Document:

Exhibit 10.6

  

TANGO
THERAPEUTICS, INC.

 

2017
STOCK OPTION AND GRANT PLAN

 

SECTION
1. GENERAL PURPOSE OF THE PLAN; DEFINITIONS

 

The
name of the plan is the Tango Therapeutics, Inc. 2017 Stock Option and Grant Plan (the “Plan”). The purpose of the Plan is
to encourage and enable the officers, employees, directors, Consultants and other key persons of Tango Therapeutics, Inc., a Delaware
corporation (including any successor entity, the “Company”) and its Subsidiaries, upon whose judgment, initiative and efforts
the Company largely depends for the successful conduct of its business, to acquire a proprietary interest in the Company.

 

The
following terms shall be defined as set forth below:

 

“Affiliate”
of any Person means a Person that directly or indirectly, through one or more intermediaries, controls, is controlled by or is under
common control with the first mentioned Person. A Person shall be deemed to control another Person if such first Person possesses directly
or indirectly the power to direct, or cause the direction of, the management and policies of the second Person, whether through the ownership
of voting securities, by contract or otherwise.

 

“Award”
or “Awards,” except where referring to a particular category of grant under the Plan, shall include Incentive Stock Options,
Non-Qualified Stock Options, Restricted Stock Awards, Unrestricted Stock Awards, Restricted Stock Units or any combination of the foregoing.

 

“Award
Agreement” means a written or electronic agreement setting forth the terms and provisions applicable to an Award granted under
the Plan. Each Award Agreement may contain terms and conditions in addition to those set forth in the Plan; provided, however, in the
event of any conflict in the terms of the Plan and the Award Agreement, the terms of the Plan shall govern.

 

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

 

“Cause”
shall have the meaning as set forth in the Award Agreement(s). In the case that any Award Agreement does not contain a definition of
“Cause,” it shall mean (i) the grantee’s dishonest statements or acts with respect to the Company or any Affiliate
of the Company, or any current or prospective customers, suppliers vendors or other third parties with which such entity does business;
(ii) the grantee’s commission of (A) a felony or (B) any misdemeanor involving moral turpitude, deceit, dishonesty or fraud; (iii)
the grantee’s failure to perform his assigned duties and responsibilities to the reasonable satisfaction of the Company which failure
continues, in the reasonable judgment of the Company, after written notice given to the grantee by the Company; (iv) the grantee’s
gross negligence, willful misconduct or insubordination with respect to the Company or any Affiliate of the Company; or (v) the grantee’s
material violation of any provision of any agreement(s) between the grantee and the Company relating to noncompetition, nonsolicitation,
nondisclosure and/or assignment of inventions.

 

     

     

    

 

“Chief
Executive Officer” means the Chief Executive Officer of the Company or, if there is no Chief Executive Officer, then the President
of the Company.

 

“Code”
means the Internal Revenue Code of 1986, as amended, and any successor Code, and related rules, regulations and interpretations.

 

“Committee”
means the Committee of the Board referred to in Section 2.

 

“Consultant”
means any natural person that provides bona fide services to the Company (including a Subsidiary), and such services are not in connection
with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote or maintain a market
for the Company’s securities.

 

“Disability”
means “disability” as defined in Section 422(c) of the Code.

 

“Effective
Date” means the date on which the Plan is adopted as set forth on the final page of the Plan.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

 

“Fair
Market Value” of the Stock on any given date means the fair market value of the Stock determined in good faith by the Committee
based on the reasonable application of a reasonable valuation method not inconsistent with Section 409A of the Code. If the Stock is
admitted to trade on a national securities exchange, the determination shall be made by reference to the closing price reported on such
exchange. If there is no closing price for such date, the determination shall be made by reference to the last date preceding such date
for which there is a closing price. If the date for which Fair Market Value is determined is the first day when trading prices for the
Stock are reported on a national securities exchange, the Fair Market Value shall be the “Price to the Public” (or equivalent)
set forth on the cover page for the final prospectus relating to the Company’s Initial Public Offering.

 

“Good
Reason” shall have the meaning as set forth in the Award Agreement(s). In the case that any Award Agreement does not contain
a definition of “Good Reason,” it shall mean (i) a material diminution in the grantee’s base salary except for across-the-board
salary reductions similarly affecting all or substantially all similarly situated employees of the Company or (ii) a change of more than
50 miles in the geographic location at which the grantee provides services to the Company, so long as the grantee provides at least ninety
(90) days notice to the Company following the initial occurrence of any such event and the Company fails to cure such event within thirty
(30) days thereafter.

 

“Grant
Date” means the date that the Committee designates in its approval of an Award in accordance with applicable law as the date
on which the Award is granted, which date may not precede the date of such Committee approval.

 

“Holder”
means, with respect to an Award or any Shares, the Person holding such Award or Shares, including the initial recipient of the Award
or any Permitted Transferee.

 

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“Incentive
Stock Option” means any Stock Option designated and qualified as an “incentive stock option” as defined in Section 422
of the Code.

 

“Initial
Public Offering” means the consummation of the first firm commitment underwritten public offering pursuant to an effective
registration statement under the Securities Act covering the offer and sale by the Company of its equity securities, as a result of or
following which the Stock shall be publicly held.

 

“Non-Qualified
Stock Option” means any Stock Option that is not an Incentive Stock Option.

 

“Option”
or “Stock Option” means any option to purchase shares of Stock granted pursuant to Section 5.

 

“Permitted
Transferees” shall mean any of the following to whom a Holder may transfer Shares hereunder (as set forth in Section 9(a)(ii)(A)):
the Holder’s child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the
Holder’s household (other than a tenant or employee), a trust in which these persons have more than fifty percent of the beneficial
interest, a foundation in which these persons control the management of assets, and any other entity in which these persons own more
than fifty percent of the voting interests; provided, however, that any such trust does not require or permit distribution of any Shares
during the term of the Award Agreement unless subject to its terms. Upon the death of the Holder, the term Permitted Transferees shall
also include such deceased Holder’s estate, executors, administrators, personal representatives, heirs, legatees and distributees,
as the case may be.

 

“Person”
shall mean any individual, corporation, partnership (limited or general), limited liability company, limited liability partnership, association,
trust, joint venture, unincorporated organization or any similar entity.

 

“Restricted
Stock Award” means Awards granted pursuant to Section 6 and “Restricted Stock” means Shares issued pursuant
to such Awards.

 

“Restricted
Stock Unit” means an Award of phantom stock units to a grantee, which may be settled in cash or Shares as determined by the
Committee, pursuant to Section 8.

 

“Sale
Event” means the consummation of (i) the dissolution or liquidation of the Company, (ii) the sale of all or substantially
all of the assets of the Company on a consolidated basis to an unrelated person or entity, (iii) a merger, reorganization or consolidation
pursuant to which the holders of the Company’s outstanding voting power immediately prior to such transaction do not own a majority
of the outstanding voting power of the surviving or resulting entity (or its ultimate parent, if applicable), (iv) the acquisition of
all or a majority of the outstanding voting stock of the Company in a single transaction or a series of related transactions by a Person
or group of Persons, (v) a Deemed Liquidation Event (as defined in the Company’s Certificate of Incorporation (as may be amended,
restated or otherwise modified from time to time)), or (vi) any other acquisition of the business of the Company, as determined by the
Board; provided, however, that the Company’s Initial Public Offering, any subsequent public offering or another capital raising
event, or a merger effected solely to change the Company’s domicile shall not constitute a “Sale Event.”

 

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“Section
409A” means Section 409A of the Code and the regulations and other guidance promulgated thereunder.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations thereunder.

 

“Service
Relationship” means any relationship as a full-time employee, part-time employee, director or other key person (including Consultants)
of the Company or any Subsidiary or any successor entity (e.g., a Service Relationship shall be deemed to continue without interruption
in the event an individual’s status changes from full-time employee to part-time employee or Consultant).

 

“Shares”
means shares of Stock.

 

“Stock”
means the Common Stock, par value $0.001 per share, of the Company.

 

“Subsidiary”
means any corporation or other entity (other than the Company) in which the Company has more than a 50 percent interest, either directly
or indirectly.

 

“Ten
Percent Owner” means an employee who owns or is deemed to own (by reason of the attribution rules of Section 424(d) of the
Code) more than 10 percent of the combined voting power of all classes of stock of the Company or any parent of the Company or any Subsidiary.

 

“Termination
Event” means the termination of the Award recipient’s Service Relationship with the Company and its Subsidiaries for
any reason whatsoever, regardless of the circumstances thereof, and including, without limitation, upon death, disability, retirement,
discharge or resignation for any reason, whether voluntarily or involuntarily. The following shall not constitute a Termination Event:
(i) a transfer to the service of the Company from a Subsidiary or from the Company to a Subsidiary, or from one Subsidiary to another
Subsidiary or (ii) an approved leave of absence for military service or sickness, or for any other purpose approved by the Committee,
if the individual’s right to re-employment is guaranteed either by a statute or by contract or under the policy pursuant to which
the leave of absence was granted or if the Committee otherwise so provides in writing.

 

“Unrestricted
Stock Award” means any Award granted pursuant to Section 7 and “Unrestricted Stock” means Shares issued pursuant
to such Awards.

 

SECTION
2. ADMINISTRATION OF PLAN; COMMITTEE AUTHORITY TO SELECT GRANTEES AND DETERMINE AWARDS

 

(a) Administration
of Plan. The Plan shall be administered by the Board, or at the discretion of the Board, by a committee of the Board, comprised of
not less than two (2) directors. All references herein to the “Committee” shall be deemed to refer to the group then responsible
for administration of the Plan at the relevant time (i.e., either the Board of Directors or a committee or committees of the Board, as
applicable).

 

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(b) Powers
of Committee. The Committee shall have the power and authority to grant Awards consistent with the terms of the Plan, including the
power and authority:

 

(i) to
select the individuals to whom Awards may from time to time be granted;

 

(ii) to
determine the time or times of grant, and the amount, if any, of Incentive Stock Options, Non-Qualified Stock Options, Restricted Stock
Awards, Unrestricted Stock Awards, Restricted Stock Units, or any combination of the foregoing, granted to any one or more grantees;

 

(iii) to
determine the number of Shares to be covered by any Award and, subject to the provisions of the Plan, the price, exercise price, conversion
ratio or other price relating thereto;

 

(iv) to
determine and, subject to Section 12, to modify from time to time the terms and conditions, including restrictions, not inconsistent
with the terms of the Plan, of any Award, which terms and conditions may differ among individual Awards and grantees, and to approve
the form of Award Agreements;

 

(v) to
accelerate at any time the exercisability or vesting of all or any portion of any Award;

 

(vi) to
impose any limitations on Awards, including limitations on transfers, repurchase provisions and the like, and to exercise repurchase
rights or obligations;

 

(vii) subject
to Section 5(a)(ii) and any restrictions imposed by Section 409A, to extend at any time the period in which Stock Options may be exercised;
and

 

(viii) at
any time to adopt, alter and repeal such rules, guidelines and practices for administration of the Plan and for its own acts and proceedings
as it shall deem advisable; to interpret the terms and provisions of the Plan and any Award (including Award Agreements); to make all
determinations it deems advisable for the administration of the Plan; to decide all disputes arising in connection with the Plan; and
to otherwise supervise the administration of the Plan.

 

All
decisions and interpretations of the Committee shall be binding on all persons, including the Company and all Holders.

 

(c) Delegation
of Authority to Grant Options. Subject to applicable law, the Committee, in its discretion, may delegate to the Chief Executive Officer
of the Company the power to designate non-officer employees to be recipients of Options, and to determine the number of such Options
to be received by such employees; provided, however, that the resolution so authorizing the Chief Executive Officer shall specify the
total number of Options the Chief Executive Officer may so award and may not delegate to the Chief Executive Officer the authority to
set the exercise price or the vesting terms of such Options. Any such delegation by the Committee shall also provide that the Chief Executive
Officer may not grant Awards to himself or herself (or other officers) without the approval of the Committee. The Committee may revoke
or amend the terms of a delegation at any time but such action shall not invalidate any prior actions of the Committee’s delegate
or delegates that were consistent with the terms of the Plan.

 

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(d) Award
Agreement. Awards under the Plan shall be evidenced by Award Agreements that set forth the terms, conditions and limitations for
each Award.

 

(e) Indemnification.
Neither the Board nor the Committee, nor any member of either or any delegate thereof, shall be liable for any act, omission, interpretation,
construction or determination made in good faith in connection with the Plan, and the members of the Board and the Committee (and any
delegate thereof) shall be entitled in all cases to indemnification and reimbursement by the Company in respect of any claim, loss, damage
or expense (including, without limitation, reasonable attorneys’ fees) arising or resulting therefrom to the fullest extent permitted
by law and/or under the Company’s governing documents, including its certificate of incorporation or bylaws (each, as may be amended,
restated, or otherwise modified from time to time), or any directors’ and officers’ liability insurance coverage which may
be in effect from time to time and/or any indemnification agreement between such individual and the Company.

 

(f) Foreign
Award Recipients. Notwithstanding any provision of the Plan to the contrary, in order to comply with the laws in other countries
in which the Company and any Subsidiary operate or have employees or other individuals eligible for Awards, the Committee, in its sole
discretion, shall have the power and authority to: (i) determine which Subsidiaries, if any, shall be covered by the Plan; (ii) determine
which individuals, if any, outside the United States are eligible to participate in the Plan; (iii) modify the terms and conditions of
any Award granted to individuals outside the United States to comply with applicable foreign laws; (iv) establish subplans and modify
exercise procedures and other terms and procedures, to the extent the Committee determines such actions to be necessary or advisable
(and such subplans and/or modifications shall be attached to the Plan as appendices); provided, however, that no such subplans
and/or modifications shall increase the share limitation contained in Section 3(a) hereof; and (v) take any action, before or after an
Award is made, that the Committee determines to be necessary or advisable to obtain approval or comply with any local governmental regulatory
exemptions or approvals.

 

SECTION
3. STOCK ISSUABLE UNDER THE PLAN; MERGERS AND OTHER TRANSACTIONS; SUBSTITUTION

 

(a) Stock
Issuable. The maximum number of Shares reserved and available for issuance under the Plan shall be 10,000,000 Shares, subject to
adjustment as provided in Section 3(b). For purposes of this limitation, the Shares underlying any Awards that are forfeited, canceled,
reacquired by the Company prior to vesting, satisfied without the issuance of Stock or otherwise terminated (other than by exercise)
and Shares that are withheld upon exercise of an Option or settlement of an Award to cover the exercise price or tax withholding shall
be added back to the Shares available for issuance under the Plan. Subject to such overall limitations, Shares may be issued up to such
maximum number pursuant to any type or types of Award, and no more than 10,000,000 Shares may be issued pursuant to Incentive Stock Options.
The Shares available for issuance under the Plan may be authorized but unissued Shares or Shares reacquired by the Company. Beginning
on the date that the Company becomes subject to Section 162(m) of the Code, Options with respect to no more than 10,000,000 Shares shall
be granted to any one individual in any calendar year period.

 

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(b) Changes
in Stock. Subject to Section 3(c) hereof, if, as a result of any reorganization, recapitalization, reclassification, stock dividend,
stock split, reverse stock split or other similar change in the Company’s capital stock, the outstanding Shares are increased or
decreased or are exchanged for a different number or kind of shares or other securities of the Company, or additional Shares or new or
different shares or other securities of the Company or other non-cash assets are distributed with respect to such Shares or other securities,
in each case, without the receipt of consideration by the Company, or, if, as a result of any merger or consolidation, or sale of all
or substantially all of the assets of the Company, the outstanding Shares are converted into or exchanged for other securities of the
Company or any successor entity (or a parent or subsidiary thereof), the Committee shall make an appropriate and proportionate adjustment
in (i) the maximum number of Shares reserved for issuance under the Plan, (ii) the number and kind of Shares or other securities subject
to any then outstanding Awards under the Plan, (iii) the repurchase price, if any, per Share subject to each outstanding Award, and (iv)
the exercise price for each Share subject to any then outstanding Stock Options under the Plan, without changing the aggregate exercise
price (i.e., the per share exercise price multiplied by the number of shares underlying such Stock Options) as to which such Stock Options
remain exercisable. The adjustment by the Committee shall be final, binding and conclusive. No fractional Shares shall be issued under
the Plan resulting from any such adjustment, but the Committee in its discretion may make a cash payment in lieu of fractional shares.

 

(c) Sale
Events.

 

(i) Options.

 

(A) In
the case of and subject to the consummation of a Sale Event, the Plan and all outstanding Options issued hereunder shall terminate upon
the effective time of any such Sale Event unless assumed or continued by the successor entity, or new stock options or other awards of
the successor entity or parent thereof are substituted therefor, with an equitable or proportionate adjustment as to the number and kind
of shares and, if appropriate, the per share exercise prices, as such parties shall agree (after taking into account any acceleration
hereunder and/or pursuant to the terms of any Award Agreement).

 

(B) In
the event of the termination of the Plan and all outstanding Options issued hereunder pursuant to Section 3(c), each Holder of Options
shall be permitted, within a period of time prior to the consummation of the Sale Event as specified by the Committee, to exercise all
such Options which are then exercisable or will become exercisable as of the effective time of the Sale Event; provided, however, that
the exercise of Options not exercisable prior to the Sale Event shall be subject to the consummation of the Sale Event.

 

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(C) Notwithstanding
anything to the contrary in Section 3(c)(i)(A), in the event of a Sale Event, the Company shall have the right, but not the obligation,
to make or provide for a cash payment to the Holders of Options, without any consent of the Holders, in exchange for the cancellation
thereof, in an amount equal to the difference between (A) the value as determined by the Committee of the consideration payable per share
of Stock pursuant to the Sale Event (the “Sale Price”) times the number of Shares subject to outstanding Options being cancelled
(to the extent then vested and exercisable, including by reason of acceleration in connection with such Sale Event, at prices not in
excess of the Sale Price) and (B) the aggregate exercise price of all such outstanding vested and exercisable Options.

 

(ii) Restricted
Stock and Restricted Stock Unit Awards.

 

(A) In
the case of and subject to the consummation of a Sale Event, all Restricted Stock and unvested Restricted Stock Unit Awards (other than
those becoming vested as a result of the Sale Event) issued hereunder shall be forfeited immediately prior to the effective time of any
such Sale Event unless assumed or continued by the successor entity, or awards of the successor entity or parent thereof are substituted
therefor, with an equitable or proportionate adjustment as to the number and kind of shares subject to such awards as such parties shall
agree (after taking into account any acceleration hereunder and/or pursuant to the terms of any Award Agreement).

 

(B) In
the event of the forfeiture of Restricted Stock pursuant to Section 3(c)(ii)(A), such Restricted Stock shall be repurchased from the
Holder thereof at a price per share equal to the lower of the original per share purchase price paid by the Holder (subject to adjustment
as provided in Section 3(b)) or the current Fair Market Value of such Shares, determined immediately prior to the effective time of the
Sale Event.

 

(C) Notwithstanding
anything to the contrary in Section 3(c)(ii)(A), in the event of a Sale Event, the Company shall have the right, but not the obligation,
to make or provide for a cash payment to the Holders of Restricted Stock or Restricted Stock Unit Awards, without consent of the Holders,
in exchange for the cancellation thereof, in an amount equal to the Sale Price times the number of Shares subject to such Awards, to
be paid at the time of such Sale Event or upon the later vesting of such Awards.

 

SECTION
4. ELIGIBILITY

 

Grantees
under the Plan will be such full or part-time officers and other employees, directors, Consultants and key persons of the Company and
any Subsidiary who are selected from time to time by the Committee in its sole discretion; provided, however, that Awards
shall be granted only to those individuals described in Rule 701(c) of the Securities Act.

 

SECTION
5. STOCK OPTIONS

 

Upon
the grant of a Stock Option, the Company and the grantee shall enter into an Award Agreement. The terms and conditions of each such Award
Agreement shall be determined by the Committee, and such terms and conditions may differ among individual Awards and grantees.

 

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Stock
Options granted under the Plan may be either Incentive Stock Options or Non-Qualified Stock Options. Incentive Stock Options may be granted
only to employees of the Company or any Subsidiary that is a “subsidiary corporation” within the meaning of Section 424(f)
of the Code. To the extent that any Option does not qualify as an Incentive Stock Option, it shall be deemed a Non-Qualified Stock Option.

 

(a) Terms
of Stock Options. The Committee in its discretion may grant Stock Options to those individuals who meet the eligibility requirements
of Section 4. Stock Options shall be subject to the following terms and conditions and shall contain such additional terms and conditions,
not inconsistent with the terms of the Plan, as the Committee shall deem desirable.

 

(i) Exercise
Price. The exercise price per share for the Shares covered by a Stock Option shall be determined by the Committee at the time of
grant but shall not be less than 100 percent of the Fair Market Value on the Grant Date. In the case of an Incentive Stock Option that
is granted to a Ten Percent Owner, the exercise price per share for the Shares covered by such Incentive Stock Option shall not be less
than 110 percent of the Fair Market Value on the Grant Date.

 

(ii) Option
Term. The term of each Stock Option shall be fixed by the Committee, but no Stock Option shall be exercisable more than ten (10)
years from the Grant Date. In the case of an Incentive Stock Option that is granted to a Ten Percent Owner, the term of such Stock Option
shall be no more than five (5) years from the Grant Date.

 

(iii) Exercisability;
Rights of a Stockholder. Stock Options shall become exercisable and/or vested at such time or times, whether or not in installments,
as shall be determined by the Committee at or after the Grant Date. The Award Agreement may permit a grantee to exercise all or a portion
of a Stock Option immediately at grant; provided that the Shares issued upon such exercise shall be subject to restrictions and a vesting
schedule identical to the vesting schedule of the related Stock Option, such Shares shall be deemed to be Restricted Stock for purposes
of the Plan, and the optionee may be required to enter into an additional or new Award Agreement as a condition to exercise of such Stock
Option. An optionee shall have the rights of a stockholder only as to Shares acquired upon the exercise of a Stock Option and not as
to unexercised Stock Options. An optionee shall not be deemed to have acquired any Shares unless and until a Stock Option shall have
been exercised pursuant to the terms of the Award Agreement and this Plan and the optionee’s name has been entered on the books
of the Company as a stockholder.

 

(iv) Method
of Exercise. Stock Options may be exercised by an optionee in whole or in part, by the optionee giving written or electronic notice
of exercise to the Company, specifying the number of Shares to be purchased. Payment of the purchase price may be made by one or more
of the following methods (or any combination thereof) to the extent provided in the Award Agreement:

 

(A) In
cash, by certified or bank check, by wire transfer of immediately available funds, or other instrument acceptable to the Committee;

 

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(B) If
permitted by the Committee, by the optionee delivering to the Company a promissory note, if the Board has expressly authorized the loan
of funds to the optionee for the purpose of enabling or assisting the optionee to effect the exercise of his or her Stock Option; provided,
that at least so much of the exercise price as represents the par value of the Stock shall be paid in cash if required by state law;

 

(C) If
permitted by the Committee and the Initial Public Offering has occurred (or the Stock otherwise becomes publicly-traded), through the
delivery (or attestation to the ownership) of Shares that have been purchased by the optionee on the open market or that are beneficially
owned by the optionee and are not then subject to restrictions under any Company plan. To the extent required to avoid variable accounting
treatment under ASC 718 or other applicable accounting rules, such surrendered Shares if originally purchased from the Company shall
have been owned by the optionee for at least six (6) months. Such surrendered Shares shall be valued at Fair Market Value on the exercise
date;

 

(D) If
permitted by the Committee and the Initial Public Offering has occurred (or the Stock otherwise becomes publicly-traded), by the optionee
delivering to the Company a properly executed exercise notice together with irrevocable instructions to a broker to promptly deliver
to the Company cash or a check payable and acceptable to the Company for the purchase price; provided that in the event the optionee
chooses to pay the purchase price as so provided, the optionee and the broker shall comply with such procedures and enter into such agreements
of indemnity and other agreements as the Committee shall prescribe as a condition of such payment procedure; or

 

(E) If
permitted by the Committee, and only with respect to Stock Options that are not Incentive Stock Options, by a “net exercise”
arrangement pursuant to which the Company will reduce the number of Shares issuable upon exercise by the largest whole number of Shares
with a Fair Market Value that does not exceed the aggregate exercise price.

 

Payment
instruments will be received subject to collection. No certificates for Shares so purchased will be issued to the optionee or, with respect
to uncertificated Stock, no transfer to the optionee on the records of the Company will take place, until the Company has completed all
steps it has deemed necessary to satisfy legal requirements relating to the issuance and sale of the Shares, which steps may include,
without limitation, (i) receipt of a representation from the optionee at the time of exercise of the Option that the optionee is purchasing
the Shares for the optionee’s own account and not with a view to any sale or distribution of the Shares or other representations
relating to compliance with applicable law governing the issuance of securities, (ii) the legending of the certificate (or notation on
any book entry) representing the Shares to evidence the foregoing restrictions, (iii) obtaining from optionee payment or provision for
all withholding taxes due as a result of the exercise of the Option, and (iv) if required by the Company, the optionee’s execution
and delivery of any stockholders’ agreements or other agreements with the Company and/or certain other stockholders of the Company
relating to shares of the Stock. The delivery of certificates representing the shares of Stock (or the transfer to the optionee on the
records of the Company with respect to uncertificated Stock) to be purchased pursuant to the exercise of a Stock Option will be contingent
upon (A) receipt from the optionee (or a purchaser acting in his or her stead in accordance with the provisions of the Stock Option)
by the Company of the full purchase price for such Shares and the fulfillment of any other requirements contained in the Award Agreement
or applicable provisions of laws and (B) if required by the Company, the optionee shall have entered into any stockholders agreements
or other agreements with the Company and/or certain other of the Company’s stockholders relating to the Stock. In the event an
optionee chooses to pay the purchase price by previously-owned Shares through the attestation method, the number of Shares transferred
to the optionee upon the exercise of the Stock Option shall be net of the number of Shares attested to.

 

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(b) Annual
Limit on Incentive Stock Options. To the extent required for “incentive stock option” treatment under Section 422
of the Code, the aggregate Fair Market Value (determined as of the Grant Date) of the Shares with respect to which Incentive Stock Options
granted under the Plan and any other plan of the Company or its parent and any Subsidiary that become exercisable for the first time
by an optionee during any calendar year shall not exceed $100,000 or such other limit as may be in effect from time to time under Section
422 of the Code. To the extent that any Stock Option exceeds this limit, it shall constitute a Non-Qualified Stock Option.

 

(c) Termination.
Any portion of a Stock Option that is not vested and exercisable on the date of termination of an optionee’s Service Relationship
shall immediately expire and be null and void. Once any portion of the Stock Option becomes vested and exercisable, the optionee’s
right to exercise such portion of the Stock Option (or the optionee’s representatives and legatees as applicable) in the event
of a termination of the optionee’s Service Relationship shall continue until the earliest of: (i) the date which is: (A) twelve
(12) months following the date on which the optionee’s Service Relationship terminates due to death or Disability (or such longer
period of time as determined by the Committee and set forth in the applicable Award Agreement), or (B) three (3) months following the
date on which the optionee’s Service Relationship terminates if the termination is due to any reason other than death or Disability
(or such longer period of time as determined by the Committee and set forth in the applicable Award Agreement), or (ii) the Expiration
Date set forth in the Award Agreement; provided that notwithstanding the foregoing, an Award Agreement may provide that if the
optionee’s Service Relationship is terminated for Cause, the Stock Option shall terminate immediately and be null and void upon
the date of the optionee’s termination and shall not thereafter be exercisable.

 

SECTION
6. RESTRICTED STOCK AWARDS

 

(a) Nature
of Restricted Stock Awards. The Committee may, in its sole discretion, grant (or sell at par value or such other purchase price determined
by the Committee) to an eligible individual under Section 4 hereof a Restricted Stock Award under the Plan. The Committee shall determine
the restrictions and conditions applicable to each Restricted Stock Award at the time of grant. Conditions may be based on continuing
employment (or other Service Relationship), achievement of pre-established performance goals and objectives and/or such other criteria
as the Committee may determine. Upon the grant of a Restricted Stock Award, the Company and the grantee shall enter into an Award Agreement.
The terms and conditions of each such Award Agreement shall be determined by the Committee, and such terms and conditions may differ
among individual Awards and grantees.

 

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(b) Rights
as a Stockholder. Upon the grant of the Restricted Stock Award and payment of any applicable purchase price, a grantee of Restricted
Stock shall be considered the record owner of and shall be entitled to vote the Restricted Stock if, and to the extent, such Shares are
entitled to voting rights, subject to such conditions contained in the Award Agreement. The grantee shall be entitled to receive all
dividends and any other distributions declared on the Shares; provided, however, that the Company is under no duty to declare
any such dividends or to make any such distribution. Unless the Committee shall otherwise determine, certificates evidencing the Restricted
Stock shall remain in the possession of the Company until such Restricted Stock is vested as provided in subsection (d) below of
this Section, and the grantee shall be required, as a condition of the grant, to deliver to the Company a stock power endorsed in blank
and such other instruments of transfer as the Committee may prescribe.

 

(c) Restrictions.
Restricted Stock may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed of except as specifically provided
herein or in the Award Agreement. Except as may otherwise be provided by the Committee either in the Award Agreement or, subject to Section
12 below, in writing after the Award Agreement is issued, if a grantee’s Service Relationship with the Company and any Subsidiary
terminates, the Company or its assigns shall have the right, as may be specified in the relevant instrument, to repurchase some or all
of the Shares subject to the Award at such purchase price as is set forth in the Award Agreement.

 

(d) Vesting
of Restricted Stock. The Committee at the time of grant shall specify in the Award Agreement the date or dates and/or the attainment
of pre-established performance goals, objectives and other conditions on which the substantial risk of forfeiture imposed shall lapse
and the Restricted Stock shall become vested, subject to such further rights of the Company or its assigns as may be specified in the
Award Agreement.

 

SECTION
7. UNRESTRICTED STOCK AWARDS

 

The
Committee may, in its sole discretion, grant (or sell at par value or such other purchase price determined by the Committee) to an eligible
person under Section 4 hereof an Unrestricted Stock Award under the Plan. Unrestricted Stock Awards may be granted in respect of past
services or other valid consideration, or in lieu of cash compensation due to such grantee.

 

SECTION
8. RESTRICTED STOCK UNITS

 

(a) Nature
of Restricted Stock Units. The Committee may, in its sole discretion, grant to an eligible person under Section 4 hereof Restricted
Stock Units under the Plan. The Committee shall determine the restrictions and conditions applicable to each Restricted Stock Unit at
the time of grant. Vesting conditions may be based on continuing employment (or other Service Relationship), achievement of pre-established
performance goals and objectives and/or other such criteria as the Committee may determine. Upon the grant of Restricted Stock Units,
the grantee and the Company shall enter into an Award Agreement. The terms and conditions of each such Award Agreement shall be determined
by the Committee and may differ among individual Awards and grantees. On or promptly following the vesting date or dates applicable to
any Restricted Stock Unit, but in no event later than March 15 of the year following the year in which such vesting occurs, such
Restricted Stock Unit(s) shall be settled in the form of cash or shares of Stock, as specified in the Award agreement.
Restricted Stock Units may not be sold, assigned, transferred, pledged, or otherwise encumbered or disposed of.

 

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(b) Rights
as a Stockholder. A grantee shall have the rights of a stockholder only as to Shares, if any, acquired upon settlement of Restricted
Stock Units. A grantee shall not be deemed to have acquired any such Shares unless and until the Restricted Stock Units shall have been
settled in Shares pursuant to the terms of the Plan and the Award Agreement, the Company shall have issued and delivered a certificate
representing the Shares to the grantee (or transferred on the records of the Company with respect to uncertificated stock), and the grantee’s
name has been entered in the books of the Company as a stockholder.

 

(c) Termination.
Except as may otherwise be provided by the Committee either in the Award Agreement or in writing after the Award Agreement is issued,
a grantee’s right in all Restricted Stock Units that have not vested shall automatically terminate upon the grantee’s cessation
of Service Relationship with the Company and any Subsidiary for any reason.

 

SECTION
9. transfer restrictions; company RIGHT OF FIRST REFUSAL; COMPANY repurchase rights

 

(a) Restrictions
on Transfer.

 

(i) Non-Transferability
of Stock Options. Stock Options and, prior to exercise, the Shares issuable upon exercise of such Stock Option, shall not be transferable
by the optionee otherwise than by will, or by the laws of descent and distribution, and all Stock Options shall be exercisable, during
the optionee’s lifetime, only by the optionee, or by the optionee’s legal representative or guardian in the event of the
optionee’s incapacity. Notwithstanding the foregoing, the Committee, in its sole discretion, may provide in the Award Agreement
regarding a given Stock Option that the optionee may transfer by gift, without consideration for the transfer, his or her Non-Qualified
Stock Options to his or her family members (as defined in Rule 701 of the Securities Act), to trusts for the benefit of such family members,
or to partnerships in which such family members are the only partners (to the extent such trusts or partnerships are considered “family
members” for purposes of Rule 701 of the Securities Act), provided that the transferee agrees in writing with the Company to be
bound by all of the terms and conditions of this Plan and the applicable Award Agreement, including the execution of a stock power upon
the issuance of Shares. Stock Options, and the Shares issuable upon exercise of such Stock Options, shall be restricted as to any pledge,
hypothecation, or other transfer, including any short position, any “put equivalent position” (as defined in the Exchange
Act) or any “call equivalent position” (as defined in the Exchange Act) prior to exercise.

 

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(ii) Shares.
No Shares shall be sold, assigned, transferred, pledged, hypothecated, given away or in any other manner disposed of or encumbered, whether
voluntarily or by operation of law, unless (i) the transfer is in compliance with the terms of the applicable Award Agreement, all applicable
securities laws (including, without limitation, the Securities Act), and with the terms and conditions of this Section 9, (ii) the transfer
does not cause the Company to become subject to the reporting requirements of the Exchange Act, and (iii) the transferee consents in
writing to be bound by the provisions of the Plan and the Award Agreement, including this Section 9. In connection with any proposed
transfer, the Committee may require the transferor to provide at the transferor’s own expense an opinion of counsel to the transferor,
satisfactory to the Committee, that such transfer is in compliance with all foreign, federal and state securities laws (including, without
limitation, the Securities Act). Any attempted transfer of Shares not in accordance with the terms and conditions of this Section 9 shall
be null and void, and the Company shall not reflect on its records any change in record ownership of any Shares as a result of any such
transfer, shall otherwise refuse to recognize any such transfer and shall not in any way give effect to any such transfer of Shares.
The Company shall be entitled to seek protective orders, injunctive relief and other remedies available at law or in equity including,
without limitation, seeking specific performance or the rescission of any transfer not made in strict compliance with the provisions
of this Section 9. Subject to the foregoing general provisions, and unless otherwise provided in the applicable Award Agreement, Shares
may be transferred pursuant to the following specific terms and conditions (provided that with respect to any transfer of Restricted
Stock, all vesting and forfeiture provisions shall continue to apply with respect to the original recipient):

 

(A) Transfers
to Permitted Transferees. The Holder may transfer any or all of the Shares to one or more Permitted Transferees; provided, however,
that following such transfer, such Shares shall continue to be subject to the terms of this Plan (including this Section 9) and such
Permitted Transferee(s) shall, as a condition to any such transfer, deliver a written acknowledgment to that effect to the Company and
shall deliver a stock power to the Company with respect to the Shares. Notwithstanding the foregoing, the Holder may not transfer any
of the Shares to a Person whom the Company reasonably determines is a direct competitor or a potential competitor of the Company or any
of its Subsidiaries.

 

(B) Transfers
Upon Death. Upon the death of the Holder, any Shares then held by the Holder at the time of such death and any Shares acquired after
the Holder’s death by the Holder’s legal representative shall be subject to the provisions of this Plan, and the Holder’s
estate, executors, administrators, personal representatives, heirs, legatees and distributees shall be obligated to convey such Shares
to the Company or its assigns under the terms contemplated by the Plan and the Award Agreement.

 

(b) Right
of First Refusal. In the event that a Holder desires at any time to sell or otherwise transfer all or any part of his or her Shares
(other than shares of Restricted Stock which by their terms are not transferrable), the Holder first shall give written notice to the
Company of the Holder’s intention to make such transfer. Such notice shall state the number of Shares that the Holder proposes
to sell (the “Offered Shares”), the price and the terms at which the proposed sale is to be made and the name and address
of the proposed transferee. At any time within thirty (30) days after the receipt of such notice by the Company, the Company or its assigns
may elect to purchase all or any portion of the Offered Shares at the price and on the terms offered by the proposed transferee and specified
in the notice. The Company or its assigns shall exercise this right by mailing or delivering written notice to the Holder within the
foregoing thirty (30) day period. If the Company or its assigns elect to exercise its purchase rights under this Section 9(b), the closing
for such purchase shall, in any event, take place within forty-five (45) days after the receipt by the Company of the initial notice
from the Holder. In the event that the Company or its assigns do not elect to exercise such purchase right, or in the event that the
Company or its assigns do not pay the full purchase price within such forty-five (45) day period, the Holder may, within sixty (60) days
thereafter, sell the Offered Shares to the proposed transferee and at the same price and on the same terms as specified in the Holder’s
notice. Any Shares not sold to the proposed transferee shall remain subject to the Plan. If the Holder is a party to any stockholders
agreements or other agreements with the Company and/or certain other of the Company’s stockholders relating to the Shares, (i)
the transferring Holder shall comply with the requirements of such stockholders agreements or other agreements relating to any proposed
transfer of the Offered Shares, and (ii) any proposed transferee that purchases Offered Shares shall enter into such stockholders agreements
or other agreements with the Company and/or certain of the Company’s stockholders relating to the Offered Shares on the same terms
and in the same capacity as the transferring Holder.

 

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(c) Company’s
Right of Repurchase.

 

(i) Right
of Repurchase for Unvested Shares Issued Upon the Exercise of an Option. Upon a Termination Event, the Company or its assigns shall
have the right and option to repurchase from a Holder of Shares acquired upon exercise of a Stock Option which are still subject to a
risk of forfeiture as of the Termination Event. Such repurchase rights may be exercised by the Company within the later of (A) six (6)
months following the date of such Termination Event or (B) seven (7) months after the acquisition of Shares upon exercise of a Stock
Option. The repurchase price shall be equal to the lower of the original per share price paid by the Holder, subject to adjustment as
provided in Section 3(b) of the Plan, or the current Fair Market Value of such Shares as of the date the Company elects to exercise its
repurchase rights.

 

(ii) Right
of Repurchase With Respect to Restricted Stock. Upon a Termination Event, the Company or its assigns shall have the right and option
to repurchase from a Holder of Shares received pursuant to a Restricted Stock Award any Shares that are still subject to a risk of forfeiture
as of the Termination Event. Such repurchase right may be exercised by the Company within six (6) months following the date of such Termination
Event. The repurchase price shall be the lower of the original per share purchase price paid by the Holder, subject to adjustment as
provided in Section 3(b) of the Plan, or the current Fair Market Value of such Shares as of the date the Company elects to exercise its
repurchase rights.

 

(iii) Procedure.
Any repurchase right of the Company shall be exercised by the Company or its assigns by giving the Holder written notice on or before
the last day of the repurchase period of its intention to exercise such repurchase right. Upon such notification, the Holder shall promptly
surrender to the Company, free and clear of any liens or encumbrances, any certificates representing the Shares being purchased, together
with a duly executed stock power for the transfer of such Shares to the Company or the Company’s assignee or assignees. Upon the
Company’s or its assignee’s receipt of the certificates from the Holder, the Company or its assignee or assignees shall deliver
to him, her or them a check for the applicable repurchase price; provided, however, that the Company may pay the repurchase price by
offsetting and canceling any indebtedness then owed by the Holder to the Company.

 

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(d) Drag
Along Right. In the event the holders of a majority of the Company’s equity securities then outstanding (the “Majority
Shareholders”) determine to enter into a Sale Event in a bona fide negotiated transaction (a “Sale”), with any non-Affiliate
of the Company or any majority shareholder (in each case, the “Buyer”), a Holder of Shares, including any Permitted Transferee,
shall be obligated to and shall upon the written request of the Majority Shareholders: (a) sell, transfer and deliver, or cause to be
sold, transferred and delivered, to the Buyer, his or her Shares (including for this purpose all of such Holder’s Shares that presently
or as a result of any such transaction may be acquired upon the exercise of an Option (following the payment of the exercise price therefor))
on substantially the same terms applicable to the Majority Shareholders (with appropriate adjustments to reflect the conversion of convertible
securities, the redemption of redeemable securities and the exercise of exercisable securities as well as the relative preferences and
priorities of preferred stock); and (b) execute and deliver such instruments of conveyance and transfer and take such other action, including
voting such Shares in favor of any Sale proposed by the Majority Shareholders and executing any purchase agreements, merger agreements,
indemnity agreements, escrow agreements or related documents as the Majority Shareholders or the Buyer may reasonably require in order
to carry out the terms and provisions of this Section 9(d).

 

(e) Escrow
Arrangement.

 

(i) Escrow.
In order to carry out the provisions of this Section 9 of this Plan more effectively, the Company shall hold any Shares issued pursuant
to Awards granted under the Plan in escrow together with separate stock powers executed by the Holder in blank for transfer. The Company
shall not dispose of the Shares except as otherwise provided in this Plan. In the event of any repurchase by the Company (or any of its
assigns), the Company is hereby authorized by the Holder, as the Holder’s attorney-in-fact, to date and complete the stock powers
necessary for the transfer of the Shares being purchased and to transfer such Shares in accordance with the terms hereof. At such time
as any Shares are no longer subject to the Company’s repurchase and first refusal rights, the Company shall, at the written request
of the Holder, deliver to the Holder a certificate representing such Shares with the balance of the Shares to be held in escrow pursuant
to this Section.

 

(ii) Remedy.
Without limitation of any other provision of this Plan or other rights, in the event that a Holder or any other Person is required to
sell a Holder’s Shares pursuant to the provisions of Sections 9(b) or (c) hereof and in the further event that he or she refuses
or for any reason fails to deliver to the Company or its designated purchaser of such Shares the certificate or certificates evidencing
such Shares together with a related stock power, the Company or such designated purchaser may deposit the applicable purchase price for
such Shares with a bank designated by the Company, or with the Company’s independent public accounting firm, as agent or trustee,
or in escrow, for such Holder or other Person, to be held by such bank or accounting firm for the benefit of and for delivery to him,
her, them or it, and/or, in its discretion, pay such purchase price by offsetting any indebtedness then owed by such Holder as provided
above. Upon any such deposit and/or offset by the Company or its designated purchaser of such amount and upon notice to the Person who
was required to sell the Shares to be sold pursuant to the provisions of Sections 9(b) or (c), such Shares shall at such time be deemed
to have been sold, assigned, transferred and conveyed to such purchaser, such Holder shall have no further rights thereto (other than
the right to withdraw the payment thereof held in escrow, if applicable), and the Company shall record such transfer in its stock transfer
book or in any appropriate manner.

 

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(f) Lockup
Provision. If requested by the Company, a Holder shall not sell or otherwise transfer or dispose of any Shares (including, without
limitation, pursuant to Rule 144 under the Securities Act) held by him or her for such period following the effective date of a public
offering by the Company of Shares as the Company shall specify reasonably and in good faith. If requested by the underwriter engaged
by the Company, each Holder shall execute a separate letter confirming his or her agreement to comply with this Section.

 

(g) Adjustments
for Changes in Capital Structure. If, as a result of any reorganization, recapitalization, reclassification, stock dividend, stock
split, reverse stock split or other similar change in the Common Stock, the outstanding Shares are increased or decreased or are exchanged
for a different number or kind of securities of the Company, the restrictions contained in this Section 9 shall apply with equal
force to additional and/or substitute securities, if any, received by Holder in exchange for, or by virtue of his or her ownership of,
Shares.

 

(h) Termination.
The terms and provisions of Section 9(b) and Section 9(c) (except for the Company’s right to repurchase Shares still subject to
a risk of forfeiture upon a Termination Event) shall terminate upon the closing of the Company’s Initial Public Offering or upon
consummation of any Sale Event, in either case as a result of which Shares are registered under Section 12 of the Exchange Act and
publicly-traded on any national security exchange.

 

SECTION
10. TAX WITHHOLDING

 

(a) Payment
by Grantee. Each grantee shall, no later than the date as of which the value of an Award or of any Shares or other amounts received
thereunder first becomes includable in the gross income of the grantee for income tax purposes, pay to the Company, or make arrangements
satisfactory to the Committee regarding payment of, any Federal, state, or local taxes of any kind required by law to be withheld by
the Company with respect to such income. The Company and any Subsidiary shall, to the extent permitted by law, have the right to deduct
any such taxes from any payment of any kind otherwise due to the grantee. The Company’s obligation to deliver stock certificates
(or evidence of book entry) to any grantee is subject to and conditioned on any such tax withholding obligations being satisfied by the
grantee.

 

(b) Payment
in Stock. The Company’s minimum required tax withholding obligation may be satisfied, in whole or in part, by the Company withholding
from Shares to be issued pursuant to an Award a number of Shares having an aggregate Fair Market Value (as of the date the withholding
is effected) that would satisfy the minimum withholding amount due.

 

SECTION
11. Section 409A AWARDS. 

 

To
the extent that any Award is determined to constitute “nonqualified deferred compensation” within the meaning of Section
409A (a “409A Award”), the Award shall be subject to such additional rules and requirements as may be specified by the Committee
from time to time. In this regard, if any amount under a 409A Award is payable upon a “separation from service” (within the
meaning of Section 409A) to a grantee who is considered a “specified employee” (within the meaning of Section 409A), then
no such payment shall be made prior to the date that is the earlier of (i) six (6) months and one day after the grantee’s separation
from service, or (ii) the grantee’s death, but only to the extent such delay is necessary to prevent such payment from being subject
to interest, penalties and/or additional tax imposed pursuant to Section 409A. The Company makes no representation or warranty and shall
have no liability to any grantee under the Plan or any other Person with respect to any penalties or taxes under Section 409A that are,
or may be, imposed with respect to any Award.

 

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SECTION
12. AMENDMENTS AND TERMINATION

 

The
Board may, at any time, amend or discontinue the Plan and the Committee may, at any time, amend or cancel any outstanding Award for the
purpose of satisfying changes in law or for any other lawful purpose, but no such action shall adversely affect rights under any outstanding
Award without the consent of the holder of the Award. The Committee may exercise its discretion to reduce the exercise price of outstanding
Stock Options or effect repricing through cancellation of outstanding Stock Options and by granting such holders new Awards in replacement
of the cancelled Stock Options. To the extent determined by the Committee to be required either by the Code to ensure that Incentive
Stock Options granted under the Plan are qualified under Section 422 of the Code or otherwise, Plan amendments shall be subject
to approval by the Company stockholders entitled to vote at a meeting of stockholders. Nothing in this Section 12 shall limit the
Board’s or Committee’s authority to take any action permitted pursuant to Section 3(c). The Board reserves the right
to amend the Plan and/or the terms of any outstanding Stock Options to the extent reasonably necessary to comply with the requirements
of the exemption pursuant to paragraph (f)(4) of Rule 12h-1 of the Exchange Act.

 

SECTION
13. STATUS OF PLAN

 

With
respect to the portion of any Award that has not been exercised and any payments in cash, Stock or other consideration not received by
a grantee, a grantee shall have no rights greater than those of a general creditor of the Company unless the Committee shall otherwise
expressly so determine in connection with any Award.

 

SECTION
14. GENERAL PROVISIONS

 

(a) No
Distribution; Compliance with Legal Requirements. The Committee may require each person acquiring Shares pursuant to an Award to
represent to and agree with the Company in writing that such person is acquiring the Shares without a view to distribution thereof. No
Shares shall be issued pursuant to an Award until all applicable securities law and other legal and stock exchange or similar requirements
have been satisfied. The Committee may require the placing of such stop-orders and restrictive legends on certificates for Stock and
Awards as it deems appropriate.

 

(b) Delivery
of Stock Certificates. Stock certificates to grantees under the Plan shall be deemed delivered for all purposes when the Company
or a stock transfer agent of the Company shall have mailed such certificates in the United States mail, addressed to the grantee, at
the grantee’s last known address on file with the Company; provided that stock certificates to be held in escrow pursuant to Section
9 of the Plan shall be deemed delivered when the Company shall have recorded the issuance in its records. Uncertificated Stock shall
be deemed delivered for all purposes when the Company or a stock transfer agent of the Company shall have given to the grantee by electronic
mail (with proof of receipt) or by United States mail, addressed to the grantee, at the grantee’s last known address on file with
the Company, notice of issuance and recorded the issuance in its records (which may include electronic “book entry” records).

 

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(c) No
Employment Rights. The adoption of the Plan and the grant of Awards do not confer upon any Person any right to continued employment
or Service Relationship with the Company or any Subsidiary.

 

(d) Trading
Policy Restrictions. Option exercises and other Awards under the Plan shall be subject to the Company’s insider trading policy-related
restrictions, terms and conditions as may be established by the Committee, or in accordance with policies set by the Committee, from
time to time.

 

(e) Designation
of Beneficiary. Each grantee to whom an Award has been made under the Plan may designate a beneficiary or beneficiaries to exercise
any Award on or after the grantee’s death or receive any payment under any Award payable on or after the grantee’s death.
Any such designation shall be on a form provided for that purpose by the Committee and shall not be effective until received by the Committee.
If no beneficiary has been designated by a deceased grantee, or if the designated beneficiaries have predeceased the grantee, the beneficiary
shall be the grantee’s estate.

 

(f) Legend.
Any certificate(s) representing the Shares shall carry substantially the following legend (and with respect to uncertificated Stock,
the book entries evidencing such shares shall contain the following notation):

 

The
transferability of this certificate and the shares of stock represented hereby are subject to the restrictions, terms and conditions
(including repurchase and restrictions against transfers) contained in the Tango Therapeutics, Inc. 2017 Stock Option and Grant Plan
and any agreements entered into thereunder by and between the company and the holder of this certificate (a copy of which is available
at the offices of the company for examination).

 

(g) Information
to Holders of Options. In the event the Company is relying on the exemption from the registration requirements of Section 12(g) of
the Exchange Act contained in paragraph (f)(1) of Rule 12h-1 of the Exchange Act, the Company shall provide the information described
in Rule 701(e)(3), (4) and (5) of the Securities Act to all holders of Options in accordance with the requirements thereunder. The foregoing
notwithstanding, the Company shall not be required to provide such information unless the optionholder has agreed in writing, on a form
prescribed by the Company, to keep such information confidential.

 

SECTION
15. EFFECTIVE DATE OF PLAN

 

The
Plan shall become effective upon adoption by the Board and shall be approved by stockholders in accordance with applicable state law
and the Company’s certificate of incorporation and bylaws within twelve (12) months thereafter. If the stockholders fail to approve
the Plan within twelve (12) months after its adoption by the Board of Directors, then any Awards granted or sold under the Plan shall
be rescinded and no additional grants or sales shall thereafter be made under the Plan. Subject to such approval by stockholders and
to the requirement that no Shares may be issued hereunder prior to such approval, Stock Options and other Awards may be granted hereunder
on and after adoption of the Plan by the Board. No grants of Stock Options and other Awards may be made hereunder after the tenth anniversary
of the date the Plan is adopted by the Board or the date the Plan is approved by the Company’s stockholders, whichever is earlier.

 

SECTION
16. GOVERNING LAW

 

This
Plan, all Awards and any controversy arising out of or relating to this Plan and all Awards shall be governed by and construed in accordance
with the General Corporation Law of the State of Delaware as to matters within the scope thereof, and as to all other matters shall be
governed by and construed in accordance with the internal laws of Massachusetts, without regard to conflict of law principles that would
result in the application of any law other than the law of the State of Massachusetts.

  

	DATE ADOPTED BY THE BOARD OF DIRECTORS:	March 16, 2017
	DATE APPROVED BY THE STOCKHOLDERS:	March 16, 2017

  

    19

     

    

  

TANGO THERAPEUTICS, INC.

 

AMENDMENT NO. 1 TO THE

2017 STOCK OPTION AND GRANT PLAN

 

The Tango Therapeutics, Inc. 2017 Stock Option
and Grant Plan (the “Plan”) is hereby amended by the Board of Directors and stockholders of Tango Therapeutics, Inc.,
a Delaware corporation, as follows:

 

Section 3(a) of the Plan is hereby amended by deleting
it and replacing it with the following:

 

Stock Issuable. The maximum number
of Shares reserved and available for issuance under the Plan shall be 11,100,000 Shares, subject to adjustment as provided in Section 3(b).
For purposes of this limitation, the Shares underlying any Awards that are forfeited, canceled, reacquired by the Company prior to vesting,
satisfied without the issuance of Stock or otherwise terminated (other than by exercise) and Shares that are withheld upon exercise of
an Option or settlement of an Award to cover the exercise price or tax withholding shall be added back to the Shares available for issuance
under the Plan. Subject to such overall limitations, Shares may be issued up to such maximum number pursuant to any type or types of Award,
and no more than 11,100,000 Shares may be issued pursuant to Incentive Stock Options. The Shares available for issuance under the Plan
may be authorized but unissued Shares or Shares reacquired by the Company.

 

	ADOPTED BY BOARD OF DIRECTORS:	September 12, 2018
	 	 
	ADOPTED BY STOCKHOLDERS:	September 14, 2018

  

     

     

    

  

TANGO THERAPEUTICS, INC.

 

AMENDMENT NO. 2 TO THE

2017 STOCK OPTION AND GRANT PLAN

 

The Tango Therapeutics, Inc. 2017 Stock Option
and Grant Plan (the “Plan”) is hereby amended by the Board of Directors and stockholders of Tango Therapeutics, Inc.,
a Delaware corporation, as follows:

 

Section 3(a) of the Plan is hereby amended by deleting
it and replacing it with the following:

 

Stock Issuable. The maximum number
of Shares reserved and available for issuance under the Plan shall be 15,100,000 Shares, subject to adjustment as provided in Section 3(b).
For purposes of this limitation, the Shares underlying any Awards that are forfeited, canceled, reacquired by the Company prior to vesting,
satisfied without the issuance of Stock or otherwise terminated (other than by exercise) and Shares that are withheld upon exercise of
an Option or settlement of an Award to cover the exercise price or tax withholding shall be added back to the Shares available for issuance
under the Plan. Subject to such overall limitations, Shares may be issued up to such maximum number pursuant to any type or types of Award,
and no more than 15,100,000 Shares may be issued pursuant to Incentive Stock Options. The Shares available for issuance under the Plan
may be authorized but unissued Shares or Shares reacquired by the Company.

 

	ADOPTED BY BOARD OF DIRECTORS:	October 2, 2018
	 	 
	ADOPTED BY STOCKHOLDERS:	October 10, 2018

 

     

     

    

  

TANGO THERAPEUTICS, INC.

 

AMENDMENT NO. 3 TO THE

2017 STOCK OPTION AND GRANT PLAN

 

The Tango Therapeutics, Inc. 2017 Stock Option
and Grant Plan (the “Plan”) is hereby amended by the Board of Directors and stockholders of Tango Therapeutics, Inc.,
a Delaware corporation, as follows:

 

Section 3(a) of the Plan is hereby amended by deleting
it and replacing it with the following:

 

Stock Issuable. The maximum number
of Shares reserved and available for issuance under the Plan shall be 17,900,000 Shares, subject to adjustment as provided in Section 3(b).
For purposes of this limitation, the Shares underlying any Awards that are forfeited, canceled, reacquired by the Company prior to vesting,
satisfied without the issuance of Stock or otherwise terminated (other than by exercise) and Shares that are withheld upon exercise of
an Option or settlement of an Award to cover the exercise price or tax withholding shall be added back to the Shares available for issuance
under the Plan. Subject to such overall limitations, Shares may be issued up to such maximum number pursuant to any type or types of Award,
and no more than 17,900,000 Shares may be issued pursuant to Incentive Stock Options. The Shares available for issuance under the Plan
may be authorized but unissued Shares or Shares reacquired by the Company.

 

	ADOPTED BY BOARD OF DIRECTORS:	October 18, 2019
	 	 
	ADOPTED BY STOCKHOLDERS:	October 22, 2019

   

     

     

    

  

TANGO THERAPEUTICS, INC.

 

AMENDMENT NO. 4 TO THE

2017 STOCK OPTION AND GRANT PLAN

 

The Tango Therapeutics, Inc. 2017 Stock Option
and Grant Plan (the “Plan”) is hereby amended by the Board of Directors and stockholders of Tango Therapeutics, Inc.,
a Delaware corporation, as follows:

 

Section 3(a) of the Plan is hereby amended by deleting
it and replacing it with the following:

 

Stock Issuable. The maximum number
of Shares reserved and available for issuance under the Plan shall be 23,900,000 Shares, subject to adjustment as provided in Section 3(b).
For purposes of this limitation, the Shares underlying any Awards that are forfeited, canceled, reacquired by the Company prior to vesting,
satisfied without the issuance of Stock or otherwise terminated (other than by exercise) and Shares that are withheld upon exercise of
an Option or settlement of an Award to cover the exercise price or tax withholding shall be added back to the Shares available for issuance
under the Plan. Subject to such overall limitations, Shares may be issued up to such maximum number pursuant to any type or types of Award,
and no more than 23,900,000 Shares may be issued pursuant to Incentive Stock Options. The Shares available for issuance under the Plan
may be authorized but unissued Shares or Shares reacquired by the Company.

 

	ADOPTED BY BOARD OF DIRECTORS: 	April 7, 2020
	 	 
	ADOPTED BY STOCKHOLDERS: 	April 7, 2020

  

     

     

    

  

TANGO THERAPEUTICS, INC.

 

AMENDMENT NO. 5 TO THE

2017 STOCK OPTION AND GRANT PLAN

 

The Tango Therapeutics, Inc. 2017 Stock Option
and Grant Plan (the “Plan”) is hereby amended by the Board of Directors and stockholders of Tango Therapeutics, Inc.,
a Delaware corporation, as follows:

 

Section 3(a) of the Plan is hereby amended by deleting
it and replacing it with the following:

 

Stock Issuable. The maximum number
of Shares reserved and available for issuance under the Plan shall be 30,600,000 Shares, subject to adjustment as provided in Section 3(b).
For purposes of this limitation, the Shares underlying any Awards that are forfeited, canceled, reacquired by the Company prior to vesting,
satisfied without the issuance of Stock or otherwise terminated (other than by exercise) and Shares that are withheld upon exercise of
an Option or settlement of an Award to cover the exercise price or tax withholding shall be added back to the Shares available for issuance
under the Plan. Subject to such overall limitations, Shares may be issued up to such maximum number pursuant to any type or types of Award,
and no more than 30,600,000 Shares may be issued pursuant to Incentive Stock Options. The Shares available for issuance under the Plan
may be authorized but unissued Shares or Shares reacquired by the Company.

 

	ADOPTED BY BOARD OF DIRECTORS: 	December 9, 2020
	 	 
	ADOPTED BY STOCKHOLDERS: 	December 14, 2020EX-4.1

 Exhibit 4.1 

NEXPOINT REAL ESTATE FINANCE, INC. 

as Issuer, 
 and 

UMB BANK, National Association 

as Trustee 
 5.75% SENIOR NOTES
DUE 2026 
  
  

FIRST SUPPLEMENTAL 
 INDENTURE

 Dated as of April 20, 2021 

TO THE INDENTURE 
 Dated as of
April 13, 2021 
  
  

 

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
	 ARTICLE I RELATION TO BASE INDENTURE; DEFINITIONS; INTERPRETATION
	  	 	1	 
			
	 SECTION 1.1
	  	Relation to Base Indenture	  	 	1	 
	 SECTION 1.2
	  	Incorporation by Reference of Trust Indenture Act	  	 	2	 
	 SECTION 1.3
	  	Rules of Construction	  	 	2	 
	 SECTION 1.4
	  	Definition of Terms; Interpretation	  	 	2	 
	 SECTION 1.5
	  	Additional Definitions	  	 	3	 
		
	 ARTICLE II THE NOTES
	  	 	15	 
			
	 SECTION 2.1
	  	Terms of the Notes	  	 	15	 
	 SECTION 2.2
	  	Additional Notes	  	 	17	 
	 SECTION 2.3
	  	Security Registrar and Paying Agent	  	 	17	 
	 SECTION 2.4
	  	Certain Notes Owned by the Company Disregarded	  	 	17	 
		
	 ARTICLE III FORM OF THE NOTES
	  	 	18	 
			
	 SECTION 3.1
	  	Global Form	  	 	18	 
	 SECTION 3.2
	  	Transfer and Exchange	  	 	18	 
	 SECTION 3.3
	  	General Provisions Relating to Transfers and Exchanges	  	 	21	 
		
	 ARTICLE IV REDEMPTION OF THE NOTES
	  	 	23	 
			
	 SECTION 4.1
	  	Optional Redemption of the Notes	  	 	23	 
	 SECTION 4.2
	  	Notice of Redemption; Selection of the Notes	  	 	23	 
	 SECTION 4.3
	  	Payment of the Notes Called for Redemption by the Company	  	 	24	 
		
	 ARTICLE V ADDITIONAL COVENANTS
	  	 	25	 
			
	 SECTION 5.1
	  	Reports	  	 	25	 
	 SECTION 5.2
	  	Limitations on Incurrence of Indebtedness	  	 	25	 
	 SECTION 5.3
	  	Offer to Repurchase Upon a Change of Control Repurchase Event	  	 	26	 
	 SECTION 5.4
	  	Compliance Certificates	  	 	27	 
		
	 ARTICLE VI REMEDIES OF THE TRUSTEE AND HOLDERS ON EVENT OF DEFAULT
	  	 	27	 
			
	 SECTION 6.1
	  	Events of Default	  	 	27	 
	 SECTION 6.2
	  	Acceleration of Maturity; Rescission and Annulment	  	 	28	 
	 SECTION 6.3
	  	Restoration of Rights and Remedies	  	 	29	 
	 SECTION 6.4
	  	Control by Holders	  	 	29	 
	 SECTION 6.5
	  	Notice of Default	  	 	30	 
	 SECTION 6.6
	  	Cure of Default	  	 	30	 

  
 i 

							
	 ARTICLE VII CONCERNING THE TRUSTEE
	  	 	30	 
			
	 SECTION 7.1
	  	Certain Rights of Trustee	  	 	30	 
	 SECTION 7.2
	  	Moneys Held in Trust	  	 	32	 
	 SECTION 7.3
	  	Compensation and Reimbursement	  	 	32	 
		
	 ARTICLE VIII SUPPLEMENTAL INDENTURES
	  	 	33	 
			
	 SECTION 8.1
	  	Supplemental Indentures Without the Consent of Holders	  	 	33	 
	 SECTION 8.2
	  	Supplemental Indentures With the Consent of Holders	  	 	34	 
	 SECTION 8.3
	  	Effect of Supplemental Indentures	  	 	35	 
	 SECTION 8.4
	  	Notes Affected by Supplemental Indentures	  	 	35	 
	 SECTION 8.5
	  	Execution of Supplemental Indentures	  	 	36	 
		
	 ARTICLE IX SUCCESSOR ENTITY
	  	 	36	 
			
	 SECTION 9.1
	  	Company May Consolidate on Certain Terms	  	 	36	 
	 SECTION 9.2
	  	Successor Entity Substituted	  	 	36	 
		
	 ARTICLE X SATISFACTION AND DISCHARGE
	  	 	37	 
			
	 SECTION 10.1
	  	Satisfaction and Discharge	  	 	37	 
	 SECTION 10.2
	  	Application of Trust Money	  	 	38	 
		
	 ARTICLE XI LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	  	 	38	 
			
	 SECTION 11.1
	  	Option to Effect Legal Defeasance or Covenant Defeasance	  	 	38	 
	 SECTION 11.2
	  	Legal Defeasance and Discharge	  	 	39	 
	 SECTION 11.3
	  	Covenant Defeasance	  	 	39	 
	 SECTION 11.4
	  	Conditions to Legal or Covenant Defeasance	  	 	40	 
	 SECTION 11.5
	  	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	  	 	41	 
	 SECTION 11.6
	  	Repayment to the Company	  	 	41	 
	 SECTION 11.7
	  	Reinstatement	  	 	42	 
		
	 ARTICLE XII IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS
	  	 	42	 
			
	 SECTION 12.1
	  	No Recourse	  	 	42	 
		
	 ARTICLE XIII MISCELLANEOUS PROVISIONS
	  	 	43	 
	 SECTION 13.1
	  	Effect on Successors and Assigns	  	 	43	 
	 SECTION 13.2
	  	Actions by Successor	  	 	43	 
	 SECTION 13.3
	  	Notices	  	 	43	 
	 SECTION 13.4
	  	Governing Law/Waiver of Jury Trial	  	 	44	 
	 SECTION 13.5
	  	Conflict with Trust Indenture Act	  	 	44	 
	 SECTION 13.6
	  	Counterparts	  	 	45	 
	 SECTION 13.7
	  	Severability	  	 	45	 
	 SECTION 13.8
	  	The Trustee	  	 	45	 
	 SECTION 13.9
	  	Ratifications	  	 	45	 

  

  
 ii 

 FIRST SUPPLEMENTAL INDENTURE dated as of April 20, 2021 (this “Supplemental
Indenture”), among NEXPOINT REAL ESTATE FINANCE, INC., a Maryland corporation (the “Company”) and UMB Bank, National Association, as trustee (the “Trustee”). 

WITNESSETH: 
 WHEREAS, the
Company has executed and delivered to the Trustee an Indenture, dated as of April 13, 2021 (the “Base Indenture”), providing for the issuance by the Company from time to time of Securities in one or more series; 

WHEREAS, Section 2.01 of the Base Indenture provides for various matters with respect to any series of Securities issued under the Base
Indenture to be established in an indenture supplemental to the Base Indenture; 
 WHEREAS, the Company desires to execute this Supplemental
Indenture to establish the form and to provide for the issuance of a series of the Company’s senior notes designated as the Company’s 5.75% Senior Notes due 2026 (the “Notes”), in an initial aggregate principal amount of
$75,000,000; 
 WHEREAS, the Company has requested that the Trustee execute and deliver this Supplemental Indenture, and to make the Notes,
when executed by the Company and authenticated and delivered by the Trustee, the valid and binding obligations of the Company; and 

WHEREAS, all of the other conditions and requirements necessary to make this Supplemental Indenture, when duly executed and delivered, a valid
and binding agreement in accordance with its terms and for the purposes herein expressed, have been performed and fulfilled. 
 NOW,
THEREFORE, for and in consideration of the premises and the purchase of the series of Securities provided for herein by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of Securities
of such series, as follows: 
 ARTICLE I 

RELATION TO BASE INDENTURE; DEFINITIONS; INTERPRETATION 

SECTION 1.1 Relation to Base Indenture. 

This Supplemental Indenture constitutes an integral part of the Base Indenture. Notwithstanding any other provision of this Supplemental
Indenture, all provisions of this Supplemental Indenture are expressly and solely for the benefit of the Holders of the Notes and any such provisions shall not be deemed to apply to any other Securities issued under the Base Indenture and shall not
be deemed to amend, modify or supplement the Base Indenture for any purpose other than with respect to the Notes. 

 SECTION 1.2 Incorporation by Reference of Trust Indenture Act. 

The following Trust Indenture Act term used in this Supplemental Indenture has the following meaning: 

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

SECTION 1.3 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) “including” is not limiting; 

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

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

(7) provisions apply to successive events and transactions; and 

(8) 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 Commission from time to time. 
 SECTION 1.4 Definition of Terms; Interpretation.

 For all purposes of this Supplemental Indenture, except as otherwise expressly provided for or unless the context otherwise requires:

 (1) Capitalized terms used but not defined herein shall have the respective meanings assigned to them in the Base
Indenture; 
 (2) To the extent a term is defined in this Supplemental Indenture and in the Base Indenture, the term defined
in this Supplemental Indenture shall govern and be controlling with respect to the Notes; and 
 (3) All references herein to
Articles and Sections, unless otherwise specified, refer to the corresponding Articles and Sections of this Supplemental Indenture as they amend or supplement the Base Indenture, and not the Base Indenture or any other document. 

  
 2 

 SECTION 1.5 Additional Definitions. 

For purposes of this Supplemental Indenture and the Notes, the following terms shall have the following meanings: 

“Acquired Indebtedness” means Indebtedness of a Person or any of its subsidiaries existing at the time such Person becomes a
subsidiary of the Company or at the time it merges or consolidates with the Company or any of its subsidiaries or assumed in connection with the acquisition of assets from such Person and in each case whether or not incurred by such Person in
connection with, or in anticipation or contemplation of, such Person becoming a subsidiary of the Company or such acquisition, merger or consolidation. 

“Additional Notes” means additional Notes (other than the Initial Notes) issued under the Indenture in accordance with
Section 2.04 of the Base Indenture and Section 2.2, as part of the same series as the Initial Notes. 

“Affiliate” means, with respect to any specified Person, any other Person who, directly or indirectly, through one or more
intermediaries, controls, or is controlled by, or is under common control with, such specified Person. The term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and
policies of a Person, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative of the foregoing. 

“Agent” means any Securities Registrar or 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. 
 “Asset
Acquisition” means: (1) an Investment by the Company or any subsidiary of the Company in any other Person pursuant to which such Person shall become a subsidiary of the Company or any subsidiary of the Company, or shall be merged with
or into the Company or any subsidiary of the Company; or (2) the acquisition by the Company or any subsidiary of the Company of the assets of any Person (other than a subsidiary of the Company) that constitute all or substantially all of the
assets of such Person or comprises any division or line of business of such Person or any other properties or assets of such Person other than in the ordinary course of business. 

“Authentication Order” means a written order signed in the name of the Company instructing the Trustee to authenticate and
deliver the Notes, signed by one or more Officers of the Company. 
 “Business Day” means, with respect to the Notes, any
day other than a day on which federal or state banking institutions in the Borough of Manhattan, the City of New York, or in the city of the Corporate Trust Office of the Trustee, are authorized or obligated by law, executive order or regulation to
close. 

  
 3 

 “Capitalized Lease Obligation” means, as to any Person, the obligations of
such Person under a lease that are required to be classified and accounted for as capital lease obligations under GAAP and, for purposes of this definition, the amount of such obligations at any date shall be the capitalized amount of such
obligations at such date, determined in accordance with GAAP. 
 “Capital Stock” means, with respect to any entity, any and
all shares, interests, participations or other equivalents (however designated, whether voting or non-voting), including partnership or limited liability company interests, whether general or limited, in the
equity of such entity (including without limitation all warrants, options, derivative instruments, or rights of subscription or conversion relating to or affecting Capital Stock), whether outstanding on the issue date of the notes or issued
thereafter. 
 “Cash Equivalents” means (a) marketable direct obligations issued or unconditionally guaranteed by the
United States or issued by any agency thereof and backed by the full faith and credit of the United States, in each case maturing within 1 year from the date of acquisition thereof, (b) marketable direct obligations issued by any state of the
United States or any political subdivision of any such state or any public instrumentality thereof maturing within 1 year from the date of acquisition thereof and, at the time of acquisition, having one of the two highest ratings obtainable from
either S&P or Moody’s, (c) commercial paper maturing no more than 270 days from the date of creation thereof and, at the time of acquisition, having a rating of at least A-1 from S&P or at
least P-1 from Moody’s, (d) certificates of deposit or bankers’ acceptances maturing within 1 year from the date of acquisition thereof issued by any bank organized under the laws of the United
States or any state thereof having at the date of acquisition thereof combined capital and surplus of not less than $250,000,000, (e) demand deposit accounts maintained with any bank organized under the laws of the United States or any state thereof
so long as the amount maintained with any individual bank is less than or equal to $250,000 and is insured by the Federal Deposit Insurance Corporation, and (f) investments in money market funds or mutual funds substantially all of whose assets
are invested in the types of assets described in clauses (a) through (e) above. 
 “Change of Control Repurchase
Event” means: (1) the acquisition by any person, including any syndicate or group deemed to be a “person” under Section 13(d)(3) of the Exchange Act, other than a Permitted Holder, of beneficial ownership, directly or
indirectly, through a purchase, merger or other acquisition transaction or series of purchases, mergers or other acquisition transactions, of the Capital Stock entitling that person to exercise more than 50% of the total voting power of all the
Capital Stock entitled to vote generally in the election of the Company’s directors (except that such person will be deemed to have beneficial ownership of all securities that such person has the right to acquire, whether such right is
currently exercisable or is exercisable only upon the occurrence of a subsequent condition); and (2) following the closing of any transaction referred to in subsection (1), neither the Company nor the acquiring or surviving entity has a class
of common securities (or American Depositary Receipts representing such securities) listed on the NYSE, or the NYSE American, or the Nasdaq Stock Market, or listed or quoted on an exchange or quotation system that is a successor to the NYSE, the
NYSE American or the Nasdaq Stock Market. 
 “Clearstream” means Clearstream Banking, Société
Anonyme. 

  
 4 

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

“Company” shall have the meaning set forth in the preamble, and subject to the provisions of Article IX, shall also
include its successors and assigns. 
 “Commission” means the Securities and Exchange Commission, as from time to time
constituted, created under the Exchange Act, or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties
at such time. 
 “Comparable Treasury Issue” means the United States Treasury security selected by the Company as having a
maturity comparable to the remaining term of such Notes to be redeemed (assuming, for this purpose, that such Notes matured on the Notes Par Call Date) that would be utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Notes. 

“Comparable Treasury Price” means with respect to any Redemption Date for the Notes (i) the average of four Reference
Treasury Dealer Quotations for that Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all
such quotations. 
 “Consolidated Fixed Charge Coverage Ratio” means, with respect to any Person, the ratio of Consolidated
EBITDA of such Person during the four full fiscal quarters, or the “Four Quarter Period,” ending prior to the date of the transaction giving rise to the need to calculate the Consolidated Fixed Charge Coverage Ratio for which financial
statements are available, or the “Transaction Date,” to Consolidated Fixed Charges of such Person for the Four Quarter Period. In addition to and without limitation of the foregoing, for purposes of this definition, “Consolidated
EBITDA” and “Consolidated Fixed Charges” shall be calculated after giving effect on a pro forma basis for the period of such calculation to: 

1) the incurrence or repayment of any Indebtedness of such Person or any of its subsidiaries (and the application of the proceeds thereof)
giving rise to the need to make such calculation and any incurrence or repayment of other Indebtedness (and the application of the proceeds thereof), other than the incurrence or repayment of Indebtedness in the ordinary course of business for
working capital purposes pursuant to working capital facilities, occurring during the Four Quarter Period or at any time subsequent to the last day of the Four Quarter Period and on or prior to the Transaction Date, as if such incurrence or
repayment, as the case may be (and the application of the proceeds thereof), occurred on the first day of the Four Quarter Period; and 
 2)
any asset sales or other dispositions or any asset originations, asset purchases, Investments and Asset Acquisitions (including, without limitation, any Asset Acquisition giving rise to the need to make such calculation as a result of such Person or
one of its subsidiaries (including any Person who becomes a subsidiary as a result of the Asset Acquisition) incurring, assuming or otherwise being liable for Acquired Indebtedness and also including any Consolidated EBITDA (including any pro forma
expense and cost reductions 

  
 5 

 
calculated on a basis consistent with Regulation S-X under the Exchange Act) attributable to the assets which are originated or purchased, the Investments
that are made and the assets that are the subject of the Asset Acquisition or asset sale or other disposition during the Four Quarter Period) occurring during the Four Quarter Period or at any time subsequent to the last day of the Four Quarter
Period and on or prior to the Transaction Date, as if such asset sale or other disposition or asset origination, asset purchase, Investment or Asset Acquisition (including the incurrence, assumption or liability for any such Acquired Indebtedness)
occurred on the first day of the Four Quarter Period. If such Person or any of its subsidiaries directly or indirectly guarantees Indebtedness of a third Person, the preceding sentence shall give effect to the incurrence of such guaranteed
Indebtedness as if such Person or any subsidiary of such Person had directly incurred or otherwise assumed such guaranteed Indebtedness. 

“Consolidated EBITDA” means, with respect to any Person, for any period, the sum, without duplication, of
(i) Consolidated Net Income; and (ii) to the extent Consolidated Net Income has been reduced thereby: (a) all income taxes of such Person and its subsidiaries paid or accrued in accordance with GAAP for such period (other than income
taxes attributable to extraordinary gains or losses and direct impairment charges or the reversal of such charges on the Company’s assets); (b) Consolidated Interest Expense; (c) depreciation, depletion and amortization of such Person and
its subsidiaries; and (d) any “mark to market” gains or losses recognized in accordance with GAAP of such Person and its subsidiaries. 

“Consolidated Fixed Charges” means, with respect to any Person for any period, the sum, without duplication, of: 

1) Consolidated Interest Expense; plus 

2) the amount of all dividend payments on any series of Preferred Stock of such Person and, to the extent permitted under the Indenture, its
subsidiaries (other than dividends paid in Qualified Capital Stock) paid, accrued or scheduled to be paid or accrued during such period. 

“Consolidated Interest Expense” means, with respect to any Person for any period, the sum of, without duplication: 

1) the aggregate of the interest expense of such Person and its subsidiaries for such period determined on a consolidated basis in accordance
with GAAP, including without limitation: (a) any amortization of debt discount; (b) the net costs under Interest Swap Obligations; (c) all capitalized interest; and (d) the interest portion of any deferred payment obligation; and

 2) to the extent not already included in clause (1), the interest component of Capitalized Lease Obligations paid, accrued and/or
scheduled to be paid or accrued by such Person and its subsidiaries during such period as determined on a consolidated basis in accordance with GAAP. 

  
 6 

 “Consolidated Net Income” means, with respect to any Person, for any
period, the aggregate net income (or loss) of such Person and its subsidiaries before the payment of dividends on Preferred Stock for such period on a consolidated basis, determined in accordance with GAAP; provided that there shall be excluded
therefrom: 
 1) after-tax gains and losses from asset sales or abandonments or reserves relating
thereto (including gains and losses from the sale of corporate tenant lease assets); 
 2) after-tax
items classified as extraordinary gains or losses and direct impairment charges or the reversal of such charges on the Company’s assets; 

3) the net income (but not loss) of any subsidiary of the referent Person to the extent that the declaration of dividends or similar
distributions by that subsidiary of that income is restricted by a contract, operation of law or otherwise; 
 4) the net income or loss of
any other Person, other than a Consolidated Subsidiary of the referent Person, except: 
 a. to the extent (in the case of net income) of
cash dividends or distributions paid to the referent Person, or to a Consolidated Subsidiary of the referent Person (other than a subsidiary described in clause (3) above), by such other Person; or 

b. that the referent Person’s share of any net income or loss of such other Person under the equity method of accounting for Affiliates
shall not be excluded; 
 5) any restoration to income of any contingency reserve of an extraordinary, nonrecurring or unusual nature; 

6) income or loss attributable to discontinued operations (including, without limitation, operations disposed of during such period whether or
not such operations were classified as discontinued, but not including revenues, expenses, gains and losses relating to real estate properties sold or held for sale, even if they were classified as attributable to discontinued operations under the
provisions of ASC 205-20); and 
 7) in the case of a successor to the referent Person by
consolidation or merger or as a transferee of the referent Person’s assets, any earnings of the successor corporation prior to such consolidation, merger or transfer of assets. 

“Consolidated Subsidiary” means, with respect to any Person, a subsidiary of such Person, the financial statements of which
are consolidated with the financial statements of such Person in accordance with GAAP. 
 “Covenant Defeasance” shall have
the meaning set forth in Section 11.3. 
 “Debt Facilities” means, with respect to the Company or any of its
subsidiaries, one or more debt facilities, including the Existing Credit Agreements, or other financing arrangements (including, without limitation, indentures and master repurchase agreements) providing for revolving credit loans, term loans,
letters of credit or other long-term indebtedness, including any notes, mortgages, guarantees, collateral documents, instruments and agreements executed in connection therewith, and any amendments, supplements, modifications,

  
 7 

 
extensions, renewals, restatements or refundings thereof, in whole or in part, and any indentures or credit facilities that replace, refund, supplement or refinance any part of the loans, notes,
other credit facilities or commitments thereunder, including any such replacement, refunding, supplemental or refinancing facility, arrangement or indenture that increases the amount permitted to be borrowed or issued thereunder or alters the
maturity thereof (provided that such increase in borrowings or issuances is permitted under Section 5.2) or adds subsidiaries as additional borrowers or guarantors thereunder and whether by the same or any other agent, trustee, lender or group
of lenders or other holders. 
 “Default” means an event or condition the occurrence of which is, or with the lapse of time
or the giving of notice or both would be, an Event of Default. 
 “Definitive Note” means a certificated Note registered in
the name of the Holder thereof and issued in accordance with Section 3.2, 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, the Depository Trust Company and any successor thereto. 
 “Disqualified Capital Stock” means that portion of
any Capital Stock that, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable at the option of the holder thereof), or upon the happening of any event, matures or is mandatorily redeemable,
pursuant to a sinking fund obligation or otherwise, or is redeemable at the sole option of the holder thereof on or prior to the final maturity date of the Notes. 

“Existing Credit Agreements” means: the Freddie Mac Credit Agreement with the related documents thereto (including, without
limitation, any security documents) and as such agreements may be amended (including any amendment and restatement thereof), supplemented or otherwise modified from time to time, including any agreement extending the maturity of, refinancing,
replacing or otherwise restructuring (including increasing the amount of available borrowings thereunder (provided that such increase in borrowings is permitted by Section 5.2) or adding subsidiaries of the Company as additional borrowers or
guarantors thereunder) all or any portion of the Indebtedness under such agreement or any successor or replacement agreement and whether by the same or any other agent, lender or group of lenders. 

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

“Event of Default” shall have the meaning set forth in Section 6.1. 

“Exchange Act” means the United States Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated by the Commission thereunder. 
 “Existing OP Notes” means the existing 7.50% Senior Unsecured Notes due 2025
of NexPoint Real Estate Finance Operating Partnership, L.P. 
 “GAAP” means generally accepted accounting principles in the
United States of America as in effect from time to time. 

  
 8 

 “Global Note” means, individually and collectively, each of the Notes in
the form of a Global Security issued to the Depositary or its nominee, substantially in the form of Exhibit A. 

“Holder” means a Person in whose name a Note is registered. 

“Indebtedness” means, for any Person at any date, without duplication, (a) all then-outstanding indebtedness of such
Person for borrowed money (whether by loan or the issuance and sale of debt securities) or for the deferred purchase price of property or services (other than current trade liabilities incurred in the ordinary course of business and payable in
accordance with customary practices), (b) any other then-outstanding indebtedness of such Person which is evidenced by a note, bond, debenture or similar instrument, (c) all then-outstanding obligations of such Person under financing leases,
(d) all then- outstanding obligations of such Person in respect of letters of credit, acceptances or similar instruments issued or created for the account of such Person and (e) all then-outstanding liabilities secured by any Lien on any
property owned by such Person even though such Person has not assumed or otherwise become liable for the payment thereof. For the avoidance of doubt, the indebtedness relating to “Bonds payable held in variable interest entities” that are
not obligations of the Company, but are included on the Company’s balance sheet as required by GAAP will not be included in this definition. 

“Indenture” means the Base Indenture, as supplemented by this Supplemental Indenture, and as further supplemented, amended or
restated. 
 “Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant.

 “Initial Notes” means the $75,000,000 aggregate principal amount of Notes issued under this Supplemental Indenture on
the date hereof. 
 “Intercompany Indebtedness” means Indebtedness to which the only parties are any of the Company and any
Consolidated Subsidiary; provided, however, that with respect to any such Indebtedness of which the Company is the borrower, such Indebtedness is subordinate in right of payment to the Notes. 

“Interest Swap Obligations” means the obligations of any Person pursuant to any arrangement with any other Person, whereby,
directly or indirectly, such Person is entitled to receive from time to time periodic payments calculated by applying either a floating or a fixed rate of interest on a stated notional amount in exchange for periodic payments made by such other
Person calculated by applying a fixed or a floating rate of interest on the same notional amount and shall include, without limitation, interest rate swaps, caps, floors, collars and similar agreements. 

“Investment” means, with respect to any Person, any direct or indirect loan or other extension of credit (including, without
limitation, a guarantee), or corporate tenant lease to or capital contribution to (by means of any transfer of cash or other property to others or any payment for property or services for the account or use of others), or any purchase or acquisition
by such Person of any Capital Stock, bonds, notes, debentures or other securities or evidences or Indebtedness issued by, any Person. “Investment” shall exclude extensions of trade credit by the Company and its subsidiaries on commercially
reasonable terms in accordance with the Company’s or its subsidiaries’ normal trade practices, as the case may be. 

  
 9 

 “Issue Date” means April 20, 2021. 

“Legal Defeasance” shall have the meaning set forth in Section 11.2. 

“Lien” means any mortgage, lien, pledge, charge, security interest or similar encumbrance. 

“Make-Whole Premium” means, with respect to any Note redeemed before the Notes Par Call Date, the excess, if any, of
(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon that would be due if such Notes matured on the Notes Par Call Date from the Redemption Date to the Notes Par Call Date (exclusive of any
accrued interest required to be paid on the applicable Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus 50 basis points; over (b) 100% of the principal amount of such Note. 

“Moody’s” means Moody’s Investors Service, Inc. and any successor to its rating agency business. 

“Net Debt to Equity Ratio” means as of any date of determination, the ratio of (a) the sum of (x) the aggregate
principal amount of senior securities representing Indebtedness for borrowed money of the Company and its Consolidated Subsidiaries (including under the Notes) as of such date, plus (y) the aggregate principal amount of any Indebtedness for
borrowed money of Persons other than the Company and its Consolidated Subsidiaries, which Indebtedness is subject to a guarantee as of such date by either of the Company or any of its Consolidated Subsidiaries, less (z) all cash and Cash
Equivalents of the Company and its Consolidated Subsidiaries to (b) Stockholders’ Equity at the last day of the immediately preceding fiscal quarter. For the avoidance of doubt, the Indebtedness relating to “Bonds payable held in
variable interest entities” that are not obligations of the Company, but are included on the Company’s balance sheet as required by GAAP will not be included in this calculation. 

“Notes” shall have the meaning set forth in the preamble. The Initial Notes and the Additional Notes shall be treated as a
single class for all purposes under the Indenture, and unless the context otherwise requires, all references to the Notes shall include the Initial Notes and any Additional Notes. 

“Notes Par Call Date” means February 1, 2026. 

“Officer’s Certificate” means a certificate signed by an Officer of the Company that is delivered to the Trustee in
accordance with the terms hereof. Each such certificate shall include the statements provided for in Section 13.07 of the Base Indenture, if and to the extent required by the provisions thereof. An Officer’s Certificate given pursuant to
Section 5.4 shall be signed by the principal executive, financial or accounting officer of the Company, but need not contain the statements provided for in Section 13.07 of the Base Indenture. 

  
 10 

 “Outstanding” when used with reference to the Notes, means, subject to the
provisions of Section 2.4, as of any particular time, all Notes theretofore authenticated and delivered by the Trustee under the Indenture, except (a) Notes theretofore canceled by the Trustee or any paying agent, or delivered to the
Trustee or any paying agent for cancellation or that have previously been canceled; (b) Notes or portions thereof for the payment or redemption of which cash or Governmental Obligations in the necessary amount shall have been deposited in trust
with the Trustee or with any paying agent (other than the Company) or shall have been set aside and segregated in trust by the Company (if the Company shall act as its own paying agent); provided, however, that, if such Notes
or portions of such Notes are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given as provided in Article IV, or provision satisfactory to the Trustee shall have been made for giving such notice; and
(c) Notes in lieu of or in substitution for which other Notes shall have been authenticated and delivered pursuant to the terms of Section 2.07 of the Base Indenture, unless the Trustee and the Company receive proof satisfactory to them
that the replaced Note is held by a protected purchaser. 
 “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 the Depository Trust Company, shall include Euroclear and Clearstream). 

“Permitted Holder” means: NexPoint Real Estate Advisors VII, L.P. and its affiliates. 

“Permitted Indebtedness” means, without duplication, each of the following: 

1) Indebtedness under: (a) the Notes; and (b) Existing OP Notes; 

2) Indebtedness under Debt Facilities outstanding on the Issue Date and (b) Indebtedness incurred after the Issue Date pursuant to Debt
Facilities in an aggregate principal amount at any time outstanding not to exceed the greater of (i) the maximum aggregate amount available under the Existing Credit Agreements as in effect on the Issue Date and (ii) an amount equal to (x)
35.0% of Total Assets less (y) all other Secured Debt outstanding; 
 3) other Indebtedness of the Company and its subsidiaries
outstanding on the Issue Date (other than Indebtedness described in clauses (1) and (2) of this definition); 
 4) Interest Swap
Obligations of the Company covering Indebtedness of the Company or any of its subsidiaries and Interest Swap Obligations of any subsidiary of the Company covering Indebtedness of such subsidiary; provided, however, that such Interest Swap
Obligations are entered into to protect the Company and its subsidiaries from fluctuations in interest rates on Indebtedness incurred in accordance with the Indenture to the extent the notional principal amount of such Interest Swap Obligation does
not exceed the principal amount of the Indebtedness to which such Interest Swap Obligation relates; 
 5) Indebtedness of a subsidiary of
the Company to the Company or to a Consolidated Subsidiary of the Company for so long as such Indebtedness is held by the Company or a Consolidated Subsidiary of the Company; 

  
 11 

 6) Indebtedness of the Company to a Consolidated Subsidiary of the Company for so long as
such Indebtedness is held by a Consolidated Subsidiary of the Company, in each case subject to no Lien; provided that: (a) any Indebtedness of the Company to any Consolidated Subsidiary of the Company is unsecured and subordinated, pursuant to
a written agreement, to the Company’s obligations under the Indenture and the Notes; and (b) if as of any date any Person other than a Consolidated Subsidiary of the Company owns or holds any such Indebtedness or any Person holds a Lien in
respect of such Indebtedness, such date shall be deemed the incurrence of Indebtedness not constituting Permitted Indebtedness by the Company; 

7) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently
(except in the case of daylight overdrafts) drawn against insufficient funds in the ordinary course of business; provided, however, that such Indebtedness is extinguished within two Business Days of incurrence; 

8) Indebtedness of the Company or any of its subsidiaries represented by letters of credit for the account of the Company or such subsidiary,
as the case may be, in order to provide security for workers’ compensation claims, payment obligations in connection with self insurance or similar requirements in the ordinary course of business; 

9) Refinancing Indebtedness; and 

10) additional Indebtedness of the Company and its subsidiaries in an aggregate principal amount (which amount may, but need not, be incurred
in whole or in part under the Existing Credit Agreements) not to exceed the greater of (i) $100.0 million and (ii) 3.0% of Total Assets at any time outstanding. 

For purposes of determining compliance with Section 5.2, in the event that an item of Indebtedness meets the criteria of more than one of
the categories of Permitted Indebtedness described in clauses (1) through (10) above, the Company shall, in its sole discretion, classify (or later reclassify) such item of Indebtedness in any manner that complies with Section 5.2. Accrual
of interest, accretion or amortization of original issue discount, the payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms, and the payment of dividends on Disqualified Capital Stock in the form of
additional shares of the same class of Disqualified Capital Stock will not be deemed to be an incurrence of Indebtedness. 

“Permitted Liens” means: 

1) Liens for taxes, fees, assessments or other governmental charges or levies, either not delinquent or being contested in good faith by
appropriate proceedings, provided any reserve or other appropriate provision as is required by GAAP has been made therefor; and 
 2) Liens
of a depository institution or broker-dealer arising solely by virtue of any contractual, statutory or common law provisions relating to broker’s Liens, banker’s Liens, rights of set-off or similar
rights and remedies as to deposit or brokerage accounts or other funds maintained with such depository institution or broker-dealer. 

  
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 “Person” means an individual, partnership, corporation, limited liability
company, association, trust, unincorporated organization, business entity or the government of the United States of America, or any entity exercising executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, any
such government. 
 “Preferred Stock” of any Person means any Capital Stock of such Person that has preferential rights to
any other Capital Stock of such Person with respect to dividends or redemptions or upon liquidation. 
 “Qualified Capital
Stock” means Capital Stock other than Disqualified Capital Stock. 
 “Prospectus” means the base prospectus, dated
March 31, 2021, included as part of a registration statement on Form S-3 under the Securities Act, declared effective by the Commission on March 31, 2021 (Registration No. 333-
251854), as supplemented by a prospectus supplement, dated April 13, 2021, filed by the Company with the Commission pursuant to Rule 424(b) under the Securities Act, as further supplemented by the free writing prospectus, dated
April 13, 2021, filed by the Company with the Commission. 
 “Redemption Date” means, with respect to any Note or
portion thereof to be redeemed in accordance with the provisions of Section 4.1, the date fixed for such redemption in accordance with the provisions of Section 4.2. 

“Redemption Price” shall have the meaning set forth in Section 4.1. 

“Reference Treasury Dealer” means each of any four primary U.S. government securities dealers selected by the Company. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the
average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by that Reference Treasury Dealer at 3:30 p.m.
(New York City time) on the third Business Day preceding that Redemption Date. 
 “Refinance” means, in respect of any
security or Indebtedness, to refinance, extend, renew, refund, repay, prepay, redeem, defease or retire, or to issue a security or Indebtedness in exchange or replacement for, such security or Indebtedness in whole or in part. “Refinanced”
and “Refinancing” shall have correlative meanings. 
 “Refinancing Indebtedness” means any Refinancing by the
Company or any subsidiary of the Company of Indebtedness incurred in accordance with Section 5.2 (other than pursuant to clauses (2), (4), (5), (6), (7), (8) or (10) of the definition of Permitted Indebtedness), in each case that does not:

 1) result in an increase in the aggregate principal amount of Indebtedness of such Person as of the date of such proposed Refinancing
(plus the amount of any premium required to be paid under the terms of the instrument governing such Indebtedness and plus the amount of reasonable expenses incurred by the Company in connection with such Refinancing); or 

  
 13 

 2) create Indebtedness with: (a) a Weighted Average Life to Maturity that is less than
the Weighted Average Life to Maturity of the Indebtedness being Refinanced; or (b) a final maturity earlier than the final maturity of the Indebtedness being Refinanced; provided that (i) if such Indebtedness being Refinanced is
Indebtedness of the Company, then such Refinancing Indebtedness shall be Indebtedness solely of the Company, and (ii) if such Indebtedness being Refinanced is subordinate or junior to the Notes, then such Refinancing Indebtedness shall be
subordinate to the Notes at least to the same extent and in the same manner as the Indebtedness being Refinanced. 

“S&P” means Standard and Poor’s, Financial Services LLC, a subsidiary of McGraw-Hill Financial, Inc. and any
successor thereto. 
 “Secured Debt” means, as of any date, that portion of principal amount of outstanding Indebtedness,
excluding Intercompany Indebtedness, of the Company and its Consolidated Subsidiaries as of that date that is secured by a Lien (other than a Permitted Lien). 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, as
in effect from time to time. 
 “Significant Subsidiary” shall have the meaning set forth in Section 6.1(d). 

“Stated Maturity” means May 1, 2026. 

“Stockholders’ Equity” means, at any date, the amount determined on a consolidated basis, without duplication, in
accordance with GAAP, of total stockholders’ equity or net assets, as applicable, for the Company and its Consolidated Subsidiaries at such date and the redeemable noncontrolling interests in NexPoint Real Estate Finance Operating Partnership,
L.P. 
 “Supplemental Indenture” shall have the meaning set forth in the preamble. 

“Total Assets” as of any date means the total assets of the Company and its subsidiaries determined on a consolidated basis
in accordance with GAAP, as shown on the most recent consolidated balance sheet of the Company, determined on a pro forma basis in a manner consistent with the pro forma adjustments contained in the definition of Consolidated Fixed Charge Coverage
Ratio. 
 “Total Unencumbered Assets” as of any date means all of the assets (excluding intangibles) of the Company and its
subsidiaries that are not subject to a Lien (other than a Permitted Lien) securing Indebtedness, all on a consolidated basis for the Company and its subsidiaries in accordance with GAAP. 

“Treasury Rate” means, with respect to any Redemption Date for the Notes, (i) the yield, under the heading which
represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15” or any successor 

  
 14 

 
publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to
constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the Stated Maturity for the Notes, yields for the
two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding to the nearest month) or
(ii) if that release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury
Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that Redemption Date. The Treasury Rate shall be calculated on the third Business Day
preceding the Redemption Date. 
 “Trustee” shall have the meaning set forth in the preamble. 

“Unsecured Debt” means that portion of the outstanding principal amount of the Company and its Consolidated
Subsidiaries’ Indebtedness, excluding Intercompany Indebtedness, that is not Secured Debt. 
 “Weighted Average Life to
Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing: (1) the then outstanding aggregate principal amount of such Indebtedness into; (2) the sum of the total of the products
obtained by multiplying (i) 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 (ii) the number of years
(calculated to the nearest one- twelfth) which will elapse between such date and the making of such payment. 

ARTICLE II 
 THE NOTES 

SECTION 2.1 Terms of the Notes. 

Pursuant to Section 2.01 of the Base Indenture, the following terms relating to the Notes are hereby established: 

(1) The Notes shall constitute a series of Securities having the title “5.75% Senior Notes due 2026”. 

(2) The initial aggregate principal amount of the Notes is $75,000,000. There is no limit upon the aggregate principal amount
of the Notes that may be authenticated and delivered under the Indenture, subject to Section 2.2 and the terms of the Base Indenture. 

(3) The entire outstanding principal of the Notes shall be payable as set forth in the Notes. 

  
 15 

 (4) The Initial Notes shall be issued at a public offering price of 99.46%
of the principal amount thereof, other than any offering discounts pursuant to the initial offering and resale of the Notes. The principal amount due at the Stated Maturity and the place(s) of payment shall be as set forth in the Notes. 

(5) The rate at which the Notes shall bear interest shall be as set forth in the Notes. 

(6) The dates from which interest shall accrue, the Interest Payment Dates on which such interest will be payable and the
record date for the determination of the Holders to whom interest is payable on any such Interest Payment Dates shall be as set forth in the Notes. 

(7) Not applicable. 

(8) The provisions of Article IV shall be applicable to the Notes. 

(9) Not applicable. 

(10) The Notes will be in substantially the form of Exhibit A, which is incorporated in and expressly made part of the
Indenture. 
 (11) The Notes will be issued in denominations of $2,000 and integral multiples of $1,000. 

(12) Not applicable. 

(13) The Notes will be issuable as Global Notes and the provisions of Article III shall be applicable to the Notes. 

(14) Not applicable. 

(15) Not applicable. 

(16) The different Events of Default contained in Section 6.1 shall be applicable to the Notes. 

(17) The different covenants contained in Section 5.1, 5.3 and 5.4 and the additional covenants contained in
Section 5.2 shall be applicable to the Notes. 
 (18) Not applicable. 

(19) Not applicable. 

(20) Not applicable. 

(21) Not applicable. 

  
 16 

 (22) The different provisions related to defesance and discharge contained
in Articles X and XI shall be applicable to the Notes. 
 (23) The Notes shall not be guaranteed. 

(24) The information describing book-entry procedures contained in Sections 3.2 and 3.3 shall be applicable to the Notes.

 (25) Such other terms as set forth in this Supplemental Indenture shall be applicable to the Notes. 

SECTION 2.2 Additional Notes. 

The Company will be entitled, upon delivery of an Officer’s Certificate and Authentication Order and without the consent of the Holders
of the Notes, subject to compliance with Section 5.2, to issue Additional Notes under the Indenture that will have identical terms to the Initial Notes issued on the Issue Date other than with respect to the date of issuance and, under certain
circumstances, the issue price and first payment of interest thereon; provided that, if the Additional Notes are not fungible with the Initial Notes for U.S. federal income tax purposes, the Additional Notes will have a separate CUSIP
number. All the Notes issued under this Supplemental Indenture will rank equally and ratably in right of payment and will be treated as a single series for all purposes of the Indenture. With respect to any Additional Notes, the Company will set
forth in a resolution of its Board of Directors and an Officer’s Certificate, a copy of each of which will be delivered to the Trustee, the following information: 

(1) the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to the Indenture; and

 (2) the issue price, the issue date and the CUSIP number of such Additional Notes. 

SECTION 2.3 Security Registrar and Paying Agent. 

The Trustee shall initially serve as Security Registrar and paying agent for the Notes. 

SECTION 2.4 Certain Notes Owned by the Company Disregarded. 

This Section 2.4 replaces Section 8.04 of the Base Indenture with respect to the Notes only. 

In determining whether the Holders of the required principal amount of Outstanding Notes have given any request, demand, authorization,
direction, notice, consent or waiver, Notes owned by the Company, or any other obligor upon the Notes or any affiliate of the Company or of the other obligor shall be disregarded and be considered as though not Outstanding, except that for the
purposes of determining whether the Trustee will be protected in relying on any such request, demand, authorization, direction, notice, consent or waiver, only Notes that the Trustee knows are so owned will be so disregarded. 

  
 17 

 ARTICLE III 

FORM OF THE NOTES 
 SECTION
3.1 Global Form. 
 The Notes shall initially be issued in the form of one or more permanent Global Notes. The Notes shall not be
issuable in definitive form except as provided in Section 3.2(a) of this Supplemental Indenture. The Notes and the Trustee’s certificate of authentication shall be substantially in the form attached
as Exhibit A hereto. The Company shall execute and the Trustee shall, in accordance with Sections 2.04 and 2.11 of the Base Indenture, authenticate and hold each Global Note as custodian for the Depositary.
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. The terms and provisions contained in the form of Note attached
as Exhibit A hereto shall constitute, and are hereby expressly made, a part of the Indenture and, to the extent applicable, the Company and the Trustee, by their execution and delivery of this Supplemental
Indenture, expressly agree to such terms and provisions and to be bound thereby. 
 SECTION 3.2 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 will be exchanged by
the Company for Definitive Notes if: 
 (1) the Company delivers to the Trustee written 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 90 days after the date of such notice
from the Depositary; or 
 (2) the Company in its sole discretion determines that the Global Notes (in whole but not in part)
should be exchanged for Definitive Notes and delivers a written notice to such effect to the Trustee. 
 Upon the occurrence of either of
the preceding events in (1) or (2) above, Definitive Notes 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 2.06
and 2.07 of the Base Indenture. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 3.2 or Sections 2.06 and 2.07 of the Base Indenture, shall be
authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may not be exchanged for another Note other than as provided in this Section 3.2(a), however, beneficial interests in a Global Note may be transferred and
exchanged as provided in Section 3.2(c) or 3.2(d). 

  
 18 

 (b) Legend. Any Global Note issued under this Supplemental Indenture shall 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 (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO
SECTION 3.2 OF THE SUPPLEMENTAL INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 3.2 OF THE SUPPLEMENTAL INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE
TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.08 OF THE BASE INDENTURE AND (IV) 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 CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN
THE NAME OF CEDE & CO. OR 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.” 

(c) 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 the Indenture and the Applicable Procedures. Transfers of beneficial interests in the Global Notes 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: 

  
 19 

 (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 a Global Note. No written orders or instructions shall be required to be delivered to the Security Registrar to
effect the transfers described in this Section 3.2(c)(1). 
 (2) All Other Transfers of Beneficial Interests in
Global Notes. In connection with all transfers of beneficial interests that are not subject to Section 3.2(c)(1) above, the transferor of such beneficial interest must deliver to the Security Registrar 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 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. 
 Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes
contained in the 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 3.2(g). 

(d) Transfer and Exchange of Beneficial Interests in Global Notes for Definitive Notes. If any Holder of a beneficial interest in a
Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the conditions set forth in
Section 3.2(c)(2), the Trustee will cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 3.2(g), and the Company will execute and the Trustee will authenticate and deliver to the
Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 3.2(d) will 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 Security Registrar from or through the Depositary and the Participant or Indirect Participant. The Trustee will deliver such
Definitive Notes to the Persons in whose names such Notes are so registered. 
 (e) Transfer and Exchange of Definitive Notes for
Beneficial Interests in Global Notes. A Holder of a Definitive Note may exchange such Note for a beneficial interest in a Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest
in a Global Note 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. 

  
 20 

 If any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to the
previous paragraph at a time when a Global Note has not yet been issued, the Company will issue and, upon receipt of an Authentication Order, the Trustee will authenticate one or more Global Notes in an aggregate principal amount equal to the
principal amount of Definitive Notes so transferred. 
 (f) 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 3.2(f), the Security Registrar will register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or
exchange, the requesting Holder will present or surrender to the Security Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Security Registrar duly executed by such Holder or
by his attorney, duly authorized in writing. A Holder of Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of a Definitive Note. Upon receipt of a request to register such a transfer, the Security Registrar
shall register the Definitive Notes pursuant to the instructions from the Holder thereof. 
 (g) Cancellation and/or Adjustment of Global
Notes. At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes 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 2.08 of the Base Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will
take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, 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, 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. 

SECTION 3.3 General Provisions Relating to Transfers and Exchanges. 

(a) 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 or at the Security Registrar’s request. 
 (b) 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 4.3(b) and 8.4 and Section 2.06 of the Base Indenture). 

  
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 (c) The Security 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. 
 (d) All Global
Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes will be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under the Indenture, as the
Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange. 
 (e) This Section 3.3(e) shall
replace Section 2.05(d) of the Base Indenture. 
 Neither the Security Registrar nor the Company will be required: 

(1) to issue, register the transfer of or to exchange any Note during a period beginning at the opening of business 15 days
before any selection of Notes for redemption under Article IV and ending at the close of business on the earliest date on which the relevant notice of redemption is deemed to have been given to all Holders of Notes to be so redeemed; or 

(2) to register the transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed
portion of any Note being redeemed in part; or 
 (3) to register the transfer of or to exchange a Note between a record date
and the next succeeding Interest Payment Date. 
 (f) 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 Notes and for all other purposes, and none of
the Trustee, any Agent or the Company shall be affected by notice to the contrary. 
 (g) The Trustee will authenticate Global Notes and
Definitive Notes in accordance with the provisions of Sections 2.04 and 2.11 of the Base Indenture. 
 (h) The transferor of any Note
shall provide or cause to be provided to the Trustee all information necessary to allow the Trustee to comply with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations under Section 6045 of
the Code. The Trustee may rely on the information provided to it and shall have no responsibility to verify or ensure the accuracy of such information. 

(i) In connection with any proposed transfer outside the book-entry system, there shall be provided to the Trustee all information necessary
to allow the Trustee to comply with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations under Section 6045 of the Code. The Trustee may rely on the information provided to it and shall
have no responsibility to verify or ensure the accuracy of such information. 

  
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 ARTICLE IV 

REDEMPTION OF THE NOTES 
 The
provisions of Article III of the Base Indenture, as amended by the provisions of this Supplemental Indenture, shall apply to the Notes. Sections 3.04, 3.05 and 3.06 of the Base Indenture are not applicable to the Notes. 

SECTION 4.1 Optional Redemption of the Notes. 

The Company may redeem on any one or more occasions some or all of the Notes before they mature. The redemption price (the “Redemption
Price”) will equal the sum of (1) an amount equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest up to, but not including, the Redemption Date and (2) the Make-Whole
Premium; provided that, the Company will not redeem the Notes on any date if the principal amount of the Notes has been accelerated, and such an acceleration has not been rescinded or cured on or prior to such date.
Notwithstanding the foregoing, if the Notes are redeemed on or after the Notes Par Call Date, the Redemption Price will not include the Make-Whole Premium; provided further that, if the Redemption Date falls after a record
date and on or prior to the corresponding Interest Payment Date, the Company will pay the full amount of accrued and unpaid interest and premium, if any, due on such Interest Payment Date to the Holder of record at the close of business on the
corresponding record date (instead of the Holder surrendering its Notes for redemption) and the Redemption Price shall not include accrued and unpaid interest up to, but not including, the Redemption Date. 

SECTION 4.2 Notice of Redemption; Selection of the Notes. 

(a) In case the Company shall desire to exercise the right to redeem some or all of the Notes pursuant to Section 4.1, the Company shall
fix a date for redemption and the Company, or, at the Company’s written request received by the Trustee not fewer than five Business Days prior (or such shorter period of time as may be acceptable to the Trustee) to the date the notice of
redemption is to be sent, the Trustee, in the name of and at the expense of the Company, shall mail or cause to be mailed, or sent by electronic transmission a notice of such redemption not fewer than 30 calendar days nor more than 90 calendar days
prior to the Redemption Date to each Holder at its last address as the same appears on the Security Register, except that notices of redemption may be mailed or sent more than 90 days prior to a Redemption Date if the notice is issued in connection
with a defeasance of the Notes or a satisfaction and discharge of the Indenture pursuant to Articles X and XI with respect to the Notes. Such mailing shall be by first class mail or sent by electronic transmission. The notice, if sent in the manner
herein provided, shall be conclusively presumed to have been duly given, whether or not the Holder receives such notice. In any case, failure to give such notice by mail or any defect in the notice to the Holder of any Note designated for redemption
as a whole or in part shall not affect the validity of the proceedings for the redemption of any other Note. 

  
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 (b) Each such notice of redemption shall specify: (i) the aggregate principal amount of
Notes to be redeemed, (ii) the CUSIP number or numbers, if any, of the Notes being redeemed, (iii) the Redemption Date, (iv) the Redemption Price at which Notes are to be redeemed, (v) the place or places of payment and that
payment will be made upon presentation and surrender of such Notes and (vi) that interest accrued and unpaid to, but excluding, the Redemption Date will be paid as specified in said notice, and that on and after said date interest thereon or on
the portion thereof to be redeemed will cease to accrue. If fewer than all the Notes are to be redeemed, the notice of redemption shall identify the Notes to be redeemed (including CUSIP numbers, if any). In case any Note is to be redeemed in part
only, the notice of redemption shall state the portion of the principal amount thereof to be redeemed and shall state that, on and after the Redemption Date, upon surrender of such Note, a new Note or Note in principal amount equal to the unredeemed
portion thereof will be issued. 
 (c) On or prior to the Redemption Date specified in the notice of redemption given as provided in this
Section 4.2, the Company will deposit with the paying agent (or, if the Company is acting as its own paying agent, set aside, segregate and hold in trust as provided in Section 4.03 of the Base Indenture) an amount of money in
immediately available funds sufficient to redeem on the Redemption Date all the Notes (or portions thereof) so called for redemption at the appropriate Redemption Price; provided that, if such payment is made on the
Redemption Date, it must be received by the paying agent, by 11:00 a.m., New York City time, on such date. The Company shall be entitled to retain any interest, yield or gain on amounts deposited with the paying agent pursuant to this
Section 4.2 in excess of amounts required hereunder to pay the Redemption Price. 
 (d) If less than all of the Outstanding Notes are
to be redeemed, the Trustee shall select the Notes or portions thereof of the Global Notes or the Definitive Notes to be redeemed (in principal amounts of $2,000 and integral multiples of $1,000 in excess thereof) on a pro rata basis, by lot or by
such other method the Trustee deems fair and appropriate or as required by the Depositary for the Notes. The Notes (or portions thereof) so selected for redemption shall be deemed duly selected for redemption for all purposes hereof. 

SECTION 4.3 Payment of the Notes Called for Redemption by the Company. 

(a) If notice of redemption has been given as provided in Section 4.2 and the Trustee holds funds sufficient to pay the Redemption Price
of the Notes on the Redemption Date, the Notes or portion of Notes with respect to which such notice has been given shall become due and payable on the Redemption Date and at the place or places stated in such notice at the Redemption Price, and
unless the Company shall default in the payment of such Notes at the Redemption Price, interest on the Notes or portion of Notes so called for redemption shall cease to accrue on and after the Redemption Date and, on and after the Redemption Date
(unless the Company shall default in the payment of the Redemption Price) such Notes shall cease to be Outstanding and cease to be entitled to any benefit or security under the Indenture, and the Holders thereof shall have no right in respect of
such Notes except the right to receive the Redemption Price thereof. On presentation and surrender of such Notes at a place of payment in said notice specified, the said Notes or the specified portions thereof shall be paid and redeemed by the
Company at the Redemption Price, together with interest accrued thereon to, but excluding, the Redemption Date. 
 (b) Upon presentation of
any Note redeemed in part only, the Company shall execute and the Trustee shall authenticate and make available for delivery to the Holder thereof, at the expense of the Company, a new Note or Notes, of authorized denominations, in principal amount
equal to the unredeemed portion of the Notes so presented. 

  
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 ARTICLE V 

ADDITIONAL COVENANTS 
 This
Article V shall delete Section 4.05 of the Base Indenture with respect to the Notes only. The following additional covenants shall apply with respect to the Notes so long as any of the Notes remain Outstanding: 

SECTION 5.1 Reports. 

This Section 5.1 shall replace Section 5.03 of the Base Indenture. 

(a) The Company will file with the Trustee, within 30 days after the same have been filed with the Commission, copies of the quarterly and
annual reports and the information, documents and other reports, if any, that it is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act, and to otherwise comply with Section 314(a) of the Trust
Indenture Act. Any such report, information or document that the Company files with the Commission through the EDGAR system (or any successor thereto) will be deemed to be delivered to the Trustee for the purposes of this Section 5.1(a) at the
time of such filing through the EDGAR system (or such successor thereto); provided, however, that the Trustee shall have no obligation whatsoever to determine whether or not such filing has occurred. 

(b) Delivery of any such reports, information and documents to the Trustee shall be for informational purposes only, and the Trustee’s
receipt of such reports, information and documents 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). 
 SECTION 5.2 Limitations on
Incurrence of Indebtedness. 
 (a) The Company shall not, and shall not permit any of its subsidiaries to, directly or indirectly,
create, incur, assume, guarantee, become liable, contingently or otherwise, with respect to, or otherwise become responsible for payment of, or collectively, “incur,” any Indebtedness (including, without limitation, Acquired Indebtedness)
other than Permitted Indebtedness. Notwithstanding the foregoing, if no Default or Event of Default shall have occurred and be continuing at the time of or as a consequence of the incurrence of any such Indebtedness, the Company or any of its
subsidiaries may incur Indebtedness (including, without limitation, Acquired Indebtedness), in each case if on the date of the incurrence of such Indebtedness, after giving effect to the incurrence thereof, the Consolidated Fixed Charge Coverage
Ratio of the Company is greater than 1.5 to 1.0. 
 (b) The Company and its subsidiaries shall maintain Total Unencumbered Assets of not
less than 100% of the aggregate outstanding principal amount of Unsecured Debt of the Company and its subsidiaries, in each case on a consolidated basis. 

  
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 (c) The Company shall not permit the Net Debt to Equity Ratio to be greater than 3.5 to 1.0
based on the incurrence of additional Indebtedness. 
 SECTION 5.3 Offer to Repurchase Upon a Change of Control Repurchase Event
 
 If a Change of Control Repurchase Event occurs, unless the Company has exercised its option to redeem the Notes as described under
Section 4.1, each Holder of Notes will have the right to require that the Company repurchase all or any part (in a minimum principal amount of $2,000 and integral multiples of $1,000 in excess thereof) of that Holder’s Notes at a
repurchase price in cash equal to 101% of the aggregate principal amount of Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the date of repurchase, pursuant to the offer described below. Within 30 days following any
Change of Control Repurchase Event or, at the Company’s option, prior to any Change of Control Repurchase Event, but after the public announcement of the Change of Control Repurchase Event, the Company will give notice to each Holder with
copies to the Trustee and the paying agent (if other than the Trustee) describing the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and offering to repurchase Notes on the payment date specified
in the notice, which will be no earlier than 30 days and no later than 60 days from the date such notice is given. The notice shall, if given prior to the date of consummation of the Change of Control Repurchase Event, state that the offer to
purchase is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. 

Notwithstanding the foregoing, interest due on an interest payment date falling on or prior to a repurchase date will be payable to Holders at
the close of business on the record date for such interest payment date. 
 The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of
Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Repurchase Event provisions of the Notes, the Company will comply with the applicable securities laws and
regulations and will not be deemed to have breached its obligations under the Change of Control Repurchase Event provisions of the Indenture by virtue of such conflict. 

On the Change of Control Repurchase Event payment date, the Company shall, to the extent lawful: 

(a) Accept for payment all Notes or portions of Notes properly tendered pursuant to its offer; 

(b) Deposit with the paying agent an amount equal to the aggregate repurchase price in respect of all Notes or portions of
Notes properly tendered; and 
 (c) Deliver or cause to be delivered to the Trustee the Notes properly accepted, together
with an Officer’s Certificate stating the aggregate principal amount of Notes being repurchased by the Company and requesting that such Notes be cancelled. 

  
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 The paying agent will promptly send to each Holder of Notes properly tendered the purchase
price for the Notes, and the Trustee will promptly authenticate and send (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any unrepurchased portion of any Notes surrendered; provided that each new
Note will be in a minimum principal amount of $2,000 and integral multiples of $1,000 in excess thereof. 
 The Company will not be required
to make an offer to repurchase the Notes upon a Change of Control Repurchase Event if: (1) the Company or its successor delivered a notice to redeem the Notes in the manner, at the times and otherwise in compliance with the optional redemption
provisions described in Article IV prior to the occurrence of the Change of Control Repurchase Event; or (2) a third party makes an offer in respect of the Notes in the manner, at the times and otherwise in compliance with the requirements for
an offer made by the Company and such third-party purchases all Notes properly tendered and not withdrawn under its offer. 
 There can be
no assurance that sufficient funds will be available at the time of any Change of Control Repurchase Event to make required repurchases of Notes tendered. The Company’s failure to repurchase the Notes upon a Change of Control Repurchase Event
would result in an Event of Default under the Indenture. 
 SECTION 5.4 Compliance Certificates. 

This Section 5.4 shall replace Section 13.12 of the Base Indenture with respect to the Notes only. 

The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year during which any Notes were Outstanding, a
certificate by an Officer of the Company stating whether or not the Officer knows of any Default or Event of Default under the Indenture, and, if so, specifying such Default or Event of Default and the nature and status thereof. 

ARTICLE VI 
 REMEDIES OF THE
TRUSTEE AND HOLDERS ON EVENT OF DEFAULT 
 Sections 6.1, 6.2 and 6.3 shall replace Section 6.01 of the Base Indenture with respect to
the Notes only. Sections 6.4 and 6.5 shall replace Sections 6.06 and 7.14 of the Base Indenture, respectively, with respect to the Notes only. 

SECTION 6.1 Events of Default. 

“Event of Default,” wherever used herein or in the Base Indenture with respect to the Notes, means any one of the following
events: 
 (a) default in the payment of any installment of interest under the Notes that continues for a period of 90 days; 

(b) default in the payment of the principal amount or Redemption Price due with respect to the Notes, when the same becomes due and payable,
whether at maturity, upon redemption or otherwise; 

  
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 (c) the Company’s failure to comply with any of its other agreements in the Notes or
the Indenture that it fails to cure (or obtain a waiver of) within 90 days after it receives notice of such default by the Trustee or by Holders of not less than 25% in aggregate principal amount of the Notes then Outstanding; 

(d) an event of default, as defined in any bond, note, debenture or other evidence of debt of the Company, any subsidiary in which the Company
has invested at least $75,000,000 in capital (a “Significant Subsidiary”) or any entity in which the Company is the general partner, in excess of $75,000,000 singly or in aggregate principal amount of such issues of such persons,
whether such debt exists now or is subsequently created, which becomes accelerated so as to be due and payable prior to the date on which the same would otherwise become due and payable and such acceleration(s) shall not have been annulled or
rescinded within 60 days of such acceleration or the failure to make a principal payment at the final (but not any interim) fixed maturity and such defaulted payment shall not have been made, waived or extended within 60 days of such payment
default; provided, however, that if such event of default, acceleration(s) or payment default(s) are contested by us, a final and non-appealable judgment or order confirming the existence of the default(s)
and/or the lawfulness of the acceleration(s), as the case may be, shall have been entered; 
 (e) either the Company or any Significant
Subsidiary pursuant to or within the meaning of any Bankruptcy Law (i) commences a voluntary case, (ii) consents to the entry of an order for relief against it in an involuntary case, (iii) consents to the appointment of a Custodian
of it or for all or substantially all of its property or (iv) makes a general assignment for the benefit of its creditors; or 
 (f) a
court of competent jurisdiction enters an order under any Bankruptcy Law that (i) is for relief against either the Company or any Significant Subsidiary in an involuntary case, (ii) appoints a custodian of either the Company or a
Significant Subsidiary for all or substantially all of its property or (iii) orders the liquidation of either the Company or a Significant Subsidiary and the order or decree remains unstayed and in effect for 90 consecutive days. 

SECTION 6.2 Acceleration of Maturity; Rescission and Annulment. 

If an Event of Default with respect to the Notes at the time Outstanding occurs and is continuing (other than an Event of Default referred to
in Section 6.1(e) or 6.1(f), which shall result in an automatic acceleration), then in every such case the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Notes by giving notice to the Trustee may declare
the principal amount of and accrued and unpaid interest, if any, on all of the outstanding Notes to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such
principal amount (or specified amount) and accrued and unpaid interest, if any, shall become immediately due and payable. If an Event of Default specified in Section 6.1(e) or 6.1(f) occurs, the principal of and accrued and unpaid
interest, if any, on all outstanding Notes shall automatically be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. 

  
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 At any time after the principal amount of (and premium, if any, on) and accrued and unpaid
interest on the Notes shall have been so declared due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained by the Trustee or entered as hereinafter provided, Holders of a majority in aggregate
principal amount of the Notes then Outstanding, by written notice to the Company and to the Trustee, may rescind and annul such declaration and its consequences, subject in all respects to Section 6.4, if: (a) the Company has deposited
with the Trustee a sum sufficient to pay all matured installments of interest upon all the Notes and the principal of (and premium, if any, on) any and all Notes that shall have become due otherwise than by acceleration and the amount payable to the
Trustee under Section 7.3; (b) any and all Events of Default with respect to the Notes, other than the nonpayment of principal on (and premium, if any, on) and accrued and unpaid interest on the Notes that shall not have become due by
their terms, shall have been remedied or waived as provided in Section 6.4; and (c) the rescission would not conflict with any judgment or decree of a court of competent jurisdiction. No such rescission and annulment shall extend to or
shall affect any subsequent default or Event of Default, or shall impair any right consequent thereon. 
 SECTION 6.3 Restoration of
Rights and Remedies. 
 If the Trustee shall have proceeded to enforce any right with respect to the Notes under the Indenture and such
proceedings shall have been discontinued or abandoned because of such rescission or annulment or for any other reason or shall have been determined adversely to the Trustee, then and in every such case, subject to any determination in such
proceedings, the Company and the Trustee shall be restored respectively to their former positions and rights hereunder, and all rights, remedies and powers of the Company and Trustee shall continue as though no such proceedings had been taken. 

SECTION 6.4 Control by Holders. 

The Holders of a majority in aggregate principal amount of the Outstanding Notes, determined in accordance with Section 2.4, shall have
the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee with respect to the Notes; provided, however, that
such direction shall not be in conflict with any rule of law or with the Indenture. Subject to the provisions of Section 7.01 of the Base Indenture, the Trustee shall have the right to refuse to follow any such direction if the Trustee in
good faith shall, by a Responsible Officer or officers of the Trustee, determine that the proceeding so directed, subject to the Trustee’s duties under the Trust Indenture Act or would involve the Trustee in personal liability or might be
unduly prejudicial to the Holders not involved in the proceeding and may take any other action it deems proper that is not inconsistent with any such direction received from Holders. The Holders of not less than a majority in aggregate principal
amount of the Outstanding Notes may on behalf of the Holders of the Notes waive any past Default hereunder with respect to the Notes and its consequences, except a Default (a) in the payment of the principal of or interest or premium, if any,
on the Notes (provided, however, that the Holders of a majority in principal amount of the Outstanding Notes may rescind an acceleration and its consequences, including any related payment default that resulted from such
acceleration) or (b) in respect of a covenant or provision contained in the Indenture which cannot be modified or amended without the consent of the Holder of each Outstanding Note affected. Upon any such waiver, such Default shall cease to
exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of the Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 

  
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 SECTION 6.5 Notice of Default. 

If any Default or any Event of Default occurs and is continuing with respect to the Notes and if a Responsible Officer of the Trustee has
received notice of such Event of Default in accordance with Section 7.1(h), the Trustee shall send to each Holder of the Notes in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act notice of a Default
or Event of Default within 90 days after it occurs, unless such Default or Event of Default has been cured; provided, however, that, except in the case of a default in the payment of principal of (or premium, if any) or
interest on any Notes, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors or Responsible Officers of the Trustee in good faith determine that
withholding such notice is in the interests of the Holders of the Notes. 
 SECTION 6.6 Cure of Default. 

Any Default or Event of Default resulting from the failure to deliver a notice, report or certificate under the Indenture shall cease to exist
and be cured in all respects if the underlying Default or Event of Default giving rise to such notice, report or certificate requirement shall have ceased to exist or be cured. 

ARTICLE VII 
 CONCERNING THE
TRUSTEE 
 Sections 7.1, 7.2 and 7.3 shall replace Sections 7.02, 7.05 and 7.06 of the Base Indenture, respectively, with respect to the
Notes only. 
 SECTION 7.1 Certain Rights of Trustee. 

Except as otherwise provided in Section 7.01 of the Base Indenture: 

(a) The Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order, approval, bond, security or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties; 

(b) Any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by a Board Resolution of the
Company or an instrument signed in the name of the Company by an Officer of the Company (unless other evidence in respect thereof is specifically prescribed herein); 

(c) The Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken or suffered or omitted hereunder in good faith and in reliance thereon; 

  
 30 

 (d) The Trustee shall be under no obligation to exercise any of the rights or powers vested
in it by the Indenture at the request, order or direction of any of the Holders of the Notes pursuant to the provisions of the Indenture, unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to it
against the costs, expenses and liabilities that may be incurred therein or thereby; subject to Section 7.01(b)(iv) of the Base Indenture, nothing contained herein shall, however, relieve the Trustee of the obligation, upon the occurrence of an
Event of Default with respect to the Notes (that has not been cured or waived), to exercise with respect to the Notes such of the rights and powers vested in it by the Indenture, and to use the same degree of care and skill in their exercise, as a
prudent man would exercise or use under the circumstances in the conduct of his own affairs; 
 (e) The Trustee shall not be liable for any
action taken or omitted to be taken by it in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by the Indenture; 

(f) The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, bond, security, or other papers or documents, unless requested in writing so to do by the Holders of not less than a majority in aggregate principal amount of the Outstanding
Notes (determined as provided in Section 2.4); provided, however, that if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such
investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of the Indenture, the Trustee may require indemnity reasonably satisfactory to it against such costs, expenses or
liabilities as a condition to so proceeding. The reasonable expense of every such examination shall be paid by the Company or, if paid by the Trustee, shall be repaid by the Company upon demand; and 

(g) The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or
attorneys and the Trustee shall not be responsible for any gross misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder. 

(h) The Trustee shall not be deemed to have notice of any Default or Event of Default, except a payment default under
Section 6.1(a) or 6.1(b), unless written notice of any event which is in fact such a Default or Event of Default is received by a Responsible Officer at the Corporate Trust Office of the Trustee, and such notice references the Notes and
the Indenture. 
 (i) The Trustee shall not be liable for any special, indirect, punitive or consequential losses or damages (including
without limitation lost profits) even if the Trustee has been advised of the possibility of such loses or damages and regardless of the form of the action. 

(j) The Trustee shall not be required to provide a bond or other security with respect to the performance of its power and duties under the
Indenture. 

  
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 (k) In no event shall the Trustee be responsible or liable for any failure or delay in the
performance of its obligations under the Indenture arising out of or caused by, directly or indirectly, forces beyond its reasonable control, including 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 or hardware) services. 

(l) The Trustee may accept and act upon instructions or directions pursuant to this Indenture sent by unsecured
e-mail or other similar unsecured electronic methods; provided, however, that (a) the party providing such written instructions, subsequent to such transmission of written instructions, shall provide the
originally executed instructions or directions to the Trustee in a timely manner, and (b) such originally executed instructions or directions shall be signed by an authorized representative of the party providing such instructions or
directions. If the party elects to give the Trustee e-mail instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the
Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such
instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The party providing electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit
instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties. 

(m) Any permissive right given to the Trustee hereunder shall not be construed as a duty. 

SECTION 7.2 Moneys Held in Trust. 

Subject to the provisions of Sections 10.2, 11.5, 11.6 and 11.7, all moneys received by the Trustee shall, until used or applied as herein
provided, be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any moneys received by it hereunder
except such as it may agree with the Company to pay thereon. 
 SECTION 7.3 Compensation and Reimbursement. 

(a) The Company covenants and agrees to pay to the Trustee, and the Trustee shall be entitled to, such reasonable compensation (which shall
not be limited by any provision of law in regard to the compensation of a trustee of an express trust) as the Company and the Trustee may from time to time agree in writing, for all services rendered by it in the execution of the trusts hereby
created and in the exercise and performance of any of the powers and duties hereunder of the Trustee, and, except as otherwise expressly provided in the Indenture, the Company will pay or reimburse the Trustee upon its request for all reasonable
expenses, disbursements and advances incurred or made by the Trustee in accordance with any of the provisions of the Indenture (including the reasonable compensation and the expenses and disbursements of its counsel and of all Persons not regularly
in its employ), except any such expense, disbursement or advance as may arise from its gross negligence or bad faith and except as the Company and Trustee may from time to time agree in writing. The Company also covenants to indemnify the Trustee
(and its officers, agents, directors and employees) for, and to 

  
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hold it harmless against, any loss, liability or expense incurred without gross negligence or bad faith on the part of the Trustee and arising out of or in connection with the acceptance or
administration of this trust, including the reasonable costs and expenses of defending itself against any claim of liability in the premises. 

(b) To secure the Company’ payment obligations in this Section 7.3, the Trustee shall 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 of and interest on the Notes. 
 When the Trustee
incurs expenses or renders services after an Event of Default specified in Section 6.1(e) or 6.1(f) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy
Law. 
 The provisions of this Section 7.3 shall survive the resignation or removal of the Trustee and the termination or satisfaction
of the Indenture. 
 ARTICLE VIII 

SUPPLEMENTAL INDENTURES 
 Article
VIII shall replace Article 9 of the Base Indenture with respect to the Notes only. 
 SECTION 8.1 Supplemental Indentures Without
the Consent of Holders. 
 Notwithstanding Section 8.2, the Company and the Trustee may, from time to time, and at any time enter
into an indenture or indentures supplemental hereto (which shall comply with the provisions of the Trust Indenture Act as then in effect) without the consent of the Holders of the Notes hereto for one or more of the following purposes: 

(a) to cure any ambiguity, defect or inconsistency in the Indenture or the Notes; 

(b) to evidence a successor to the Company as obligor under the Indenture; 

(c) to make any change that does not adversely affect the interests of the Holders of Notes; 

(d) to provide for the issuance of Additional Notes in accordance with the limitations set forth in the Indenture; 

(e) to provide for the acceptance of appointment of a successor Trustee or facilitate the administration of the trusts under the Indenture by
more than one Trustee; 
 (f) to comply with the requirements of the Commission in order to effect or maintain the qualification of the
Indenture under the Trust Indenture Act, or to comply with the requirements of the Depositary; 

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

 (h) to secure the Notes (or to release collateral previously added pursuant to this clause); 

(i) to add guarantors with respect to the Notes (or to release guarantors previously added pursuant to this clause); and 

(j) to conform the text of the Indenture or the Notes to any provision of the description thereof set forth in the Prospectus to the extent
that such provision in the Prospectus was intended to be a verbatim recitation of a provision of the Indenture or the Notes (which intent will be established by an Officer’s Certificate delivered by the Company to the Trustee). 

The Trustee is hereby authorized to join with the Company in the execution of any such supplemental indenture, and to make any further
appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into any such supplemental indenture that affects the Trustee’s own rights, duties or immunities under the Indenture or
otherwise. 
 Any supplemental indenture authorized by the provisions of this Section 8.1 may be executed by the Company and the
Trustee without the consent of the Holders of any of the Notes at the time Outstanding, notwithstanding any of the provisions of Section 8.2. 

SECTION 8.2 Supplemental Indentures With the Consent of Holders. 

With the consent (evidenced as provided in Section 8.01 of the Base Indenture, which may include consents obtained in connection with a
tender offer or exchange offer for, or purchase of, the Notes) of the Holders of not less than a majority in aggregate principal amount of the Notes at the time Outstanding, the Company, when authorized by a Board Resolution of the Company and the
Trustee may, from time to time and at any time, enter into an indenture or indentures supplemental hereto (which shall comply with the provisions of the Trust Indenture Act as then in effect) for the purpose of adding any provisions to or changing
in any manner or eliminating (or waiving any past default or compliance with) any of the provisions of the Indenture or of any supplemental indenture or modifying in any manner not covered by Section 8.1 the rights of the Holders of the Notes
under the Indenture; provided that no such supplemental indenture shall, without the consent of each Holder of Notes then Outstanding and affected thereby: 

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

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

(c) reduce the principal of or premium, if any, on or change the Stated Maturity of the Notes; 

  
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 (d) waive a Default in the payment of the principal of or premium, if any, or interest on
the Notes (except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then Outstanding Notes and a waiver of the payment default that resulted from such acceleration); 

(e) make the principal of or premium, if any, or interest on the Notes payable in any currency other than that stated in the Notes; 

(f) make any change in Sections 4.01 and 6.04 of the Base Indenture or Sections 6.4 or 8.2(f) (this sentence); or 

(g) waive a redemption payment with respect to the Notes. 

The Trustee is hereby authorized to join with the Company in the execution of any such supplemental indenture, and to make any further
appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into any such supplemental indenture that affects the Trustee’s own rights, duties or immunities under the Indenture or
otherwise. 
 It shall not be necessary for the consent of the Holders of the Notes under this Section 8.2 to approve the particular
form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. 
 SECTION 8.3
Effect of Supplemental Indentures. 
 Upon the execution of any supplemental indenture pursuant to the provisions of this
Article VIII or of Section 9.2, the Indenture shall, with respect to the Notes, be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under
the Indenture of the Trustee, the Company and the Holders of the Notes shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such
supplemental indenture shall be and be deemed to be part of the terms and conditions of the Indenture for any and all purposes. 
 SECTION
8.4 Notes Affected by Supplemental Indentures. 
 Notes affected by a supplemental indenture, authenticated and delivered after the
execution of such supplemental indenture pursuant to the provisions of this Article VIII or of Section 9.2, may bear a notation in form approved by the Company as to any matter provided for in such supplemental indenture. If the Company
shall so determine, new Notes so modified as to conform, in the opinion of the Board of Directors of the Company, to any modification of the Indenture contained in any such supplemental indenture may be prepared by the Company, authenticated by the
Trustee and delivered in exchange for the Notes then Outstanding. 

  
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 SECTION 8.5 Execution of Supplemental Indentures. 

Upon the request of the Company, accompanied by a Board Resolution of the Company authorizing the execution of any such supplemental
indenture, and upon the filing with the Trustee of evidence of the consent of the Holders of the Notes required to consent thereto as aforesaid, the Trustee shall join with the Company in the execution of such supplemental indenture unless such
supplemental indenture affects the Trustee’s own rights, duties or immunities under the Indenture or otherwise, in which case the Trustee may in its discretion but shall not be obligated to enter into such supplemental indenture. The Trustee,
subject to the provisions of Section 7.01 of the Base Indenture, may receive, in addition to the documents required by Section 13.07(a) of the Base Indenture, an Officer’s Certificate or an Opinion of Counsel stating that and as
conclusive evidence that any supplemental indenture executed pursuant to this Article VIII is authorized or permitted by, and conforms to, the terms of this Article VIII and that it is proper for the Trustee under the provisions of this Article
VIII to join in the execution thereof; provided, however, that such Officer’s Certificate or Opinion of Counsel need not be provided in connection with the execution of a supplemental indenture that establishes the terms
of a series of Securities pursuant to Section 2.01 of the Base Indenture. 
 Promptly after the execution by the Company and the
Trustee of any supplemental indenture pursuant to the provisions of this Section, the Company shall transmit by electronic transmission, a notice, setting forth in general terms the substance of such supplemental indenture, to the Holders of the
Notes affected thereby as their names and addresses appear upon the Security Register. Any failure of the Company to send such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental
indenture. 
 ARTICLE IX 

SUCCESSOR ENTITY 
 This
Article IX shall replace Article 10 of the Base Indenture with respect to the Notes only. 
 SECTION 9.1 Company
May Consolidate on Certain Terms. 
 The Company may consolidate with, or sell, lease or convey all or substantially
all of its respective assets to, or merge with or into, any other entity; provided that upon any such consolidation or merger (in each case, if the Company is not the survivor of such transaction), sale, conveyance, transfer or other
disposition, the due and punctual payment of the principal of (premium, if any) and interest on all of the notes shall be expressly assumed by the entity formed by such consolidation, or into which the Company shall have been merged, or by the
entity which shall have acquired such assets. 
 SECTION 9.2 Successor Entity Substituted. 

(a) In case of any such consolidation, merger, sale, conveyance, transfer or other disposition and upon the assumption by the successor entity
by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the obligations set forth under Section 9.1 on all of the Notes Outstanding, such successor entity shall succeed to and be substituted
for the Company with the same effect as if it had been named as the Company herein, and thereupon the predecessor entity shall be relieved of all obligations and covenants under the Indenture and the Notes. 

  
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 (b) In case of any such consolidation, merger, sale, conveyance, transfer or other
disposition, such changes in phraseology and form (but not in substance) may be made in the Notes thereafter to be issued as may be appropriate. 

(c) Nothing contained in this Article IX shall require any action by the Company in the case of a consolidation or merger of any Person
into the Company where the Company is the survivor of such transaction, or the acquisition by the Company, by purchase or otherwise, of all or any part of the property of any other Person (whether or not affiliated with the Company). 

ARTICLE X 
 SATISFACTION AND
DISCHARGE 
 This Article X shall replace Article 11 of the Base Indenture with respect to the Notes only. 

SECTION 10.1 Satisfaction and Discharge. 

The Indenture shall be discharged and shall cease to be of further effect as to all Notes issued hereunder, when: 

(a) either: 
 (1)
all Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment money has been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the
Company or discharged from such trust, have been delivered to the Trustee for cancellation; or 
 (2) all Notes 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 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, Governmental Obligations, or a combination thereof, in such amounts as will be sufficient, without consideration of any reinvestment of
interest, to pay and discharge the entire Indebtedness on the Notes not delivered to the Trustee for cancellation for principal of, premium on, if any, and interest on, the Notes to the Stated Maturity or the Redemption Date; 

(b) in respect of subclause (2) of clause (a) of this Section 10.1, no Event of Default has occurred and is continuing on the
date of the deposit (other than an Event of Default resulting from the borrowing of funds to be applied to such deposit and any similar deposit relating to other Indebtedness and, in each case, the granting of liens to secure such borrowings); 

  
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 (c) the Company has paid or caused to be paid all sums payable by it under the Indenture;
and 
 (d) the Company has delivered irrevocable instructions to the Trustee under the Indenture to apply the deposited money toward the
payment of the Notes at Stated Maturity or on the Redemption Date, as the case may be. 
 In addition, the Company must deliver an
Officer’s Certificate to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied. 

Notwithstanding the satisfaction and discharge of the Indenture, if money has been deposited with the Trustee pursuant to subclause
(2) of clause (a) of this Section 10.1, the provisions of Sections 10.2 and 11.6 will survive. In addition, nothing in this Section 10.1 will be deemed to discharge those provisions of Section 7.3 that, by their terms,
survive the satisfaction and discharge of the Indenture. 
 SECTION 10.2 Application of Trust Money. 

Subject to the provisions of Section 11.6, all money deposited with the Trustee pursuant to Section 10.1 shall be held in trust and
applied by it, in accordance with the provisions of the Notes and the 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 of, premium on, if any, and interest on the Notes for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other funds except to the extent required by law. 

If the Trustee or paying agent is unable to apply any money or Governmental Obligations in accordance with Section 10.1 by reason of any
legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s obligations under the Indenture and the Notes shall be revived and
reinstated as though no deposit had occurred pursuant to Section 10.1; provided that, if the Company has made any payment of principal of, premium on, if any, or interest on any Notes because of the reinstatement of its
obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Governmental Obligations held by the Trustee or paying agent. 

ARTICLE XI 
 LEGAL DEFEASANCE AND
COVENANT DEFEASANCE 
 SECTION 11.1 Option to Effect Legal Defeasance or Covenant Defeasance. 

The Company may at any time, at the option of the Board of Directors of the Company evidenced by a Board Resolution set forth in an
Officer’s Certificate, elect to have either Section 11.2 or 11.3 be applied to all Outstanding Notes upon compliance with the conditions set forth below in this Article XI. 

  
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 SECTION 11.2 Legal Defeasance and Discharge. 

Upon the Company’s exercise under Section 11.1 of the option applicable to this Section 11.2, the Company will, subject to the
satisfaction of the conditions set forth in Section 11.4, be deemed to have been discharged from its obligations with respect to all Outstanding Notes on the date the conditions set forth below 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, which will thereafter be deemed to be Outstanding only for the
purposes of Section 11.5 and the other Sections of the Indenture referred to in clauses (a) and (b) below, and to have satisfied all its other obligations under such Notes and the Indenture (and the Trustee, on demand of and at the
expense of the Company, shall execute proper instruments acknowledging the same), except for the following provisions which will survive until otherwise terminated or discharged hereunder: 

(a) the rights of Holders of Outstanding Notes to receive payments in respect of the principal of, premium on, if any, or interest on such
Notes when such payments are due from the trust referred to in Section 11.4; 
 (b) the Company’s obligations with respect to such
Notes under Article II and Section 4.02 of the Base Indenture; 
 (c) the rights, powers, trusts, duties and immunities of the
Trustee hereunder and the Company’s obligations in connection therewith; and 
 (d) this Article XI. 

Subject to compliance with this Article XI, the Company may exercise its option under this Section 11.2 notwithstanding the prior
exercise of its option under Section 11.3. 
 SECTION 11.3 Covenant Defeasance. 

Upon the Company’s exercise under Section 11.1 of the option applicable to this Section 11.3, the Company will, subject to the
satisfaction of the conditions set forth in Section 11.4, be released from its obligations under the covenants contained in Article V and Article IX and any additional covenants specified in any Board Resolution or indenture
supplemental hereto with respect to the Notes on and after the date the conditions set forth in Section 11.4 are satisfied (hereinafter, “Covenant Defeasance”), and the Notes will thereafter be deemed not Outstanding for the
purposes of any direction, waiver, consent or declaration or act of Holders (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, the Company may omit to comply with and shall have no liability in respect of any term,
condition or limitation set forth in any such covenant and any additional covenants specified in any Board Resolution or indenture supplemental hereto, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant
or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.1 with respect to the Outstanding Notes,
but, except as specified above, the remainder of the Indenture and such Notes shall be unaffected thereby. 

  
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 SECTION 11.4 Conditions to Legal or Covenant Defeasance. 

In order to exercise either Legal Defeasance or Covenant Defeasance under either Section 11.2 or 11.3: 

(1) the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in U.S. dollars,
Governmental Obligations, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized investment bank, appraisal firm, or firm of independent public accountants, to pay the principal of, premium on, if
any, and interest on, the Outstanding Notes on the stated date for payment thereof or on the applicable Redemption Date, as the case may be, and the Company must specify whether the Notes are being defeased to such stated date for payment or to a
particular Redemption Date; 
 (2) in the case of an election under Section 11.2, the Company must deliver 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 the 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 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 11.3, the Company must deliver to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that the Holders of the Outstanding Notes 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) no Default or Event of Default shall have occurred and be continuing on the date of such deposit (other than a Default or
Event of Default resulting from the borrowing of funds to be applied to such deposit (and any similar concurrent deposit relating to other Indebtedness), and the granting of liens to secure such borrowings); 

(5) 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 the Indenture and the agreements governing any other Indebtedness being defeased, discharged or replaced) to which the Company is a party or by which the Company is bound; and 

  
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 (6) the Company must deliver to the Trustee an Officer’s 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 11.5 Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions. 

Subject to Section 11.6, all cash and Governmental Obligations (including the proceeds thereof) deposited with the Trustee pursuant to
Section 11.4 in respect of the Outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and the Indenture, to the payment, either directly or through any paying agent (including the
Company acting as 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, 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 Governmental Obligations deposited pursuant to Section 11.4 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. 
 Notwithstanding anything in this Article XI to the contrary, the Trustee shall deliver or pay to the Company
from time to time upon the Company’s request any cash or Governmental Obligations held by it as provided in Section 11.4 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 11.4(1)), 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 11.6 Repayment to the 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
on, if any, or interest on any Notes and remaining unclaimed for two years after such principal, premium, 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 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. 

  
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 SECTION 11.7 Reinstatement. 

If the Trustee or paying agent is unable to apply any cash or Governmental Obligations in accordance with Section 11.2 or 11.3, 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 the Indenture and the Notes shall be revived and
reinstated as though no deposit had occurred pursuant to Section 11.2 or 11.3 until such time as the Trustee or paying agent is permitted to apply all such cash or Governmental Obligations in accordance with Section 11.2 or 11.3, as the
case may be; provided, however, that, if the Company makes any payment of principal of, premium on, if any, or interest on any Note following the reinstatement of its obligations, the Company shall be subrogated to the rights
of the Holders of such Notes to receive such payment from the cash or Governmental Obligations held by the Trustee or paying agent. 

ARTICLE XII 
 IMMUNITY OF
INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS 
 This Section 12.1 replaces Section 12.01 of the Base Indenture with respect
to the Notes only. 
 SECTION 12.1 No Recourse. 

No recourse under or upon any obligation, covenant or agreement of the Indenture, or of the Notes, or for any claim based thereon or otherwise
in respect thereof, shall be had against any incorporator, stockholder, officer or director, past, present or future as such, of the Company or any of its affiliates or subsidiaries or of any predecessor or successor Person, either directly or
through the Company or any of its affiliates or subsidiaries or any such predecessor or successor Person, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being
expressly understood that the Indenture and the obligations issued hereunder are solely corporate obligations, and that no such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, stockholders, officers or
directors as such, of the Company or any of its affiliates or subsidiaries or of any predecessor or successor Person, or any of them, because of the creation of the Indebtedness hereby authorized, or under or by reason of the obligations, covenants
or agreements contained in the Indenture or in any of the Notes or implied therefrom; and that any and all such personal liability of every name and nature, either at common law or in equity or by constitution or statute, of, and any and all such
rights and claims against, every such incorporator, stockholder, officer or director as such, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in the Indenture
or in any of the Notes or implied therefrom, are hereby expressly waived and released as a condition of, and as a consideration for, the execution of the Indenture and the issuance of the Notes. 

  
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 ARTICLE XIII 

MISCELLANEOUS PROVISIONS 
 SECTION
13.1 Effect on Successors and Assigns. 
 All the covenants, stipulations, promises and agreements in this Supplemental Indenture
made by or on behalf of the Company shall bind its successors and assigns, whether so expressed or not. All the covenants, stipulations, promises and agreements in this Supplemental Indenture made by or on behalf of the Trustee shall bind its
successors and assigns, whether so expressed or not. 
 SECTION 13.2 Actions by Successor. 

Any act or proceeding by any provision of this Supplemental Indenture authorized or required to be done or performed by any board, committee
or officer of the Company shall and may be done and performed with like force and effect by the corresponding board, committee or officer of any Person that shall at the time be the lawful successor of the Company. 

SECTION 13.3 Notices. 

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

If to the Company: 
 NexPoint Real
Estate Finance, Inc. 
 2515 McKinney Avenue, Suite 1100 

Dallas, Texas 75201 
 Attn:
Corporate Secretary 
 Email: bmitts@nexpoint.com 

With a copy to: 

Winston & Strawn LLP 

212 N. Pearl Street, Suite 900 

Dallas, Texas 75201 
 Attention:
Charlie Haag 
 Email: chaag@winston.com 

If to the Trustee: 
 UMB Bank,
National Association 
 555 San Felipe Street, Suite 870 

Houston, Texas 77056 
 Attention:
Mauri Cowen 
 Email: mauri.cowen@umb.com 

  
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 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 sent, if transmitted by e-mail; and the next
Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. 
 Any notice or
communication to a Holder, when the Notes are in the form of Definitive Notes, 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 Security Registrar. Any notice or communication to a Holder, when the Notes are in the form of Global Notes, will be sent pursuant to Applicable Procedures. Any notice or communication will also be so sent to any Person
described in the Trust Indenture Act Section 313(c), to the extent required by the Trust Indenture Act if the Indenture is then qualified thereunder. Failure to send a notice or communication to a Holder or any defect in it will not affect its
sufficiency with respect to other Holders. 
 If a notice or communication is mailed or otherwise sent in the manner provided above within
the time prescribed, it is duly given, regardless of 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 13.4 Governing Law/Waiver of
Jury Trial. 
 This Supplemental Indenture and the Notes shall be governed by, and construed in accordance with, the internal law of the
State of New York without regard to conflict of law principles that would result in the application of any law other than the law of the State of New York, except to the extent that the Trust Indenture Act is applicable. EACH PARTY HERETO HEREBY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT. 

SECTION 13.5 Conflict with Trust Indenture Act. 

If and to the extent that any provision of this Supplemental Indenture limits, qualifies, or conflicts with any provision of the Trust
Indenture Act, such Trust Indenture Act provision shall control. 

  
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 SECTION 13.6 Counterparts. 

This Supplemental Indenture may be executed in any number of counterparts, each of which shall be deemed an original, but such counterparts
shall together constitute but one and the same instrument. The exchange of copies of this Supplemental Indenture of signature pages thereof by facsimile or PDF transmission shall constitute effective execution and delivery of this Supplemental
Indenture as to the parties hereto and may be used in lieu of the original instrument for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

SECTION 13.7 Severability. 

In case any one or more of the provisions contained in this Supplemental Indenture or in the Notes shall for any reason be held to be invalid,
illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Supplemental Indenture or of the Notes, but this Supplemental Indenture and the Notes shall be construed as if
such invalid or illegal or unenforceable provision had never been contained herein or therein. 
 SECTION 13.8 The Trustee. 

The Trustee accepts the trusts created by the Indenture, and agrees to perform the same upon the terms and conditions of the Indenture. The
Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or the due execution thereof by the Company. The recitals contained herein shall be taken as the statements
solely of the Company, and the Trustee assumes no responsibility for the correctness thereof. If and when the Trustee shall be or become a creditor of the Company (or any other obligor upon the Notes), excluding any creditor relationship listed in
Trust Indenture Act Section 311(b), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of the claims against the Company (or any such other obligor). If the Trustee has or shall acquire a
conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and the Indenture.

 SECTION 13.9 Ratifications. 

The Base Indenture, as amended, modified or supplemented by this Supplemental Indenture, is in all respects ratified and confirmed. The
Indenture shall be read, taken and construed as one and the same instrument. All provisions included in this Supplemental Indenture with respect to the Notes supersede any conflicting provisions included in the Base Indenture unless not permitted by
law. The Trustee accepts the trusts created by the Indenture, and agrees to perform the same upon the terms and conditions of the Indenture. 

[remainder of page intentionally left blank] 

  
 45 

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

			
	NEXPOINT REAL ESTATE FINANCE, INC.
		
	By:	 	/s/ Brian Mitts
		 	Name: Brian Mitts
		 	Title: Chief Financial Officer, Executive VP- Finance, Secretary and Treasurer

 [Signature Page to Supplemental Indenture] 

 TRUSTEE: 

UMB BANK, NATIONAL ASSOCIATION 
  

			
	By:	 	/s/ Mauri Cowen
	Name:	 	Mauri J. Cowen
	Title:	 	Senior Vice President

  
 [Signature
Page to Supplemental Indenture] 

 EXHIBIT A 

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 (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 3.2 OF THE SUPPLEMENTAL INDENTURE, (II) THIS
GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 3.2 OF THE SUPPLEMENTAL INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.08 OF THE BASE
INDENTURE AND (IV) 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 CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY
(“DTC”) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR 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. 

 NEXPOINT REAL ESTATE FINANCE, INC. 

 

			
	Certificate No. [__]	  	$[___]
		
		  	CUSIP No. [___]

 5.75% Senior Notes Due 2026 

NexPoint Real Estate Finance, Inc., a Maryland corporation (the “Company”), for value received hereby promises to pay to Cede & Co., or its
registered assigns, the principal sum of [__________] MILLION DOLLARS ([$__________])[, or such lesser amount as is set forth in the Schedule of Exchanges of Interests in the Global Note on the other side of this Note,] on May 1, 2026 at the
office or agency of the Company maintained for that purpose in accordance with the terms of the Indenture, in such coin or currency of the United States of America that at the time of payment shall be legal tender for the payment of public and
private debts, and to pay interest semi-annually in arrears on May 1 and November 1 of each year, commencing November 1, 2021, on said principal sum at said office or agency, in like coin or currency, at the rate per annum of 5.75%,
from May 1 or November 1, as the case may be, next preceding the date of this Note to which interest has been paid or duly provided for, unless no interest has been paid or duly provided for on the Notes, in which case from April 20,
2021, until payment of said principal sum has been made or duly provided for. The Company shall pay interest to Holders of record on the April 15 or October 15 immediately preceding the applicable May 1 or November 1 interest
payment date, respectively, in accordance with the terms of the Indenture. The Company shall pay interest on any Notes in certificated form by check mailed to the address of the Person entitled thereto, or on any Global Notes by wire transfer of
immediately available funds to the account of the Depositary or its nominee. 
 Interest on the Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months. 
 Reference is made to the
further provisions of this Note set forth on the reverse hereof and the Indenture governing this Note. Such further provisions shall for all purposes have the same effect as though fully set forth at this place. 

This Note shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed manually or by
facsimile by the Trustee or a duly authorized authenticating agent under the Indenture. 
 [SIGNATURE PAGES FOLLOW] 

  
 2 

 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed. 

 

			
	 NEXPOINT REAL ESTATE FINANCE, INC.

		
	 By:
	 	 
		 	 Name: Brian Mitts

		 	 Title: Chief Financial Officer, Executive

VP – Finance, Secretary and Treasurer

 Dated: 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

 

			
	 [_________]
 as Trustee, certifies
that this is one of the Global Notes referred to in the within mentioned Indenture.

		
	By:	 	 
		 	Authorized Signatory

 Dated: 

 [FORM OF REVERSE SIDE OF NOTE] 

NexPoint Real Estate Finance, Inc. 

5.75% Senior Notes due 2026 
  

	1.	 Notes. 

This Note is one of a duly authorized issue of Securities of the Company, designated as its 5.75% Senior Notes due 2026 (herein called the “Notes”),
issued under and pursuant to an Indenture dated as of April 13, 2021 (herein called the “Base Indenture”), among the Company and UMB Bank, National Association, as trustee (herein called the “Trustee”), as supplemented by
the First Supplemental Indenture, dated as of April 20, 2021 (herein called the “Supplemental Indenture,” and together with the Base Indenture, the “Indenture”), among the Company and the Trustee, to which the Indenture and
all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Notes. Capitalized terms used but
not otherwise defined in this Note shall have the respective meanings set forth in the Indenture. 
  

	2.	 No Sinking Fund. 

The Notes are not subject to redemption through the operation of any sinking fund. 
  

	3.	 Optional Redemption. 

The Company may redeem on any one or more occasions some or all of the Notes before they mature. The Redemption Price will equal the sum of (1) an amount
equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest up to, but not including, the Redemption Date and (2) the Make-Whole Premium. Notwithstanding the foregoing, if the Notes are redeemed on or
after February 1, 2026, the Redemption Price will not include the Make-Whole Premium. 
  

	4.	 Notice of Redemption. 

In case the Company shall desire to exercise the right to redeem some or all of the Notes, the Company shall fix a date for redemption and the Company, or, at
the Company’s written request received by the Trustee not fewer than five Business Days prior (or such shorter period of time as may be acceptable to the Trustee) to the date the notice of redemption is to be sent, the Trustee in the name of
and at the expense of the Company, shall mail or cause to be mailed, or sent by electronic transmission a notice of such redemption not fewer than 15 calendar days nor more than 60 calendar days prior to the Redemption Date to each Holder at its
last address as the same appears on the Security Register, except that notices of redemption may be mailed or sent 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
and discharge of the Indenture pursuant to Articles X and XI of the Indenture with respect to the Notes. 
  

	5.	 Acceleration Upon Event of Default. 

The Events of Default relating to the Notes are set forth in Section 6.1 of the Supplemental Indenture. If an Event of Default (other than an Event of
Default specified in Sections 6.1(e) or 6.1(f) of the Supplemental Indenture) occurs and is continuing, the principal of, premium, if any, and accrued and unpaid interest on all Notes may be declared to be due and payable by either the Trustee or
the Holders of at least 25% in aggregate principal amount of the Notes then Outstanding by giving notice to the Trustee, 

  
 3 

 
and, upon said declaration the same shall be immediately due and payable. If an Event of Default specified in Sections 6.1(e) or 6.1(f) of the Supplemental Indenture occurs with respect to the
Company, the principal of and accrued and unpaid interest, if any, on all the Notes shall be immediately and automatically due and payable without necessity of further action. 

 

	6.	 Amendment and Modification. 

The Indenture contains provisions permitting the Company and the Trustee, with the consent of the Holders of not less than a majority in aggregate principal
amount of the Notes at the time Outstanding, to execute supplemental indentures adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or modifying in any manner the
rights of the Holders of the Notes, subject to exceptions set forth in Section 8.1 of the Supplemental Indenture. Subject to the provisions of the Indenture, the Holders of not less than a majority in aggregate principal amount of the Notes at
the time Outstanding may, on behalf of the Holders of all of the Notes, waive any past default or Event of Default, subject to exceptions set forth in the Indenture. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall impair, as among the Company and the Holder of the Notes, the
obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Note at the place, at the respective times, at the rate and in the coin or currency prescribed herein and in the
Indenture. 
  

	7.	 Denominations, Transfer, Exchange. 

The Notes are issuable in fully registered form, without coupons, in denominations of $2,000 principal amount and integral multiples of $1,000 in excess
thereof. At the office or agency of the Company referred to on the face hereof, and in the manner and subject to the limitations provided in the Indenture, without payment of any service charge but with payment of a sum sufficient to cover any tax
or other governmental charge that may be imposed in connection with any registration or exchange of Notes, Notes may be exchanged for a like aggregate principal amount of Notes of any other authorized denominations. 

 

	8.	 Persons Deemed Owners. 

The registered Holder of a Note may be treated as the owner of it for all purposes. Only registered Holders have rights under the Indenture. 

 

	9.	 No Recourse. 

No recourse under or upon any obligation, covenant or agreement of the Indenture, or of the Notes, or for any claim based thereon or otherwise in respect
thereof, shall be had against any incorporator, stockholder, officer or director, past, present or future as such, of the Company or any of their respective affiliates or subsidiaries or of any predecessor or successor Person, either directly or
through the Company or any of its affiliates or subsidiaries or any such predecessor or successor Person, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being
expressly understood that the Indenture and the obligations issued hereunder are solely corporate obligations, and that no such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, stockholders, officers or
directors as such, of the Company or any of its affiliates or subsidiaries or of any predecessor or successor Person, or any of them, because of the creation of the Indebtedness hereby authorized, or under or by reason of the obligations, covenants
or agreements contained in the Indenture or in any of the Notes or implied therefrom; and that any and all such personal 

  
 4 

 
liability of every name and nature, either at common law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such incorporator, stockholder,
officer or director as such, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in the Indenture or in any of the Notes or implied therefrom, are hereby
expressly waived and released as a condition of, and as a consideration for, the execution of the Indenture and the issuance of the Notes. 
  

	10.	 Governing Law. 

The Supplemental Indenture and this Note shall be governed by, and construed in accordance with the internal law of the State of New York without regard to
conflict of law principles that would result in the application of any law other than the law of the State of New York, except to the extent that the Trust Indenture Act is applicable. 

  
 5 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 I or we assign
and transfer this Note to 
 (Print or type assignee’s name, address and zip code) 

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

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

 

			
	
Date:                  
                                         
     
	  	 Your
Signature:                                       
                                         
        

 Sign exactly as your name appears on the other side of this Note. 

Signature Guarantee: 
  

					
	Signature must be guaranteed	 	   
	  	Signature

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 A-6 

 SCHEDULE OF EXCHANGES OF INTEREST IN THE GLOBAL NOTE* 

The initial principal amount of this Global Note is $75,000,000. 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 if the Note is issued in global form. 

  
 A-7

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