted by the terms of this
Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee will not be obligated to enter into such amended or supplemental indenture that affects its own rights, duties or immunities
under this Indenture or otherwise. 

  
 45 

 Section 9.02 With Consent of Holders of Notes. 

Except as provided below in this Section 9.02, the Company and the Trustee may amend or supplement this Indenture (including, without
limitation, any provisions relating to any mandatory offer by the Company to purchase or repurchase any Notes and the defined terms used therein) and the Notes, with respect to a particular series of Notes affected by such amendment or supplement,
with the consent of the Holders of at least a majority in aggregate principal amount then outstanding of such series of the Notes (including, without limitation, Additional Notes, if any) voting as a separate class (including, without limitation,
consents obtained in connection with a tender offer or exchange offer for, or purchase of, such series of Notes), and, subject to Sections 6.04 and 6.07 hereof, any existing Default or Event of Default (other than a Default or Event of Default in
the payment of the principal of, premium or Additional Interest, if any, or interest on, a series of Notes, except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of this Indenture or the
Notes may be waived with respect to a particular series of Notes with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes of such series (including, without limitation, Additional Notes, if any)
voting as a separate class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, such series of Notes). Section 2.08 hereof shall determine which Notes are considered to be
“outstanding” for purposes of this Section 9.02. 
 Upon the request of the Company accompanied by a resolution of its Board
authorizing the execution of any such amended or supplemental indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the appropriate Holders as aforesaid, and upon receipt by the Trustee of the
documents described in Section 7.02 hereof, the Trustee will join with the Company in the execution of such amended or supplemental indenture unless such amended or supplemental indenture directly affects the Trustee’s own rights, duties
or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but will not be obligated to, enter into such amended or supplemental Indenture. 

It is not be necessary for the consent of the Holders of Notes under this Section 9.02 to approve the particular form of any proposed
amendment, supplement or waiver, but it is sufficient if such consent approves the substance thereof. 
 After an amendment, supplement or
waiver under this Section 9.02 becomes effective, the Company will mail to the Holders of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect
therein, will not, however, in any way impair or affect the validity of any such amended or supplemental indenture or waiver. 
 However,
without the consent of each Holder affected, an amendment, supplement or waiver under this Section 9.02 may not (with respect to any Notes held by a non-consenting Holder): 

(1) reduce the principal amount of Notes of any series whose Holders must consent to an amendment, supplement or waiver, 

  
 46 

 (2) reduce the principal of or change the fixed maturity of any Note or alter the
provisions with respect to the redemption of any series of Notes; provided, however, that any provision providing for the mandatory offer by the Company to purchase or repurchase Notes (and any related provision) shall not be deemed a provision with
respect to the redemption of the Notes, 
 (3) reduce the rate of or change the time for payment of interest on any Note,
including default interest, 
 (4) waive a Default or Event of Default in the payment of principal of or premium, if any, or
interest or Additional Interest, if any, on any series of Notes (except a rescission of acceleration of the Notes of such series by the Holders of at least a majority in aggregate principal amount of the then outstanding Notes of such series and a
waiver of the payment default that resulted from such acceleration), 
 (5) make any Note payable in currency other than that
stated in the Notes, 
 (6) make any change in the provisions of this Indenture relating to waivers of past Defaults or the
rights of Holders of Notes to receive payments of principal of or premium, if any, or interest or Additional Interest, if any, on the Notes, 

(7) waive a redemption payment with respect to any Note; provided, however, that any purchase or repurchase of Notes by the
Company pursuant to a mandatory offer to purchase or repurchase by the Company shall not be deemed a redemption of a Note, or 

(8) make any change in the foregoing amendment and waiver provisions. 

A supplemental indenture that changes or eliminates any covenant or other provision of this Indenture that has expressly been included solely
for the benefit of one or more particular series of Notes, or that modifies the rights of the Holders of Notes of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the
Holders of Notes of any other series. A supplemental indenture that changes or eliminates any covenant or other provision of this Indenture with respect to one or more particular series of Notes (whether or not such covenant or other provision has
expressly been included solely for the benefit of such series of Notes), or that modifies the rights of the Holders of Notes of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this
Indenture of the Holders of Notes of any other series. 
 Section 9.03 Compliance with Trust Indenture Act. 

Every amendment or supplement to this Indenture or the Notes of one or more series will be set forth in an amended or supplemental indenture
that complies with the TIA as then in effect. 

  
 47 

 Section 9.04 Revocation and Effect of Consents. 

Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a
Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a
Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date upon which the requisite consents for the applicable amendment, supplement or waiver have been obtained. An amendment, supplement or
waiver becomes effective in accordance with its terms and thereafter binds every Holder. 
 Section 9.05 Notation on or Exchange of Notes. 

The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Company, in
exchange for all Notes of a series, may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes of such series that reflect the amendment, supplement or waiver. 

Failure to make the appropriate notation or issue a new Note of an affected series will not affect the validity and effect of such amendment,
supplement or waiver. 
 Section 9.06 Trustee to Sign Amendments, etc. 

The Trustee will sign any amended or supplemental indenture authorized pursuant to this Article 9 if the amendment or supplement does not
adversely affect the rights, duties, liabilities or immunities of the Trustee. The Company may not sign an amended or supplemental indenture until the Board of the Company approves it. In executing any amended or supplemental indenture, the Trustee
will be provided with and (subject to Section 7.01 hereof) will be fully protected in relying upon, in addition to the documents required by Section 12.04 hereof, an Officers’ Certificate and an Opinion of Counsel stating that the
execution of such amended or supplemental indenture is authorized or permitted by this Indenture. 
 Section 9.07 Reference in Notes to Supplemental
Indentures. 
 Notes of any series authenticated and delivered after the execution of any supplemental indenture pursuant this Article 9
and affected thereby may, if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Notes of any series so modified as to conform,
in the opinion of the Trustee and the Board of Directors, to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for outstanding Notes of such series. 

  
 48 

 ARTICLE 10 

[RESERVED] 
 ARTICLE 11

 SATISFACTION AND DISCHARGE 

Section 11.01 Satisfaction and Discharge. 

This Indenture will be discharged and will cease to be of further effect as to all Notes of a particular series issued hereunder, when: 

(1) either: 

(A) all Notes of such series that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or
paid and Notes of such series for whose payment money has been deposited in trust and thereafter repaid to the Company, have been delivered to the trustee for cancellation; or 

(B) all Notes of such series that have not been delivered to the Trustee for cancellation have become due and payable by reason
of the mailing of a notice of redemption (and all conditions to such redemption having been satisfied or waived) or otherwise or will become due and payable within one year and the Company has irrevocably deposited or caused to be deposited with the
Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars, non-callable Government Securities, or a combination of cash in U.S. dollars and non-callable Government Securities, in amounts as will be sufficient,
without consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on the Notes of such series not delivered to the Trustee for cancellation for principal, premium and Additional Interest, if any, and accrued
interest to the date of maturity or redemption; 
 (2) if the Company has deposited with the Trustee trust funds pursuant to
subclause (B) of clause (1) of this Section 11.01, no Default or Event of Default with respect to such series of Notes has occurred and is continuing on the date of the deposit (other than a Default or Event of Default with respect to
such series of Notes resulting from transactions occurring contemporaneously with the borrowing of funds, or the borrowing of funds, to be applied to such deposit) and the deposit will not result in a breach or violation of, or constitute a default
under, any other instrument to which the Company is a party or by which the Company is bound; 
 (3) the Company has paid or
caused to be paid all sums payable by it under this Indenture as they relate to such series of Notes; and 
 (4) if the
Company has deposited with the Trustee trust funds pursuant to subclause (B) of clause (1) of this Section 11.01, the Company has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money
toward the payment of the Notes of such series in accordance with the terms thereof or on the redemption date, as the case may be. 
 In addition, the
Company must deliver an Officers’ Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied. 

  
 49 

 Upon compliance with the foregoing, the Trustee shall execute proper instrument(s) acknowledging
the satisfaction and discharge of all the Company’s obligations under the Notes of such series and this Indenture. 
 Notwithstanding
the satisfaction and discharge of this Indenture, if trust funds have been deposited with the Trustee pursuant to subclause (B) of clause (1) of this Section 11.01, the provisions of Sections 11.02 and 8.06 hereof will survive. In
addition, nothing in this Section 11.01 will be deemed to discharge those provisions of Section 7.07 hereof, that, by their terms, survive the satisfaction and discharge of this Indenture. 

Section 11.02 Application of Trust Money. 

Subject to the provisions of Section 8.06 hereof, all trust funds deposited with the Trustee pursuant to Section 11.01 hereof shall
be held in trust and applied by it, in accordance with the provisions of the Notes of a particular series 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 premium and Additional Interest, if any) and interest for whose payment such trust funds have has been deposited with the Trustee; but such trust funds need not be
segregated from other funds or securities except to the extent required by law. 
 If the Trustee or Paying Agent is unable to apply
any trust funds in accordance with this Section 11.02 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
Company’s obligations under this Indenture and the Notes of such series shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.01 hereof; provided that if the Company has made any payment of
principal of, premium or Additional Interest, if any, or interest on, any Notes of such series because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes of such series to receive such
payment from the trust funds held by the Trustee or Paying Agent. 
 ARTICLE 12 

MISCELLANEOUS 
 Section 12.01 Trust
Indenture Act Controls. 
 If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by TIA §318(c),
the imposed duties will control. 
 Section 12.02 Notices. 

Any notice or communication by the Company or the Trustee to the others is duly given if in writing and delivered in Person or by first class
mail (registered or certified, return receipt requested), facsimile transmission or overnight air courier guaranteeing next day delivery, to the others’ address: 

  
 50 

 If to the Company: 

Institutional Financial Markets, Inc. 

Cira Centre 
 2929 Arch Street,
17th Floor 
 Philadelphia, PA 19104 

Facsimile No.: (215) 701-8280 

Attention: Joseph W. Pooler, Jr., Executive Vice President and 

Chief Financial Officer 
 With a
copy to: 
 Duane Morris LLP 

30 South 17th Street 

Philadelphia, PA 19103 
 Facsimile
No.: (215) 405-2906 
 Attention: Darrick M. Mix, Esq. 

If to the Trustee: 

[                       
      

                       
     ] 
 Facsimile No.:
[                    ] 

Attention: [                    ]

 The Company or the Trustee, by notice to the other, may designate additional or different addresses for subsequent notices or
communications. 
 All notices and communications (other than those sent to Holders) will be deemed to have been duly given: at the time
delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged, if transmitted by facsimile; and the next Business Day after timely delivery to the courier,
if sent by overnight air courier guaranteeing next day delivery. 
 The Trustee agrees to accept and act upon facsimile transmission of
written instructions and/or directions pursuant to this Indenture given by the Company, provided, however that: (i) the Company, subsequent to such facsimile transmission of written instructions and/or directions, shall provide the originally
executed instructions and/or directions to the Trustee in a timely manner and (ii) such originally executed instructions and/or directions shall be signed by an authorized Officer of the Company. 

Any notice or communication to a Holder will be mailed by first class mail, certified or registered, return receipt requested, or by overnight
air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. Any notice or communication will also be so mailed to any Person described in TIA § 313(c), to the extent required by the TIA. Failure to
mail a notice or communication to a Holder or any defect in it will not affect its sufficiency with respect to other Holders. 

  
 51 

 If a notice or communication is mailed in the manner provided above within the time prescribed,
it is duly given, whether or not the addressee receives it. 
 If the Company mails a notice or communication to Holders, it will mail a
copy to the Trustee and each Agent at the same time. 
 Section 12.03 Communication by Holders of Notes with Other Holders of Notes. 

Holders of any series of Notes may communicate pursuant to TIA § 312(b) with other Holders of such series or any other series with respect
to their rights under this Indenture or the Notes. The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 

Section 12.04 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, except the initial authentication and
delivery of a series of Notes, the Company shall furnish to the Trustee: 
 (1) an Officers’ Certificate in form and
substance reasonably satisfactory to the Trustee (which must include the statements set forth in Section 12.05 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture
relating to the proposed action have been satisfied; and 
 (2) an Opinion of Counsel in form and substance reasonably
satisfactory to the Trustee (which must include the statements set forth in Section 12.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. Such counsel may rely on
representations, warranties and certificates of other Persons as to matters of fact, and may qualify the Opinion of Counsel with customary assumptions and exceptions. 

Section 12.05 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 § 314(a)(4)) must comply with the provisions of TIA § 314(e) and must include: 
 (1) a
statement that the Person making such certificate or opinion has read such covenant or condition; 
 (2) 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; 

(3) a statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to
enable him or her to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

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

  
 52 

 Section 12.06 Rules by Trustee and Agents. 

The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set
reasonable requirements for its functions. 
 Section 12.07 No Personal Liability of Directors, Officers, Employees and Stockholders. 

No past, present or future director, officer, employee, agent, manager, partner, member, incorporator or stockholder of the Company, in such
capacity, will have any liability for any obligations of the Company under the Notes or this Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and
releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 
 Section 12.08 Governing Law.

 THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE AND THE NOTES WITHOUT GIVING EFFECT TO
APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

Section 12.09 No Adverse Interpretation of Other Agreements. 

This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other
Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 Section 12.10 Successors. 

All agreements of the Company in this Indenture and the Notes will bind its successors. All agreements of the Trustee in this Indenture will
bind its successors. 
 Section 12.11 Severability. 

In case any provision in this Indenture or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions will not in any way be affected or impaired thereby. 
 Section 12.12 Counterpart Originals. 

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 will constitute one and the same Indenture. 

  
 53 

 Section 12.13 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 of this Indenture and will in no way modify or restrict any of the terms or provisions hereof. 

Section 12.14 Waiver of Jury Trial. 

EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, 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 AND THEREBY. 

Section 12.15 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, without limitation, strikes, work
stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; 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. 

(Signatures on following page) 

  
 54 

 SIGNATURES 

Dated as of [            ,     ] 

 

			
	INSTITUTIONAL FINANCIAL MARKETS, INC.
		
	By:	 	 
		 	 Name: [                    ]

Title: [                    ]

  
 55 

 THE TRUSTEE 

Dated as of [            ,     ] 

 

			
	[                                    
                        ]
		
	By:	 	 
		 	 Name:
[                    ]

Title:
[                    ]

  
 56 

 EXHIBIT A 

[Face of Note ] 
  

 
 CUSIP/CINS
             

[            ]%
[            ] Notes due [            ] 
  

	 No.              
	 $              

INSTITUTIONAL FINANCIAL MARKETS, INC. 
 promises
to pay to [            ] or registered assigns, 
 the principal sum of
             DOLLARS on [            ]. 

Interest Payment Dates: [            ] and
[            ] 
 Record Dates:
[            ] and [            ] 

Dated as of [            ,     ] 

 

			
	INSTITUTIONAL FINANCIAL MARKETS, INC.
		
	By:	 	 
		 	 Name:
[                    ]

		 	 Title:
[                    ]

  

			
	 This is one of the Notes referred to

in the within-mentioned Indenture:

	
	
[                          
                  ]
 as Trustee

	By:	 	 
		 	Authorized Signatory

  
 57 

 [Back of Note] 

[            ]%
[            ] Notes due [            ] 

[Insert the Global Note Legend, if applicable pursuant to the provisions of the Indenture] 

Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

(1) INTEREST. Institutional Financial Markets, Inc., a Maryland corporation (the “Company”), promises to pay interest on the
principal amount of this Note at [            ]% per annum from             , 20
            until maturity. The Company will pay interest and Additional Interest, if any, semi-annually in arrears on
[            ] and [            ] of each year, or if any such day is not a Business Day, on the next succeeding Business Day
(each, an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided that if there is no existing Default in
the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided further
that the first Interest Payment Date shall be             , 20    . The Company will pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at the rate then in effect to the extent lawful; it will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
installments of interest and Additional Interest, if any, (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day
months. 
 (2) METHOD OF PAYMENT. The Company will pay interest on the Notes (except defaulted interest) and Additional
Interest, if any, to the Persons who are registered Holders of Notes at the close of business on the [            ] and
[            ] next preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in
Section 2.12 of the Indenture with respect to defaulted interest. The Notes will be payable as to principal, premium and Additional Interest, if any, and interest at the office or agency of the Company maintained for such purpose within
or without the City and State of New York, or, at the option of the Company, payment of interest and Additional Interest, if any, may be made by check mailed to the Holders at their addresses set forth in the register of Holders; provided that
payment by wire transfer of immediately available funds will be required with respect to principal of and interest, premium and Additional Interest, if any, on, all Global Notes and all other Notes the Holders of which will have provided wire
transfer instructions to the Company or the Paying Agent. Such payment will be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

(3) PAYING AGENT AND REGISTRAR. Initially, [            ], the
Trustee under the Indenture, will act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity. 

  
 58 

 (4) INDENTURE. The Company issued the Notes under an Indenture dated as of [
            ,         ] (the “Indenture”) between the Company and the Trustee. The terms of the Notes include those stated in the
Indenture and those made part of the Indenture by reference to the TIA. The Notes are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of such terms. To the extent any provision of this
Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are unsecured obligations of the Company. The Indenture does not limit the aggregate principal
amount of the Notes that may be issued thereunder. 
 (5) OPTIONAL REDEMPTION. 

[Insert, if applicable:] 

(a) Except as set forth in the subparagraphs of this Paragraph 5, the Company will not have the option to redeem the Notes
prior to [            ]. On or after [            ], the Company will have the option to redeem the Notes, in whole or in part,
upon not less than 15 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount thereof) set forth below plus accrued and unpaid interest and Additional Interest, if any, on the Notes redeemed, to the
applicable redemption date, if redeemed during the twelve-month period beginning on [            ] of the years indicated below: 

 

					
	 Year
	  	Percentage	 
	 [            ]
	  	 	[            	]% 
	 [            ]
	  	 	[            	]% 
		
	 Year
	  	Percentage	 
	 [            ]
	  	 	[            	]% 
	 [            ] and thereafter
	  	 	100.000	% 

 Unless the Company defaults in the payment of the redemption price, interest and the Additional Interest, if any, will cease
to accrue on the Notes or portions thereof called for redemption on the applicable redemption date. 
 [Insert, if applicable:] 

(b) Notwithstanding the provisions of subparagraph (a) of this Paragraph 5, at any time prior to
[            ], the Company may redeem up to 35% of the initially outstanding aggregate principal amount of Notes issued under this Indenture at a redemption price in cash of
[            ] % of the principal amount thereof, plus accrued and unpaid interest and Additional Interest, if any, to the redemption date, with the net cash proceeds of one or more Equity
Offerings of the Company; provided that at least 65% of the initially outstanding aggregate principal amount of Notes (excluding Notes held by the Company and its Subsidiaries) remains outstanding immediately after the occurrence of such
redemption, notice of any such redemption shall be given by the Company to the Holders and the Trustee within 15 days after the consummation of any such Equity Offering, and such redemption shall occur within 60 days of the date of such notice. 

  
 59 

 [Insert, if applicable:] 

(c) Notwithstanding the provisions of subparagraph (a) of this Paragraph 5, at any time prior to
[            ], the Company may redeem all or a part of the Notes upon not less than 15 nor more than 60 days’ prior notice mailed by first-class mail to each Holder’s registered
address, at a redemption price equal to 100% of the principal amount of notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest and Additional Interest, if any, to the redemption date, subject to the rights of holders of
Notes on the relevant record dates occurring prior to the redemption date to receive interest due on the relevant interest payment date. 

“Applicable Premium” means with respect to any Note on any redemption date, as determined by the
Company, the greater of: 
 (1) 1.0% of the principal amount of the Note; or 

(2) the excess of: 

(a) the present value at such redemption date of (i) the redemption price of the Note at
[            ] (such redemption price being set forth in the table appearing under Section 5 of this Note) plus (ii) all required interest payments due on the Note through
[            ] (excluding accrued but unpaid interest to the redemption date), computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points;
over 
 (b) the principal amount of the Note. 

(6) MANDATORY REDEMPTION. The Company is not required to make mandatory redemption or sinking fund payments with respect to the
Notes. 
 (7) NOTICE OF REDEMPTION. Notice of redemption will be mailed at least 15 days but not more than 60 days
before the redemption date to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of
the Notes or a satisfaction or discharge of the Indenture as to the Notes. Notes in denominations larger than $1,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Notes held by a Holder are to be redeemed. A notice
of redemption may be conditional in that the Company may, notwithstanding the giving of the notice of redemption, condition the redemption of the Notes specified in the notice of redemption upon the completion of other transactions, such as
refinancings or acquisitions (whether of the Company or by the Company). 
 (8) DENOMINATIONS, TRANSFER, EXCHANGE. The
Notes are in registered form without coupons in denominations of $1,000 and integral multiples of $1,000. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The 

  
 60 

 
Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees
required by law or permitted by the Indenture. The Company need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Company
need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or during the period between a record date and the corresponding Interest Payment Date. 

(9) PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated as its owner for all purposes. 

(10) AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain exceptions, the Indenture and the Notes may be amended or supplemented
with respect to a series of Notes affected by such amendment or supplement with the consent of the Holders of at least a majority in aggregate principal amount then outstanding of such series of Notes (including Additional Notes, if any) voting as a
separate class, and, subject to certain exceptions, any existing Default or Event or Default or compliance with any provision of the Indenture or the Notes may be waived with respect to a series of Notes with the consent of the Holders of a majority
in aggregate principal amount of the then outstanding Notes of such series (including Additional Notes of such series, if any) voting as a separate class. Without the consent of any Holder of Notes, the Indenture or the Notes of one or more series
may be amended or supplemented to cure any ambiguity, defect or inconsistency, to provide for uncertificated Notes in addition to or in place of certificated Notes, to provide for the assumption of the Company’s obligations to Holders of all or
any series of Notes in case of a merger or consolidation, to make any change that would provide any additional rights or benefits to the Holders of any series of Notes (and if such additional rights or benefits are for the benefit of less than all
series of Notes, stating that such additional rights or benefits are expressly being included solely for the benefit of such series) or that does not adversely affect the legal rights under the Indenture of any such Holder, to comply with the
requirements of the SEC in order to effect or maintain the qualification of the Indenture under the TIA, to conform the text of the Indenture or the Notes to any provision of the “Description of Notes” section of any prospectus or
prospectus supplement or other offering document or similarly named section, relating to the initial offering of the Notes, to the extent that such provision in that “Description of Notes” was intended to be a verbatim recitation of a
provision of the Indenture, or the Notes, to provide for the issuance of Additional Notes of such series in accordance with the limitations set forth in the Indenture prior to such issuance of Additional Notes, to secure the Notes of any series, to
add to the covenants of the Company for the benefit of the Holders of all or any series of Notes (and if such covenants are to be for the benefit of less than all series of Notes, stating that such covenants are expressly being included solely for
the benefit of such series) or to surrender any right or power conferred upon the Company to establish the form and terms of any series as permitted by the Indenture, or to add to, change or eliminate any of the provisions of the Indenture in
respect of one or more series of Notes subject to certain limitations. 
 (11) DEFAULTS AND REMEDIES. Events of Default
include with respect to Notes of any series: (i) default for 30 days in the payment when due of interest (including any Additional Interest) on the Notes of such series; (ii) default in payment of the principal of or premium, if 

  
 61 

 
any, on the Notes of such series when due and payable, at maturity, upon acceleration, redemption or otherwise; (iii) failure by the Company to comply with any of its other agreements in the
Indenture (other than an agreement that has been included in the Indenture solely for the benefit of a series of Notes other than such series) or the Notes of such series for 60 days after written notice to the Company by the Trustee or the Holders
of at least 25% in principal amount of the Notes of such series then outstanding voting as a single class; (iv) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced
any Indebtedness for money borrowed by the Company or any Subsidiary of the Company (or the payment of which is guaranteed by the Company or any Subsidiary of the Company) whether such Indebtedness or guarantee now exists, or is created after the
date such series of Notes was first issued, which default is caused by a failure to pay principal of or premium, if any, or interest, if any, on such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date
of such default (a “Payment Default”), or results in the acceleration of such Indebtedness prior to its express maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such
Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $10 million or more; (v) failure by the Company or any Subsidiary of the Company to pay final judgments aggregating in excess
of $10 million, net of any amounts reasonably expected to be covered by insurance, that remain undischarged for a period of 60 days after such judgment or judgments become final and non-appealable; and (vi) certain events of bankruptcy or
insolvency with respect to the Company. If any Event of Default with respect to the Notes of any series occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes of such series
may declare all the Notes of such series to be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, all outstanding Notes of such series will become
due and payable immediately without further action or notice. Holders may not enforce the Indenture or the Notes of such series except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount
of the then outstanding Notes of such series may direct the Trustee in its exercise of any trust or power with respect to the Notes of such series. The Trustee shall be under no obligation to exercise any of the rights or powers at the request or
direction of any of the Holders unless such Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by it in compliance with such request or
direction. The Trustee may withhold from Holders of the Notes of such series notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest or premium or Additional
Interest, if any) if it determines that withholding notice is in their interest. Notwithstanding any other provision of the Indenture, the sole remedy for an Event of Default relating to the failure to comply with the SEC reporting obligations
described under the Indenture, and for any failure to comply with the requirements of section 314(a) of the TIA, will for the 365 days after the occurrence of such an Event of Default consist exclusively of the right to receive Additional Interest
on the principal amount of the Notes of such series at a rate equal to 0.25% per annum. The Holders of a majority in aggregate principal amount of the then outstanding Notes of such series by notice to the Trustee may, on behalf of the Holders
of all of the Notes of such series, (i) rescind an acceleration and its consequences, if the rescission would not conflict with any judgment or decree and if all existing Events of Default (except nonpayment of principal, interest or premium

  
 62 

 
or Additional Interest, if any, that has become due solely because of the acceleration) have been cured or waived or (ii) waive any existing Default or Event of Default with respect to the
Notes of such series and its consequences under the Indenture except a continuing Default or Event of Default in the payment of interest or premium or Additional Interest, if any, on, or the principal of, the Notes of such series. The Company is
required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Company is required, upon becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or
Event of Default. 
 [Insert, if applicable:] 

(    ) SUBORDINATION. Payment of principal, interest and premium and Additional Interest, if any, on the
Notes is subordinated to the prior payment of Senior Indebtedness on the terms provided in the Indenture. 
 (12) TRUSTEE
DEALINGS WITH THE COMPANY. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it
were not the Trustee. 
 (13) NO RECOURSE AGAINST OTHERS. A director, officer, employee, incorporator or stockholder of
the Company, as such, will not have any liability for any obligations of the Company under the Notes or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note
waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Notes. 

(14) AUTHENTICATION. This Note will not be valid until authenticated by the manual signature of the Trustee or an authenticating
agent. 
 (15) ABBREVIATIONS. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN
COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

(16) CUSIP NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the
Company has caused CUSIP numbers to be printed on the Notes, and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or
as contained in any notice of redemption, and reliance may be placed only on the other identification numbers placed thereon. 

(17) GOVERNING LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THE INDENTURE AND THIS NOTE
WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

  
 63 

 The Company will furnish to any Holder upon written request and without charge a copy of the
Indenture. Requests may be made to: 
 Institutional Financial Markets, Inc. 

Cira Centre 
 2929 Arch Street,
17th Floor 
 Philadelphia, PA 19104 

Attention: General Counsel 

  
 64 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 (I) or (we)
assign and transfer this Note to: 
  
  

(Insert assignee’s legal name) 
  

 
  

(Insert assignee’s soc. sec. or tax I.D. no.) 
  

 
  

 
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 

                          
                                         
              and irrevocably appoint
                                         
                                         
       to transfer this Note on the books of the Company. The agent may substitute another to act for him. 
 Dated as of
[            ,     ] 
  

	
	Your Signature
	
	        
	 (Sign exactly as your name appears on the face of this Note)

 Signature Guarantee*:
                                         
                    
  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 65 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE * 

The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part
of another Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange
	 	 Amount of decrease

in Principal Amount
 of this
Global Note
	 	 Amount of increase in

Principal Amount of
 this
Global Note
	  	 Principal Amount of

this Global Note
 following
such
 decrease (or increase)
	  	 Signature of

authorized officer of

Trustee or Custodian

  

 
  

	*	This schedule should be included only if the Note is issued in global form. 

  
 66EX-10.3

 Exhibit 10.3 

***** Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality
request. Omissions are designated as [*****]. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission. 
  

MASTER LEASE AGREEMENT 

THIS MASTER LEASE AGREEMENT (hereinafter “Lease”) is made and entered into as of this      day of
March 2014 (the “Commencement Date”), by and between Sears, Roebuck and Co., a New York corporation, as landlord (“Landlord”), and Lands’ End, Inc., a Delaware corporation as the tenant
(“Tenant”). 
 RECITALS: 

Landlord desires to lease to Tenant, and Tenant desires to lease from Landlord, that certain premises within a building, which building
location is set forth on Annex A under the column heading “Store Name” (each, a “Building”), consisting of approximately the rentable square feet set opposite each Building location on Annex A under the
column heading “FY-2014 Begin. Sq. Ft.” as may be modified from time to time as set forth on Annex A, initially in the same location and configuration as existing for Tenant’s store operations within a Building on the date of this
Lease (each, a “Leased Premises”), upon the terms and conditions provided hereinafter. 
 NOW, THEREFORE, for and in
consideration of and subject to the covenants and agreements hereinafter mentioned, the parties do hereby agree as follows: 
  

	1.	Leased Premises. 

 Landlord leases to Tenant, and Tenant leases from Landlord, the
Leased Premises. 
 Subject to any Third Party Agreements (as defined in Section 22(a) below) and temporary closures or restrictions due
to casualty, condemnation, or Landlord’s maintenance and repair activities in the Building, Landlord further grants to Tenant, in common with other occupants of the applicable Building: the right of ingress and egress to public roadways and a
non-exclusive easement for parking the vehicles of Tenant, its customers, employees and business invitees, and for access, use of, ingress and egress for vehicles and pedestrians in common with the other occupants of such Building, over all parking
areas, alleys, roadways, sidewalks, walkways, landscaped areas and surface water drainage systems and for use of parking lot lighting; and a non-exclusive use of the hallways, entryways, elevators, restrooms, adequate storage space (and where
provided prior to the Commencement Date, of similar type and size to such space), trash facilities and all other areas and facilities in the applicable Building that are provided and designated from time to time by Landlord for the non-exclusive use
of occupants of such Building and their respective customers, employees and business invitees. The facilities and areas set forth above shall be deemed “Common Areas”. 

 

	2.	Term. 

  

	 	(a)	 Unless earlier terminated as to all or any of the Leased Premises pursuant to the express terms and conditions of this Lease, the term
(“Term”) of this Lease with respect to each Leased Premises shall commence on the date hereof (the “Commencement Date”) and shall expire on the date set forth set forth on Annex A under the column heading
“Expiration Date” (each, 

	 	
an “Expiration Date”); provided, however, that with respect to any Leased Premises that has an Expiration Date prior to January 31, 2018, if Landlord leasing the applicable
Building extends its lease to a date past January 31, 2018, then the Expiration Date for that Leased Premises shall be amended to read January 31, 2018. 

 

	 	(b)	Tenant shall have no right to extend the Term of the this Lease with respect to any of the Leased Premises, except that by the date which is referenced on Annex A under the column heading “Expiration
Date” for each Leased Premises, Tenant may send written notice to Landlord of its desire to negotiate extending the Term with respect to such Leased Premises, and Landlord may (but shall not be obligated to), in its sole discretion, agree to
negotiate such an extension on terms and conditions mutually agreeable to Landlord and Tenant. 

  

	3.	Rent. 

  

	 	(a)	Rent shall begin to accrue and shall be due to Landlord on the Commencement Date. Tenant agrees to pay rent for the Leased Premises in the annual amount set forth on Annex A under the column heading “Rent
PSF” for the applicable fiscal year (the “Rent”); provided, however, that the terms and provisions of Annex B (Percentage Rent) shall apply with respect to the locations listed thereon. Tenant shall pay one-twelfth
(1/12) of the annual Rent (or a prorated amount during partial months), in advance, on the first day of each month, without notice, offset or deductions except as otherwise set forth herein. Rent is inclusive of third-party common area
maintenance costs, real estate taxes and utilities but does not cover any other costs or services. 

  

	 	(b)	All Rent (as defined below) shall be made payable to Landlord and mailed to Landlord’s address as outlined in the “Notice” Section of this Lease until the payee or address is changed by written notice
from Landlord. 

  

	4.	Hold Over. 

 If Tenant does not vacate a Leased Premises upon the expiration of
this Lease with respect to such Leased Premises, such holdover shall result in a tenancy at sufferance, and in addition to Tenant paying all damages incurred by Landlord as a result of Tenant holding over, Tenant shall also pay to Landlord, as Rent
for the period of such holdover (calculated based on the number of days of the holdover), 150% of the Rent PSF in effect immediately prior to such holdover. 
  

	5.	Tenant’s Taxes. 

 Tenant shall pay to Landlord, promptly upon demand, a sum
equal to the aggregate of any municipal, county, state, or federal excise, sales, use, margin or transaction privilege taxes (but not including any taxes paid by Landlord based on its net income) now or hereafter legally levied or imposed against,
or on account of, any amounts payable under this Lease by Tenant or the receipt thereof by Landlord. Tenant shall pay all taxes and assessments of every nature, kind and description, levied and assessed against Tenant’s fixtures, equipment,
merchandise and goods stored in or about the Leased Premises. 
  

	6.	Late Charges/Interest. 

 In the event any installment of Rent is more than three
(3) days past due or any other amount payable by Tenant to Landlord is more than ten (10) days past due, Tenant shall pay to Landlord, as additional rent (i) a late fee equal to five percent (5%) of the amount unpaid to cover

  
 2 

 
Landlord’s administrative costs for collection and loss of income plus (ii) interest at the Default Rate, calculated from the date such unpaid amounts were due. For the purposes of this
Lease the Default Rate shall be the rate of eight percent (8%) per annum, compounded monthly. 
  

	7.	Use; Operations; and Radius Restriction. 

  

	 	(a)	Tenant shall use the Leased Premises only as a Lands’ End retail shop consistent with the current format Tenant is currently operating in each Leased Premises and for no other purpose (“Permitted
Use”). Tenant shall not permit any objectionable or unpleasant odors, smoke, dust, gas, noise or vibrations to emanate from any Leased Premises, nor take any other action which would constitute a nuisance or which would disturb or endanger
any other occupants (including Landlord’s retail operations) of the Building, or unreasonably interfere with such other occupants’ use of their respective space. 

 

	 	(b)	Tenant agrees to continuously operate its business in the entirety of each Leased Premises under the name “Lands’ End” throughout the Term of this Lease and for the same operating hours of the
Landlord’s store in which the Leased Premises are located. If Tenant violates this Section, then in addition to all rights and remedies available to Landlord pursuant to Section 15, Tenant shall also pay to Landlord, upon demand, for each
non-compliant Leased Premises, liquidated damages in an amount equal to Five Hundred and No/100 Dollars ($500.00) for each day such violation continues; provided, however, that this provision shall not apply if the Leased Premises should be closed
and the business of Tenant temporarily discontinued therein on account of remodeling or renovation which is completed within ten (10) business days. Tenant acknowledges and agrees that if it breaches this Section, Landlord shall be deprived of
an important right under this Lease, and as a result thereof, will suffer damages in an amount which is not readily ascertainable, and that the foregoing is a reasonable and equitable determination of the actual damages Landlord shall suffer as a
result of Tenant’s breach of its obligations under this Section. 

  

	 	(c)	Tenant covenants and agrees that during the Term, Tenant (and if Tenant is a corporation, membership entity or partnership, its officers, directors, stockholders, members, managers, affiliates or partners) shall not
directly or indirectly, operate or manage any other store or business similar to or in competition with the use for which the Leased Premises are let (including, without limitation, any concession or department operated within another store or
business), within the same shopping center or retail center development of which the Building is a part. 

  

	8.	Hazardous Materials. 

 No Hazardous Material (as hereinafter defined) shall
be created, handled, placed, stored, used, transported or disposed of by either party on the Leased Premises. Landlord and Tenant hereby agree to indemnify, defend and hold the other party and its directors, officers, employees and agents (including
any successor to Landlord’s interest in the Leased Premises) harmless from and against any and all claims, judgments, damages, penalties, fines, costs, liabilities or losses (including, without limitation, sums paid in settlement of claims,
attorneys’ fees, consultant fees and expert fees) which result from either party’s breach of this Section. As used herein, “Hazardous Material” shall mean any substance that is toxic, ignitable, reactive, corrosive and that is
regulated by any local government, the respective state each Leased Premises is located in, or the United States Government. “Hazardous Material” includes any and all material or substances that are defined as “hazardous waste”,
“extremely hazardous waste” or a “hazardous substance” pursuant to state, federal or local governmental law. “Hazardous Material” includes, but is not restricted to, asbestos, polychlorobiphenyls
(“PCBs”) and petroleum. 

  
 3 

	9.	Repairs, Maintenance, Utilities and Other Services. 

  

	 	(a)	Tenant shall accept each Leased Premises in its “AS-IS”, “WHERE IS” and “WITH ALL FAULTS” condition. Landlord makes no representations or warranties as to the conditions of any Leased
Premises, and Tenant acknowledges that it is fully aware of the existing conditions of each Leased Premises since it has occupied and operated in such Leased Premises prior to the date of this Lease. Landlord shall have no responsibility or
obligation to make repairs or replacements to or upon a Leased Premises or to perform any maintenance which becomes necessary during Tenant’s occupancy of such Leased Premises. Tenant shall comply with all laws, statutes, governmental
regulations and local ordinances (including, without limitation, the Americans with Disabilities Act) and the direction of the proper public officials concerning its use of each Leased Premises. Tenant shall return each Leased Premises to Landlord
“broom clean” and in the same condition as it exists as of the beginning of the Term, excluding ordinary wear and tear. 

  

	 	(b)	Landlord shall not be liable to Tenant for damages or otherwise if the utilities serving the Leased Premises or Building of which the Leased Premises are a part are interrupted or terminated for any cause.; provided,
however, the foregoing shall not limit Tenant’s remedies expressly set forth in Section 19. 

  

	 	(c)	Landlord and Tenant agree that Landlord is not providing any services to Tenant at any Leased Premises which are not expressly set forth herein; by way of example and without limitation of the foregoing disclaimer,
Landlord is expressly not providing the following services to Tenant: cleaning or maintenance of the Leased Premises, loss prevention, general liability or property insurance, stock room replenishment, use of Landlord’s Point of Sale
system, shipping/receiving, wi-fi or accepting returns of Tenant’s merchandise. Sears, Roebuck and Co. and Tenant have entered into that certain Retail Operations Agreement dated as of
            , 2014 (the “RSA”) providing for additional services and/or for rules and restrictions governing Tenant’s use of the Leased Premises and other portions of
Landlord’s Buildings. 

  

	10.	Fixtures/Alterations. 

 Tenant shall only be permitted to make cosmetic changes to
the Leased Premises. Tenant shall not have the right to install permanent fixtures, or in any way alter the structure of any Building or alter any non-structural portion of any Leased Premises, without the prior written consent of Landlord, which
shall be in Landlord’s sole discretion. 
  

	11.	Access to Leased Premises. 

 Landlord shall have free access to any Leased
Premises for the purpose of examining the same during business hours and for any other reasonable purpose, including, by way of example only and without limitation, in furtherance of the terms and provisions of the RSA; provided, however, Landlord
shall not unreasonably interfere with the business of Tenant in exercising such rights. 
  

	12.	Assignment / Sublease. 

 Tenant shall not have the right to assign this
Lease, or to license or sublet any Leased Premises, or any part thereof. 

  
 4 

	13.	Surrender. 

 Upon the Expiration Date, Tenant shall surrender and vacate a Leased
Premises immediately and deliver possession thereof to Landlord in the condition required by Tenant under Section 9(a) hereof and shall deliver to Landlord all keys to such Leased Premises. Tenant shall remove from the Leased Premises all
personal property of Tenant and Tenant’s trade fixtures, including, cabling for any of the foregoing at its sole cost and expense. Tenant immediately shall repair all damage resulting from removal of any of Tenant’s property at its sole
cost and expense. In the event possession of such Leased Premises is not delivered to Landlord when required hereunder, or if Tenant shall fail to remove those items described above, Tenant shall be deemed to have abandoned such property and
Landlord may (but shall not be obligated to), at Tenant’s expense, remove any of such property and undertake at Tenant’s expense such restoration work as Landlord deems necessary or advisable. Tenant’s obligations under this Section
shall survive the Expiration Date or earlier termination of this Lease. 
  

	14.	Right to Relocate. 

 Landlord may, at any time, relocate any of Tenant’s
Leased Premises to another area of the Building in which such Leased Premises are located (“New Premises”), provided the New Premises shall have, if possible, approximately the same rentable square footage of space; notwithstanding
the foregoing, Landlord shall have the right to offer Tenant New Premises with lesser square footage than the original Leased Premises (but in no event lesser than 70% of the original Leased Premises) if Landlord’s store size has been or is in
the process of being reduced. Provided that Tenant is open and operating at the applicable Leased Premises at the time Landlord exercises the rights granted by this Section, Landlord agrees to pay all reasonable moving expenses incurred by Tenant
incident to such relocation and for improving the New Premises so that the New Premises are similar to the then existing Leased Premises. Landlord shall provide Tenant with at least sixty (60) days prior written notice before making such
relocation demand. Tenant shall cooperate with Landlord in all reasonable ways to facilitate the move and shall be responsible for moving all of its inventory and other goods to the New Premises. If Tenant fails to so cooperate, Landlord shall be
relieved of all responsibility for damage or injury to Tenant or its property during such move, except as may be caused by Landlord’s actual negligence. Notwithstanding the foregoing, if the New Premises identified by Landlord is not acceptable
to Tenant, then Tenant may elect to terminate this Lease solely with respect to such Leased Premises by written notice to Landlord within thirty (30) calendar days after receipt of Landlord’s written notice of such relocation, with such
termination to be effective sixty (60) days after Tenant’s election. Upon the completion of a relocation, the Rent shall be adjusted to reflect the actual square footage of the New Premises and the New Premises shall be deemed to have
replaced the applicable Leased Premises for all purposes under this Lease. 
  

	15.	Default. 

  

	 	(a)	 If Tenant (i) defaults in any of its monetary obligations under this Lease or (ii) materially defaults in any of its non-monetary
obligations under this Lease, and Tenant fails to cure such default within ten (10) business days after receipt of written notice thereof, then, in addition to all other rights which Landlord has at law or in equity, Landlord shall have the
following rights and remedies: (x) to terminate this Lease with respect to the applicable Leased Premises in which event Tenant shall immediately surrender such Leased Premises to Landlord and, if Tenant fails to do so, Landlord may, without
prejudice to any other remedy 

  
 5 

	 	
which Landlord may have for possession or arrearages in Rent, enter upon and take possession of the applicable Leased Premises and expel or remove Tenant and any other person who may be occupying
such Leased Premises or any part thereof, by any legal means, without being liable for prosecution for any claim of damages therefore; (y) to enter upon and take possession of the applicable Leased Premises and expel or remove Tenant and any
other person who may be occupying such Leased Premises or any part thereof, by any legal means, without being liable for prosecution of any claim for damages therefore with or without having terminated this Lease; (z) do whatever Tenant is
obligated to do under the terms of this Lease (and enter upon the applicable Leased Premises in connection therewith if necessary) without being liable for prosecution or any claim for damages therefore, and Tenant agrees to reimburse Landlord on
demand for any expenses which Landlord may incur in thus effecting compliance with Tenant’s obligations under this Lease with respect to a Leased Premises, plus interest thereon at the Default Rate, and Tenant further agrees that Landlord shall
not be liable for any damages resulting to Tenant from such action. 

  

	 	(b)	In the event Landlord elects to terminate this Lease with respect to a Leased Premises in accordance with the foregoing, then notwithstanding such termination, Tenant shall be liable for and shall pay to Landlord the
sum of all Rent and other amounts payable to Landlord pursuant to the terms of this Lease with respect to such Leased Premises which have accrued to the date of such termination, plus, as damages, an amount equal to the net present value of the
difference between (i) total Rent reserved by this Lease for the remaining portion of the Term (had such Term not been terminated by Landlord prior to the Expiration Date) less (ii) the net amount Tenant proves Landlord would have received
during such remaining portion of the Term through reletting of the applicable Leased Premises. For the purposes hereof, “net present value” shall be determined using a discount rate equal to four percent (4%) per annum.

  

	 	(c)	In the event Landlord elects to repossess the applicable Leased Premises without terminating this Lease with respect to such Leased Premises, then Tenant shall be liable for and shall pay to Landlord all rental and
other amounts payable to Landlord (including, without limitation, the damages amount set forth in Section 7(b)) pursuant to the terms of this Lease which have accrued to the date of such repossession, plus, from time to time throughout the
remaining Term, total Rent required to be paid by Tenant to Landlord during the remainder of the Leased Term diminished by any net sums thereafter received by Landlord through reletting of the applicable Leased Premises during said period. In no
event shall Tenant be entitled to any excess of any rental obtained by reletting over and above the rental herein reserved. Actions to collect amounts due by Tenant to Landlord as provided in this paragraph may be brought from time to time, on one
or more occasions, without the necessity of Landlord’s waiting until expiration of the Term. 

  
 6 

	16.	Notices. 

 All notices herein provided for shall be in writing and shall be sent
by (a) registered or certified mail, postage prepaid, return receipt requested, or (b) reputable overnight air courier, and shall be deemed to have been given (i) five (5) business days after deposit in the mail postage prepaid
if sent via mail, and (ii) one (1) business day after being deposited with a reputable overnight air courier for guaranteed next day delivery. Notices shall be addressed to: 

 

			
	Landlord:	  	
		
		  	c/o Sears Holding Corporation
		  	3333 Beverly Road
		  	Department 824RE
		  	Hoffman Estates, Illinois 60179
		  	Attn: Vice President – Real Estate
		
	With a copy to:	  	
		
		  	Sears Holding Corporation
		  	3333 Beverly Road
		  	Department 824RE
		  	Hoffman Estates, Illinois 60179
		  	Attn: Associate General Counsel – Real Estate
		
	Tenant:	  	Lands’ End, Inc.
		  	5 Lands’ End Lane
		  	Dodgeville, WI 53595
		  	Attn: Senior Vice President - Retail
		
	With a copy to:	  	Lands’ End, Inc.
		  	5 Lands’ End Lane
		  	Dodgeville, WI 53595
		  	Attn: General Counsel

 or to any other address furnished in writing by either of the respective parties. However, any change of
address furnished shall comply with the notice requirements of this Section and shall include a complete outline of all current notice addresses to be used for the party requesting the change. 

 

	17.	Indemnity. 

 Tenant shall indemnify Landlord against, and save Landlord harmless
of and from, any and all loss, cost, damage, expense or liability (including, but not limited to, attorney’s fees and disbursements) incurred by Landlord by reason of, and defend Landlord against all claims, actions, proceedings and suits
relating to: (i) the conduct of Tenant’s business in, or use, occupancy and management of, each Leased Premises; (ii) any injuries to persons or damages to property occurring in, on or about each Leased Premises; (iii) any work
or thing whatsoever done, or any condition created, in, on or about each Leased Premises during the Term hereof; (iv) any act or omission of Tenant, its agents, contractors, servants, employees, invitees, guests or tenants; or (v) a breach
of this Lease. Tenant’s obligations under this Section shall survive the Expiration Date or earlier termination of this Lease with respect to each Leased Premises. 
  

	18.	Insurance. 

  

	 	(a)	Tenant shall maintain, or cause to be maintained on its behalf, during the term: 

  

	 	(i.)	Commercial General Liability including Premises Operations, Products and Completed Operations Liability, Contractual Liability covering the Tenant and naming Sears Holdings Management Corporation as additional insured
with limits of no less than Two Million Dollars ($2,000,000) combined single limit primary and non-contributory to any liability insurance maintained by Landlord. 

  
 7 

	 	(ii.)	Workers’ Compensation at statutory limits, as required by the state where the work is being performed, and Employer’s Liability with limits of no less than $500,000 each accident or occupational disease.

  

	 	(iii.)	Comprehensive Automobile Liability Insurance, which shall include bodily injury and property damage liability, including the ownership, maintenance and operation of any automobile equipment owned, hired and non-owned
including the loading and unloading thereof, with limits of at least $2,000,000 for each accident. 

  

	 	(iv.)	“All-risk” property damage insurance (“Tenant’s Hazard Insurance”) including Builders’ Risk protecting against all risk of physical loss or damage, including without limitation, and
sprinkler leakage coverage in amounts not less than the actual replacement cost, covering all of Tenant’s inventory, trade fixtures, furnishing, wall covering, floor covering, carpeting, drapes, equipment and all items of personal property of
Tenant located within the Premises and within 100 feet of the Leased Premises, against all risks of physical loss or damage. 

  

	 	(b)	In addition to the insurance coverage to be maintained by Tenant above, Tenant will require each contractor (if any) performing the Services under the direction of Tenant to obtain insurance coverage in the same form
and amounts as detailed above (“Contractor Insurance”). The Contractor Insurance shall name Sears Holdings Corporation its subsidiaries and affiliates as additional insured, and shall stipulate that such insurance is primary to, and
not contributing with, any other insurance carried by, or for the benefit of, Sears, Roebuck and Co., Kmart Corporation or the other additional insured. Tenant warrants that its Contractors will maintain Workers’ Compensation and
Employer’s Liability insurance. It is the responsibility of Tenant to obtain and maintain a certificate of insurance from each Contractor and make the certificate available to Sears, Roebuck and Co. upon request. 

 

	 	(c)	Such insurance set forth in subsection (a) above shall be obtained from insurers of recognized financial responsibility who shall be licensed in the state in which each Leased Premises is located. Tenant shall
provide Landlord with certificates evidencing the coverage required hereunder. Landlord and others designated by Landlord in being additional insureds, shall be named as additional insureds under the insurance policies described in this
Section 15 18. The certificates of insurance, to the extent the same is standard in the industry, shall provide that the coverage shall not be changed or cancelled, without at least ten (10) days notice to Landlord, provided that if
Contractor’s insurance company in its certificate to Landlord will state only that (i) the coverage will not be “materially” changed (as opposed to simply “changed”) without prior notice to Landlord, and/or (ii) it
will “endeavor to give” at least ten (10) days prior written notice to Landlord (as opposed to simply agreeing to give such notice), and it is standard in the insurance industry that an insurance company would provide only such
wording, the Contractor’s insurer may provide such wording in the certificate of insurance to Landlord. 

  

	 	(d)	 Waiver of Subrogation Rights. Each party hereto has hereby remised, released, and discharged and does remise, release, and discharge the other party
hereto and any officer, agent, employee, or representative of such party of and from any claims, rights of recovery, or liability whatsoever (and each party hereby waives all rights of subrogation) hereafter arising from loss, damage, or injury
caused by fire or other casualty of the type which is required to be insured under the policies of insurance required to be maintained by the releasing party as of the date of any 

  
 8 

	 	
casualty, SUCH WAIVER TO BE EFFECTIVE REGARDLESS OF THE CAUSE OR ORIGIN OF SUCH DAMAGE OR LOSS INCLUDING, WITHOUT LIMITATION, THE NEGLIGENCE OF A PARTY HERETO OR ANY OF ITS OFFICERS, AGENTS,
EMPLOYEES OR REPRESENTATIVES. Tenant shall procure an appropriate clause in or endorsement to any policy of insurance covering Tenant’s personal property, inventory, fixtures, furnishing and equipment located in the Leased Premises, wherein the
insurer waives subrogation or consents to a waiver of its right of recovery. 

  

	19.	Casualty. 

 If a Building is damaged or destroyed by fire or other casualty, or if
it becomes uninhabitable due to the termination of utilities or other services serving the Building, then Landlord shall have the right, in Landlord’s sole discretion, to terminate this Lease with respect to all or any portion of the applicable
Leased Premises located in such affected Building upon thirty (30) days prior written notice to Tenant. If Landlord does not so elect to terminate this Lease with respect to such affected Leased Premises, then (i) Tenant’s obligations
under this Lease with respect to such Leased Premises, including but not limited to the payment of Rent, shall be suspended beginning on the third day of such damage or uninhabitability and continuing until such time as the Leased Premises are
returned to a habitable condition and (ii) if Landlord is unable to restore the Leased Premises to a habitable condition within six months of the date of the damage or uninhabitability first occurred, Tenant may terminate the Lease for the
affected Leased Premises by written notice to Landlord. In no event shall Tenant be entitled to any portion of insurance proceeds available under any policies maintained by Landlord nor shall Landlord have any obligation to restore or repair the
affected Building or the applicable Leased Premises. 
  

	20.	Condemnation. 

 If a Building, or any portion of a Building, is taken under the
power of eminent domain, or sold under the threat of the exercise of said power (any of the foregoing, a “condemnation”) then Landlord shall have the right, to terminate this Lease with respect to all or any portion of the Leased
Premises contained in such affected Building upon thirty (30) days prior written notice to Tenant. In no event shall Tenant be entitled to any portion of any proceeds awarded in connection with such condemnation nor shall Landlord have any
obligation to restore or repair the affected Building or the Leased Premises contained therein. 
  

	21.	No Liens. 

 Landlord’s title always is and shall be paramount to the
title of Tenant, and nothing in this Lease shall empower Tenant to do any act which can, shall or may encumber the title of Landlord to any portion of any Leased Premises. Tenant has no authority or power to cause or permit any lien or encumbrance
of any kind whatsoever, whether created by act of Tenant, operation of law or otherwise, to attach to or be placed on any part of any Leased Premises or the Building of which the Leased Premises are a part. Tenant covenants and agrees not to suffer
or permit any lien of mechanics, materialmen or other lien to be placed against any part of a Leased Premises or any fixture filing or other financing statement to be recorded against any portion of a Leased Premises and in case any such lien or
filing attaches or claim of lien is asserted Tenant covenants and agrees to cause such lien, filing or claim to be immediately released and removed of record. 

  
 9 

	22.	Lease Subject to Possible Third Party Interests. 

  

	 	(a)	Notwithstanding Tenant’s rights under this Lease, Tenant hereby acknowledges that Landlord makes no representations or warranties with respect to whether or not Tenant’s use of a Leased Premises for its
Permitted Use is permitted under any documents encumbering or otherwise affecting Landlord’s interest in the applicable Leased Premises (each, a “Third Party Agreement”). Tenant understands and agrees that Landlord has not
requested the consent of any third party to this Lease with respect to any Leased Premises, which third party may or may not have a right to grant or withhold such consent, and that if Tenant desires to obtain any such consent, then Tenant may seek
to obtain such consent at its own cost, risk and expense. Tenant’s rights with respect to this Lease, are subject and subordinate to all applicable Third Party Agreements. 

 

	 	(b)	Tenant acknowledges and agrees that Landlord has made available to Tenant for copying and review (including by means of any website or other electronic means which have been made available to Tenant prior to the
execution of this Lease) all Third Party Agreements in Landlord’s possession or control. As such, Tenant shall be deemed to know of the existence of any fact or circumstance as disclosed by any Third Party Agreement for the purposes of this
Section 22. Notwithstanding the foregoing, in making such Third Party Agreements available to the Tenant, Tenant acknowledges that Landlord makes no representation or warranty as to the completeness or accuracy of the information provided.

  

	23.	Limitation on Landlord’s Liability. 

 With respect to collection of any
judgment (or other judicial process) requiring the payment of money by Landlord in the event of any default or breach by Landlord with respect to any of the terms, covenants and conditions of this Lease as affecting a Leased Premises, Tenant agrees
that it shall look solely to the estate of Landlord in the Building (together with the land on which such Building is located) in which the applicable Leased Premises is located, subject to the prior rights of any mortgagee of such Building or any
underlying lessor, and no other assets of Landlord shall be subject to levy, garnishment, attachment, execution or other procedures for the satisfaction of Tenant’s remedies. 

 

	24.	Additional Documentation. 

 From time to time throughout the Term, Tenant shall
execute and deliver to Landlord, within ten (10) business days following request therefor, any reasonable document required by Landlord in connection with this Lease or any portion of any Leased Premises including, by way of example and without
limitation, tenant estoppel certificates addressed to Landlord and/or Landlord’s prospective lender and/or purchaser and Subordination, Non-Disturbance and Attornment Agreements with Landlord’s or its purchaser’s lender or prospective
lender. 
  

	25.	Rules and Regulations. 

 Tenant agrees to comply with reasonable rules and
regulations issues by Landlord governing the conduct of businesses on or about the Leased Premises and any rules and regulations issued by Landlord for the Building. 
  

	26.	Signage. 

 Tenant shall not install any signage on or about any of the Leased
Premises without the prior written consent of Landlord which consent may be granted or withheld in Landlord’s sole discretion. 

  
 10 

	27.	Risk of Loss. 

 Tenant assumes all risk of damage or loss of any fixtures,
equipment, merchandise or goods located in or about the Leased Premises from any cause whatsoever and for all damage or loss that may arise from, without limitation, the following: delivery, receipt, piling, stacking, storage, or handling the goods
and merchandise of Tenant, whether within the Leased Premises or otherwise. Tenant shall be liable for any new installation (subject to Landlord’s consent which shall not be unreasonably withheld), repair, maintenance, and payment of all costs
associated with new or existing security systems, if any, in the Leased Premises. Landlord shall have no obligation to provide security for any Leased Premises, except as any security measure may be generally available for Landlord’s retail
operations in the Building where such Leased Premises are located. In no event shall Landlord be responsible for shrinkage experienced by Tenant at any Leased Premises. 
  

	28.	Landlord’s Early Termination Option. 

 Notwithstanding anything in this Lease
to the contrary, this Lease shall be terminated with respect to an applicable Leased Premises at any time upon prior written notice to Tenant in the following events: 
  

	 	(i)	If Landlord is selling or has sold the Building in which the Leased Premises are located or if Landlord ceases to operate a retail facility in the Building in which the Leased Premises are located in substantially the
same manner as existing on the date of this Lease, then Landlord shall terminate this Lease with respect to the applicable Leased Premises by delivery of written notice to Tenant, with such termination to be effective ninety (90) days after the
date of such notice; or 

  

	 	(ii)	If any third party under a Third Party Agreement objects to this Lease with respect to a Leased Premises, then Landlord shall, in Landlord’s sole discretion, either (a) terminate this Lease with respect to the
applicable Leased Premises by delivery of written notice to Tenant, with such termination to be effective thirty (30) days after the date of such notice or (b) procure the third party’s agreement to permit Tenant to continue to occupy
the applicable Leased Premises as provided for under the terms of this Lease. 

 On or before the effective date of a
termination of this Lease with respect to the applicable Leased Premises (“Termination Date”) as described in either subparagraphs (i) or (ii) above, Tenant shall surrender and vacate the Leased Premises in accordance with
Section 13. Tenant covenants and agrees to pay Landlord all sums accruing and/or required to be paid by Tenant pursuant to the provisions of this Lease with respect to such Leased Premises through the Termination Date, as and when any of such
sums become due and payable. Tenant’s obligations under this Section shall survive the Expiration Date or earlier termination of this Lease. 
  

	29.	Quiet Enjoyment. Provided that Tenant pays the Rent and fully and faithfully observes and performs all of the terms, covenants and conditions set forth in this Lease on Tenant’s part to
be observed and performed, Landlord shall not do anything during the Term as to unlawfully interfere with Tenant’s peaceful and quiet enjoyment of the Leased Premises, subject, nevertheless, to the terms and conditions of this Lease and the
RSA. Tenant shall not interfere with the quiet enjoyment of the other tenants of the Building. 

  
 11 

	30.	Encroachments. 

 Notwithstanding any provision in this Lease to the contrary, in
the event Tenant operates, occupies or uses any portion of a Building other than the Leased Premises contained in such Building (and other than the non-exclusive use of the Common Areas as provided in Section 1 hereof), Tenant shall have ten
(10) days to cure after notice thereof. If Tenant fails to cure such an encroachment within the ten (10) day period, Tenant shall pay an amount equal to the per square foot Rent for the applicable Leased Premises set forth on Annex
A under the column “Rent PSF” for the particular location where the encroachment occurred, multiplied by the amount of space that is encroached upon, and such increase in Rent shall be retroactive to the date that such operation,
occupation or use commenced If such an encroachment occurs more than twice within any twelve (12) month period, Landlord may terminate this Lease with respect to its Leased Premises immediately upon Landlord’s written notice to Tenant.

  

	31.	Choice of Law, Litigation, Court Costs and Attorney’s Fees. 

 In the event
that at any time either Landlord or Tenant institutes any action or proceeding against the other relating to the provisions of this Lease or any default hereunder, the prevailing party in such action or proceeding will be entitled to recover from
the other party reasonable attorneys’ fees and costs. This Lease with respect to each Leased Premises shall be construed in accordance with and governed by the laws of the state in which such Leased Premises are located. Landlord and Tenant
waive all rights to (i) trial by jury in any litigation arising under this Lease and (ii) resort to arbitration in the event of any dispute under this Lease. 
  

	32.	Counterparts 

 This Lease may be executed in counterparts, each of which shall be
deemed an original but all of which together shall constitute one and the same instrument. 
  

	33.	Acknowledgement of Representation by Legal Counsel. 

 Each party hereto warrants
and represents that it has reviewed and negotiated the terms and conditions of this Lease with legal counsel of its own choosing, or has had an opportunity to do so, and that it knowingly and voluntarily enters into this Lease having had the
opportunity to consult with legal counsel. 
 [SIGNATURE PAGE FOLLOWS] 

  
 12 

 IN WITNESS WHEREOF, the parties have executed this Lease as of the day and year first
above written. 
  

			
	LANDLORD:
	
	 SEARS, ROEBUCK AND CO.,
 a
New York corporation

		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	TENANT:
	
	 LANDS’ END, INC.,
 a
Delaware corporation

		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 13 

 ANNEX A 

																																																															
	 Store
Num
	 	 Store Name
	 	 Lease
Term
	 	 Lease
Factor
	 	 FY2014
Begin
Sq Ft
	 	 Yr 1
Rent
PSF
	 	 Yr 1
Rent
	 	 Downsize/

Closure?
	 	 FY2015
Begin
Sq Ft
	 	 Lease
Factor
	 	 Yr 2
Rent
PSF
	 	 Yr 2
Rent
	 	 FY2016
Begin
Sq Ft
	 	 Lease
Factor
	 	 Yr 3
Rent
PSF
	 	 Yr 3
Rent
	 	 FY2017
Begin
Sq Ft
	 	 Lease
Factor
	 	 Yr 4
Rent
PSF
	 	 Yr 4
Rent
	 	 FY2018
Begin
Sq Ft
	 	 Lease
Factor
	 	 	 Yr 5
Rent
PSF
	 	 	 Yr 5
Rent
	 	 	 FY2019
Begin
Sq Ft
	 	 Lease
Factor
	 	 Yr 6
Rent
PSF
	 	 Yr 6
Rent
	 	 Expiration
Date

	1003	 	1003 SALEM	 	5.00	 	[*****]	 	8,653	 	[*****]	 	[*****]	 		 	8,653	 	[*****]	 	[*****]	 	[*****]	 	8,653	 	[*****]	 	[*****]	 	[*****]	 	8,653	 	[*****]	 	[*****]	 	[*****]	 	8,653	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	8,653	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1011	 	1011 GRANDVILLE	 	6.00	 	[*****]	 	4,621	 	[*****]	 	[*****]	 		 	4,621	 	[*****]	 	[*****]	 	[*****]	 	4,621	 	[*****]	 	[*****]	 	[*****]	 	4,621	 	[*****]	 	[*****]	 	[*****]	 	4,621	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	4,621	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1012	 	1012 DES MOINES	 	6.00	 	[*****]	 	4,841	 	[*****]	 	[*****]	 		 	4,841	 	[*****]	 	[*****]	 	[*****]	 	4,841	 	[*****]	 	[*****]	 	[*****]	 	4,841	 	[*****]	 	[*****]	 	[*****]	 	4,841	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	4,841	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1019	 	1019 PLEASANTON	 	5.00	 	[*****]	 	8,166	 	[*****]	 	[*****]	 		 	8,166	 	[*****]	 	[*****]	 	[*****]	 	8,166	 	[*****]	 	[*****]	 	[*****]	 	8,166	 	[*****]	 	[*****]	 	[*****]	 	8,166	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	8,166	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1022	 	1022 OMAHA	 	6.00	 	[*****]	 	4,760	 	[*****]	 	[*****]	 		 	4,760	 	[*****]	 	[*****]	 	[*****]	 	4,760	 	[*****]	 	[*****]	 	[*****]	 	4,760	 	[*****]	 	[*****]	 	[*****]	 	4,760	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	4,760	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1023	 	1023 DULLES/LOUDOUN CNTY	 	5.00	 	[*****]	 	9,535	 	[*****]	 	[*****]	 		 	9,535	 	[*****]	 	[*****]	 	[*****]	 	9,535	 	[*****]	 	[*****]	 	[*****]	 	9,535	 	[*****]	 	[*****]	 	[*****]	 	9,535	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	9,535	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1029	 	1029 SPOKANE	 	5.00	 	[*****]	 	6,049	 	[*****]	 	[*****]	 		 	6,049	 	[*****]	 	[*****]	 	[*****]	 	6,049	 	[*****]	 	[*****]	 	[*****]	 	6,049	 	[*****]	 	[*****]	 	[*****]	 	6,049	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	6,049	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1033	 	1033 N ATTLEBORO	 	4.00	 	[*****]	 	10,327	 	[*****]	 	[*****]	 		 	10,327	 	[*****]	 	[*****]	 	[*****]	 	10,327	 	[*****]	 	[*****]	 	[*****]	 	10,327	 	[*****]	 	[*****]	 	[*****]	 	10,327	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	10,327	 	[*****]	 	[*****]	 	[*****]	 	1/31/2018
	1034	 	1034 PITTSBURGH/ROSS PARK	 	5.00	 	[*****]	 	16,979	 	[*****]	 	[*****]	 		 	16,979	 	[*****]	 	[*****]	 	[*****]	 	16,979	 	[*****]	 	[*****]	 	[*****]	 	16,979	 	[*****]	 	[*****]	 	[*****]	 	16,979	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	16,979	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1043	 	1043 MERIDEN	 	5.00	 	[*****]	 	6,910	 	[*****]	 	[*****]	 		 	6,910	 	[*****]	 	[*****]	 	[*****]	 	6,910	 	[*****]	 	[*****]	 	[*****]	 	6,910	 	[*****]	 	[*****]	 	[*****]	 	6,910	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	6,910	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1051	 	1051 STRONGSVILLE	 	4.00	 	[*****]	 	5,833	 	[*****]	 	[*****]	 	min rent	 	5,833	 	[*****]	 	[*****]	 	[*****]	 	5,833	 	[*****]	 	[*****]	 	[*****]	 	5,833	 	[*****]	 	[*****]	 	[*****]	 	5,833	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	5,833	 	[*****]	 	[*****]	 	[*****]	 	1/31/2018
	1053	 	1053 SAUGUS	 	6.00	 	[*****]	 	5,565	 	[*****]	 	[*****]	 		 	5,565	 	[*****]	 	[*****]	 	[*****]	 	5,565	 	[*****]	 	[*****]	 	[*****]	 	5,565	 	[*****]	 	[*****]	 	[*****]	 	5,565	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	5,565	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1059	 	1059 SEATTLE/SHORELINE	 	5.00	 	[*****]	 	6,575	 	[*****]	 	[*****]	 		 	6,575	 	[*****]	 	[*****]	 	[*****]	 	6,575	 	[*****]	 	[*****]	 	[*****]	 	6,575	 	[*****]	 	[*****]	 	[*****]	 	6,575	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	6,575	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1062	 	1062 BROOKFIELD	 	5.00	 	[*****]	 	9,484	 	[*****]	 	[*****]	 		 	9,484	 	[*****]	 	[*****]	 	[*****]	 	9,484	 	[*****]	 	[*****]	 	[*****]	 	9,484	 	[*****]	 	[*****]	 	[*****]	 	9,484	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	9,484	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1063	 	1063 WEST HARTFORD	 	4.00	 	[*****]	 	7,481	 	[*****]	 	[*****]	 		 	7,481	 	[*****]	 	[*****]	 	[*****]	 	7,481	 	[*****]	 	[*****]	 	[*****]	 	7,481	 	[*****]	 	[*****]	 	[*****]	 	7,481	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	7,481	 	[*****]	 	[*****]	 	[*****]	 	1/31/2018
	1067	 	1067 HOUSTON/MEMORIAL	 	4.00	 	[*****]	 	4,941	 	[*****]	 	[*****]	 		 	4,941	 	[*****]	 	[*****]	 	[*****]	 	4,941	 	[*****]	 	[*****]	 	[*****]	 	4,941	 	[*****]	 	[*****]	 	[*****]	 	4,941	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	4,941	 	[*****]	 	[*****]	 	[*****]	 	1/31/2018
	1069	 	1069 REDMOND OVERLAKE PARK	 	4.00	 	[*****]	 	11,458	 	[*****]	 	[*****]	 		 	11,458	 	[*****]	 	[*****]	 	[*****]	 	11,458	 	[*****]	 	[*****]	 	[*****]	 	11,458	 	[*****]	 	[*****]	 	[*****]	 	11,458	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	11,458	 	[*****]	 	[*****]	 	[*****]	 	1/31/2018
	1074	 	1074 WALDORF/ST CHARLES	 	6.00	 	[*****]	 	8,771	 	[*****]	 	[*****]	 		 	8,771	 	[*****]	 	[*****]	 	[*****]	 	8,771	 	[*****]	 	[*****]	 	[*****]	 	8,771	 	[*****]	 	[*****]	 	[*****]	 	8,771	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	8,771	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1079	 	1079 PORTLAND WASHINGTON SQ	 	4.00	 	[*****]	 	18,907	 	[*****]	 	[*****]	 	downsize	 	15,000	 	[*****]	 	[*****]	 	[*****]	 	15,000	 	[*****]	 	[*****]	 	[*****]	 	15,000	 	[*****]	 	[*****]	 	[*****]	 	15,000	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	15,000	 	[*****]	 	[*****]	 	[*****]	 	1/31/2018
	1083	 	1083 WARWICK	 	5.00	 	[*****]	 	8,188	 	[*****]	 	[*****]	 		 	8,188	 	[*****]	 	[*****]	 	[*****]	 	8,188	 	[*****]	 	[*****]	 	[*****]	 	8,188	 	[*****]	 	[*****]	 	[*****]	 	8,188	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	8,188	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1089	 	1089 ANCHORAGE(SUR)	 	6.00	 	[*****]	 	7,398	 	[*****]	 	[*****]	 		 	7,398	 	[*****]	 	[*****]	 	[*****]	 	7,398	 	[*****]	 	[*****]	 	[*****]	 	7,398	 	[*****]	 	[*****]	 	[*****]	 	7,398	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	7,398	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1090	 	1090 CHICAGO HARLEM AVE	 	1.00	 	[*****]	 	1,075	 	[*****]	 	[*****]	 	small
store
closure	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	0	 	[*****]	 	[*****]	 	[*****]	 	1/31/2015
	1101	 	1101 OVERLAND PARK	 	6.00	 	[*****]	 	8,234	 	[*****]	 	[*****]	 		 	8,234	 	[*****]	 	[*****]	 	[*****]	 	8,234	 	[*****]	 	[*****]	 	[*****]	 	8,234	 	[*****]	 	[*****]	 	[*****]	 	8,234	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	8,234	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1103	 	1103 ALBANY	 	5.00	 	[*****]	 	7,513	 	[*****]	 	[*****]	 		 	7,513	 	[*****]	 	[*****]	 	[*****]	 	7,513	 	[*****]	 	[*****]	 	[*****]	 	7,513	 	[*****]	 	[*****]	 	[*****]	 	7,513	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	7,513	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1104	 	1104 MARLBOROUGH	 	5.00	 	[*****]	 	9,950	 	[*****]	 	[*****]	 		 	9,950	 	[*****]	 	[*****]	 	[*****]	 	9,950	 	[*****]	 	[*****]	 	[*****]	 	9,950	 	[*****]	 	[*****]	 	[*****]	 	9,950	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	9,950	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1109	 	1109 LYNNWOOD	 	5.00	 	[*****]	 	7,044	 	[*****]	 	[*****]	 		 	7,044	 	[*****]	 	[*****]	 	[*****]	 	7,044	 	[*****]	 	[*****]	 	[*****]	 	7,044	 	[*****]	 	[*****]	 	[*****]	 	7,044	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	7,044	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1110	 	1110 PORTAGE	 	6.00	 	[*****]	 	5,178	 	[*****]	 	[*****]	 		 	5,178	 	[*****]	 	[*****]	 	[*****]	 	5,178	 	[*****]	 	[*****]	 	[*****]	 	5,178	 	[*****]	 	[*****]	 	[*****]	 	5,178	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	5,178	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1112	 	1112 MINNETONKA	 	6.00	 	[*****]	 	5,712	 	[*****]	 	[*****]	 		 	5,712	 	[*****]	 	[*****]	 	[*****]	 	5,712	 	[*****]	 	[*****]	 	[*****]	 	5,712	 	[*****]	 	[*****]	 	[*****]	 	5,712	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	5,712	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1119	 	1119 PORTLAND	 	4.00	 	[*****]	 	6,442	 	[*****]	 	[*****]	 	min rent	 	6,442	 	[*****]	 	[*****]	 	[*****]	 	6,442	 	[*****]	 	[*****]	 	[*****]	 	6,442	 	[*****]	 	[*****]	 	[*****]	 	6,442	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	6,442	 	[*****]	 	[*****]	 	[*****]	 	1/31/2018
	1120	 	1120 COLUMBUS	 	6.00	 	[*****]	 	8,374	 	[*****]	 	[*****]	 		 	8,374	 	[*****]	 	[*****]	 	[*****]	 	8,374	 	[*****]	 	[*****]	 	[*****]	 	8,374	 	[*****]	 	[*****]	 	[*****]	 	8,374	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	8,374	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1121	 	1121 INDEPENDENCE	 	1.00	 	[*****]	 	4,720	 	[*****]	 	[*****]	 	neg
EBITDA
closure	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	0	 	[*****]	 	[*****]	 	[*****]	 	1/31/2015
	1122	 	1122 MAPLEWOOD	 	6.00	 	[*****]	 	6,421	 	[*****]	 	[*****]	 		 	6,421	 	[*****]	 	[*****]	 	[*****]	 	6,421	 	[*****]	 	[*****]	 	[*****]	 	6,421	 	[*****]	 	[*****]	 	[*****]	 	6,421	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	6,421	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1127	 	1127 HOUSTON SHEPHERD	 	1.00	 	[*****]	 	1,294	 	[*****]	 	[*****]	 	small
store
closure	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	0	 	[*****]	 	[*****]	 	[*****]	 	1/31/2015
	1131	 	1131 LITTLETON DENVER	 	5.00	 	[*****]	 	6,372	 	[*****]	 	[*****]	 		 	6,372	 	[*****]	 	[*****]	 	[*****]	 	6,372	 	[*****]	 	[*****]	 	[*****]	 	6,372	 	[*****]	 	[*****]	 	[*****]	 	6,372	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	6,372	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1132	 	1132 BURNSVILLE	 	6.00	 	[*****]	 	5,659	 	[*****]	 	[*****]	 		 	5,659	 	[*****]	 	[*****]	 	[*****]	 	5,659	 	[*****]	 	[*****]	 	[*****]	 	5,659	 	[*****]	 	[*****]	 	[*****]	 	5,659	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	5,659	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1136	 	1136 BIRMINGHAM/ RIVERCHASE	 	6.00	 	[*****]	 	4,215	 	[*****]	 	[*****]	 		 	4,215	 	[*****]	 	[*****]	 	[*****]	 	4,215	 	[*****]	 	[*****]	 	[*****]	 	4,215	 	[*****]	 	[*****]	 	[*****]	 	4,215	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	4,215	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019

																																																															
	 Store
Num
	 	 Store Name
	 	 Lease
Term
	 	 Lease
Factor
	 	 FY2014
Begin
Sq Ft
	 	 Yr 1
Rent
PSF
	 	 Yr 1
Rent
	 	 Downsize/

Closure?
	 	 FY2015
Begin
Sq Ft
	 	 Lease
Factor
	 	 Yr 2
Rent
PSF
	 	 Yr 2
Rent
	 	 FY2016
Begin
Sq Ft
	 	 Lease
Factor
	 	 Yr 3
Rent
PSF
	 	 Yr 3
Rent
	 	 FY2017
Begin
Sq Ft
	 	 Lease
Factor
	 	 Yr 4
Rent
PSF
	 	 Yr 4
Rent
	 	 FY2018
Begin
Sq Ft
	 	 Lease
Factor
	 	 	 Yr 5
Rent
PSF
	 	 	 Yr 5
Rent
	 	 	 FY2019
Begin
Sq Ft
	 	 Lease
Factor
	 	 Yr 6
Rent
PSF
	 	 Yr 6
Rent
	 	 Expiration
Date

	1140	 	1140 GRAND RAPIDS	 	5.00	 	[*****]	 	7,821	 	[*****]	 	[*****]	 		 	7,821	 	[*****]	 	[*****]	 	[*****]	 	7,821	 	[*****]	 	[*****]	 	[*****]	 	7,821	 	[*****]	 	[*****]	 	[*****]	 	7,821	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	7,821	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1142	 	1142 EDEN PRAIRIE	 	6.00	 	[*****]	 	6,837	 	[*****]	 	[*****]	 		 	6,837	 	[*****]	 	[*****]	 	[*****]	 	6,837	 	[*****]	 	[*****]	 	[*****]	 	6,837	 	[*****]	 	[*****]	 	[*****]	 	6,837	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	6,837	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1146	 	1146 CORDOVA / MEMPHIS / GERMANTWN	 	4.00	 	[*****]	 	4,754	 	[*****]	 	[*****]	 	min rent	 	4,754	 	[*****]	 	[*****]	 	[*****]	 	4,754	 	[*****]	 	[*****]	 	[*****]	 	4,754	 	[*****]	 	[*****]	 	[*****]	 	4,754	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	4,754	 	[*****]	 	[*****]	 	[*****]	 	1/31/2018
	1147	 	1147 BATON ROUGE	 	1.00	 	[*****]	 	1,073	 	[*****]	 	[*****]	 	small
store
closure	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	0	 	[*****]	 	[*****]	 	[*****]	 	1/31/2015
	1148	 	1148 VENTURA	 	6.00	 	[*****]	 	6,691	 	[*****]	 	[*****]	 		 	6,691	 	[*****]	 	[*****]	 	[*****]	 	6,691	 	[*****]	 	[*****]	 	[*****]	 	6,691	 	[*****]	 	[*****]	 	[*****]	 	6,691	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	6,691	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1155	 	1155 KENNESAW	 	5.00	 	[*****]	 	8,086	 	[*****]	 	[*****]	 		 	8,086	 	[*****]	 	[*****]	 	[*****]	 	8,086	 	[*****]	 	[*****]	 	[*****]	 	8,086	 	[*****]	 	[*****]	 	[*****]	 	8,086	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	8,086	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1156	 	1156 ROSEVILLE	 	5.00	 	[*****]	 	7,565	 	[*****]	 	[*****]	 	min rent	 	7,565	 	[*****]	 	[*****]	 	[*****]	 	7,565	 	[*****]	 	[*****]	 	[*****]	 	7,565	 	[*****]	 	[*****]	 	[*****]	 	7,565	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	7,565	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1159	 	1159 FAIRFIELD	 	4.00	 	[*****]	 	4,848	 	[*****]	 	[*****]	 	min rent	 	4,848	 	[*****]	 	[*****]	 	[*****]	 	4,848	 	[*****]	 	[*****]	 	[*****]	 	4,848	 	[*****]	 	[*****]	 	[*****]	 	4,848	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	4,848	 	[*****]	 	[*****]	 	[*****]	 	1/31/2018
	1163	 	1163 BURLINGTON	 	4.00	 	[*****]	 	20,936	 	[*****]	 	[*****]	 	downsize	 	15,000	 	[*****]	 	[*****]	 	[*****]	 	15,000	 	[*****]	 	[*****]	 	[*****]	 	15,000	 	[*****]	 	[*****]	 	[*****]	 	15,000	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	15,000	 	[*****]	 	[*****]	 	[*****]	 	1/31/2018
	1168	 	1168 NO HOLLYWOOD LA VALLEY	 	1.00	 	[*****]	 	1,268	 	[*****]	 	[*****]	 	small
store
closure	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	0	 	[*****]	 	[*****]	 	[*****]	 	1/31/2015
	1171	 	1171 SPRINGFIELD	 	6.00	 	[*****]	 	4,748	 	[*****]	 	[*****]	 		 	4,748	 	[*****]	 	[*****]	 	[*****]	 	4,748	 	[*****]	 	[*****]	 	[*****]	 	4,748	 	[*****]	 	[*****]	 	[*****]	 	4,748	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	4,748	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1178	 	1178 SANTA MONICA	 	4.00	 	[*****]	 	5,818	 	[*****]	 	[*****]	 		 	5,818	 	[*****]	 	[*****]	 	[*****]	 	5,818	 	[*****]	 	[*****]	 	[*****]	 	5,818	 	[*****]	 	[*****]	 	[*****]	 	5,818	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	5,818	 	[*****]	 	[*****]	 	[*****]	 	1/31/2018
	1179	 	1179 CANOGA PK/TOPANGA PLZ	 	2.92	 	[*****]	 	4,401	 	[*****]	 	[*****]	 	min rent	 	4,401	 	[*****]	 	[*****]	 	[*****]	 	4,401	 	[*****]	 	[*****]	 	[*****]	 	4,401	 	[*****]	 	[*****]	 	[*****]	 	4,401	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	4,401	 	[*****]	 	[*****]	 	[*****]	 	10/31/2016
	1182	 	1182 ST PETERS	 	5.00	 	[*****]	 	8,004	 	[*****]	 	[*****]	 		 	8,004	 	[*****]	 	[*****]	 	[*****]	 	8,004	 	[*****]	 	[*****]	 	[*****]	 	8,004	 	[*****]	 	[*****]	 	[*****]	 	8,004	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	8,004	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1185	 	1185 ASHEVILLE	 	6.00	 	[*****]	 	8,263	 	[*****]	 	[*****]	 		 	8,263	 	[*****]	 	[*****]	 	[*****]	 	8,263	 	[*****]	 	[*****]	 	[*****]	 	8,263	 	[*****]	 	[*****]	 	[*****]	 	8,263	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	8,263	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1186	 	1186 MEMPHIS / POPLAR	 	5.00	 	[*****]	 	4,899	 	[*****]	 	[*****]	 		 	4,899	 	[*****]	 	[*****]	 	[*****]	 	4,899	 	[*****]	 	[*****]	 	[*****]	 	4,899	 	[*****]	 	[*****]	 	[*****]	 	4,899	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	4,899	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1192	 	1192 MUSKEGON	 	6.00	 	[*****]	 	4,261	 	[*****]	 	[*****]	 	min rent	 	4,261	 	[*****]	 	[*****]	 	[*****]	 	4,261	 	[*****]	 	[*****]	 	[*****]	 	4,261	 	[*****]	 	[*****]	 	[*****]	 	4,261	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	4,261	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1193	 	1193 WATERFORD	 	6.00	 	[*****]	 	7,484	 	[*****]	 	[*****]	 		 	7,484	 	[*****]	 	[*****]	 	[*****]	 	7,484	 	[*****]	 	[*****]	 	[*****]	 	7,484	 	[*****]	 	[*****]	 	[*****]	 	7,484	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	7,484	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1204	 	1204 FREEHOLD	 	5.00	 	[*****]	 	7,987	 	[*****]	 	[*****]	 		 	7,987	 	[*****]	 	[*****]	 	[*****]	 	7,987	 	[*****]	 	[*****]	 	[*****]	 	7,987	 	[*****]	 	[*****]	 	[*****]	 	7,987	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	7,987	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1209	 	1209 LONG BEACH	 	2.92	 	[*****]	 	7,459	 	[*****]	 	[*****]	 		 	7,459	 	[*****]	 	[*****]	 	[*****]	 	7,459	 	[*****]	 	[*****]	 	[*****]	 	7,459	 	[*****]	 	[*****]	 	[*****]	 	7,459	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	7,459	 	[*****]	 	[*****]	 	[*****]	 	10/31/2016
	1210	 	1210 COLUMBUS / POLARIS	 	6.00	 	[*****]	 	6,611	 	[*****]	 	[*****]	 		 	6,611	 	[*****]	 	[*****]	 	[*****]	 	6,611	 	[*****]	 	[*****]	 	[*****]	 	6,611	 	[*****]	 	[*****]	 	[*****]	 	6,611	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	6,611	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1220	 	1220 TOLEDO	 	5.00	 	[*****]	 	8,772	 	[*****]	 	[*****]	 		 	8,772	 	[*****]	 	[*****]	 	[*****]	 	8,772	 	[*****]	 	[*****]	 	[*****]	 	8,772	 	[*****]	 	[*****]	 	[*****]	 	8,772	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	8,772	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1221	 	1221 COLORADO SPRINGS	 	5.00	 	[*****]	 	5,076	 	[*****]	 	[*****]	 		 	5,076	 	[*****]	 	[*****]	 	[*****]	 	5,076	 	[*****]	 	[*****]	 	[*****]	 	5,076	 	[*****]	 	[*****]	 	[*****]	 	5,076	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	5,076	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1224	 	1224 HARRISBURG	 	5.00	 	[*****]	 	7,435	 	[*****]	 	[*****]	 	min rent	 	7,435	 	[*****]	 	[*****]	 	[*****]	 	7,435	 	[*****]	 	[*****]	 	[*****]	 	7,435	 	[*****]	 	[*****]	 	[*****]	 	7,435	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	7,435	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1225	 	1225 ORLANDO COLONIAL	 	4.00	 	[*****]	 	4,531	 	[*****]	 	[*****]	 	min rent	 	4,531	 	[*****]	 	[*****]	 	[*****]	 	4,531	 	[*****]	 	[*****]	 	[*****]	 	4,531	 	[*****]	 	[*****]	 	[*****]	 	4,531	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	4,531	 	[*****]	 	[*****]	 	[*****]	 	1/31/2018
	1226	 	1226 METAIRIE NW ORLNS	 	1.00	 	[*****]	 	1,548	 	[*****]	 	[*****]	 	small
store
closure	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	0	 	[*****]	 	[*****]	 	[*****]	 	1/31/2015
	1263	 	1263 WATERBURY	 	5.00	 	[*****]	 	7,176	 	[*****]	 	[*****]	 	min rent	 	7,176	 	[*****]	 	[*****]	 	[*****]	 	7,176	 	[*****]	 	[*****]	 	[*****]	 	7,176	 	[*****]	 	[*****]	 	[*****]	 	7,176	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	7,176	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1264	 	1264 HICKSVILLE	 	4.00	 	[*****]	 	8,369	 	[*****]	 	[*****]	 		 	8,369	 	[*****]	 	[*****]	 	[*****]	 	8,369	 	[*****]	 	[*****]	 	[*****]	 	8,369	 	[*****]	 	[*****]	 	[*****]	 	8,369	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	8,369	 	[*****]	 	[*****]	 	[*****]	 	1/31/2018
	1265	 	1265 VIRGINIA BEACH	 	6.00	 	[*****]	 	8,290	 	[*****]	 	[*****]	 		 	8,290	 	[*****]	 	[*****]	 	[*****]	 	8,290	 	[*****]	 	[*****]	 	[*****]	 	8,290	 	[*****]	 	[*****]	 	[*****]	 	8,290	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	8,290	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1271	 	1271 LITTLETON / DENVER SW	 	6.00	 	[*****]	 	5,885	 	[*****]	 	[*****]	 		 	5,885	 	[*****]	 	[*****]	 	[*****]	 	5,885	 	[*****]	 	[*****]	 	[*****]	 	5,885	 	[*****]	 	[*****]	 	[*****]	 	5,885	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	5,885	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1275	 	1275 ATLANTA / NORTHLAKE	 	5.00	 	[*****]	 	7,993	 	[*****]	 	[*****]	 		 	7,993	 	[*****]	 	[*****]	 	[*****]	 	7,993	 	[*****]	 	[*****]	 	[*****]	 	7,993	 	[*****]	 	[*****]	 	[*****]	 	7,993	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	7,993	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1277	 	1277 SAN ANTONIO INGRAM	 	1.00	 	[*****]	 	1,179	 	[*****]	 	[*****]	 	small
store
closure	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	0	 	[*****]	 	[*****]	 	[*****]	 	1/31/2015
	1284	 	1284 ALEXANDRIA	 	6.00	 	[*****]	 	9,608	 	[*****]	 	[*****]	 		 	9,608	 	[*****]	 	[*****]	 	[*****]	 	9,608	 	[*****]	 	[*****]	 	[*****]	 	9,608	 	[*****]	 	[*****]	 	[*****]	 	9,608	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	9,608	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1290	 	1290 NILES	 	5.00	 	[*****]	 	7,305	 	[*****]	 	[*****]	 	min rent	 	7,305	 	[*****]	 	[*****]	 	[*****]	 	7,305	 	[*****]	 	[*****]	 	[*****]	 	7,305	 	[*****]	 	[*****]	 	[*****]	 	7,305	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	7,305	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1294	 	1294 WATCHUNG	 	5.00	 	[*****]	 	9,042	 	[*****]	 	[*****]	 		 	9,042	 	[*****]	 	[*****]	 	[*****]	 	9,042	 	[*****]	 	[*****]	 	[*****]	 	9,042	 	[*****]	 	[*****]	 	[*****]	 	9,042	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	9,042	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1295	 	1295 ST PETERSBURG	 	1.00	 	[*****]	 	1,163	 	[*****]	 	[*****]	 	small
store
closure	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	0	 	[*****]	 	[*****]	 	[*****]	 	1/31/2015
	1297	 	1297 HURST	 	4.00	 	[*****]	 	4,489	 	[*****]	 	[*****]	 	min rent	 	4,489	 	[*****]	 	[*****]	 	[*****]	 	4,489	 	[*****]	 	[*****]	 	[*****]	 	4,489	 	[*****]	 	[*****]	 	[*****]	 	4,489	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	4,489	 	[*****]	 	[*****]	 	[*****]	 	1/31/2018
	1300	 	1300 OAK BROOK	 	4.00	 	[*****]	 	13,485	 	[*****]	 	[*****]	 		 	13,485	 	[*****]	 	[*****]	 	[*****]	 	13,485	 	[*****]	 	[*****]	 	[*****]	 	13,485	 	[*****]	 	[*****]	 	[*****]	 	13,485	 	 	[*****]	  	 	 	[*****]	  	 	 	[*****]	  	 	13,485	 	[*****]	 	[*****]	 	[*****]	 	1/31/2018

																																																									
	 Store
Num
	 	 Store Name
	 	 Lease
Term
	 	 Lease
Factor
	 	 FY2014
Begin
Sq Ft
	 	 Yr 1
Rent
PSF
	 	 Yr 1
Rent
	 	 Downsize/

Closure?
	 	 FY2015
Begin
Sq Ft
	 	 Lease
Factor
	 	 Yr 2
Rent
PSF
	 	 Yr 2
Rent
	 	 FY2016
Begin
Sq Ft
	 	 Lease
Factor
	 	 Yr 3
Rent
PSF
	 	 Yr 3
Rent
	 	 FY2017
Begin
Sq Ft
	 	 Lease
Factor
	 	 Yr 4
Rent
PSF
	 	 Yr 4
Rent
	 	 FY2018
Begin
Sq Ft
	 	 Lease
Factor
	 	 Yr 5
Rent
PSF
	 	 Yr 5
Rent
	 	 FY2019
Begin
Sq Ft
	 	 Lease
Factor
	 	 Yr 6
Rent
PSF
	 	 Yr 6
Rent
	 	 Expiration
Date

	1303	 	1303 DANBURY	 	4.00	 	[*****]	 	8,357	 	[*****]	 	[*****]	 		 	8,357	 	[*****]	 	[*****]	 	[*****]	 	8,357	 	[*****]	 	[*****]	 	[*****]	 	8,357	 	[*****]	 	[*****]	 	[*****]	 	8,357	 	[*****]	 	[*****]	 	[*****]	 	8,357	 	[*****]	 	[*****]	 	[*****]	 	1/31/2018
	1305	 	1305 SAVANNAH	 	1.00	 	[*****]	 	4,801	 	[*****]	 	[*****]	 	neg
EBITDA
closure	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	1/31/2015
	1313	 	1313 NASHUA	 	4.00	 	[*****]	 	7,573	 	[*****]	 	[*****]	 		 	7,573	 	[*****]	 	[*****]	 	[*****]	 	7,573	 	[*****]	 	[*****]	 	[*****]	 	7,573	 	[*****]	 	[*****]	 	[*****]	 	7,573	 	[*****]	 	[*****]	 	[*****]	 	7,573	 	[*****]	 	[*****]	 	[*****]	 	1/31/2018
	1314	 	1314 NEW BRUNSWICK	 	6.00	 	[*****]	 	7,107	 	[*****]	 	[*****]	 		 	7,107	 	[*****]	 	[*****]	 	[*****]	 	7,107	 	[*****]	 	[*****]	 	[*****]	 	7,107	 	[*****]	 	[*****]	 	[*****]	 	7,107	 	[*****]	 	[*****]	 	[*****]	 	7,107	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1333	 	1333 POUGHKEEPSIE	 	5.00	 	[*****]	 	5,523	 	[*****]	 	[*****]	 		 	5,523	 	[*****]	 	[*****]	 	[*****]	 	5,523	 	[*****]	 	[*****]	 	[*****]	 	5,523	 	[*****]	 	[*****]	 	[*****]	 	5,523	 	[*****]	 	[*****]	 	[*****]	 	5,523	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1337	 	1337 PLANO	 	6.00	 	[*****]	 	4,196	 	[*****]	 	[*****]	 		 	4,196	 	[*****]	 	[*****]	 	[*****]	 	4,196	 	[*****]	 	[*****]	 	[*****]	 	4,196	 	[*****]	 	[*****]	 	[*****]	 	4,196	 	[*****]	 	[*****]	 	[*****]	 	4,196	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1338	 	1338 TUCSON	 	1.00	 	[*****]	 	1,139	 	[*****]	 	[*****]	 	small
store
closure	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	1/31/2015
	1350	 	1350 MENTOR	 	5.00	 	[*****]	 	10,420	 	[*****]	 	[*****]	 		 	10,420	 	[*****]	 	[*****]	 	[*****]	 	10,420	 	[*****]	 	[*****]	 	[*****]	 	10,420	 	[*****]	 	[*****]	 	[*****]	 	10,420	 	[*****]	 	[*****]	 	[*****]	 	10,420	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1353	 	1353 DE WITT/SYRACUSE	 	6.00	 	[*****]	 	8,801	 	[*****]	 	[*****]	 		 	8,801	 	[*****]	 	[*****]	 	[*****]	 	8,801	 	[*****]	 	[*****]	 	[*****]	 	8,801	 	[*****]	 	[*****]	 	[*****]	 	8,801	 	[*****]	 	[*****]	 	[*****]	 	8,801	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1354	 	1354 WILLOW GROVE	 	4.00	 	[*****]	 	9,100	 	[*****]	 	[*****]	 		 	9,100	 	[*****]	 	[*****]	 	[*****]	 	9,100	 	[*****]	 	[*****]	 	[*****]	 	9,100	 	[*****]	 	[*****]	 	[*****]	 	9,100	 	[*****]	 	[*****]	 	[*****]	 	9,100	 	[*****]	 	[*****]	 	[*****]	 	1/31/2018
	1364	 	1364 LAKE GROVE	 	4.00	 	[*****]	 	7,133	 	[*****]	 	[*****]	 		 	7,133	 	[*****]	 	[*****]	 	[*****]	 	7,133	 	[*****]	 	[*****]	 	[*****]	 	7,133	 	[*****]	 	[*****]	 	[*****]	 	7,133	 	[*****]	 	[*****]	 	[*****]	 	7,133	 	[*****]	 	[*****]	 	[*****]	 	1/31/2018
	1375	 	1375 WINSTON SALEM	 	6.00	 	[*****]	 	10,406	 	[*****]	 	[*****]	 		 	10,406	 	[*****]	 	[*****]	 	[*****]	 	10,406	 	[*****]	 	[*****]	 	[*****]	 	10,406	 	[*****]	 	[*****]	 	[*****]	 	10,406	 	[*****]	 	[*****]	 	[*****]	 	10,406	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1385	 	1385 ATLANTA	 	6.00	 	[*****]	 	7,587	 	[*****]	 	[*****]	 		 	7,587	 	[*****]	 	[*****]	 	[*****]	 	7,587	 	[*****]	 	[*****]	 	[*****]	 	7,587	 	[*****]	 	[*****]	 	[*****]	 	7,587	 	[*****]	 	[*****]	 	[*****]	 	7,587	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1388	 	1388 COSTA MESA	 	5.00	 	[*****]	 	8,042	 	[*****]	 	[*****]	 		 	8,042	 	[*****]	 	[*****]	 	[*****]	 	8,042	 	[*****]	 	[*****]	 	[*****]	 	8,042	 	[*****]	 	[*****]	 	[*****]	 	8,042	 	[*****]	 	[*****]	 	[*****]	 	8,042	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1390	 	1390 ANN ARBOR	 	6.00	 	[*****]	 	17,489	 	[*****]	 	[*****]	 	downsize	 	15,000	 	[*****]	 	[*****]	 	[*****]	 	15,000	 	[*****]	 	[*****]	 	[*****]	 	15,000	 	[*****]	 	[*****]	 	[*****]	 	15,000	 	[*****]	 	[*****]	 	[*****]	 	15,000	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1410	 	1410 CANTON	 	6.00	 	[*****]	 	8,979	 	[*****]	 	[*****]	 		 	8,979	 	[*****]	 	[*****]	 	[*****]	 	8,979	 	[*****]	 	[*****]	 	[*****]	 	8,979	 	[*****]	 	[*****]	 	[*****]	 	8,979	 	[*****]	 	[*****]	 	[*****]	 	8,979	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1414	 	1414 NANUET	 	6.00	 	[*****]	 	7,562	 	[*****]	 	[*****]	 		 	7,562	 	[*****]	 	[*****]	 	[*****]	 	7,562	 	[*****]	 	[*****]	 	[*****]	 	7,562	 	[*****]	 	[*****]	 	[*****]	 	7,562	 	[*****]	 	[*****]	 	[*****]	 	7,562	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1415	 	1415 CLEARWATER/ COUNTRYSIDE	 	6.00	 	[*****]	 	6,012	 	[*****]	 	[*****]	 		 	6,012	 	[*****]	 	[*****]	 	[*****]	 	6,012	 	[*****]	 	[*****]	 	[*****]	 	6,012	 	[*****]	 	[*****]	 	[*****]	 	6,012	 	[*****]	 	[*****]	 	[*****]	 	6,012	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1417	 	1417 HUMBLE	 	1.00	 	[*****]	 	1,218	 	[*****]	 	[*****]	 	small
store
closure	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	1/31/2015
	1424	 	1424 BETHESDA	 	4.00	 	[*****]	 	11,680	 	[*****]	 	[*****]	 		 	11,680	 	[*****]	 	[*****]	 	[*****]	 	11,680	 	[*****]	 	[*****]	 	[*****]	 	11,680	 	[*****]	 	[*****]	 	[*****]	 	11,680	 	[*****]	 	[*****]	 	[*****]	 	11,680	 	[*****]	 	[*****]	 	[*****]	 	1/31/2018
	1430	 	1430 MIDDLEBURG HTS/CLEVELAND	 	5.00	 	[*****]	 	7,381	 	[*****]	 	[*****]	 		 	7,381	 	[*****]	 	[*****]	 	[*****]	 	7,381	 	[*****]	 	[*****]	 	[*****]	 	7,381	 	[*****]	 	[*****]	 	[*****]	 	7,381	 	[*****]	 	[*****]	 	[*****]	 	7,381	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1434	 	1434 WAYNE	 	4.00	 	[*****]	 	9,652	 	[*****]	 	[*****]	 		 	9,652	 	[*****]	 	[*****]	 	[*****]	 	9,652	 	[*****]	 	[*****]	 	[*****]	 	9,652	 	[*****]	 	[*****]	 	[*****]	 	9,652	 	[*****]	 	[*****]	 	[*****]	 	9,652	 	[*****]	 	[*****]	 	[*****]	 	1/31/2018
	1438	 	1438 EL CAJON	 	5.00	 	[*****]	 	6,511	 	[*****]	 	[*****]	 	min rent	 	6,511	 	[*****]	 	[*****]	 	[*****]	 	6,511	 	[*****]	 	[*****]	 	[*****]	 	6,511	 	[*****]	 	[*****]	 	[*****]	 	6,511	 	[*****]	 	[*****]	 	[*****]	 	6,511	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1443	 	1443 MANCHESTER	 	4.00	 	[*****]	 	6,482	 	[*****]	 	[*****]	 		 	6,482	 	[*****]	 	[*****]	 	[*****]	 	6,482	 	[*****]	 	[*****]	 	[*****]	 	6,482	 	[*****]	 	[*****]	 	[*****]	 	6,482	 	[*****]	 	[*****]	 	[*****]	 	6,482	 	[*****]	 	[*****]	 	[*****]	 	1/31/2018
	1445	 	1445 RICHMOND	 	6.00	 	[*****]	 	5,390	 	[*****]	 	[*****]	 		 	5,390	 	[*****]	 	[*****]	 	[*****]	 	5,390	 	[*****]	 	[*****]	 	[*****]	 	5,390	 	[*****]	 	[*****]	 	[*****]	 	5,390	 	[*****]	 	[*****]	 	[*****]	 	5,390	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1447	 	1447 FT WORTH	 	5.00	 	[*****]	 	4,387	 	[*****]	 	[*****]	 		 	4,387	 	[*****]	 	[*****]	 	[*****]	 	4,387	 	[*****]	 	[*****]	 	[*****]	 	4,387	 	[*****]	 	[*****]	 	[*****]	 	4,387	 	[*****]	 	[*****]	 	[*****]	 	4,387	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1450	 	1450 ROSEVILLE	 	5.00	 	[*****]	 	10,019	 	[*****]	 	[*****]	 		 	10,019	 	[*****]	 	[*****]	 	[*****]	 	10,019	 	[*****]	 	[*****]	 	[*****]	 	10,019	 	[*****]	 	[*****]	 	[*****]	 	10,019	 	[*****]	 	[*****]	 	[*****]	 	10,019	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1454	 	1454 BENSALEM/ CORNWELLS HTS	 	6.00	 	[*****]	 	7,123	 	[*****]	 	[*****]	 		 	7,123	 	[*****]	 	[*****]	 	[*****]	 	7,123	 	[*****]	 	[*****]	 	[*****]	 	7,123	 	[*****]	 	[*****]	 	[*****]	 	7,123	 	[*****]	 	[*****]	 	[*****]	 	7,123	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1455	 	1455 WILMINGTON	 	5.00	 	[*****]	 	5,047	 	[*****]	 	[*****]	 	min rent	 	5,047	 	[*****]	 	[*****]	 	[*****]	 	5,047	 	[*****]	 	[*****]	 	[*****]	 	5,047	 	[*****]	 	[*****]	 	[*****]	 	5,047	 	[*****]	 	[*****]	 	[*****]	 	5,047	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1460	 	1460 LIVONIA	 	6.00	 	[*****]	 	5,116	 	[*****]	 	[*****]	 	min rent	 	5,116	 	[*****]	 	[*****]	 	[*****]	 	5,116	 	[*****]	 	[*****]	 	[*****]	 	5,116	 	[*****]	 	[*****]	 	[*****]	 	5,116	 	[*****]	 	[*****]	 	[*****]	 	5,116	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1464	 	1464 DEPTFORD	 	5.00	 	[*****]	 	7,995	 	[*****]	 	[*****]	 		 	7,995	 	[*****]	 	[*****]	 	[*****]	 	7,995	 	[*****]	 	[*****]	 	[*****]	 	7,995	 	[*****]	 	[*****]	 	[*****]	 	7,995	 	[*****]	 	[*****]	 	[*****]	 	7,995	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1468	 	1468 CUPERTINO	 	4.00	 	[*****]	 	6,483	 	[*****]	 	[*****]	 		 	6,483	 	[*****]	 	[*****]	 	[*****]	 	6,483	 	[*****]	 	[*****]	 	[*****]	 	6,483	 	[*****]	 	[*****]	 	[*****]	 	6,483	 	[*****]	 	[*****]	 	[*****]	 	6,483	 	[*****]	 	[*****]	 	[*****]	 	1/31/2018
	1475	 	1475 DURHAM	 	6.00	 	[*****]	 	7,596	 	[*****]	 	[*****]	 		 	7,596	 	[*****]	 	[*****]	 	[*****]	 	7,596	 	[*****]	 	[*****]	 	[*****]	 	7,596	 	[*****]	 	[*****]	 	[*****]	 	7,596	 	[*****]	 	[*****]	 	[*****]	 	7,596	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1478	 	1478 SAN BRUNO	 	5.00	 	[*****]	 	8,698	 	[*****]	 	[*****]	 		 	8,698	 	[*****]	 	[*****]	 	[*****]	 	8,698	 	[*****]	 	[*****]	 	[*****]	 	8,698	 	[*****]	 	[*****]	 	[*****]	 	8,698	 	[*****]	 	[*****]	 	[*****]	 	8,698	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1488	 	1488 SAN JOSE EASTRIDGE	 	1.00	 	[*****]	 	1,009	 	[*****]	 	[*****]	 	small
store
closure	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	1/31/2015
	1490	 	1490 TROY	 	5.00	 	[*****]	 	9,074	 	[*****]	 	[*****]	 		 	9,074	 	[*****]	 	[*****]	 	[*****]	 	9,074	 	[*****]	 	[*****]	 	[*****]	 	9,074	 	[*****]	 	[*****]	 	[*****]	 	9,074	 	[*****]	 	[*****]	 	[*****]	 	9,074	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1504	 	1504 WILLIAMSVILLE/ BUFFALO	 	4.00	 	[*****]	 	6,946	 	[*****]	 	[*****]	 		 	6,946	 	[*****]	 	[*****]	 	[*****]	 	6,946	 	[*****]	 	[*****]	 	[*****]	 	6,946	 	[*****]	 	[*****]	 	[*****]	 	6,946	 	[*****]	 	[*****]	 	[*****]	 	6,946	 	[*****]	 	[*****]	 	[*****]	 	1/31/2018

																																																									
	 Store
Num
	 	 Store Name
	 	 Lease
Term
	 	 Lease
Factor
	 	 FY2014
Begin
Sq Ft
	 	 Yr 1
Rent
PSF
	 	 Yr 1
Rent
	 	 Downsize/

Closure?
	 	 FY2015
Begin
Sq Ft
	 	 Lease
Factor
	 	 Yr 2
Rent
PSF
	 	 Yr 2
Rent
	 	 FY2016
Begin
Sq Ft
	 	 Lease
Factor
	 	 Yr 3
Rent
PSF
	 	 Yr 3
Rent
	 	 FY2017
Begin
Sq Ft
	 	 Lease
Factor
	 	 Yr 4
Rent
PSF
	 	 Yr 4
Rent
	 	 FY2018
Begin
Sq Ft
	 	 Lease
Factor
	 	 Yr 5
Rent
PSF
	 	 Yr 5
Rent
	 	 FY2019
Begin
Sq Ft
	 	 Lease
Factor
	 	 Yr 6
Rent
PSF
	 	 Yr 6
Rent
	 	 Expiration
Date

	1518	 	1518 CERRITOS	 	1.00	 	[*****]	 	1,754	 	[*****]	 	[*****]	 	small store
closure	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	1/31/2015
	1520	 	1520 AKRON CHAPEL HILL	 	6.00	 	[*****]	 	7,495	 	[*****]	 	[*****]	 		 	7,495	 	[*****]	 	[*****]	 	[*****]	 	7,495	 	[*****]	 	[*****]	 	[*****]	 	7,495	 	[*****]	 	[*****]	 	[*****]	 	7,495	 	[*****]	 	[*****]	 	[*****]	 	7,495	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1535	 	1535 PLANTATION	 	1.00	 	[*****]	 	1,423	 	[*****]	 	[*****]	 	small store
closure	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	1/31/2015
	1538	 	1538 CITRUS HTS SUNRISE	 	6.00	 	[*****]	 	8,827	 	[*****]	 	[*****]	 		 	8,827	 	[*****]	 	[*****]	 	[*****]	 	8,827	 	[*****]	 	[*****]	 	[*****]	 	8,827	 	[*****]	 	[*****]	 	[*****]	 	8,827	 	[*****]	 	[*****]	 	[*****]	 	8,827	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1560	 	1560 DAYTON DAYTON MALL	 	6.00	 	[*****]	 	8,969	 	[*****]	 	[*****]	 		 	8,969	 	[*****]	 	[*****]	 	[*****]	 	8,969	 	[*****]	 	[*****]	 	[*****]	 	8,969	 	[*****]	 	[*****]	 	[*****]	 	8,969	 	[*****]	 	[*****]	 	[*****]	 	8,969	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1570	 	1570 SCHAUMBURG	 	6.00	 	[*****]	 	6,552	 	[*****]	 	[*****]	 	min rent	 	6,552	 	[*****]	 	[*****]	 	[*****]	 	6,552	 	[*****]	 	[*****]	 	[*****]	 	6,552	 	[*****]	 	[*****]	 	[*****]	 	6,552	 	[*****]	 	[*****]	 	[*****]	 	6,552	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1574	 	1574 MIDDLETOWN	 	6.00	 	[*****]	 	8,471	 	[*****]	 	[*****]	 		 	8,471	 	[*****]	 	[*****]	 	[*****]	 	8,471	 	[*****]	 	[*****]	 	[*****]	 	8,471	 	[*****]	 	[*****]	 	[*****]	 	8,471	 	[*****]	 	[*****]	 	[*****]	 	8,471	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1584	 	1584 VICTOR	 	6.00	 	[*****]	 	7,688	 	[*****]	 	[*****]	 		 	7,688	 	[*****]	 	[*****]	 	[*****]	 	7,688	 	[*****]	 	[*****]	 	[*****]	 	7,688	 	[*****]	 	[*****]	 	[*****]	 	7,688	 	[*****]	 	[*****]	 	[*****]	 	7,688	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1595	 	1595 GREENVILLE	 	5.00	 	[*****]	 	5,742	 	[*****]	 	[*****]	 		 	5,742	 	[*****]	 	[*****]	 	[*****]	 	5,742	 	[*****]	 	[*****]	 	[*****]	 	5,742	 	[*****]	 	[*****]	 	[*****]	 	5,742	 	[*****]	 	[*****]	 	[*****]	 	5,742	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1600	 	1600 INDIANAPOLIS CASTLETON SQ	 	6.00	 	[*****]	 	20,227	 	[*****]	 	[*****]	 	downsize	 	15,000	 	[*****]	 	[*****]	 	[*****]	 	15,000	 	[*****]	 	[*****]	 	[*****]	 	15,000	 	[*****]	 	[*****]	 	[*****]	 	15,000	 	[*****]	 	[*****]	 	[*****]	 	15,000	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1605	 	1605 RALEIGH	 	5.00	 	[*****]	 	7,204	 	[*****]	 	[*****]	 		 	7,204	 	[*****]	 	[*****]	 	[*****]	 	7,204	 	[*****]	 	[*****]	 	[*****]	 	7,204	 	[*****]	 	[*****]	 	[*****]	 	7,204	 	[*****]	 	[*****]	 	[*****]	 	7,204	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1610	 	1610 CINCINNATI NORTHGATE	 	5.00	 	[*****]	 	5,933	 	[*****]	 	[*****]	 	min rent	 	5,933	 	[*****]	 	[*****]	 	[*****]	 	5,933	 	[*****]	 	[*****]	 	[*****]	 	5,933	 	[*****]	 	[*****]	 	[*****]	 	5,933	 	[*****]	 	[*****]	 	[*****]	 	5,933	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1614	 	1614 LIVINGSTON	 	5.00	 	[*****]	 	8,270	 	[*****]	 	[*****]	 		 	8,270	 	[*****]	 	[*****]	 	[*****]	 	8,270	 	[*****]	 	[*****]	 	[*****]	 	8,270	 	[*****]	 	[*****]	 	[*****]	 	8,270	 	[*****]	 	[*****]	 	[*****]	 	8,270	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1615	 	1615 CHESAPEAKE/GREENBRIER	 	1.00	 	[*****]	 	1,012	 	[*****]	 	[*****]	 	small store
closure	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	1/31/2015
	1620	 	1620 VERNON HILLS	 	5.00	 	[*****]	 	7,853	 	[*****]	 	[*****]	 		 	7,853	 	[*****]	 	[*****]	 	[*****]	 	7,853	 	[*****]	 	[*****]	 	[*****]	 	7,853	 	[*****]	 	[*****]	 	[*****]	 	7,853	 	[*****]	 	[*****]	 	[*****]	 	7,853	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1623	 	1623 CLAY (SYRACUSE)	 	6.00	 	[*****]	 	8,542	 	[*****]	 	[*****]	 		 	8,542	 	[*****]	 	[*****]	 	[*****]	 	8,542	 	[*****]	 	[*****]	 	[*****]	 	8,542	 	[*****]	 	[*****]	 	[*****]	 	8,542	 	[*****]	 	[*****]	 	[*****]	 	8,542	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1624	 	1624 STATEN ISLAND	 	4.00	 	[*****]	 	8,821	 	[*****]	 	[*****]	 		 	8,821	 	[*****]	 	[*****]	 	[*****]	 	8,821	 	[*****]	 	[*****]	 	[*****]	 	8,821	 	[*****]	 	[*****]	 	[*****]	 	8,821	 	[*****]	 	[*****]	 	[*****]	 	8,821	 	[*****]	 	[*****]	 	[*****]	 	1/31/2018
	1625	 	1625 SARASOTA	 	5.00	 	[*****]	 	7,975	 	[*****]	 	[*****]	 	min rent	 	7,975	 	[*****]	 	[*****]	 	[*****]	 	7,975	 	[*****]	 	[*****]	 	[*****]	 	7,975	 	[*****]	 	[*****]	 	[*****]	 	7,975	 	[*****]	 	[*****]	 	[*****]	 	7,975	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1638	 	1638 BREA	 	4.00	 	[*****]	 	5,000	 	[*****]	 	[*****]	 	min rent	 	5,000	 	[*****]	 	[*****]	 	[*****]	 	5,000	 	[*****]	 	[*****]	 	[*****]	 	5,000	 	[*****]	 	[*****]	 	[*****]	 	5,000	 	[*****]	 	[*****]	 	[*****]	 	5,000	 	[*****]	 	[*****]	 	[*****]	 	1/31/2018
	1645	 	1645 BOCA RATON	 	5.00	 	[*****]	 	6,696	 	[*****]	 	[*****]	 		 	6,696	 	[*****]	 	[*****]	 	[*****]	 	6,696	 	[*****]	 	[*****]	 	[*****]	 	6,696	 	[*****]	 	[*****]	 	[*****]	 	6,696	 	[*****]	 	[*****]	 	[*****]	 	6,696	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1648	 	1648 SAN DIEGO NORTH	 	4.00	 	[*****]	 	9,818	 	[*****]	 	[*****]	 		 	9,818	 	[*****]	 	[*****]	 	[*****]	 	9,818	 	[*****]	 	[*****]	 	[*****]	 	9,818	 	[*****]	 	[*****]	 	[*****]	 	9,818	 	[*****]	 	[*****]	 	[*****]	 	9,818	 	[*****]	 	[*****]	 	[*****]	 	1/31/2018
	1658	 	1658 SANTA ROSA	 	6.00	 	[*****]	 	3,871	 	[*****]	 	[*****]	 		 	3,871	 	[*****]	 	[*****]	 	[*****]	 	3,871	 	[*****]	 	[*****]	 	[*****]	 	3,871	 	[*****]	 	[*****]	 	[*****]	 	3,871	 	[*****]	 	[*****]	 	[*****]	 	3,871	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1660	 	1660 AURORA	 	4.00	 	[*****]	 	8,771	 	[*****]	 	[*****]	 	min rent	 	8,771	 	[*****]	 	[*****]	 	[*****]	 	8,771	 	[*****]	 	[*****]	 	[*****]	 	8,771	 	[*****]	 	[*****]	 	[*****]	 	8,771	 	[*****]	 	[*****]	 	[*****]	 	8,771	 	[*****]	 	[*****]	 	[*****]	 	1/31/2018
	1664	 	1664 PARAMUS	 	4.00	 	[*****]	 	17,910	 	[*****]	 	[*****]	 	downsize	 	15,000	 	[*****]	 	[*****]	 	[*****]	 	15,000	 	[*****]	 	[*****]	 	[*****]	 	15,000	 	[*****]	 	[*****]	 	[*****]	 	15,000	 	[*****]	 	[*****]	 	[*****]	 	15,000	 	[*****]	 	[*****]	 	[*****]	 	1/31/2018
	1685	 	1685 DULUTH	 	5.00	 	[*****]	 	6,545	 	[*****]	 	[*****]	 	min rent	 	6,545	 	[*****]	 	[*****]	 	[*****]	 	6,545	 	[*****]	 	[*****]	 	[*****]	 	6,545	 	[*****]	 	[*****]	 	[*****]	 	6,545	 	[*****]	 	[*****]	 	[*****]	 	6,545	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1690	 	1690 CHESTERFIELD	 	6.00	 	[*****]	 	8,489	 	[*****]	 	[*****]	 		 	8,489	 	[*****]	 	[*****]	 	[*****]	 	8,489	 	[*****]	 	[*****]	 	[*****]	 	8,489	 	[*****]	 	[*****]	 	[*****]	 	8,489	 	[*****]	 	[*****]	 	[*****]	 	8,489	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1710	 	1710 NO OLMSTED	 	6.00	 	[*****]	 	8,789	 	[*****]	 	[*****]	 		 	8,789	 	[*****]	 	[*****]	 	[*****]	 	8,789	 	[*****]	 	[*****]	 	[*****]	 	8,789	 	[*****]	 	[*****]	 	[*****]	 	8,789	 	[*****]	 	[*****]	 	[*****]	 	8,789	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1715	 	1715 MIAMI	 	1.00	 	[*****]	 	1,270	 	[*****]	 	[*****]	 	small store
closure	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	1/31/2015
	1720	 	1720 STERLING HTS	 	5.00	 	[*****]	 	8,167	 	[*****]	 	[*****]	 	min rent	 	8,167	 	[*****]	 	[*****]	 	[*****]	 	8,167	 	[*****]	 	[*****]	 	[*****]	 	8,167	 	[*****]	 	[*****]	 	[*****]	 	8,167	 	[*****]	 	[*****]	 	[*****]	 	8,167	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1730	 	1730 FLORENCE	 	5.00	 	[*****]	 	6,338	 	[*****]	 	[*****]	 		 	6,338	 	[*****]	 	[*****]	 	[*****]	 	6,338	 	[*****]	 	[*****]	 	[*****]	 	6,338	 	[*****]	 	[*****]	 	[*****]	 	6,338	 	[*****]	 	[*****]	 	[*****]	 	6,338	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1734	 	1734 LAWRENCEVILLE	 	6.00	 	[*****]	 	10,295	 	[*****]	 	[*****]	 		 	10,295	 	[*****]	 	[*****]	 	[*****]	 	10,295	 	[*****]	 	[*****]	 	[*****]	 	10,295	 	[*****]	 	[*****]	 	[*****]	 	10,295	 	[*****]	 	[*****]	 	[*****]	 	10,295	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1744	 	1744 OCEAN	 	5.00	 	[*****]	 	8,224	 	[*****]	 	[*****]	 		 	8,224	 	[*****]	 	[*****]	 	[*****]	 	8,224	 	[*****]	 	[*****]	 	[*****]	 	8,224	 	[*****]	 	[*****]	 	[*****]	 	8,224	 	[*****]	 	[*****]	 	[*****]	 	8,224	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1750	 	1750 ORLAND PARK	 	6.00	 	[*****]	 	7,154	 	[*****]	 	[*****]	 		 	7,154	 	[*****]	 	[*****]	 	[*****]	 	7,154	 	[*****]	 	[*****]	 	[*****]	 	7,154	 	[*****]	 	[*****]	 	[*****]	 	7,154	 	[*****]	 	[*****]	 	[*****]	 	7,154	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1754	 	1754 GAITHERSBURG	 	6.00	 	[*****]	 	8,839	 	[*****]	 	[*****]	 		 	8,839	 	[*****]	 	[*****]	 	[*****]	 	8,839	 	[*****]	 	[*****]	 	[*****]	 	8,839	 	[*****]	 	[*****]	 	[*****]	 	8,839	 	[*****]	 	[*****]	 	[*****]	 	8,839	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1760	 	1760 NOVI	 	4.00	 	[*****]	 	8,769	 	[*****]	 	[*****]	 		 	8,769	 	[*****]	 	[*****]	 	[*****]	 	8,769	 	[*****]	 	[*****]	 	[*****]	 	8,769	 	[*****]	 	[*****]	 	[*****]	 	8,769	 	[*****]	 	[*****]	 	[*****]	 	8,769	 	[*****]	 	[*****]	 	[*****]	 	1/31/2018
	1764	 	1764 ROCKAWAY	 	4.00	 	[*****]	 	8,188	 	[*****]	 	[*****]	 		 	8,188	 	[*****]	 	[*****]	 	[*****]	 	8,188	 	[*****]	 	[*****]	 	[*****]	 	8,188	 	[*****]	 	[*****]	 	[*****]	 	8,188	 	[*****]	 	[*****]	 	[*****]	 	8,188	 	[*****]	 	[*****]	 	[*****]	 	1/31/2018
	1794	 	1794 EAST NORTHPORT	 	4.00	 	[*****]	 	8,350	 	[*****]	 	[*****]	 		 	8,350	 	[*****]	 	[*****]	 	[*****]	 	8,350	 	[*****]	 	[*****]	 	[*****]	 	8,350	 	[*****]	 	[*****]	 	[*****]	 	8,350	 	[*****]	 	[*****]	 	[*****]	 	8,350	 	[*****]	 	[*****]	 	[*****]	 	1/31/2018
	1800	 	1800 MISHAWAKA	 	6.00	 	[*****]	 	5,927	 	[*****]	 	[*****]	 		 	5,927	 	[*****]	 	[*****]	 	[*****]	 	5,927	 	[*****]	 	[*****]	 	[*****]	 	5,927	 	[*****]	 	[*****]	 	[*****]	 	5,927	 	[*****]	 	[*****]	 	[*****]	 	5,927	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019

																																																									
	 Store
Num
	 	 Store Name
	 	 Lease
Term
	 	 Lease
Factor
	 	 FY2014
Begin
Sq Ft
	 	 Yr 1
Rent
PSF
	 	 Yr 1
Rent
	 	 Downsize/

Closure?
	 	 FY2015
Begin
Sq Ft
	 	 Lease
Factor
	 	 Yr 2
Rent
PSF
	 	 Yr 2
Rent
	 	 FY2016
Begin
Sq Ft
	 	 Lease
Factor
	 	 Yr 3
Rent
PSF
	 	 Yr 3
Rent
	 	 FY2017
Begin
Sq Ft
	 	 Lease
Factor
	 	 Yr 4
Rent
PSF
	 	 Yr 4
Rent
	 	 FY2018
Begin
Sq Ft
	 	 Lease
Factor
	 	 Yr 5
Rent
PSF
	 	 Yr 5
Rent
	 	 FY2019
Begin
Sq Ft
	 	 Lease
Factor
	 	 Yr 6
Rent
PSF
	 	 Yr 6
Rent
	 	 Expiration
Date

	1804	 	1804 BARBOURSVILLE	 	5.00	 	[*****]	 	8,441	 	[*****]	 	[*****]	 		 	8,441	 	[*****]	 	[*****]	 	[*****]	 	8,441	 	[*****]	 	[*****]	 	[*****]	 	8,441	 	[*****]	 	[*****]	 	[*****]	 	8,441	 	[*****]	 	[*****]	 	[*****]	 	8,441	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1805	 	1805 RALEIGH	 	5.00	 	[*****]	 	7,318	 	[*****]	 	[*****]	 		 	7,318	 	[*****]	 	[*****]	 	[*****]	 	7,318	 	[*****]	 	[*****]	 	[*****]	 	7,318	 	[*****]	 	[*****]	 	[*****]	 	7,318	 	[*****]	 	[*****]	 	[*****]	 	7,318	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1810	 	1810 CINCINNATI	 	6.00	 	[*****]	 	8,305	 	[*****]	 	[*****]	 		 	8,305	 	[*****]	 	[*****]	 	[*****]	 	8,305	 	[*****]	 	[*****]	 	[*****]	 	8,305	 	[*****]	 	[*****]	 	[*****]	 	8,305	 	[*****]	 	[*****]	 	[*****]	 	8,305	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1814	 	1814 FAIRFAX	 	4.00	 	[*****]	 	11,668	 	[*****]	 	[*****]	 		 	11,668	 	[*****]	 	[*****]	 	[*****]	 	11,668	 	[*****]	 	[*****]	 	[*****]	 	11,668	 	[*****]	 	[*****]	 	[*****]	 	11,668	 	[*****]	 	[*****]	 	[*****]	 	11,668	 	[*****]	 	[*****]	 	[*****]	 	1/31/2018
	1830	 	1830 FT WAYNE	 	6.00	 	[*****]	 	6,455	 	[*****]	 	[*****]	 		 	6,455	 	[*****]	 	[*****]	 	[*****]	 	6,455	 	[*****]	 	[*****]	 	[*****]	 	6,455	 	[*****]	 	[*****]	 	[*****]	 	6,455	 	[*****]	 	[*****]	 	[*****]	 	6,455	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1844	 	1844 COLUMBIA	 	4.00	 	[*****]	 	7,098	 	[*****]	 	[*****]	 		 	7,098	 	[*****]	 	[*****]	 	[*****]	 	7,098	 	[*****]	 	[*****]	 	[*****]	 	7,098	 	[*****]	 	[*****]	 	[*****]	 	7,098	 	[*****]	 	[*****]	 	[*****]	 	7,098	 	[*****]	 	[*****]	 	[*****]	 	1/31/2018
	1853	 	1853 WILMINGTON	 	4.00	 	[*****]	 	8,415	 	[*****]	 	[*****]	 		 	8,415	 	[*****]	 	[*****]	 	[*****]	 	8,415	 	[*****]	 	[*****]	 	[*****]	 	8,415	 	[*****]	 	[*****]	 	[*****]	 	8,415	 	[*****]	 	[*****]	 	[*****]	 	8,415	 	[*****]	 	[*****]	 	[*****]	 	1/31/2018
	1854	 	1854 PARKVILLE	 	6.00	 	[*****]	 	7,928	 	[*****]	 	[*****]	 		 	7,928	 	[*****]	 	[*****]	 	[*****]	 	7,928	 	[*****]	 	[*****]	 	[*****]	 	7,928	 	[*****]	 	[*****]	 	[*****]	 	7,928	 	[*****]	 	[*****]	 	[*****]	 	7,928	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	1864	 	1864 COCKEYSVILLE	 	4.00	 	[*****]	 	18,467	 	[*****]	 	[*****]	 	downsize	 	15,000	 	[*****]	 	[*****]	 	[*****]	 	15,000	 	[*****]	 	[*****]	 	[*****]	 	15,000	 	[*****]	 	[*****]	 	[*****]	 	15,000	 	[*****]	 	[*****]	 	[*****]	 	15,000	 	[*****]	 	[*****]	 	[*****]	 	1/31/2018
	1888	 	1888 WEST JORDAN	 	4.00	 	[*****]	 	4,333	 	[*****]	 	[*****]	 	min rent	 	4,333	 	[*****]	 	[*****]	 	[*****]	 	4,333	 	[*****]	 	[*****]	 	[*****]	 	4,333	 	[*****]	 	[*****]	 	[*****]	 	4,333	 	[*****]	 	[*****]	 	[*****]	 	4,333	 	[*****]	 	[*****]	 	[*****]	 	1/31/2018
	1944	 	1944 YORKTOWN HEIGHTS	 	4.00	 	[*****]	 	6,334	 	[*****]	 	[*****]	 		 	6,334	 	[*****]	 	[*****]	 	[*****]	 	6,334	 	[*****]	 	[*****]	 	[*****]	 	6,334	 	[*****]	 	[*****]	 	[*****]	 	6,334	 	[*****]	 	[*****]	 	[*****]	 	6,334	 	[*****]	 	[*****]	 	[*****]	 	1/31/2018
	2092	 	2092 APPLETON	 	6.00	 	[*****]	 	5,792	 	[*****]	 	[*****]	 		 	5,792	 	[*****]	 	[*****]	 	[*****]	 	5,792	 	[*****]	 	[*****]	 	[*****]	 	5,792	 	[*****]	 	[*****]	 	[*****]	 	5,792	 	[*****]	 	[*****]	 	[*****]	 	5,792	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	2183	 	2183 SO PORTLAND	 	5.00	 	[*****]	 	5,564	 	[*****]	 	[*****]	 		 	5,564	 	[*****]	 	[*****]	 	[*****]	 	5,564	 	[*****]	 	[*****]	 	[*****]	 	5,564	 	[*****]	 	[*****]	 	[*****]	 	5,564	 	[*****]	 	[*****]	 	[*****]	 	5,564	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	2212	 	2212 CEDAR RAPIDS	 	6.00	 	[*****]	 	4,876	 	[*****]	 	[*****]	 		 	4,876	 	[*****]	 	[*****]	 	[*****]	 	4,876	 	[*****]	 	[*****]	 	[*****]	 	4,876	 	[*****]	 	[*****]	 	[*****]	 	4,876	 	[*****]	 	[*****]	 	[*****]	 	4,876	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	2219	 	2219 LACEY/OLYMPIA	 	1.00	 	[*****]	 	1,136	 	[*****]	 	[*****]	 	small
store
closure	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	1/31/2015
	2239	 	2239 VANCOUVER	 	5.00	 	[*****]	 	4,750	 	[*****]	 	[*****]	 		 	4,750	 	[*****]	 	[*****]	 	[*****]	 	4,750	 	[*****]	 	[*****]	 	[*****]	 	4,750	 	[*****]	 	[*****]	 	[*****]	 	4,750	 	[*****]	 	[*****]	 	[*****]	 	4,750	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	2250	 	2250 CRYSTAL LAKE	 	6.00	 	[*****]	 	7,155	 	[*****]	 	[*****]	 		 	7,155	 	[*****]	 	[*****]	 	[*****]	 	7,155	 	[*****]	 	[*****]	 	[*****]	 	7,155	 	[*****]	 	[*****]	 	[*****]	 	7,155	 	[*****]	 	[*****]	 	[*****]	 	7,155	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	2271	 	2271 FT COLLINS	 	0.50	 	[*****]	 	5,904	 	[*****]	 	[*****]	 		 	5,904	 	[*****]	 	[*****]	 	[*****]	 	5,904	 	[*****]	 	[*****]	 	[*****]	 	5,904	 	[*****]	 	[*****]	 	[*****]	 	5,904	 	[*****]	 	[*****]	 	[*****]	 	5,904	 	[*****]	 	[*****]	 	[*****]	 	8/1/2014
	2308	 	2308 SANTA CRUZ	 	5.00	 	[*****]	 	5,709	 	[*****]	 	[*****]	 		 	5,709	 	[*****]	 	[*****]	 	[*****]	 	5,709	 	[*****]	 	[*****]	 	[*****]	 	5,709	 	[*****]	 	[*****]	 	[*****]	 	5,709	 	[*****]	 	[*****]	 	[*****]	 	5,709	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	2309	 	2309 SILVERDALE	 	5.00	 	[*****]	 	4,226	 	[*****]	 	[*****]	 		 	4,226	 	[*****]	 	[*****]	 	[*****]	 	4,226	 	[*****]	 	[*****]	 	[*****]	 	4,226	 	[*****]	 	[*****]	 	[*****]	 	4,226	 	[*****]	 	[*****]	 	[*****]	 	4,226	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	2382	 	2382 MADISON WEST	 	6.00	 	[*****]	 	8,062	 	[*****]	 	[*****]	 		 	8,062	 	[*****]	 	[*****]	 	[*****]	 	8,062	 	[*****]	 	[*****]	 	[*****]	 	8,062	 	[*****]	 	[*****]	 	[*****]	 	8,062	 	[*****]	 	[*****]	 	[*****]	 	8,062	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	2443	 	2443 MANCHESTER	 	5.00	 	[*****]	 	8,961	 	[*****]	 	[*****]	 		 	8,961	 	[*****]	 	[*****]	 	[*****]	 	8,961	 	[*****]	 	[*****]	 	[*****]	 	8,961	 	[*****]	 	[*****]	 	[*****]	 	8,961	 	[*****]	 	[*****]	 	[*****]	 	8,961	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	2514	 	2514 WARRENTON	 	4.00	 	[*****]	 	7,130	 	[*****]	 	[*****]	 		 	7,130	 	[*****]	 	[*****]	 	[*****]	 	7,130	 	[*****]	 	[*****]	 	[*****]	 	7,130	 	[*****]	 	[*****]	 	[*****]	 	7,130	 	[*****]	 	[*****]	 	[*****]	 	7,130	 	[*****]	 	[*****]	 	[*****]	 	1/31/2018
	2663	 	2663 NEWINGTON/PORTSMOUTH	 	5.00	 	[*****]	 	6,938	 	[*****]	 	[*****]	 		 	6,938	 	[*****]	 	[*****]	 	[*****]	 	6,938	 	[*****]	 	[*****]	 	[*****]	 	6,938	 	[*****]	 	[*****]	 	[*****]	 	6,938	 	[*****]	 	[*****]	 	[*****]	 	6,938	 	[*****]	 	[*****]	 	[*****]	 	1/31/2019
	2934	 	2934 TAUNTON	 	1.00	 	[*****]	 	4,806	 	[*****]	 	[*****]	 	neg
EBITDA
closure	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	0	 	[*****]	 	[*****]	 	[*****]	 	1/31/2015

 ANNEX B 

PERCENTAGE RENT 
 Commencing on
February 1, 2016, with respect to the Leased Premises listed below (the “Contingent Rent Locations”), Tenant shall pay as Rent the greater of (i) the Rent set forth on Annex A or (ii) seven and one-half percent
(7.5%) of Tenant’s Gross Sales for each applicable location as described on this Annex B. With respect to each Contingent Rent Location, Tenant shall pay to Landlord each month throughout the Term the Rent set forth on Annex
A, subject to reconciliation as set forth below. 
 Contingent Rent Locations: 

1179 CANOGA PK/TOPANGA PLZ 
 1051 STRONGSVILLE 

1119 PORTLAND 
 1146 CORDOVA/MEMPHIS/GERMANTWN 

1159 FAIRFIELD 
 1225 ORLANDO COLONIAL 

1297 HURST 
 1638 BREA 

1660 AURORA 
 1888 WEST JORDAN 

1156 ROSEVILLE 
 1224 HARRISBURG 

1263 WATERBURY 
 1290 NILES 

1438 EL CAJON 
 1455 WILMINGTON 

1610 CINCINNATI NORTHAGE 
 1625 SARASOTA 

1685 DULUTH 
 1720 STERLING HTS 

1192 MUSKEGON 
 1460 LIVONIA 

1570 SCHAUMBURG 
 With respect to each Contingent Rent Location,
the term “Gross Sales”, shall mean all cash, check, charge account or credit sales of Tenant’s merchandise (excluding sales of gift cards until time of redemption) made in or from the applicable Leased Premises, and sales or
service by any sublessee, assignee, concessionaire or licensee in such Leased Premises, as determined in accordance with GAAP, as amended, after deductions for refunds and merchandise returned by customers. No deduction shall be allowed for
uncollected or uncollectible credit accounts. Gross Sales shall not include (i) any sums collected and paid out for any sales or excise tax imposed by any duly constituted governmental authority, (ii) the exchange of merchandise between
the stores of Tenant, if any, where such exchanges of goods or merchandise are made solely for the convenient operation of the business of Tenant and not for the purpose of consummating a sale which has theretofore been made at, in, from or upon the
applicable Leased Premises, and/or for the purpose of depriving Landlord of the benefit of a sale which otherwise would be made at, in, from or upon such Leased Premises, (iii) the amount of returns to shippers or manufacturers, (iv) the
amount of any cash or credit refund made upon any sale where the merchandise sold, or some part thereof, is thereafter returned by the customer and accepted by Tenant, (v) receipts from customers for carrying charges or other credit charges, or
(vi) the sale of fixtures after their use in the conduct of business in such Leased Premises. 

 Within thirty (30) days after the close of each fiscal year, Tenant shall, for each Contingent Rent
Location, deliver to Landlord a statement of Gross Sales for each such fiscal year showing the Gross Sales made during such fiscal year, certified by a duly qualified officer of Tenant as being true, complete and correct. For any Contingent Rent
Location at which the calculation of 7.5% of Tenant’s Gross Sales (the “Percentage Rent Payment”) is greater than the amount of Rent which was paid for such location pursuant to Annex A, Tenant’s statement of Gross
Sales shall also be accompanied by a payment of the difference between the Percentage Rent Payment and the Rent which was paid pursuant to Annex A. 

  
 16

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