Document:

EX-10.8

 Exhibit 10.8 
  

 
 GUARANTY AND SECURITY AGREEMENT

 dated as of 
 May 30,
2018 
 among 
 COREPOINT
OPERATING PARTNERSHIP, L.P., 
 as Holdings, 

COREPOINT BORROWER L.L.C., 
 as the
Borrower, 
 THE OTHER GRANTORS PARTY HERETO FROM TIME TO TIME 

and 
 JPMORGAN CHASE BANK, N.A.,

 as Administrative Agent 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	ARTICLE I	  			
		
	Definitions	  			
			
	 Section 1.01.
	 	Credit Agreement	  	 	1	 
	 Section 1.02.
	 	Other Defined Terms	  	 	2	 
		
	ARTICLE II	  			
		
	Guaranty	  			
			
	 Section 2.01.
	 	The Guaranty	  	 	4	 
	 Section 2.02.
	 	Obligations Unconditional	  	 	4	 
	 Section 2.03.
	 	Reinstatement	  	 	6	 
	 Section 2.04.
	 	Subrogation	  	 	6	 
	 Section 2.05.
	 	Remedies	  	 	6	 
	 Section 2.06.
	 	Instrument for the Payment of Money	  	 	6	 
	 Section 2.07.
	 	Continuing Guaranty	  	 	6	 
	 Section 2.08.
	 	General Limitation on Guarantee Obligations	  	 	7	 
	 Section 2.09.
	 	Information	  	 	7	 
	 Section 2.10.
	 	Right of Contribution	  	 	7	 
	 Section 2.11.
	 	Cross-Guaranty	  	 	7	 
		
	ARTICLE III	  			
		
	Pledge of Securities	  			
			
	 Section 3.01.
	 	Pledge	  	 	8	 
	 Section 3.02.
	 	Delivery of the Pledged Collateral	  	 	9	 
	 Section 3.03.
	 	Representations, Warranties and Covenants	  	 	9	 
	 Section 3.04.
	 	Certification of Limited Liability Company and Limited Partnership Interests	  	 	10	 
	 Section 3.05.
	 	Registration in Nominee Name; Denominations	  	 	11	 
	 Section 3.06.
	 	Voting Rights; Dividends and Interest	  	 	11	 
		
	ARTICLE IV	  			
		
	Security Interests in Personal Property	  			
			
	 Section 4.01.
	 	Security Interest	  	 	13	 
	 Section 4.02.
	 	Representations and Warranties	  	 	14	 
	 Section 4.03.
	 	Covenants	  	 	15	 
		
	ARTICLE V	  			
		
	Remedies	  			
			
	 Section 5.01.
	 	Remedies Upon Default	  	 	17	 
	 Section 5.02.
	 	Application of Proceeds	  	 	19	 

  
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	ARTICLE VI	  			
		
	Subordination	  			
			
	 Section 6.01.
	 	 Subordination
	  	 	19	 
		
	ARTICLE VII	  			
		
	Miscellaneous	  			
			
	 Section 7.01.
	 	 Notices
	  	 	19	 
	 Section 7.02.
	 	 Waivers; Amendment
	  	 	20	 
	 Section 7.03.
	 	 Administrative Agent’s Fees and Expenses; Indemnification
	  	 	20	 
	 Section 7.04.
	 	 Successors and Assigns
	  	 	20	 
	 Section 7.05.
	 	 Survival of Agreement
	  	 	21	 
	 Section 7.06.
	 	 Counterparts; Effectiveness; Several Agreement
	  	 	21	 
	 Section 7.07.
	 	 Severability
	  	 	21	 
	 Section 7.08.
	 	 Governing Law; Jurisdiction; Venue; Waiver of Jury Trial; Consent to Service of Process
	  	 	21	 
	 Section 7.09.
	 	 Headings
	  	 	21	 
	 Section 7.10.
	 	 Security Interest Absolute
	  	 	22	 
	 Section 7.11.
	 	 Termination or Release
	  	 	22	 
	 Section 7.12.
	 	 Additional Grantors
	  	 	23	 
	 Section 7.13.
	 	 Administrative Agent Appointed
Attorney-in-Fact
	  	 	23	 
	 Section 7.14.
	 	 General Authority of the Administrative Agent
	  	 	24	 
	 Section 7.15.
	 	 Reasonable Care
	  	 	24	 
	 Section 7.16.
	 	 Delegation; Limitation
	  	 	24	 
	 Section 7.17.
	 	 Reinstatement
	  	 	24	 
	 Section 7.18.
	 	 Subject to Intercreditor Agreement
	  	 	25	 
	 Section 7.19.
	 	 Miscellaneous
	  	 	25	 

  

			
	SCHEDULES	  	
	Schedule I	  	Pledged Equity
	Schedule II	  	UCC Financing Statements
		
	EXHIBITS	  	
	Exhibit I	  	Form of Guaranty and Security Agreement Supplement
	Exhibit II	  	Form of Issuers’ Acknowledgment

  

  
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 GUARANTY AND SECURITY AGREEMENT 

GUARANTY AND SECURITY AGREEMENT dated as of May 30, 2018, among COREPOINT OPERATING PARTNERSHIP, L.P., a Delaware limited partnership
(“Holdings”), COREPOINT BORROWER L.L.C., a Delaware limited liability company (the “Borrower”), each other Grantor from time to time party hereto and JPMORGAN CHASE BANK, N.A., as administrative agent (in such
capacity, the “Administrative Agent”). 
 Reference is made to the Credit Agreement dated as of May 30, 2018 (as
amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Holdings, the Borrower, each lender from time to time party thereto (collectively, the
“Lenders” and individually, a “Lender”), and the Administrative Agent. 
 The Lenders have agreed to
extend credit to the Borrower, the Hedge Banks have agreed to enter into and/or maintain Secured Swap Agreements and the Cash Management Banks have agreed to enter into and/or maintain Secured Cash Management Agreements, in each case, subject to the
terms and conditions set forth in the Credit Agreement. 
 The obligations of the Lenders to extend such credit, the obligations of the
Hedge Banks to enter into and/or maintain such Secured Swap Agreements and the obligations of the Cash Management Banks to enter into and/or maintain such Secured Cash Management Agreements are, in each case, conditioned upon, among other things,
the execution and delivery of this Agreement by each Grantor. 
 The Grantors are affiliates of one another and will derive substantial
direct and indirect benefits from (a) the extensions of credit to the Borrower pursuant to the Credit Agreement, (b) the entering into and/or maintaining by the Hedge Banks of Secured Swap Agreements with one or more Loan Parties and
(c) the entering into/and or maintaining by the Cash Management Banks of Secured Cash Management Agreements with one or more Loan Parties, and each Grantor is willing to execute and deliver this Agreement in order to induce the Lenders to
extend such credit, the Hedge Banks to enter into and/or maintain such Secured Swap Agreements and the Cash Management Banks to enter into and/or maintain such Secured Cash Management Agreements. 

Accordingly, the parties hereto agree as follows: 

ARTICLE I 

Definitions 

Section 1.01. Credit Agreement. 

(a) Capitalized terms used in this Agreement and not otherwise defined herein have the meanings specified in the Credit Agreement. All terms
defined in the UCC (as defined herein) and not defined in this Agreement have the meanings specified therein; the term “instrument” shall have the meaning specified in Article 9 of the UCC. 

 (b) The rules of construction specified in Section 1 of the Credit Agreement also apply to
this Agreement. 
 Section 1.02. Other Defined Terms. As used in this Agreement, the following terms have the meanings specified
below: 
 “Account” has the meaning assigned to such term in the Credit Agreement, together with any replacement or
successor account. 
 “Account Bank” has the meaning assigned to such term in the Credit Agreement, together with any
replacement or successor deposit bank. 
 “Administrative Agent” has the meaning assigned to such term in the preliminary
statement of this Agreement. 
 “Agreement” means this Guaranty and Security Agreement, as amended, restated, amended and
restated, supplemented or otherwise modified from time to time. 
 “Article 9 Collateral” has the
meaning assigned to such term in Section 4.01(a). 
 “Borrower” has the meaning assigned to such
term in the preliminary statement of this Agreement. 
 “Collateral” means the Article 9 Collateral and the Pledged
Collateral. 
 “Credit Agreement” has the meaning assigned to such term in the preliminary statement of this Agreement.

 “Direct Obligations” means, with respect to any Loan Party, any Obligation of such Loan Party in its capacity as a
borrower under the Credit Agreement or as a counterparty obligor with respect to a Secured Swap Agreement or Secured Cash Management Agreement. 

“Discharge of Obligations” means such time as the Revolving Loans, the Reimbursement Obligations and the other Loan
Obligations under the Loan Documents shall have been paid in full (other than any unasserted contingent reimbursement or indemnity obligations), the Revolving Commitments have been terminated and all Letters of Credit shall have been terminated,
expired or Cash Collateralized. 
 “Grantors” means, collectively, Holdings, the Borrower and each Subsidiary Guarantor
from time to time party hereto. 
 “Guaranteed Obligations” mean the “Obligations” as defined in the Credit
Agreement; provided that (i) the Guaranteed Obligations of any Grantor shall exclude any Excluded Swap Obligations with respect to such Grantor and (ii) Guaranteed Obligations, as it applies to any Loan Party in its capacity as a Grantor
hereunder, shall exclude any Direct Obligations of such Loan Party. 

  
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 “Guaranty” means, collectively, the guaranty of the Guaranteed Obligations by
the Grantors pursuant to this Agreement. 
 “Guaranty and Security Agreement Supplement” means an instrument substantially
in the form of Exhibit I hereto. 
 “Holdings” has the meaning assigned to such term in the
preliminary statement of this Agreement. 
 “Intercreditor Provisions” has the meaning assigned to such term in
Section 7.18. 
 “Laws” means, collectively, all international, foreign, federal, state and local
statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents, orders, decrees, injunctions or authorities, including the interpretation or administration thereof by any Governmental Authority
charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority. 

“Lenders” has the meaning assigned to such term in the preliminary statement of this Agreement. 

“Pledged Collateral” has the meaning assigned to such term in Section 3.01. 

“Pledged Equity” has the meaning assigned to such term in Section 3.01. 

“Qualified ECP Grantor” means, in respect of any Swap Obligation, each Grantor that, at the time the relevant Guaranty (or
grant of the relevant security interest, as applicable) becomes or would become effective with respect to such Swap Obligation, has total assets exceeding $10,000,000 or otherwise constitutes an “eligible contract participant” under the
Commodity Exchange Act and which may cause another person to qualify as an “eligible contract participant” with respect to such Swap Obligation at such time by entering into an agreement pursuant to the Commodity Exchange Act. 

“Secured Obligations” means the “Obligations” (as defined in the Credit Agreement). 

“Security Interest” has the meaning assigned to such term in Section 4.01(a). 

“Specified Grantor” means any Grantor that is not an “eligible contract participant” under the Commodity Exchange
Act (determined prior to giving effect to Section 2.11). 

  
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 “UCC” means the Uniform Commercial Code as from time to time in effect in the
State of New York; provided that, if perfection or the effect of perfection or non-perfection or the priority of the security interest in any Collateral is governed by the Uniform Commercial Code as in
effect in a jurisdiction other than the State of New York, “UCC” means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of
perfection or non-perfection or priority. 
 ARTICLE II 

Guaranty 

Section 2.01. The Guaranty. Each Grantor hereby, jointly with the other Grantors and severally, guarantees to the Administrative
Agent for the benefit of the Secured Parties, as a primary obligor and not merely as a surety, the prompt payment and performance in full when due (whether at stated maturity, by required prepayment, declaration, demand, by acceleration or
otherwise) of the Guaranteed Obligations. Each Grantor hereby, jointly with the other Grantors and severally, agrees that if any Loan Party shall fail to pay in full when due (whether at stated maturity, by acceleration or otherwise) any of the
Guaranteed Obligations, such Grantor will promptly pay the same in cash, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Guaranteed Obligations, the same will be promptly
paid in full when due (whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such extension or renewal. 

Section 2.02. Obligations Unconditional. The obligations of the Grantors under Section 2.01 shall
constitute a guarantee of payment and performance and to the fullest extent permitted by applicable Law, are absolute, irrevocable and unconditional, joint and several, irrespective of the value, genuineness, validity, regularity or enforceability
of the Guaranteed Obligations, or any substitution, release or exchange of any other guarantee of or security for any of the Guaranteed Obligations, and, irrespective of any other circumstance whatsoever that might otherwise constitute a legal or
equitable discharge or defense of a surety or Grantor (except for payment in full). Without limiting the generality of the foregoing, it is agreed that the occurrence of any one or more of the following shall not alter or impair the liability of the
Grantors hereunder which shall remain absolute, irrevocable and unconditional under any and all circumstances as described above: 

(i) at any time or from time to time, without notice to the Grantors, to the extent permitted by Law, the time for any
performance of or compliance with any of the Guaranteed Obligations shall be extended, or such performance or compliance shall be waived; 

(ii) any of the acts mentioned in any of the provisions of this Agreement, any other Loan Document, any Secured Swap Agreement,
any Secured Cash Management Agreement or any other agreement or instrument referred to herein or therein shall be done or omitted; 

(iii) the maturity of any of the Guaranteed Obligations shall be accelerated, or any of the Guaranteed Obligations shall be
amended in any respect, or any right under the Loan Documents, any Secured Swap Agreement, any Secured Cash Management Agreement or any other agreement or instrument referred to herein or therein shall be amended or waived in any respect or any
other guarantee of any of the Guaranteed Obligations or any security therefor shall be released or exchanged in whole or in part or otherwise dealt with; 

  
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 (iv) the failure of the Administrative Agent, any other Secured Party or any
other Person to assert any claim or demand or to exercise or enforce any right or remedy under the provisions of any Loan Document, any Secured Swap Agreement, any Secured Cash Management Agreement or any other agreement or instrument referred to
herein or therein; 
 (v) any Lien or security interest granted to, or in favor of, any Secured Party as security for any of
the Guaranteed Obligations shall fail to be perfected; 
 (vi) the release of any other Grantor or any other obligor of the
Guaranteed Obligations; 
 (vii) any change in the corporate existence, structure or ownership of any Loan Party or any other
obligor of the Guaranteed Obligations, the lack of legal existence of any Grantor or any other obligor of the Guaranteed Obligations or legal obligation to discharge any of the Guaranteed Obligations by any Grantor or any other obligor of the
Guaranteed Obligations for any reason whatsoever, including, without limitation, in any insolvency, bankruptcy or reorganization of any Loan Party or any other obligor of the Guaranteed Obligations; 

(viii) this Agreement, any other Loan Document, any Secured Swap Agreement or any Secured Cash Management Agreement or any
other agreement or instrument referred to herein or therein having been determined (on whatsoever grounds) to be invalid, non-binding or unenforceable against any other Grantor ab initio or at any time after
the Closing Date; or 
 (ix) any other circumstance (including statute of limitations), any act or omission that may or might
in any manner or to any extent vary the risk of any Grantor or otherwise operate as a defense to, or discharge of, the Borrower, any Grantor or any other guarantor or surety as a matter of law or equity. 

The Grantors hereby expressly waive diligence, presentment, demand of payment, protest and, to the extent permitted by Law, all notices whatsoever, and any
requirement that any Secured Party exhaust any right, power or remedy or proceed against any Grantor under any Loan Document, any Secured Swap Agreement, any Secured Cash Management Agreement or any other agreement or instrument referred to herein
or therein, or against any other person under any other guarantee of, or security for, any of the Guaranteed Obligations. The Grantors waive, to the extent permitted by Law, any and all notice of the creation, renewal, extension, waiver, termination
or accrual of any of the Guaranteed Obligations and notice of or proof of reliance by any Secured Party upon the Guaranty or acceptance of the Guaranty, and the Guaranteed Obligations, and any of them, shall conclusively be deemed to have been
created, contracted or incurred in reliance upon the Guaranty, and all dealings between the Borrower and the Secured Parties shall likewise be conclusively presumed to have been had or consummated in reliance

  
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upon the Guaranty. The Guaranty shall be construed as a continuing, absolute, irrevocable and unconditional guarantee of payment and performance without regard to any right of offset with respect
to the Guaranteed Obligations at any time or from time to time held by Secured Parties, and the obligations and liabilities of the Grantors hereunder shall not be conditioned or contingent upon the pursuit by the Secured Parties or any other person
at any time of any right or remedy against any Grantor or against any other person which may be or become liable in respect of all or any part of the Guaranteed Obligations or against any collateral security or guarantee therefor or right of offset
with respect thereto. The Guaranty shall remain in full force and effect and be binding in accordance with and to the extent of its terms upon the Grantors and the successors and assigns thereof, and shall inure to the benefit of the Secured
Parties, and their respective successors and assigns, notwithstanding that from time to time during the term of this Agreement there may be no Guaranteed Obligations outstanding. 

Section 2.03. Reinstatement. The obligations of the Grantors under this Article II shall be
automatically reinstated if and to the extent that for any reason any payment by or on behalf of the Borrower or other Loan Party in respect of the Guaranteed Obligations is rescinded or must be otherwise restored by any holder of any of the
Guaranteed Obligations, whether as a result of any proceedings in insolvency, bankruptcy or reorganization or otherwise. 

Section 2.04. Subrogation. Each Grantor hereby agrees that until the Discharge of Obligations, it shall waive any claim and shall
not exercise any right or remedy, direct or indirect, arising by reason of any performance by it of the Guaranty, whether by subrogation, contribution, reimbursement, indemnity or otherwise, against the Borrower or any other Grantor of any of the
Guaranteed Obligations or any security for any of the Guaranteed Obligations. 
 Section 2.05. Remedies. Each Grantor, jointly
with the other Grantors and severally, agrees that, as between the Grantors and the Lenders, the obligations of the Borrower under the Credit Agreement may be declared to be forthwith due and payable as provided in Section 8.1 of the Credit
Agreement (and shall be deemed to have become automatically due and payable in the circumstances provided in Section 8.1 of the Credit Agreement) for purposes of Section 2.01, notwithstanding any stay, injunction or
other prohibition preventing such declaration (or such obligations from becoming automatically due and payable) as against the Borrower and that, in the event of such declaration (or such obligations being deemed to have become automatically due and
payable), such obligations (whether or not due and payable by the Borrower) shall forthwith become due and payable by the Grantors for purposes of Section 2.01. 

Section 2.06. Instrument for the Payment of Money. Each Grantor hereby acknowledges that the Guaranty constitutes an instrument
for the payment of money, and consents and agrees that the Administrative Agent and any other Secured Party, at its sole option, in the event of a dispute by such Grantor in the payment of any moneys due hereunder, shall have the right to bring a
motion-action under New York CPLR Section 3213. 
 Section 2.07. Continuing Guaranty. The Guaranty is a continuing
guarantee of payment, and shall apply to all Guaranteed Obligations whenever arising. 

  
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 Section 2.08. General Limitation on Guarantee Obligations. In any action or
proceeding involving any state corporate, limited partnership or limited liability company Law, or any applicable state, federal or foreign bankruptcy, insolvency, reorganization or other Law affecting the rights of creditors generally, if the
obligations of any Grantor under Section 2.01 would otherwise be held or determined to be void, voidable, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its
liability under Section 2.01, then, notwithstanding any other provision to the contrary, the amount of such liability shall, without any further action by such Grantor, any Loan Party or any other person, be automatically
limited and reduced to the highest amount (after giving effect to the right of contribution established in Section 2.10) that is valid and enforceable and not subordinated to the claims of other creditors as determined in
such action or proceeding. For purposes of the foregoing, all guarantees of such Grantor other than the Guaranty shall be deemed to be enforceable and payable after the Guaranty. 

Section 2.09. Information. Each Grantor assumes all responsibility for being and keeping itself informed of the Borrower’s
financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope and extent of the risks that each Grantor assumes and incurs under the Guaranty, and agrees that
none of the Administrative Agent, any Issuing Lender, any Lender or any other Secured Party shall have any duty to advise any Grantor of information known to it regarding those circumstances or risks. 

Section 2.10. Right of Contribution. Each Grantor hereby agrees that to the extent that a Grantor shall have paid more than its
proportionate share of any payment made hereunder, such Grantor shall be entitled to seek and receive contribution from and against any other Grantor hereunder which has not paid its proportionate share of such payment (based on an equitable
apportionment of such payment among all Grantors based on the relative value of their assets and any other equitable considerations deemed appropriate by a court of competent jurisdiction). Each Grantor’s right of contribution shall be subject
to the terms and conditions of Section 2.04. The provisions of this Section 2.10 shall in no respect limit the obligations and liabilities of any Grantor to the Administrative Agent, the Issuing
Lenders, the Lenders and the other Secured Parties, and each Grantor shall remain liable to the Administrative Agent, the Issuing Lenders, the Lenders and the other Secured Parties for the full amount guaranteed by such Grantor hereunder. 

Section 2.11. Cross-Guaranty. Each Qualified ECP Grantor hereby jointly and severally, absolutely, unconditionally and irrevocably
undertakes to provide such funds or other support to each Specified Grantor as may be needed by such Specified Grantor from time to time to honor all of its obligations under its Guaranty and the other Loan Documents in respect of any Swap
Obligation (provided, however, that each Qualified ECP Grantor shall only be liable under this Section 2.11 for up to the maximum amount of such liability that can be hereby incurred without rendering such
Qualified ECP Grantor’s obligations and undertakings under this Section 2.11 voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations and
undertakings of each Qualified ECP Grantor under this Section 2.11 shall remain in full force and effect until the Discharge of Obligations. Each Qualified ECP Grantor intends that this
Section 2.11 constitute, and this Section 2.11 shall be deemed to constitute, an agreement for the benefit of each Specified Grantor for all purposes of the Commodity Exchange Act. 

  
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 ARTICLE III 

Pledge of Securities 

Section 3.01. Pledge. As security for the payment and performance, as the case may be, in full of the Secured Obligations
(including the Guaranty) when due (whether at stated maturity, by required prepayment, declaration, demand, by acceleration or otherwise), each of the Grantors hereby assigns and pledges to the Administrative Agent, its successors and assigns, for
the benefit of the Secured Parties, and hereby grants to the Administrative Agent, its successors and assigns, for the benefit of the Secured Parties, a security interest in all of such Grantors’ right, title and interest in, to and under: 

(i) all Capital Stock held by it that is listed on Schedule I and all other Capital Stock in the
Borrower, in any Individual Borrower (as defined in the Mortgage Loan Agreement), in any direct or indirect parent of any Individual Borrower (as defined in the Mortgage Loan Agreement) and in the Operating Lessee (as defined in the Mortgage Loan
Agreement) obtained by such Grantor from time to time, and the certificates representing all of the foregoing Capital Stock (all such Capital Stock and certificates referred to in this clause (i), the “Pledged Equity”);
provided that the Pledged Equity shall not include Excluded Property; 
 (ii) all other property that may be delivered
to and held by the Administrative Agent pursuant to the terms of this Section 3.01; 
 (iii)
subject to Section 3.06, all payments of principal or interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of, in exchange for or upon the
conversion of, and all other Proceeds received in respect of, the securities referred to in clause (i) above; 

(iv) subject to Section 3.06, all rights and privileges of such Grantor with respect to the
securities and other property referred to in clauses (i), (ii) and (iii) above; and 

(v) all Proceeds of any of the foregoing, 

(the items referred to in clauses (i) through (v) above being collectively referred to as the “Pledged
Collateral”). 
 TO HAVE AND TO HOLD the Pledged Collateral, together with all right, title, interest, powers, privileges and preferences
pertaining or incidental thereto, unto the Administrative Agent, its successors and assigns, for the benefit of the Secured Parties, forever, subject, however, to the terms, covenants and conditions hereinafter set forth. 

  
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 Section 3.02. Delivery of the Pledged Collateral. 

(a) Each Grantor agrees promptly (but in any event within 60 days after receipt by such Grantor or such longer period as the Administrative
Agent may agree in its reasonable discretion) to deliver or cause to be delivered to the Administrative Agent, for the benefit of the Secured Parties, any and all Pledged Equity to the extent certificated. 

(b) Upon delivery to the Administrative Agent, any Pledged Equity shall be accompanied by stock or security powers duly executed in blank or
other instruments of transfer reasonably satisfactory to the Administrative Agent and by such other instruments and documents as the Administrative Agent may reasonably request (other than instruments or documents governed by or requiring actions in
any non-U.S. jurisdiction related to Capital Stock of Foreign Subsidiaries). Each delivery of Pledged Equity shall be accompanied by a schedule describing the securities, which schedule shall be deemed to
supplement Schedule I and made a part hereof; provided that failure to supplement Schedule I shall not affect the validity of such pledge of such Pledged Equity. Each schedule so delivered
shall supplement any prior schedules so delivered. 
 Section 3.03. Representations, Warranties and Covenants. Each Grantor
represents, warrants and covenants to and with the Administrative Agent, for the benefit of the Secured Parties, that: 
 (a) as of the date
hereof, Schedule I includes all Capital Stock required to be pledged by such Grantor hereunder; 
 (b) the Pledged
Equity issued by the Borrower or a wholly-owned Subsidiary of the Borrower have been duly and validly authorized and issued by the issuers thereof and are fully paid and nonassessable; 

(c) except for the security interests granted hereunder, such Grantor (i) is the direct owner, beneficially and of record, of the Pledged
Equity indicated on Schedule I, (ii) holds the same free and clear of all Liens, other than (A) Liens created by the Collateral Documents and (B) Liens expressly permitted pursuant to Section 7.3 of the
Credit Agreement, and (iii) if requested by the Administrative Agent, will defend its title or interest thereto or therein against any and all Liens (other than the Liens permitted pursuant to this Section 3.03(c)),
however arising, of all Persons whomsoever; 
 (d) except for restrictions and limitations imposed or permitted by the Loan Documents or
securities laws generally, the Pledged Collateral is freely transferable and assignable, and none of the Pledged Collateral is subject to any option, right of first refusal, shareholders agreement, charter or
by-law provisions or contractual restriction of any nature that might prohibit, impair, delay or otherwise affect in any manner material and adverse to the Secured Parties the pledge of such Pledged Collateral
hereunder, the sale or disposition thereof pursuant hereto or the exercise by the Administrative Agent of rights and remedies hereunder; 

(e) the execution and performance by the Grantors of this Agreement are within each Grantor’s corporate powers and have been duly
authorized by all necessary corporate action or other organizational action; 

  
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 (f) no consent or approval of or filing with any Governmental Authority, any securities exchange
or any other Person was or is necessary to the validity of the pledge effected hereby, except for (i) filings and registrations necessary to perfect the Liens on the Collateral granted by the Loan Parties in favor of the Administrative Agent
for the benefit of the Secured Parties and (ii) the approvals, consents, exemptions, authorizations, actions, notices and filings which have been duly obtained, taken, given or made and are in full force and effect; 

(g) by virtue of the execution and delivery by each Grantor of this Agreement, the filing of the UCC financing statements contemplated by
Section 4.02(b) and delivery of the Pledged Equity in accordance with this Agreement to and continued possession by the Administrative Agent in the State of New York, the Administrative Agent for the benefit of the Secured
Parties has a legal, valid and first priority perfected lien upon and security interest in the Pledged Collateral as security for the payment and performance of the Secured Obligations to the extent such perfection is governed by the UCC, subject
only to Liens permitted by Section 7.3 of the Credit Agreement; and 
 (h) the pledge effected hereby is effective to vest in the
Administrative Agent, for the benefit of the Secured Parties, the rights of the Administrative Agent in the Pledged Collateral to the extent intended hereby. 

Subject to the terms of this Agreement, each Grantor hereby agrees that, upon the occurrence and during the continuance of an Event of
Default, it will comply with instructions of the Administrative Agent with respect to the Capital Stock in such Grantor that constitutes Pledged Equity hereunder that is not certificated without further consent by the applicable owner or holder of
such Capital Stock. 
 Notwithstanding anything to the contrary in this Agreement, to the extent any provision of this Agreement or the
Credit Agreement excludes any assets from the scope of the Pledged Collateral, or from any requirement to take any action to perfect any security interest in favor of the Administrative Agent for the benefit of the Secured Parties in the Pledged
Collateral, the representations, warranties and covenants made by any relevant Grantor in this Agreement with respect to the creation, perfection or priority (as applicable) of the security interest granted in favor of the Administrative Agent for
the benefit of the Secured Parties (including, without limitation, this Section 3.03) shall be deemed not to apply to such excluded assets. 

Section 3.04. Certification of Limited Liability Company and Limited Partnership Interests. No interest in any limited liability
company or limited partnership controlled by any Grantor that constitutes Pledged Equity shall be represented by a certificate unless (i) the limited liability company agreement or partnership agreement expressly provides that such interests
shall be a “security” within the meaning of Article 8 of the UCC of the applicable jurisdiction, and (ii) such certificate shall be delivered to the Administrative Agent in accordance with Section 3.02.
Any limited liability company and any limited partnership controlled by any Grantor shall either (a) not include in its operative documents any provision that any Capital Stock in such limited liability company or such limited partnership be a
“security” as defined under Article 8 of the UCC or (b) certificate any Capital Stock in any such limited liability company or such limited partnership. To the extent an interest in any limited liability company or limited
partnership pledged under Section 3.01 is certificated or becomes 

  
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certificated, (i) each such certificate shall be delivered to the Administrative Agent, pursuant to Section 3.02(a) and (ii) such Grantor shall fulfill all
other requirements under Section 3.02 applicable in respect thereof. Such Grantor hereby agrees that if any of the Pledged Collateral are at any time not evidenced by certificates of ownership, then each applicable Grantor
shall, to the extent permitted by applicable Law, if necessary or, upon the reasonable request of the Administrative Agent, desirable to perfect a security interest in such Pledged Collateral, (i) if not previously executed and delivered by
such issuer, cause the issuer of such Pledged Equity to execute and deliver to the Administrative Agent an acknowledgment of the pledge of such Pledged Equity substantially in the form of Exhibit II annexed hereto or such
other form that is reasonably satisfactory to the Administrative Agent, (ii) cause such pledge to be recorded on the equity holder register or the books of the issuer, (iii) execute any customary pledge forms or other documents necessary
or appropriate to complete the pledge and (iv) give the Administrative Agent perfection by control and the right to transfer such Pledged Collateral under the terms hereof. 

Section 3.05. Registration in Nominee Name; Denominations. If an Event of Default shall have occurred and be continuing and the
Administrative Agent shall have given the Borrower prior written notice of its intent to exercise such rights, (a) the Administrative Agent, on behalf of the Secured Parties, shall have the right to hold the Pledged Equity in its own name as
pledgee, the name of its nominee (as pledgee or as sub-agent) or the name of the applicable Grantor, endorsed or assigned in blank or in favor of the Administrative Agent and each Grantor will promptly give to
the Administrative Agent copies of any written notices or other written communications received by it with respect to Pledged Equity registered in the name of such Grantor and (b) the Administrative Agent shall have the right to exchange the
certificates representing Pledged Equity for certificates of smaller or larger denominations for any purpose consistent with this Agreement, to the extent permitted by the documentation governing such Pledged Equity and applicable Laws. 

Section 3.06. Voting Rights; Dividends and Interest. 

(a) Unless and until an Event of Default shall have occurred and be continuing and the Administrative Agent shall have provided prior notice to
the Borrower that the rights of the Grantor under this Section 3.06 are being suspended: 
 (i)
Each Grantor shall be entitled to exercise any and all voting and/or other consensual rights and powers inuring to an owner of Pledged Equity or any part thereof and each Grantor agrees that it shall exercise such rights for purposes consistent with
the terms of this Agreement, the Credit Agreement and the other Loan Documents. 
 (ii) The Administrative Agent shall
promptly (after reasonable advance notice) execute and deliver to each Grantor, or cause to be executed and delivered to such Grantor, all such proxies, powers of attorney and other instruments as such Grantor may reasonably request for the purpose
of enabling such Grantor to exercise the voting and/or consensual rights and powers it is entitled to exercise pursuant to Section 3.06(a)(i) above. 

  
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 (iii) Each Grantor shall be entitled to receive and retain any and all dividends,
interest, principal and other distributions paid on or distributed in respect of the Pledged Equity to the extent and only to the extent that such dividends, interest, principal and other distributions are permitted by, and otherwise paid or
distributed in accordance with, the terms and conditions of the Credit Agreement, the other Loan Documents and applicable Laws; provided that any noncash dividends, interest, principal or other distributions that would constitute Pledged
Equity, whether resulting from a subdivision, combination or reclassification of the outstanding Capital Stock of the issuer of any Pledged Equity or received in exchange for Pledged Equity or any part thereof, or in redemption thereof, or as a
result of any merger, consolidation, acquisition or other exchange of assets to which such issuer may be a party or otherwise, shall be and become part of the Pledged Collateral, and, if received by any Grantor, shall not be commingled by such
Grantor with any of its other funds or property but shall be held separate and apart therefrom, shall be held in trust for the benefit of the Administrative Agent and the Secured Parties and shall be promptly (and in any event within 10 Business
Days or such longer period as the Administrative Agent may agree in its reasonable discretion) delivered to the Administrative Agent in the same form as so received (with any necessary endorsement reasonably requested by the Administrative Agent).
So long as no Default or Event of Default has occurred and is continuing, the Administrative Agent shall promptly deliver to each Grantor any Pledged Equity in its possession if requested to be delivered to the issuer thereof in connection with any
exchange or redemption of such Pledged Equity permitted by the Credit Agreement in accordance with this Section 3.06(a)(iii). 

(b) Upon the occurrence and during the continuance of an Event of Default, after the Administrative Agent shall have notified the Borrower of
the suspension of the Grantors’ rights under Section 3.06(a)(iii), then all rights of any Grantor to dividends, interest, principal or other distributions that such Grantor is authorized to receive pursuant to
Section 3.06(a)(iii) shall cease, and all such rights shall thereupon become vested in the Administrative Agent, which shall have the sole and exclusive right and authority to receive and retain such dividends, interest,
principal or other distributions. All dividends, interest, principal or other distributions received by any Grantor contrary to the provisions of this Section 3.06 shall be held in trust for the benefit of the
Administrative Agent, shall be segregated from other property or funds of such Grantor and shall be promptly (and in any event within 10 days or such longer period as the Administrative Agent may agree in its reasonable discretion) delivered to the
Administrative Agent upon demand in the same form as so received (with any necessary endorsement reasonably requested by the Administrative Agent). Any and all money and other property paid over to or received by the Administrative Agent pursuant to
the provisions of this Section 3.06(b) shall be retained by the Administrative Agent in an account to be established by the Administrative Agent upon receipt of such money or other property and shall be applied in
accordance with the provisions of Section 5.02. After all Events of Default have been cured or waived, the Administrative Agent shall promptly repay to each Grantor (without interest) all dividends, interest, principal or
other distributions that such Grantor would otherwise be permitted to retain pursuant to the terms of Section 3.06(a)(iii) and that remain in such account. 

  
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 (c) Upon the occurrence and during the continuance of an Event of Default, after the
Administrative Agent shall have provided the Borrower with notice of the suspension of its rights under Section 3.06(a)(i), then all rights of any Grantor to exercise the voting and consensual rights and powers it is
entitled to exercise pursuant to Section 3.06(a)(i), and the obligations of the Administrative Agent under Section 3.06(a)(ii), shall cease, and all such rights shall thereupon become vested in the
Administrative Agent, which shall have the sole and exclusive right and authority to exercise such voting and consensual rights and powers; provided that, unless otherwise directed by the Required Lenders, the Administrative Agent shall have
the right from time to time following and during the continuance of an Event of Default to permit the Grantors to exercise such rights. After all Events of Default have been cured or waived, each Grantor shall have the exclusive right to exercise
the voting and/or consensual rights and powers that the Borrower would otherwise be entitled to exercise pursuant to the terms of Section 3.06(a)(i), and the obligations of the Administrative Agent under
Section 3.06(a)(ii) shall be reinstated. 
 (d) Any notice given by the Administrative Agent to the Borrower under
Section 3.05 or Section 3.06 (i) shall be given in writing, (ii) may be given with respect to one or more Grantors at the same or different times and (iii) may suspend the rights of the
Grantors under Section 3.06(a)(i) or Section 3.06(a)(iii) in part without suspending all such rights (as specified by the Administrative Agent in its sole and absolute discretion) and without
waiving or otherwise affecting the Administrative Agent’s rights to give additional notices from time to time suspending other rights so long as an Event of Default has occurred and is continuing. 

ARTICLE IV 
 Security
Interests in Personal Property 
 Section 4.01. Security Interest. 

(a) As security for the payment and performance, as the case may be, in full of the Secured Obligations (including the Guaranty) when due
(whether at stated maturity, by required prepayment, declaration, demand, by acceleration or otherwise), each Grantor hereby assigns and pledges to the Administrative Agent, its successors and assigns, for the benefit of the Secured Parties, and
hereby grants to the Administrative Agent, its successors and assigns, for the benefit of the Secured Parties, a security interest (the “Security Interest”) in, all right, title or interest in or to the Account, all cash balances
and other property from time to time on deposit in or credited to the Account, and all Proceeds and products thereof, whether now owned or at any time hereafter acquired by such Grantor or in which such Grantor now has or at any time in the future
may acquire any right, title or interest (collectively, the “Article 9 Collateral”); provided that, notwithstanding anything to the contrary in this Agreement, this Agreement shall not constitute a grant of a
security interest in any Excluded Property. 
 (b) Subject to Section 4.01(d), each Grantor hereby irrevocably
authorizes the Administrative Agent for the benefit of the Secured Parties at any time and from time to time to file in any relevant jurisdiction any initial financing statements with respect to the Collateral or any part thereof and amendments
thereto that (i) indicate the Collateral as “all assets” or “all property” of such Grantor or words of similar effect as being of an equal or lesser scope or with greater detail and (ii) contain the information required
by Article 9 of the UCC or the analogous legislation of each applicable jurisdiction for the filing of any financing statement or amendment, including whether such Grantor is an organization, the type of organization and, if required, any
organizational identification number issued to such Grantor. Each Grantor agrees to provide such information to the Administrative Agent promptly upon any reasonable request. 

  
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 (c) The Security Interest is granted as security only and shall not subject the Administrative
Agent or any other Secured Party to, or in any way alter or modify, any obligation or liability of any Grantor with respect to or arising out of the Collateral. 

(d) Notwithstanding anything to the contrary in the Loan Documents, none of the Grantors shall be required, nor is the Administrative Agent
authorized, (i) to perfect the Security Interests granted by this Agreement (including Security Interests in Investment Property) by any means other than by (A) filings pursuant to the UCC in the office of the secretary of state (or
similar central filing office) of the relevant State(s), (B) delivery to the Administrative Agent to be held in its possession of all Collateral consisting of certificated Pledged Equity as expressly required elsewhere herein, (C) entering
into the Account Control Agreement with respect to the Account (and, for the avoidance of doubt, the Conditional Controlled Account Agreement with respect to the Conditional Controlled Account), or (D) other methods expressly provided herein,
(ii) to take any action (other than the actions listed in clauses (i)(A), (B) and (C) above) with respect to any assets located outside of the United States, (iii) to perfect in
any assets subject to a certificate of title statute or (iv) to deliver any Capital Stock except as expressly provided in Section 3.01 or Section 3.04. 

Section 4.02. Representations and Warranties. Each Grantor jointly and severally represents and warrants, as to itself and the
other Grantors, to the Administrative Agent and the Secured Parties that: 
 (a) Subject to Liens permitted by
Section 7.3 of the Credit Agreement, each Grantor has good and valid rights in and title (except as otherwise permitted by the Loan Documents) to the Article 9 Collateral with respect to which it has purported to grant a Security Interest
hereunder and has full power and authority to grant to the Administrative Agent the Security Interest in such Article 9 Collateral pursuant hereto and to execute, deliver and perform its obligations in accordance with the terms of this
Agreement, without the consent or approval of any other Person other than any consent or approval that has been obtained and those consents or approvals, the failure of which to be obtained or to be made could not reasonably be expected to have a
Material Adverse Effect. 
 (b) Subject to Section 4.01(d), the UCC financing statements attached
hereto as Schedule II or other appropriate filings, recordings or registrations prepared by the Administrative Agent based upon the information provided to the Administrative Agent for filing in the applicable filing
office, are all the filings, recordings and registrations that are necessary to establish a legal, valid and perfected security interest in favor of the Administrative Agent (for the benefit of the Secured Parties) in respect of all Article 9
Collateral in which the Security Interest may be perfected by filing, recording or registration in the United States (or any political subdivision thereof) and its territories and possessions pursuant to the UCC, and no further or subsequent filing,
re-filing, recording, rerecording, registration or re-registration is necessary in any such jurisdiction, except as provided under applicable Law with respect to the
filing of continuation statements. 

  
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 (c) The Security Interest constitutes (i) a legal and valid security
interest in all the Article 9 Collateral securing the payment and performance of the Secured Obligations, (ii) subject to the filings described in Section 4.02(b), a valid perfected first priority security
interest in all Article 9 Collateral in which a security interest may be perfected by filing, recording or registering a financing statement or analogous document in the United States (or any political subdivision thereof) and its territories
and possessions pursuant to the UCC and (iii) upon execution by all applicable parties thereto of the Account Control Agreement or any other control agreement establishing the Administrative Agent’s “control” (within the meaning
of Section 9-104 of the UCC, as applicable) with respect to the Account, a valid perfected first priority security interest in the Account and all cash balances and other property from time to time on
deposit in or credited to the Account. Subject to Section 4.01(d) of this Agreement, the Security Interest is and shall be prior to any other Lien on any of the Article 9 Collateral, other than any Liens expressly
permitted pursuant to Section 7.3 of the Credit Agreement. 
 (d) The Article 9 Collateral is owned by the Grantors
free and clear of any Lien, except for Liens expressly permitted pursuant to Section 7.3 of the Credit Agreement. None of the Grantors has filed or consented to the filing of (i) any financing statement or analogous document under the UCC
or any other applicable Laws covering any Article 9 Collateral or (ii) any assignment in which any Grantor assigns any Article 9 Collateral or any security agreement or similar instrument covering any Article 9 Collateral with
any foreign governmental, municipal or other office, which financing statement or analogous document, assignment, security agreement or similar instrument is still in effect, except, in each case, for Liens expressly permitted pursuant to
Section 7.3 of the Credit Agreement and assignments permitted by the Credit Agreement. 
 (e) The Borrower is the sole
account holder of the Account and the Borrower has not consented to, and is not otherwise aware of, any Person (other than the Administrative Agent pursuant hereto and the applicable depository institution) having either sole dominion and control
(within the meaning of common law) or “control” (within the meanings of Section 9-104 of the UCC) over, or any other interest in, the Account or any money or other property deposited therein or
credited thereto. 
 Section 4.03. Covenants. 

(a) The Borrower agrees to notify the Administrative Agent in writing promptly, but in any event within 30 days (or such longer period as the
Administrative Agent may agree in its reasonable discretion), after any change in (i) the legal name of any Grantor, (ii) the identity or type of organization or corporate structure of any Grantor, or (iii) the organizational
identification number of such Grantor, if any. The Borrower agrees to notify the Administrative Agent in writing at least one day prior to any change in the jurisdiction of organization of any Grantor. 

  
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 (b) Subject to Section 4.01(d), each Grantor shall, at its own expense,
upon the reasonable request of the Administrative Agent, take any and all commercially reasonable actions necessary to defend title to the Article 9 Collateral against all Persons and to defend the Security Interest of the Administrative Agent
in the Article 9 Collateral and the priority thereof against any Lien not expressly permitted pursuant to Section 7.3 of the Credit Agreement; provided that, nothing in this Agreement shall prevent any Grantor from discontinuing the
operation or maintenance of any of its assets or properties if such discontinuance is (x) determined by such Grantor to be desirable in the conduct of its business and (y) permitted by the Credit Agreement. 

(c) Subject to Section 4.01(d), each Grantor agrees, at its own expense, to execute, acknowledge, deliver and cause
to be duly filed all such further instruments and documents and take all such actions as the Administrative Agent may from time to time reasonably request to better assure, preserve, protect and perfect the Security Interest and the rights and
remedies created hereby, including the payment of any fees and taxes required in connection with the execution and delivery of this Agreement, the granting of the Security Interest and the filing of any financing statements or other documents in
connection herewith or therewith. 
 (d) At its option, the Administrative Agent may discharge past due taxes, assessments, charges, fees,
Liens, security interests or other encumbrances at any time levied or placed on the Article 9 Collateral and not permitted pursuant to Section 7.3 of the Credit Agreement, and may pay for the maintenance and preservation of the
Article 9 Collateral to the extent any Grantor fails to do so as required by the Credit Agreement or any other Loan Document and within a reasonable period of time after the Administrative Agent has requested that it do so, and each Grantor
jointly and severally agrees to reimburse the Administrative Agent within 10 Business Days after demand for any payment made or any reasonable expense incurred by the Administrative Agent pursuant to the foregoing authorization. Nothing in this
paragraph shall be interpreted as excusing any Grantor from the performance of, or imposing any obligation on the Administrative Agent or any Secured Party to cure or perform, any covenants or other promises of any Grantor with respect to taxes,
assessments, charges, fees, Liens, security interests or other encumbrances and maintenance as set forth herein or in the other Loan Documents. 

(e) The Administrative Agent shall provide instructions to the Account Bank with respect to any withdrawal, payment, transfer or other fund
disposition under the Account at the written request of the Borrower at any time that no Event of Default has occurred and is continuing and either (i) no Trigger Event has occurred and is continuing or (ii) if a Trigger Event has occurred
and is continuing, there are no Revolving Loans outstanding or any Letters of Credit outstanding that have not been Cash Collateralized in an amount not less than the Minimum Collateral Amount. 

  
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 ARTICLE V 

Remedies 

Section 5.01. Remedies Upon Default. Upon the occurrence and during the continuance of an Event of Default, it is
agreed that the Administrative Agent shall have the right to exercise any and all rights afforded to a secured party with respect to the Secured Obligations, including the Guaranty, under the UCC or other applicable Law or in equity and also may
(i) require each Grantor to, and each Grantor agrees that it will at its expense and upon request of the Administrative Agent, promptly assemble all or part of the Collateral as directed by the Administrative Agent and make it available to the
Administrative Agent at a place and time to be designated by the Administrative Agent that is reasonably convenient to both parties; (ii) exercise any and all rights and remedies of any of the Grantors under or in connection with the
Collateral, or otherwise in respect of the Collateral; provided that the Administrative Agent shall provide the applicable Grantor with notice thereof prior to such exercise; and (iii) subject to the mandatory requirements of applicable
Law and the notice requirements described below, sell or otherwise dispose of all or any part of the Collateral securing the Secured Obligations at a public or private sale or at any broker’s board or on any securities exchange, for cash, upon
credit or for future delivery as the Administrative Agent shall deem appropriate. The Administrative Agent shall be authorized at any such sale of securities (if it deems it advisable to do so) to restrict the prospective bidders or purchasers to
Persons who will represent and agree that they are purchasing the Collateral for their own account for investment and not with a view to the distribution or sale thereof, and upon consummation of any such sale the Administrative Agent shall have the
right to assign, transfer and deliver to the purchaser or purchasers thereof the Collateral so sold. Each such purchaser at any sale of Collateral shall hold the property sold absolutely, free from any claim or right on the part of any Grantor, and
each Grantor hereby waives (to the extent permitted by Law) all rights of redemption, stay and appraisal which such Grantor now has or may at any time in the future have under any Law now existing or hereafter enacted. In addition to the foregoing,
and notwithstanding anything to the contrary herein, in the event that a Trigger Event or an Event of Default has occurred and is continuing, the Administrative Agent is authorized by the Borrower and shall apply the amounts on deposit in the
Account from time to time and all cash distributions from any of the Borrower’s direct or indirect Subsidiaries, and all proceeds of Collateral, without notice to or consent of the Borrower or any other Grantor, in accordance with
Section 2.25(b) of the Credit Agreement. 
 To the extent notice is required by applicable Law, the Administrative Agent shall give the
applicable Grantors 10 days’ written notice (which each Grantor agrees is reasonable notice within the meaning of Section 9-611 of the UCC or its equivalent in other jurisdictions) of the
Administrative Agent’s intention to make any sale of Collateral. Such notice, in the case of a public sale, shall state the time and place for such sale and, in the case of a sale at a broker’s board or on a securities exchange, shall
state the board or exchange at which such sale is to be made and the day on which the Collateral, or portion thereof, will first be offered for sale at such board or exchange. Any such public sale shall be held at such time or times within ordinary
business hours and at such place or places as the Administrative Agent may fix and state in the notice (if any) of such sale. At any such sale, the Collateral, or portion thereof, to be sold may be sold in one lot as an entirety or in separate
parcels, as the Administrative Agent may (in its sole and absolute discretion) determine. The Administrative Agent shall not be obligated to make 

  
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any sale of any Collateral if it shall determine not to do so, regardless of the fact that notice of sale of such Collateral shall have been given. The Administrative Agent may, without notice or
publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for sale, and such sale may, without further notice, be made at the time and place to which the same was
so adjourned. In case any sale of all or any part of the Collateral is made on credit or for future delivery, the Collateral so sold may be retained by the Administrative Agent until the sale price is paid by the purchaser or purchasers thereof, but
the Administrative Agent shall not incur any liability in case any such purchaser or purchasers shall fail to take up and pay for the Collateral so sold and, in case of any such failure, such Collateral may be sold again upon like notice. At any
public (or, to the extent permitted by Law, private) sale made pursuant to this Agreement, any Secured Party may bid for or purchase, free (to the extent permitted by Law) from any right of redemption, stay, valuation or appraisal on the part of any
Grantor (all said rights being also hereby waived and released to the extent permitted by Law), the Collateral or any part thereof offered for sale and may make payment on account thereof by using any claim then due and payable to such Secured Party
from any Grantor as a credit against the purchase price, and such Secured Party may, upon compliance with the terms of sale, hold, retain and dispose of such property without further accountability to any Grantor therefor. For purposes hereof, a
written agreement to purchase the Collateral or any portion thereof shall be treated as a sale thereof; the Administrative Agent shall be free to carry out such sale pursuant to such agreement and no Grantor shall be entitled to the return of the
Collateral or any portion thereof subject thereto, notwithstanding the fact that after the Administrative Agent shall have entered into such an agreement all Events of Default shall have been remedied and the Secured Obligations paid in full. As an
alternative to exercising the power of sale herein conferred upon it, the Administrative Agent may proceed by a suit or suits at Law or in equity to foreclose this Agreement and to sell the Collateral or any portion thereof pursuant to a judgment or
decree of a court or courts having competent jurisdiction or pursuant to a proceeding by a court-appointed receiver. Any sale pursuant to the provisions of this Section 5.01 shall be deemed to conform to the commercially
reasonable standards as provided in Section 9-610(b) of the UCC or its equivalent in other jurisdictions. 

Each Grantor irrevocably makes, constitutes and appoints the Administrative Agent (and all officers, employees or agents designated by the
Administrative Agent) as such Grantor’s true and lawful agent (and attorney-in-fact) during the continuance of an Event of Default (provided that the
Administrative Agent shall provide the applicable Grantor with notice thereof prior to, to the extent reasonably practicable, or otherwise promptly after, exercising such rights), for the purpose of (i) making, settling and adjusting claims in
respect of Collateral under policies of insurance, endorsing the name of such Grantor on any check, draft, instrument or other item of payment for the proceeds of such policies of insurance, (ii) making all determinations and decisions with
respect thereto and (iii) obtaining or maintaining the policies of insurance required by Section 6.6 of the Credit Agreement or to pay any premium in whole or in part relating thereto. All sums disbursed by the Administrative Agent in
connection with this paragraph, including reasonable attorneys’ fees, court costs, expenses and other charges relating thereto, shall be payable, within 10 days of demand, by the Grantors to the Administrative Agent and shall be additional
Secured Obligations secured hereby. 

  
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 Section 5.02. Application of Proceeds. The Administrative Agent shall apply the
proceeds of any collection or sale of Collateral, including any Collateral consisting of cash in accordance with Section 2.25(b) of the Credit Agreement. 

The Administrative Agent shall have absolute discretion as to the time of application of any such proceeds, moneys or balances in accordance
with this Agreement. Upon any sale of Collateral by the Administrative Agent (including pursuant to a power of sale granted by statute or under a judicial proceeding), the receipt of the Administrative Agent or of the officer making the sale shall
be a sufficient discharge to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the Administrative Agent or such
officer or be answerable in any way for the misapplication thereof. 
 The Administrative Agent shall have no liability to any of the
Secured Parties for actions taken in reliance on information supplied to it as to the amounts of unpaid principal and interest and other amounts outstanding with respect to the Secured Obligations; provided that nothing in this sentence shall
prevent any Grantor from contesting any amounts claimed by any Secured Party in any information so supplied. All distributions made by the Administrative Agent pursuant to this Section 5.02 shall be (subject to any decree
of any court of competent jurisdiction) final (absent manifest error). 
 ARTICLE VI 

Subordination 

Section 6.01. Subordination. 

(a) Notwithstanding any provision of this Agreement to the contrary, all rights of the Grantors to indemnity, contribution or subrogation under
applicable Law or otherwise shall be fully subordinated to the Discharge of Obligations. No failure on the part of the Borrower or any Grantor to make the payments required under applicable Law or otherwise shall in any respect limit the obligations
and liabilities of any Grantor with respect to its obligations hereunder, and each Grantor shall remain liable for the full amount of the obligations of such Grantor hereunder. 

(b) Each Grantor hereby agrees that upon the occurrence and during the continuance of an Event of Default and after notice from the
Administrative Agent, all Indebtedness owed to it by any other Grantor shall be fully subordinated to the Discharge of Obligations. 

ARTICLE VII 

Miscellaneous 

Section 7.01. Notices. All communications and notices hereunder shall (except as otherwise expressly permitted herein) be in
writing and given as provided in Section 10.2 of the Credit Agreement. All communications and notices hereunder to the Borrower or any other Grantor shall be given to it in care of the Borrower as provided in Section 10.2 of the Credit
Agreement. 

  
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 Section 7.02. Waivers; Amendment. 

(a) No failure or delay by any Secured Party in exercising any right, remedy, power or privilege hereunder or under any other Loan Document
shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The
rights, remedies, powers and privileges of the Secured Parties herein provided, and provided under each other Loan Document, are cumulative and are not exclusive of any rights, remedies, powers and privileges provided by Law. No waiver of any
provision of this Agreement or consent to any departure by any Grantor therefrom shall in any event be effective unless the same shall be permitted by Section 7.02(b), and then such waiver or consent shall be effective only
in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Revolving Loan, the issuance of a Letter of Credit or the provision of services under Secured Cash Management Agreements
or Secured Swap Agreements shall not be construed as a waiver of any Default, regardless of whether any Secured Party may have had notice or knowledge of such Default at the time. 

(b) Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing
entered into by the Administrative Agent and the Grantor or Grantors with respect to which such waiver, amendment or modification is to apply, subject to any consent required in accordance with Section 10.1 of the Credit Agreement. 

Section 7.03. Administrative Agent’s Fees and Expenses; Indemnification. 

(a) The parties hereto agree that the Administrative Agent shall be entitled to reimbursement of its reasonable
out-of-pocket expenses incurred hereunder and indemnity for its actions in connection herewith as provided in Section 10.5 of the Credit Agreement. 

(b) Any such amounts payable as provided hereunder shall be additional Secured Obligations secured hereby and by the other Collateral
Documents. The provisions of this Section 7.03 shall remain operative and in full force and effect regardless of the termination of this Agreement or any other Loan Document, the consummation of the transactions
contemplated hereby, the repayment of any of the Secured Obligations, the invalidity or unenforceability of any term or provision of this Agreement or any other Loan Document, or any investigation made by or on behalf of the Administrative Agent or
any other Secured Party. All amounts due under this Section 7.03 shall be payable within 30 days of written demand therefor. 

Section 7.04. Successors and Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns. 

  
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 Section 7.05. Survival of Agreement. All covenants, agreements, representations and
warranties made by the Grantors hereunder and in the other Loan Documents and in the certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the Secured
Parties and shall survive the execution and delivery of the Loan Documents, the making of any Revolving Loans and issuance of any Letters of Credit and the provision of services under Secured Cash Management Agreements or Secured Swap Agreements,
regardless of any investigation made by any Secured Party or on its behalf and notwithstanding that any Secured Party may have had notice or knowledge of any Default at the time any credit is extended under the Credit Agreement, and shall continue
in full force and effect as long as this Agreement has not been terminated or released pursuant to Section 7.11. 

Section 7.06. Counterparts; Effectiveness; Several Agreement. This Agreement may be executed in one or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery by facsimile or other electronic communication of an executed counterpart of a signature page to this Agreement shall be effective as
delivery of an original executed counterpart of this Agreement. This Agreement shall become effective as to any Grantor when a counterpart hereof executed on behalf of such Grantor shall have been delivered to the Administrative Agent and a
counterpart hereof shall have been executed on behalf of the Administrative Agent, and thereafter shall be binding upon such Grantor and the Administrative Agent and their respective permitted successors and assigns, and shall inure to the benefit
of such Grantor, the Administrative Agent and the other Secured Parties and their respective permitted successors and assigns, except that no Grantor shall have the right to assign or transfer its rights or obligations hereunder or any interest
herein or in the Collateral (and any such assignment or transfer shall be void) except as expressly contemplated by this Agreement or the Credit Agreement. This Agreement shall be construed as a separate agreement with respect to each Grantor and
may be amended, modified, supplemented, waived or released with respect to any Grantor without the approval of any other Grantor and without affecting the obligations of any other Grantor hereunder. 

Section 7.07. Severability. If any provision of this Agreement is held to be illegal, invalid or unenforceable, the legality,
validity and enforceability of the remaining provisions of this Agreement shall not be affected or impaired thereby. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction. 
 Section 7.08. Governing Law; Jurisdiction; Venue; Waiver of Jury Trial; Consent to Service of Process.

 (a) The terms of Sections 10.11, 10.12 and 10.17 of the Credit Agreement with respect to governing law, submission of jurisdiction,
venue and waiver of jury trial are incorporated herein by reference, mutatis mutandis, and the parties hereto agree to such terms. 

(b) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in
Section 7.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by Law. 

Section 7.09. Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only,
are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 

  
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 Section 7.10. Security Interest Absolute. To the extent permitted by Law, all rights
of the Administrative Agent hereunder, the Security Interest, the grant of a security interest in the Pledged Collateral and all obligations of each Grantor hereunder shall be absolute and unconditional irrespective of (a) any lack of validity
or enforceability of the Credit Agreement, any other Loan Document, any agreement with respect to any of the Secured Obligations or any other agreement or instrument relating to any of the foregoing, (b) any change in the time, manner or place
of payment of, or in any other term of, all or any of the Secured Obligations, or any other amendment or waiver of or any consent to any departure from the Credit Agreement, any other Loan Document or any other agreement or instrument, (c) any
exchange, release or non-perfection of any Lien on other collateral, or any release or amendment or waiver of or consent under or departure from any guarantee, securing or guaranteeing all or any of the
Secured Obligations or (d) subject only to termination of a Grantor’s obligations hereunder in accordance with the terms of Section 7.11, any other circumstance that might otherwise constitute a defense available
to, or a discharge of, any Grantor in respect of the Secured Obligations or this Agreement. 
 Section 7.11. Termination or
Release. 
 (a) This Agreement, the Security Interest and all other security interests granted hereby shall terminate with respect to all
Secured Obligations and any Liens arising therefrom shall be automatically released upon the Discharge of Obligations. 
 (b) A Subsidiary
Guarantor shall automatically be released from its obligations hereunder and the pledge and security interest in the Collateral of such Subsidiary Guarantor shall be automatically released upon the consummation of any transaction permitted by the
Credit Agreement as a result of which (i) all or substantially all of the Capital Stock or property of such Subsidiary Guarantor are sold or otherwise transferred to a person or persons, none of which is a Loan Party or (ii) such
Subsidiary Guarantor becomes an Excluded Subsidiary; provided that the Required Lenders (or such other percentage or number of Lenders as required by the Credit Agreement) shall have consented to such transaction (if and to the extent
required by the Credit Agreement) and the terms of such consent did not provide otherwise. 
 (c) Upon any sale or transfer by any Grantor of
any Collateral that is permitted under the Credit Agreement (other than a sale or transfer to another Loan Party), or upon the effectiveness of any written consent to the release of the security interest granted hereby in any Collateral pursuant to
Section 10.1 of the Credit Agreement, the security interest in such Collateral shall be automatically released. 
 (d) In connection
with any termination or release pursuant to Section 7.11(a), (b) or (c), the Administrative Agent shall execute and deliver to any Grantor, at such Grantor’s expense, all documents that such Grantor shall
reasonably request to evidence such termination or release and shall perform such other actions reasonably requested by such Grantor to effect such release, including delivery of certificates, securities and instruments. Any execution and delivery
of documents pursuant to this Section 7.11 shall be without recourse to or warranty by the Administrative Agent. 

  
 -22- 

 (e) Notwithstanding anything to contrary set forth in this Agreement, each Hedge Bank and Cash
Management Bank by the acceptance of the benefits under this Agreement hereby acknowledges and agrees that (i) the Security Interests granted under this Agreement of the Obligations of any Grantor and its Subsidiaries under any Secured Swap
Agreement and any Secured Cash Management Agreement shall be automatically released upon the Discharge of Obligations, in each case, unless the Obligations under any such Secured Swap Agreement or any such Secured Cash Management Agreement are due
and payable at such time (it being understood and agreed that this Agreement and the Security Interests granted herein shall survive solely as to such due and payable Obligations and until such time as such due and payable Obligations have been paid
in full in cash in immediately available funds) and (ii) any release of Collateral or of a Grantor, as the case may be, effected in the manner permitted by this Agreement shall not require the consent of any Hedge Bank or any Cash Management
Bank. 
 Section 7.12. Additional Grantors. Pursuant to Section 6.12 of the Credit Agreement, certain additional Domestic
Subsidiaries of the Borrower may be required to enter into this Agreement as Grantors. Upon execution and delivery by the Administrative Agent and a Domestic Subsidiary of the Borrower of a Guaranty and Security Agreement Supplement, such Domestic
Subsidiary shall become a Grantor hereunder with the same force and effect as if originally named as a Grantor herein. The execution and delivery of any such instrument shall not require the consent of any other Grantor hereunder. The rights and
obligations of each Grantor hereunder shall remain in full force and effect notwithstanding the addition of any new Grantor as a party to this Agreement. 

Section 7.13. Administrative Agent Appointed
Attorney-in-Fact. Each Grantor hereby appoints the Administrative Agent the
attorney-in-fact of such Grantor for the purpose of (a) carrying out the provisions of this Agreement and taking any action and executing any instrument that the
Administrative Agent may deem necessary or advisable to accomplish the purposes hereof at any time after and during the continuance of an Event of Default and (b) carrying out the provisions of Section 2.25(b) of the Credit Agreement and
taking any action and executing any instrument that the Administrative Agent may deem necessary or advisable to accomplish the purposes hereof at any time after and during the continuance of an Event of Default or a Trigger Event, which appointment
is irrevocable and coupled with an interest. Without limiting the generality of the foregoing, the Administrative Agent shall have the right, upon the occurrence and during the continuance of an Event of Default and notice by the Administrative
Agent to the applicable Grantor of the Administrative Agent’s intent to exercise such rights (or in the case of Section 2.25(b) of the Credit Agreement, upon the occurrence and during the continuance of an Event of Default or a Trigger
Event), with full power of substitution either in the Administrative Agent’s name or in the name of such Grantor (a) to receive, endorse, assign and/or deliver any and all notes, acceptances, checks, drafts, money orders or other evidences
of payment relating to the Collateral or any part thereof; (b) to demand, collect, receive payment of, give receipt for and give discharges and releases of all or any of the Collateral; (c) to commence and prosecute any and all suits,
actions or proceedings at Law or in equity in any court of competent jurisdiction to collect or otherwise realize on all or any of the Collateral or to enforce any rights in respect of any Collateral; (d) to settle, compromise, compound, adjust
or defend any actions, suits or proceedings relating to all or any of the Collateral; and (e) to use, sell, assign, transfer, pledge, make any agreement with respect to or otherwise deal with all or any of the Collateral, and to do all other
acts and things necessary to 

  
 -23- 

 
carry out the purposes of this Agreement, as fully and completely as though the Administrative Agent were the absolute owner of the Collateral for all purposes; provided that nothing
herein contained shall be construed as requiring or obligating the Administrative Agent to make any commitment or to make any inquiry as to the nature or sufficiency of any payment received by the Administrative Agent, or to present or file any
claim or notice, or to take any action with respect to the Collateral or any part thereof or the moneys due or to become due in respect thereof or any property covered thereby. The Administrative Agent and the other Secured Parties shall be
accountable only for amounts actually received as a result of the exercise of the powers granted to them herein, and neither they nor their officers, directors, employees or agents shall be responsible to any Grantor for any act or failure to act
hereunder, except for their own gross negligence, bad faith, or willful misconduct or that of any of their Affiliates, directors, officers, employees, counsel, agents or
attorneys-in-fact, in each case, as determined by a final non-appealable judgment of a court of competent jurisdiction. 

Section 7.14. General Authority of the Administrative Agent. By acceptance of the benefits of this Agreement and any other
Collateral Documents, each Secured Party (whether or not a signatory hereto) shall be deemed irrevocably (a) to consent to the appointment of the Administrative Agent as its agent hereunder and under such other Collateral Documents, (b) to
confirm that the Administrative Agent shall have the authority to act as the exclusive agent of such Secured Party for the enforcement of any provisions of this Agreement and such other Collateral Documents against any Grantor, the exercise of
remedies hereunder or thereunder and the giving or withholding of any consent or approval hereunder or thereunder relating to any Collateral or any Grantor’s obligations with respect thereto, (c) to agree that it shall not take any action
to enforce any provisions of this Agreement or any other Collateral Document against any Grantor, to exercise any remedy hereunder or thereunder or to give any consents or approvals hereunder or thereunder except as expressly provided in this
Agreement or any other Collateral Document and (d) to agree to be bound by the terms of this Agreement and any other Collateral Documents. 

Section 7.15. Reasonable Care. The Administrative Agent is required to use reasonable care in the custody and preservation of any
of the Collateral in its possession; provided that the Administrative Agent shall be deemed to have used reasonable care in the custody and preservation of any of the Collateral, if such Collateral is accorded treatment substantially similar
to that which the Administrative Agent accords its own property. 
 Section 7.16. Delegation; Limitation. The Administrative
Agent may execute any of the powers granted under this Agreement and perform any duty hereunder either directly or by or through agents or attorneys-in-fact, and shall
not be responsible for the gross negligence or willful misconduct of any agents or attorneys-in-fact selected by it with reasonable care and without gross negligence or
willful misconduct. 
 Section 7.17. Reinstatement. The obligations of the Grantors under this Agreement shall be automatically
reinstated if and to the extent that for any reason any payment by or on behalf of the Borrower or other Loan Party in respect of the Secured Obligations is rescinded or must be otherwise restored by any holder of any of the Secured Obligations,
whether as a result of any proceedings in bankruptcy or reorganization or otherwise. 

  
 -24- 

 Section 7.18. Subject to Intercreditor Agreement. Notwithstanding anything herein to
the contrary, (i) the Liens and security interests granted to the Administrative Agent for the benefit of the Secured Parties pursuant to this Agreement and (ii) the exercise of any right or remedy by the Administrative Agent and the
Secured Parties hereunder and the application of proceeds (including insurance and condemnation proceeds) of any Collateral (collectively, the “Intercreditor Provisions”), in each case, are subject to the limitations and provisions
of the Intercreditor Agreement to the extent provided therein. In the event of any conflict in respect of the Intercreditor Provisions between the terms of the Intercreditor Agreement and the terms of this Agreement, the terms of the Intercreditor
Agreement shall govern. 
 Section 7.19. Miscellaneous. The Administrative Agent shall not be deemed to have actual,
constructive, direct or indirect notice or knowledge of the occurrence of any Event of Default unless and until the Administrative Agent shall have received a notice of Event of Default or a notice from the Grantor or the Secured Parties to the
Administrative Agent in its capacity as Administrative Agent indicating that an Event of Default has occurred. 
 [Signature Pages Follow]

  
 -25- 

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

			
	COREPOINT OPERATING PARTNERSHIP L.P.
		
	By:	 	 /s/ David Bradtke

	Name:	 	David Bradtke
	Title:	 	Senior Vice President, Tax
	
	COREPOINT BORROWER L.L.C.
		
	By:	 	 /s/ David Bradtke

	Name:	 	David Bradtke
	Title:	 	Senior Vice President, Tax
	
	CPLG L.L.C.
	LODGE HOLDCO I L.L.C.
	LODGE S-HOLDINGS L.L.C.
	LODGE HOLDINGS L.L.C.
	LODGE HOLDCO III L.L.C.
	LODGE BORROWER III L.L.C.
		
	By:	 	 /s/ David Bradtke

	Name:	 	David Bradtke
	Title:	 	Senior Vice President, Tax

 [Signature Page to Guaranty and Security Agreement] 

 
			
	 JPMORGAN CHASE BANK, N.A.,
 as
Administrative Agent

		
	By:	 	 /s/ Mohammad Hasan

	Name:	 	Mohammad Hasan
	Title:	 	Executive Director

 [Signature Page to Guaranty and Security Agreement]EX-10.9

 Exhibit 10.9 

COREPOINT LODGING INC. 

2018 OMNIBUS INCENTIVE PLAN 

1. Purpose. The purpose of the CorePoint Lodging Inc. 2018 Omnibus Incentive Plan is to provide a means through which the Company and
the other members of the Company Group may attract and retain key personnel and to provide a means whereby directors, officers, employees, consultants and advisors of the Company and the other members of the Company Group can acquire and maintain an
equity interest in the Company, or be paid incentive compensation, including incentive compensation measured by reference to the value of Common Stock, thereby strengthening their commitment to the welfare of the Company Group and aligning their
interests with those of the Company’s stockholders. 
 2. Definitions. The following definitions shall be applicable throughout
the Plan. 
 (a) “Adjustment Event” has the meaning given to such term in Section 12(a) of the Plan. 

(b) “Affiliate” means any Person that directly or indirectly controls, is controlled by or is under common control with the
Company. The term “control” (including, with correlative meaning, the terms “controlled by” and “under common control with”), as applied to any Person, means the possession, directly or indirectly, of the power to
direct or cause the direction of the management and policies of such Person, whether through the ownership of voting or other securities, by contract or otherwise. 

(c) “Annual Director Grant” has the meaning given to such term in Section 11(a) of the Plan. 

(d) “Award” means, individually or collectively, any Incentive Stock Option, Nonqualified Stock Option, Stock Appreciation
Right, Restricted Stock, Restricted Stock Unit, OP Unit, Other Equity-Based Award and Cash-Based Incentive Award granted under the Plan. 

(e) “Award Agreement” means the document or documents by which each Award (other than a Cash-Based Incentive Award) is
evidenced. 
 (f) “Board” means the Board of Directors of the Company. 

(g) “Cash-Based Incentive Award” means an Award denominated in cash that is granted under Section 10 of the Plan. 

(h) “Cause” means, as to any Participant, unless the applicable Award Agreement states otherwise, (i) “Cause,” as
defined in any employment or consulting agreement between the Participant and the Service Recipient in effect at the time of such Termination; or (ii) in the absence of any such employment or consulting agreement (or the absence of any
definition of “Cause” contained therein), the Participant’s (A) willful neglect in the performance of the Participant’s duties for the Service Recipient or willful or repeated failure or refusal to perform such duties;
(B) engagement in conduct in connection with the Participant’s employment or service with the Service Recipient which results in, or could reasonably be expected to result in, material harm to the business or reputation of the Company or
any other member of the 

 
Company Group; (C) conviction of, or plea of guilty or no contest to, (I) any felony; or (II) any other crime that results in, or could reasonably be expected to result in,
material harm to the business or reputation of the Company or any other member of the Company Group; (D) material violation of the written policies of the Service Recipient, including, but not limited to, those relating to sexual harassment or
the disclosure or misuse of confidential information, or those set forth in the manuals or statements of policy of the Service Recipient; (E) fraud or misappropriation, embezzlement or misuse of funds or property belonging to the Company or any
other member of the Company Group; or (F) act of personal dishonesty that involves personal profit in connection with the Participant’s employment or service to the Service Recipient; provided, in any case, a Participant’s
resignation after an event that would be grounds for a termination for Cause will be treated as a termination for Cause hereunder. 
 (i)
“Change in Control” means: 
 (i) the acquisition (whether by purchase, merger, consolidation, combination
or other similar transaction) by any Person of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than 50% (on a fully diluted basis) of either (A) the
then-outstanding shares of Common Stock, taking into account as outstanding for this purpose such Common Stock issuable upon the exercise of options or warrants, the conversion of convertible stock or debt, and the exercise of any similar right to
acquire such Common Stock; or (B) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors; provided, however, that for purposes of this Plan, the
following acquisitions shall not constitute a Change in Control: (I) any acquisition by the Company or any Affiliate; (II) any acquisition by any employee benefit plan sponsored or maintained by the Company or any Affiliate; or
(III) in respect of an Award held by a particular Participant, any acquisition by the Participant or any group of Persons including the Participant (or any entity controlled by the Participant or any group of Persons including the Participant);

 (ii) during any period of twelve (12) months, individuals who, at the beginning of such period, constitute the Board
(the “Incumbent Directors”) cease for any reason to constitute at least a majority of the Board, provided that any person becoming a director subsequent to the Effective Date, whose election or nomination for election was approved
by a vote of at least two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for
director, without written objection to such nomination) shall be an Incumbent Director; provided, however, that no individual initially elected or nominated as a director of the Company as a result of an actual or threatened election
contest, as such terms are used in Rule 14a-12 of Regulation 14A promulgated under the Exchange Act, with respect to directors or as a result of any other actual or threatened solicitation of proxies or
consents by or on behalf of any person other than the Board shall be deemed to be an Incumbent Director; or 
 (iii) the
sale, transfer or other disposition of all or substantially all of the assets of the Company Group (taken as a whole) to any Person that is not an Affiliate of the Company. 

  
 2 

 (j) “Code” means the Internal Revenue Code of 1986, as amended, and any
successor thereto. Reference in the Plan to any section of the Code shall be deemed to include any regulations or other interpretative guidance under such section, and any amendments or successor provisions to such section, regulations or guidance.

 (k) “Committee” means the Compensation Committee of the Board or any properly delegated subcommittee thereof or, if no
such Compensation Committee or subcommittee thereof exists, the Board. 
 (l) “Common Stock” means the common stock of the
Company, par value $0.01 per share (and any stock or other securities into which such Common Stock may be converted or into which it may be exchanged). 

(m) “Company” means CorePoint Lodging Inc., a Maryland corporation, and any successor thereto. 

(n) “Company Group” means, collectively, the Company and its Subsidiaries. 

(o) “Date of Grant” means the date on which the granting of an Award is authorized, or such other date as may be specified in
such authorization. 
 (p) “Designated Foreign Subsidiaries” means all members of the Company Group that are organized under
the laws of any jurisdiction other than the United States of America that may be designated by the Board or the Committee from time to time. 

(q) “Detrimental Activity” means any of the following: (i) unauthorized disclosure of any confidential or proprietary
information of any member of the Company Group; (ii) any activity that would be grounds to terminate the Participant’s employment or service with the Service Recipient for Cause; or (iii) a breach by the Participant of any restrictive
covenant by which such Participant is bound, including, without limitation, any covenant not to compete or not to solicit, in any agreement with any member of the Company Group. 

(r) “Director Award” has the meaning given to such term in Section 11(a) of the Plan. 

(s) “Director Grant Value” has the meaning given to such term in Section 11(c) of the Plan. 

(t) “Disability” means, as to any Participant, unless the applicable Award Agreement states otherwise, (i)
“Disability,” as defined in any employment or consulting agreement between the Participant and the Service Recipient in effect at the time of such Termination; or (ii) in the absence of any such employment or consulting agreement (or
the absence of any definition of “Disability” contained therein), a condition entitling the Participant to receive benefits under a long-term disability plan of the Service Recipient or other member of the Company Group in which such
Participant is eligible to participate, or, in the absence of such a plan, the complete and permanent inability of the Participant by reason of illness or accident to perform the duties of the occupation at which the Participant was employed or
served when such disability commenced. Any determination of whether Disability exists in the absence of a long-term disability plan shall be made by the Company (or its designee) in its sole and absolute discretion. 

  
 3 

 (u) “Effective Date” means May 30, 2018. 

(v) “Eligible Person” means any: (i) individual employed by any member of the Company Group; provided,
however, that no such employee covered by a collective bargaining agreement shall be an Eligible Person unless and to the extent that such eligibility is set forth in such collective bargaining agreement or in an agreement or instrument relating
thereto; (ii) director or officer of any member of the Company Group; or (iii) consultant or advisor to any member of the Company Group who may be offered securities registrable pursuant to a registration statement on Form S-8 under the Securities Act, who, in the case of each of clauses (i) through (iii) above has entered into an Award Agreement or who has received written notification from the Committee or its designee that
they have been selected to participate in the Plan. 
 (w) “Exchange Act” means the Securities Exchange Act of 1934, as
amended, and any successor thereto. Reference in the Plan to any section of (or rule promulgated under) the Exchange Act shall be deemed to include any rules, regulations or other interpretative guidance under such section or rule, and any
amendments or successor provisions to such section, rules, regulations or guidance. 
 (x) “Exercise Price” has the meaning
given to such term in Section 7(b) of the Plan. 
 (y) “Fair Market Value” means, as of any date, the fair market value
of a share of Common Stock, as reasonably determined by the Company and consistently applied for purposes of the Plan, which may include, without limitation, the closing sales price on the trading day immediately prior to or on such date, or a
trailing average of previous closing prices prior to such date. 
 (z) “GAAP” has the meaning given to such term in
Section 7(d) of the Plan. 
 (aa) “Grant Date Fair Market Value” means, as of a Date of Grant: (i) if the Common
Stock is listed on a national securities exchange, the closing sales price of the Common Stock reported on the primary exchange on which the Common Stock is listed and traded on such date, or, if there are no such sales on that date, then on the
last preceding date on which such sales were reported; (ii) if the Common Stock is not listed on any national securities exchange but is quoted in an inter-dealer quotation system on a last sale basis, the average between the closing bid price
and ask price reported on such date, or, if there is no such sale on that date, then on the last preceding date on which a sale was reported; or (iii) if the Common Stock is not listed on a national securities exchange or quoted in an
inter-dealer quotation system on a last sale basis, the amount determined by the Committee in good faith to be the fair market value of the Common Stock; provided, however, as to any Awards granted on or with a Date of Grant of the
date of the pricing of the Company’s initial public offering, “Grant Date Fair Market Value” shall be equal to the per share price at which the Common Stock is offered to the public in connection with such initial public offering.

  
 4 

 (bb) “Immediate Family Members” has the meaning given to such term in
Section 14(b) of the Plan. 
 (cc) “Incentive Stock Option” means an Option which is designated by the Committee as an
incentive stock option as described in Section 422 of the Code and otherwise meets the requirements set forth in the Plan. 
 (dd)
“Indemnifiable Person” has the meaning given to such term in Section 4(e) of the Plan. 
 (ee) “Initial
Director Grant” has the meaning given to such term in Section 11(a) of the Plan. 
 (ff) “Non-Employee Director” means a member of the Board who is not an employee of any member of the Company Group. 

(gg) “Nonqualified Stock Option” means an Option which is not designated by the Committee as an Incentive Stock Option. 

(hh) “OP Unit” means any equity interest of the Operating Partnership. 

(ii) “OP Unit Award” means an Other Equity-Based Award that is denominated in, or otherwise payable by delivery of, OP Units.

 (jj) “OP Unit Exchange Ratio” means, with respect to an OP Unit Award, the ratio, as in effect on the Date of Grant,
pursuant to which the number of shares of Common Stock for which an OP Unit may be converted, exchanged, or redeemed is determined, as may be adjusted pursuant to Section 12 of the Plan. 

(kk) “Operating Partnership” means CorePoint Operating Partnership L.P., a Delaware limited partnership and the entity through
which the Company conducts its business, and any successor entity (or such other limited partnership designated as the “Operating Partnership” by the Board from time to time). 

(ll) “Option” means an Award granted under Section 7 of the Plan. 

(mm) “Option Period” has the meaning given to such term in Section 7(c) of the Plan. 

(nn) “Other Equity-Based Award” means an Award that is not an Option, Restricted Stock or Restricted Stock Unit Award, that is
granted under Section 9 of the Plan and is (i) payable by delivery of Common Stock or OP Units, and/or (ii) measured by reference to the value of Common Stock or OP Units. 

(oo) “Participant” means an Eligible Person who has been selected by the Committee to participate in the Plan and to receive
an Award pursuant to the Plan. 
 (pp) “Permitted Transferee” has the meaning given to such term in Section 14(b) of
the Plan. 

  
 5 

 (qq) “Person” means any individual, entity or group (within the meaning of
Section 13(d)(3) or 14(d)(2) of the Exchange Act). 
 (rr) “Plan” means this CorePoint Lodging Inc. 2018 Omnibus
Incentive Plan, as it may be amended and/or restated from time to time. 
 (ss) “Plan Share Reserve” has the meaning given
to such term in Section 5(b) of the Plan. 
 (tt) “Qualifying Director” means a person who is, with respect to actions
intended to obtain an exemption from Section 16(b) of the Exchange Act pursuant to Rule 16b-3 under the Exchange Act, a “non-employee director” within the
meaning of Rule 16b-3 under the Exchange Act. 
 (uu) “Restricted Period” means the
period of time determined by the Committee during which an Award is subject to restrictions, including vesting conditions. 
 (vv)
“Restricted Stock” means Common Stock, subject to certain specified restrictions (which may include, without limitation, a requirement that the Participant remain continuously employed or provide continuous services for a specified
period of time), granted under Section 8 of the Plan. 
 (ww) “Restricted Stock Unit” means an unfunded and unsecured
promise to deliver shares of Common Stock, cash, other securities or other property, subject to certain restrictions (which may include, without limitation, a requirement that the Participant remain continuously employed or provide continuous
services for a specified period of time), granted under Section 8 of the Plan. 
 (xx) “SAR Base Price” means, as to
any Stock Appreciation Right, the price per share of Common Stock designated as the base value above which appreciation in value is measured. 

(yy) “Securities Act” means the Securities Act of 1933, as amended, and any successor thereto. Reference in the Plan to any
section of (or rule promulgated under) the Securities Act shall be deemed to include any rules, regulations or other interpretative guidance under such section or rule, and any amendments or successor provisions to such section, rules, regulations
or guidance. 
 (zz) “Service Recipient” means, with respect to a Participant holding a given Award, the member of the
Company Group by which the original recipient of such Award is, or following a Termination was most recently, principally employed or to which such original recipient provides, or following a Termination was most recently providing, services, as
applicable. 
 (aaa) “Stock Appreciation Right” or “SAR” means an Other-Equity Based Award designated in an
applicable Award Agreement as a stock appreciation right. 
 (bbb) “Subsidiary” means, with respect to any specified Person:

  
 6 

 (i) any corporation, association or other business entity of which more than 50%
of the total voting power of shares of such entity’s voting securities (without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement that effectively transfers voting power)
is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and 

(ii) any partnership (or any comparable foreign entity) (A) the sole general partner (or functional equivalent thereof) or
the managing general partner of which is such Person or Subsidiary of such Person or (B) the only general partners (or functional equivalents thereof) of which are that Person or one or more Subsidiaries of that Person (or any combination
thereof). 
 (ccc) “Sub-Plans” means any
sub-plan to the Plan that has been adopted by the Board or the Committee for the purpose of permitting the offering of Awards to employees of certain Designated Foreign Subsidiaries or otherwise outside the
jurisdiction of the United States of America, with each such sub-plan designed to comply with local laws applicable to offerings in such foreign jurisdictions. Although any
Sub-Plan may be designated a separate and independent plan from the Plan in order to comply with applicable local laws, the Plan Share Reserve and the other limits specified in Section 5(b) of the Plan
shall apply in the aggregate to the Plan and any Sub-Plan adopted hereunder. 
 (ddd)
“Substitute Awards” has the meaning given to such term in Section 5(f) of the Plan. 
 (eee)
“Termination” means the termination of a Participant’s employment or service, as applicable, with the Service Recipient for any reason (including death). 

3. Effective Date; Duration. The Plan shall be effective as of the Effective Date. The expiration date of the Plan, on and after which
date no Awards may be granted hereunder, shall be the tenth (10th) anniversary of the Effective Date; provided, however, that such expiration shall not affect Awards then
outstanding, and the terms and conditions of the Plan shall continue to apply to such Awards. 
 4. Administration.  

(a) General. The Committee shall administer the Plan. To the extent required to comply with the provisions of Rule 16b-3 promulgated under the Exchange Act (if the Board is not acting as the Committee under the Plan), it is intended that each member of the Committee shall, at the time such member takes any action with respect to
an Award under the Plan that is intended to qualify for the exemptions provided by Rule 16b-3 promulgated under the Exchange Act, be a Qualifying Director. However, the fact that a Committee member shall fail
to qualify as a Qualifying Director shall not invalidate any Award granted by the Committee that is otherwise validly granted under the Plan. 

  
 7 

 (b) Committee Authority. Subject to the provisions of the Plan and applicable law, the
Committee shall have the sole and plenary authority, in addition to other express powers and authorizations conferred on the Committee by the Plan, to: (i) designate Participants; (ii) determine the type or types of Awards to be granted to a
Participant; (iii) determine the number of shares of Common Stock to be covered by, or with respect to which payments, rights, or other matters are to be calculated in connection with, Awards; (iv) determine the terms and conditions of any
Award; (v) determine whether, to what extent, and under what circumstances Awards may be settled in, or exercised for, cash, shares of Common Stock or OP Units, as applicable, other securities, other Awards or other property, or canceled,
forfeited, or suspended and the method or methods by which Awards may be settled, exercised, canceled, forfeited, or suspended; (vi) determine whether, to what extent, and under what circumstances the delivery of cash, shares of Common Stock,
other securities, other Awards, or other property and other amounts payable with respect to an Award shall be deferred either automatically or at the election of the Participant or of the Committee; (vii) interpret, administer, reconcile any
inconsistency in, correct any defect in and/or supply any omission in the Plan and any instrument or agreement relating to, or Award granted under, the Plan; (viii) establish, amend, suspend, or waive any rules and regulations and appoint such
agents as the Committee shall deem appropriate for the proper administration of the Plan; (ix) adopt Sub-Plans; and (x) make any other determination and take any other action that the Committee deems
necessary or desirable for the administration of the Plan. 
 (c) Delegation. Except to the extent prohibited by applicable law or the
applicable rules and regulations of any securities exchange or inter-dealer quotation system on which the securities of the Company are listed or traded, the Committee may allocate all or any portion of its responsibilities and powers to any one or
more of its members and may delegate all or any part of its responsibilities and powers to any person or persons selected by it. Any such allocation or delegation may be revoked by the Committee at any time. Without limiting the generality of the
foregoing, the Committee may delegate to one or more officers of any member of the Company Group the authority to act on behalf of the Committee with respect to any matter, right, obligation, or election which is the responsibility of, or which is
allocated to, the Committee herein, and which may be so delegated as a matter of law, except with respect to grants of Awards to persons (i) who are Non-Employee Directors or (ii) who are subject to
Section 16 of the Exchange Act. 
 (d) Finality of Decisions. Unless otherwise expressly provided in the Plan, all designations,
determinations, interpretations, and other decisions under or with respect to the Plan, any Award or any Award Agreement shall be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive and binding upon
all Persons, including, without limitation, any member of the Company Group, any Participant, any holder or beneficiary of any Award, and any stockholder of the Company. 

(e) Indemnification. No member of the Board, the Committee or any employee or agent of any member of the Company Group (each such
Person, an “Indemnifiable Person”) shall be liable for any action taken or omitted to be taken or any determination made with respect to the Plan or any Award hereunder (unless constituting fraud or a willful criminal act or
omission). Each Indemnifiable Person shall be indemnified and held harmless by the Company against and from any loss, cost, liability, or expense (including attorneys’ fees) that may be imposed upon or incurred by such Indemnifiable Person in
connection with or resulting from any action, suit or proceeding to which such Indemnifiable Person may be a party or in which such Indemnifiable Person may be involved by reason of any action taken or omitted to be taken

  
 8 

 
or determination made with respect to the Plan or any Award hereunder and against and from any and all amounts paid by such Indemnifiable Person with the Company’s approval, in settlement
thereof, or paid by such Indemnifiable Person in satisfaction of any judgment in any such action, suit or proceeding against such Indemnifiable Person, and the Company shall advance to such Indemnifiable Person any such expenses promptly upon
written request (which request shall include an undertaking by the Indemnifiable Person to repay the amount of such advance if it shall ultimately be determined, as provided below, that the Indemnifiable Person is not entitled to be indemnified);
provided, that the Company shall have the right, at its own expense, to assume and defend any such action, suit or proceeding and once the Company gives notice of its intent to assume the defense, the Company shall have sole control over such
defense with counsel of the Company’s choice. The foregoing right of indemnification shall not be available to an Indemnifiable Person to the extent that a final judgment or other final adjudication (in either case not subject to further
appeal) binding upon such Indemnifiable Person determines that the acts, omissions or determinations of such Indemnifiable Person giving rise to the indemnification claim resulted from such Indemnifiable Person’s fraud or willful criminal act
or omission or that such right of indemnification is otherwise prohibited by law or by the organizational documents of any member of the Company Group. The foregoing right of indemnification shall not be exclusive of or otherwise supersede any other
rights of indemnification to which such Indemnifiable Persons may be entitled under the organizational documents of any member of the Company Group, as a matter of law, under an individual indemnification agreement or contract or otherwise, or any
other power that the Company may have to indemnify such Indemnifiable Persons or hold such Indemnifiable Persons harmless. 
 (f) Board
Authority. Notwithstanding anything to the contrary contained in the Plan, the Board may, in its sole discretion, at any time and from time to time, grant Awards and administer the Plan with respect to such Awards. Any such actions by the Board
shall be subject to the applicable rules of the securities exchange or inter-dealer quotation system on which the Common Stock is listed or quoted. In any such case, the Board shall have all the authority granted to the Committee under the Plan.

 5. Grant of Awards; Shares Subject to the Plan; Limitations.  

(a) Grants. The Committee may, from time to time, grant Awards to one or more Eligible Persons. 

(b) Share Reserve. Subject to Section 12 of the Plan, the total number of Awards available under the Plan shall be no more than
8,000,000 (the “Plan Share Reserve”). Each Award granted under the Plan will reduce the Plan Share Reserve by the number of shares of Common Stock underlying such Award, which, in the case of OP Unit Awards shall equal the number of
shares of Common Stock for which an OP Unit may be converted, exchanged, or redeemed based on the OP Unit Exchange Ratio. Notwithstanding the foregoing, the Plan Share Reserve shall automatically be increased on the first day of each fiscal year
following the fiscal year in which the Effective Date falls by a number of shares of Common Stock equal to the lesser of (i) the difference between (x) 10% of the total number of shares of Common Stock outstanding on the last day of the
immediately preceding fiscal year, and (y) the number of shares of Common Stock remaining in the Plan Share Reserve on the last day of the immediately preceding fiscal year, and (ii) a lower number of shares of Common Stock as may

  
 9 

 
be determined by the Board. Unless the Committee shall otherwise determine, shares of Common Stock delivered by the Company or its Affiliates upon exchange of OP Units or other equity securities
of any Subsidiary of the Company that have been issued under the Plan shall be issued under the Plan. 
 (c) Additional Limits.
Subject to Section 12 of the Plan, no more than the number of shares of Common Stock equal to the Plan Share Reserve may be issued in the aggregate pursuant to the exercise of Incentive Stock Options granted under the Plan. The maximum number
of shares of Common Stock subject to Awards granted during a single fiscal year to any Non-Employee Director, taken together with any cash fees paid to such Non-Employee
Director during such fiscal year, shall not exceed $500,000 in total value (calculating the value of any such awards based on the grant date fair value of such Awards for financial reporting purposes). 

(d) Share Counting. Other than with respect to Substitute Awards, to the extent that an Award expires or is canceled, forfeited, or
terminated without issuance to the Participant of the full number of shares of Common Stock to which such Award related, the unissued shares of Common Stock will again be available for grant under the Plan. Shares of Common Stock shall be deemed to
have been issued in settlement of Awards if the Fair Market Value equivalent of such shares of Common Stock is paid in cash; provided, however, that no shares of Common Stock shall be deemed to have been issued in settlement of a SAR,
Other Equity-Based Award or Restricted Stock Unit that only provides for settlement in cash and settles only in cash or in respect of any Cash-Based Incentive Award. Shares of Common Stock withheld in payment of the Exercise Price or taxes relating
to an Award and shares of Common Stock equal to the number of shares of Common Stock surrendered in payment of any Exercise Price or taxes relating to an Award shall constitute shares of Common Stock issued to the Participant and shall reduce the
Plan Share Reserve. 
 (e) Source of Shares. Shares of Common Stock issued by the Company in settlement of Awards may be authorized
and unissued shares, shares of Common Stock purchased on the open market or by private purchase or a combination of the foregoing. 
 (f)
Substitute Awards. Awards may, in the sole discretion of the Committee, be granted under the Plan in assumption of, or in substitution for, outstanding awards previously granted by an entity directly or indirectly acquired by the Company or
with which the Company combines or as required by the terms of the Employee Matters Agreement by and between La Quinta Holdings Inc. and the Company, dated as of January 17, 2018 (“Substitute Awards”). Substitute Awards shall
not be counted against the Plan Share Reserve; provided, that Substitute Awards issued in connection with the assumption of, or in substitution for, outstanding options intended to qualify as “incentive stock options” within the
meaning of Section 422 of the Code shall be counted against the aggregate number of shares of Common Stock available for Awards of Incentive Stock Options under the Plan. Subject to applicable stock exchange requirements, available shares of
Common Stock under a stockholder-approved plan of an entity directly or indirectly acquired by the Company or with which the Company combines (as appropriately adjusted to reflect the acquisition or combination transaction) may be used for Awards
under the Plan and shall not reduce the number of shares of Common Stock available for issuance under the Plan. 

  
 10 

 6. Eligibility. Participation in the Plan shall be limited to Eligible
Persons. 
 7. Options.  

(a) General. Each Option granted under the Plan shall be evidenced by an Award Agreement, which agreement need not be the same for each
Participant. Each Option so granted shall be subject to the conditions set forth in this Section 7, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. All Options granted under the
Plan shall be Nonqualified Stock Options unless the applicable Award Agreement expressly states that the Option is intended to be an Incentive Stock Option. Incentive Stock Options shall be granted only to Eligible Persons who are employees of a
member of the Company Group, and no Incentive Stock Option shall be granted to any Eligible Person who is ineligible to receive an Incentive Stock Option under the Code. No Option shall be treated as an Incentive Stock Option unless the Plan has
been approved by the stockholders of the Company in a manner intended to comply with the stockholder approval requirements of Section 422(b)(1) of the Code; provided, that any Option intended to be an Incentive Stock Option shall not
fail to be effective solely on account of a failure to obtain such approval, but rather such Option shall be treated as a Nonqualified Stock Option unless and until such approval is obtained. In the case of an Incentive Stock Option, the terms and
conditions of such grant shall be subject to, and comply with, such rules as may be prescribed by Section 422 of the Code. If for any reason an Option intended to be an Incentive Stock Option (or any portion thereof) shall not qualify as an
Incentive Stock Option, then, to the extent of such nonqualification, such Option or portion thereof shall be regarded as a Nonqualified Stock Option appropriately granted under the Plan. 

(b) Exercise Price. Except as otherwise provided by the Committee in the case of Substitute Awards, the exercise price
(“Exercise Price”) per share of Common Stock for each Option shall not be less than 100% of the Grant Date Fair Market Value of such share; provided, however, that in the case of an Incentive Stock Option granted to an
employee who, at the time of the grant of such Option, owns stock representing more than 10% of the voting power of all classes of stock of any member of the Company Group, the Exercise Price per share shall be no less than 110% of the Grant Date
Fair Market Value per share. 
 (c) Vesting and Expiration. 

(i) Options shall vest and become exercisable in such manner and on such date or dates or upon such event or events as
determined by the Committee. 
 (ii) Options shall expire upon a date determined by the Committee, not to exceed ten
(10) years from the Date of Grant (the “Option Period”); provided, that if the Option Period (other than in the case of an Incentive Stock Option) would expire at a time when trading in the shares of Common Stock is
prohibited by the Company’s insider trading policy (or Company-imposed “blackout period”), then the Option Period shall be automatically extended until the thirtieth (30th) day
following the expiration of such prohibition. Notwithstanding the foregoing, in no event shall the Option Period exceed five (5) years from the Date of Grant in the case of an Incentive Stock Option granted to a Participant who on the Date of
Grant owns stock representing more than 10% of the voting power of all classes of stock of any member of the Company Group. 

  
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 (d) Method of Exercise and Form of Payment. No shares of Common Stock shall be issued
pursuant to any exercise of an Option until payment in full of the Exercise Price therefor is received by the Company and the Participant has paid to the Company an amount equal to any Federal, state, local and
non-U.S. income, employment and any other applicable taxes required to be withheld. Options which have become exercisable may be exercised by delivery of written or electronic notice of exercise to the Company
(or telephonic instructions to the extent provided by the Committee) in accordance with the terms of the Option accompanied by payment of the Exercise Price. The Exercise Price shall be payable: (i) in cash, check, cash equivalent and/or shares
of Common Stock valued at the Fair Market Value at the time the Option is exercised (including, pursuant to procedures approved by the Committee, by means of attestation of ownership of a sufficient number of shares of Common Stock in lieu of actual
issuance of such shares to the Company); provided, that such shares of Common Stock are not subject to any pledge or other security interest and have been held by the Participant for at least six (6) months (or such other period as
established from time to time by the Committee in order to avoid adverse accounting treatment applying generally accepted accounting principles (“GAAP”)); or (ii) by such other method as the Committee may permit, in its sole
discretion, including, without limitation (A) in other property having a fair market value on the date of exercise equal to the Exercise Price; (B) by means of a broker-assisted “cashless exercise” pursuant to which the Company
is delivered (including telephonically to the extent permitted by the Committee) a copy of irrevocable instructions to a stockbroker to sell the shares of Common Stock otherwise issuable upon the exercise of the Option and to deliver promptly to the
Company an amount equal to the Exercise Price; or (C) a “net exercise” procedure effected by withholding the minimum number of shares of Common Stock otherwise issuable in respect of an Option that are needed to pay the Exercise
Price. Any fractional shares of Common Stock shall be settled in cash. 
 (e) Notification upon Disqualifying Disposition of an Incentive
Stock Option. Each Participant awarded an Incentive Stock Option under the Plan shall notify the Company in writing immediately after the date the Participant makes a disqualifying disposition of any share of Common Stock acquired pursuant to
the exercise of such Incentive Stock Option. A disqualifying disposition is any disposition (including, without limitation, any sale) of such Common Stock before the later of (i) the date that is two (2) years after the Date of Grant of
the Incentive Stock Option or (ii) the date that is one (1) year after the date of exercise of the Incentive Stock Option. The Company may, if determined by the Committee and in accordance with procedures established by the Committee,
retain possession, as agent for the applicable Participant, of any share of Common Stock acquired pursuant to the exercise of an Incentive Stock Option until the end of the period described in the preceding sentence, subject to complying with any
instructions from such Participant as to the sale of such share of Common Stock. 
 (f) Compliance with Laws, Etc. Notwithstanding the
foregoing, in no event shall a Participant be permitted to exercise an Option in a manner which the Committee determines would violate the Sarbanes-Oxley Act of 2002, as it may be amended from time to time, or any other applicable law or the
applicable rules and regulations of the Securities and Exchange Commission or the applicable rules and regulations of any securities exchange or inter-dealer quotation system on which the securities of the Company are listed or traded. 

  
 12 

 8. Restricted Stock and Restricted Stock Units.  

(a) General. Each grant of Restricted Stock and Restricted Stock Units shall be evidenced by an Award Agreement. Each Restricted Stock
and Restricted Stock Unit so granted shall be subject to the conditions set forth in this Section 8 and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. 

(b) Stock Certificates and Book-Entry Notation; Escrow or Similar Arrangement. Upon the grant of Restricted Stock, the Committee shall
cause a stock certificate registered in the name of the Participant to be issued or shall cause share(s) of Common Stock to be registered in the name of the Participant and held in book-entry form subject to the Company’s directions and, if the
Committee determines that the Restricted Stock shall be held by the Company or in escrow rather than issued to the Participant pending the release of the applicable restrictions, the Committee may require the Participant to additionally execute and
deliver to the Company (i) an escrow agreement satisfactory to the Committee, if applicable; and (ii) the appropriate stock power (endorsed in blank) with respect to the Restricted Stock covered by such agreement. Subject to the
restrictions set forth in this Section 8, Section 14(c) of the Plan and the applicable Award Agreement, a Participant generally shall have the rights and privileges of a stockholder as to shares of Restricted Stock, including, without
limitation, the right to vote such Restricted Stock. To the extent shares of Restricted Stock are forfeited, any stock certificates issued to the Participant evidencing such shares shall be returned to the Company, and all rights of the Participant
to such shares and as a stockholder with respect thereto shall terminate without further obligation on the part of the Company. A Participant shall have no rights or privileges as a stockholder as to Restricted Stock Units. 

(c) Vesting. Restricted Stock and Restricted Stock Units shall vest, and any applicable Restricted Period shall lapse, in such manner
and on such date or dates or upon such event or events as determined by the Committee. 
 (d) Issuance of Restricted Stock and Settlement
of Restricted Stock Units. 
 (i) Upon the expiration of the Restricted Period with respect to any shares of Restricted
Stock, the restrictions set forth in the applicable Award Agreement shall be of no further force or effect with respect to such shares, except as set forth in the applicable Award Agreement. If an escrow arrangement is used, upon such expiration,
the Company shall issue to the Participant, or the Participant’s beneficiary, without charge, the stock certificate (or, if applicable, a notice evidencing a book-entry notation) evidencing the shares of Restricted Stock which have not then
been forfeited and with respect to which the Restricted Period has expired (rounded down to the nearest full share). 
  

  
 13 

 (ii) Unless otherwise provided by the Committee in an Award Agreement or
otherwise, upon the expiration of the Restricted Period with respect to any outstanding Restricted Stock Units, the Company shall issue to the Participant or the Participant’s beneficiary, without charge, one (1) share of Common Stock (or
other securities or other property, as applicable) for each such outstanding Restricted Stock Unit; provided, however, that the Committee may, in its sole discretion, elect to (A) pay cash or part cash and part shares of Common
Stock in lieu of issuing only shares of Common Stock in respect of such Restricted Stock Units; or (B) defer the issuance of shares of Common Stock (or cash or part cash and part shares of Common Stock, as the case may be) beyond the expiration
of the Restricted Period if such extension would not cause adverse tax consequences under Section 409A of the Code. If a cash payment is made in lieu of issuing shares of Common Stock in respect of such Restricted Stock Units, the amount of
such payment shall be equal to the Fair Market Value per share of the Common Stock as of the date on which the Restricted Period lapsed with respect to such Restricted Stock Units. 

(e) Legends on Restricted Stock. Each certificate, if any, or book entry representing Restricted Stock awarded under the Plan, if any,
shall bear a legend or book-entry notation substantially in the form of the following, in addition to any other information the Company deems appropriate, until the lapse of all restrictions with respect to such shares of Common Stock: 

TRANSFER OF THIS CERTIFICATE AND THE SHARES OF COMMON STOCK REPRESENTED HEREBY IS RESTRICTED PURSUANT TO THE TERMS OF THE COREPOINT LODGING
INC. 2018 OMNIBUS INCENTIVE PLAN AND A RESTRICTED STOCK AWARD AGREEMENT BETWEEN COREPOINT LODGING INC. AND PARTICIPANT. A COPY OF SUCH PLAN AND AWARD AGREEMENT IS ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF COREPOINT LODGING INC. 

9. Other Equity-Based Awards. The Committee may grant Other Equity-Based Awards under the Plan to Eligible Persons,
alone or in tandem with other Awards, in such amounts and dependent on such conditions as the Committee shall from time to time in its sole discretion determine. Each Other Equity-Based Award granted under the Plan shall be evidenced by an Award
Agreement and shall be subject to such conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. 

10. Cash-Based Incentive Awards. The Committee may grant Cash-Based Incentive Awards under the Plan to any Eligible
Person. Each Cash-Based Incentive Award granted under the Plan shall be evidenced in such form as the Committee may determine from time to time. 

11. Non-Employee Director Grants. 

(a) With respect to each Non-Employee Director, such
Non-Employee Director shall receive a grant of Restricted Stock, pursuant to Section 8 of the Plan, first on the date upon which such individual commences service as a
Non-Employee Director (the “Initial Director Grant”), and thereafter, on the date of each regularly scheduled annual meeting of the stockholders of the Company (the “Annual Director
Grant” and together with the Initial Director Grant a “Director Award”), subject to the terms of this Section 11. 

  
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 (b) With respect to any Initial Director Grant, the number of shares of Restricted Stock to be
granted shall equal (i) a fraction, the numerator of which equals the number of days remaining in the applicable service year in which such Non-Employee Director commences service as a Non-Employee Director, and the denominator of which equals 365 (or 366 in any leap year) multiplied by (ii) the Director Grant Value divided by (iii) the Grant Date Fair Market Value (rounded
up to the nearest whole number), and with respect to any Annual Director Grant, the number of shares of Restricted Stock to be granted shall equal (A) the Director Grant Value divided by (B) the Grant Date Fair Market Value (rounded
up to the nearest whole number). A Director Award will vest in three equal tranches on the earliest to occur of (x) each of the first three anniversaries of the applicable Date of Grant of such Award and (y) a Change in Control;
provided, in each case, the Non-Employee Director has not undergone a Termination. 
 (c) For
purposes of this Section 11, the Director Grant Value for each Director Award shall equal (i) the difference between (A) $500,000 and (B) the annual cash fees paid or payable to each
Non-Employee Director (excluding any fees attributable to committee meetings and chairman positions) in respect of the applicable year of service or (ii) such lesser amount as may be approved by the Board
prior to the applicable Date of Grant, either as part of the Company’s Non-Employee Director compensation program or as otherwise determined by the Board in the event of any change to such Non-Employee Director’s compensation program or for any particular period of service. To the extent the Board makes a determination pursuant to clause (ii) above with respect to any year of service, it
shall in no event be applicable to any subsequent year of service without a further determination by the Board pursuant to clause (ii) above in respect of any such subsequent year of service. 

12. Changes in Capital Structure and Similar Events. Notwithstanding any other provision in this Plan to the
contrary, the following provisions shall apply to all Awards granted hereunder (other than Cash-Based Incentive Awards): 
 (a)
General. In the event of (i) any dividend (other than regular cash dividends) or other distribution (whether in the form of cash, shares of Common Stock, other securities or other property), recapitalization, stock split, reverse stock
split, reorganization, merger, consolidation, split-up, split-off, spin-off, combination, repurchase or exchange of shares of
Common Stock, OP Units or other securities of the Company, issuance of warrants or other rights to acquire shares of Common Stock or other securities of the Company, or other similar corporate transaction or event that affects the shares of Common
Stock (including a Change in Control); or (ii) unusual or nonrecurring events affecting the Company, including changes in applicable rules, rulings, regulations or other requirements, that the Committee determines, in its sole discretion, could
result in substantial dilution or enlargement of the rights intended to be granted to, or available for, Participants (any event in (i) or (ii), an “Adjustment Event”), the Committee shall, in respect of any such Adjustment
Event, make such proportionate substitution or adjustment, if any, as it deems equitable, to any or all of (A) the Plan Share Reserve, or any other limit applicable under the Plan with respect to the number of Awards which may be granted
hereunder; (B) the number of shares of Common Stock or other securities of the Company (or number and kind of other securities or other property) which may be issued in respect of Awards or with respect to which Awards may be granted under the
Plan or any Sub-Plan; (C) the terms of any outstanding Award, including, without limitation, (I) the number of 

  
 15 

 
shares of Common Stock, OP Units or other securities of the Company (or number and kind of other securities or other property) subject to outstanding Awards or to which outstanding Awards relate;
(II) the Exercise Price or SAR Base Price with respect to any Option or SAR, as applicable or any amount payable as a condition of issuance of shares of Common Stock (in the case of any other Award); or (III) any applicable performance
measures; provided, that in the case of any “equity restructuring” (within the meaning of the Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor pronouncement thereto)), the Committee
shall make an equitable or proportionate adjustment to outstanding Awards to reflect such equity restructuring; and (D) the OP Unit Exchange Ratio. 

(b) Change in Control. Without limiting the foregoing, in connection with any Change in Control, the Committee may, in its sole
discretion, provide for any one or more of the following: 
 (i) substitution or assumption of Awards, or to the extent that
the surviving entity (or Affiliate thereof) of such Change in Control does not substitute or assume the Awards, full acceleration of vesting of, exercisability of, or lapse of restrictions on, as applicable, any Awards; provided,
however, that with respect to any performance-vested Awards, any such acceleration of vesting, exercisability, or lapse of restrictions shall be based on actual performance through the date of such Change in Control; and 

(ii) cancellation of any one or more outstanding Awards and payment to the holders of such Awards that are vested as of such
cancellation (including, without limitation, any Awards that would vest as a result of the occurrence of such event but for such cancellation or for which vesting is accelerated by the Committee in connection with such event pursuant to clause
(i) above), the value of such Awards, if any, as determined by the Committee (which value, if applicable, may be based upon the price per share of Common Stock received or to be received by other stockholders of the Company in such event),
including, without limitation, in the case of an outstanding Option or SAR, a cash payment in an amount equal to the excess, if any, of the Fair Market Value (as of a date specified by the Committee) of the shares of Common Stock subject to such
Option or SAR over the aggregate Exercise Price or SAR Base Price of such Option or SAR (it being understood that, in such event, any Option or SAR having a per share Exercise Price or SAR Base Price equal to, or in excess of, the Fair Market Value
of a share of Common Stock subject thereto may be canceled and terminated without any payment or consideration therefor). 
 For purposes of clause
(i) above, an award will be considered granted in substitution of an Award if it has an equivalent value (as determined consistent with clause (ii) above) with the original Award, whether designated in securities of the acquiror in such
Change in Control transaction (or an Affiliate thereof), or in cash or other property (including in the same consideration that other stockholders of the Company receive in connection with such Change in Control transaction), and retains the vesting
schedule applicable to the original Award. 
 Payments to holders pursuant to clause (ii) above shall be made in cash or, in the sole discretion of the
Committee, in the form of such other consideration necessary for a Participant to receive property, cash, or securities (or combination thereof) as such Participant would have been entitled to receive upon the occurrence of the transaction if the
Participant had been, immediately prior to such transaction, the holder of the number of shares of Common Stock covered by the Award at such time (less any applicable Exercise Price or SAR Base Price). 

  
 16 

 (c) Other Requirements. Prior to any payment or adjustment contemplated under this
Section 12, the Committee may require a Participant to: (i) represent and warrant as to the unencumbered title to the Participant’s Awards; (ii) bear such Participant’s pro rata share of any post-closing indemnity
obligations, and be subject to the same post-closing purchase price adjustments, escrow terms, offset rights, holdback terms, and similar conditions as the other holders of Common Stock, subject to any limitations or reductions as may be necessary
to comply with Section 409A of the Code; and (iii) deliver customary transfer documentation as reasonably determined by the Committee. 

(d) Fractional Shares. Any adjustment provided under this Section 12 may provide for the elimination of any fractional share
that might otherwise become subject to an Award. 
 (e) Binding Effect. Any adjustment, substitution, determination of value or other
action taken by the Committee under this Section 12 shall be conclusive and binding for all purposes. 
 13. Amendments
and Termination.  
 (a) Amendment and Termination of the Plan. The Board may amend, alter, suspend, discontinue, or
terminate the Plan or any portion thereof at any time; provided, that no such amendment, alteration, suspension, discontinuance or termination shall be made without stockholder approval if: (i) such approval is necessary to comply with
any regulatory requirement applicable to the Plan (including, without limitation, as necessary to comply with any rules or regulations of any securities exchange or inter-dealer quotation system on which the securities of the Company may be listed
or quoted) or for changes in GAAP to new accounting standards; (ii) it would materially increase the number of securities which may be issued under the Plan (except for increases pursuant to Section 5 of the Plan or Section 12 of the
Plan); or (iii) it would materially modify the requirements for participation in the Plan; provided, further, that any such amendment, alteration, suspension, discontinuance or termination that would materially and adversely
affect the rights of any Participant or any holder or beneficiary of any Award theretofore granted shall not to that extent be effective without the consent of the affected Participant, holder or beneficiary. Notwithstanding the foregoing, no
amendment shall be made to Section 13(c) of the Plan without stockholder approval. 
 (b) Amendment of Award Agreements. The
Committee may, to the extent consistent with the terms of the Plan and any applicable Award Agreement, waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, any Award theretofore granted or
the associated Award Agreement, prospectively or retroactively (including after a Participant’s Termination); provided, that, other than pursuant to Section 12 of the Plan, any such waiver, amendment, alteration, suspension,
discontinuance, cancellation or termination that would materially and adversely affect the rights of any Participant with respect to any Award theretofore granted shall not to that extent be effective without the consent of the affected Participant.

  
 17 

 (c) No Repricing. Notwithstanding anything in the Plan to the contrary, without
stockholder approval, except as otherwise permitted under Section 12 of the Plan: (i) no amendment or modification may reduce the Exercise Price of any Option or the SAR Base Price of any SAR; (ii) the Committee may not cancel any
outstanding Option or SAR and replace it with a new Option or SAR (with a lower Exercise Price or SAR Base Price, as the case may be) or other Award or cash payment that is greater than the intrinsic value (if any) of the cancelled Option or SAR;
and (iii) the Committee may not take any other action which is considered a “repricing” for purposes of the stockholder approval rules of any securities exchange or inter-dealer quotation system on which the securities of the Company
are listed or quoted. 
 14. General. 

(a) Award Agreements. Each Award (other than a Cash-Based Incentive Award) under the Plan shall be evidenced by an Award Agreement,
which shall be delivered to the Participant to whom such Award was granted and shall specify the terms and conditions of the Award and any rules applicable thereto, including, without limitation, the effect on such Award of the death, Disability or
Termination of a Participant, or of such other events as may be determined by the Committee. For purposes of the Plan, an Award Agreement may be in any such form (written or electronic) as determined by the Committee (including, without limitation,
a Board or Committee resolution, an employment agreement, a notice, a certificate or a letter) evidencing the Award. The Committee need not require an Award Agreement to be signed by the Participant or a duly authorized representative of the
Company. 
 (b) Nontransferability. 

(i) Each Award shall be exercisable only by such Participant to whom such Award was granted during the Participant’s
lifetime, or, if permissible under applicable law, by the Participant’s legal guardian or representative. No Award may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant (unless such transfer
is specifically required pursuant to a domestic relations order or by applicable law) other than by will or by the laws of descent and distribution and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance
shall be void and unenforceable against any member of the Company Group; provided, that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance. 

(ii) Notwithstanding the foregoing, the Committee may, in its sole discretion, permit Awards (other than Incentive Stock
Options) to be transferred by a Participant, without consideration, subject to such rules as the Committee may adopt consistent with any applicable Award Agreement to preserve the purposes of the Plan, to: (A) any person who is a “family
member” of the Participant, as such term is used in the instructions to Form S-8 under the Securities Act or any successor form of registration statement promulgated by the Securities and Exchange
Commission (collectively, the “Immediate Family Members”); (B) a trust solely for the benefit of the Participant and the 

  
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Participant’s Immediate Family Members; (C) a partnership or limited liability company whose only partners or stockholders are the Participant and the Participant’s Immediate
Family Members; or (D) a beneficiary to whom donations are eligible to be treated as “charitable contributions” for federal income tax purposes (each transferee described in clauses (A), (B), (C) and (D) above is hereinafter
referred to as a “Permitted Transferee”); provided, that the Participant gives the Committee advance written notice describing the terms and conditions of the proposed transfer and the Committee notifies the Participant in
writing that such a transfer would comply with the requirements of the Plan. 
 (iii) The terms of any Award transferred in
accordance with clause (ii) above shall apply to the Permitted Transferee and any reference in the Plan, or in any applicable Award Agreement, to a Participant shall be deemed to refer to the Permitted Transferee, except that:
(A) Permitted Transferees shall not be entitled to transfer any Award, other than by will or the laws of descent and distribution; (B) Permitted Transferees shall not be entitled to exercise any transferred Option unless there shall be in
effect a registration statement on an appropriate form covering the shares of Common Stock to be acquired pursuant to the exercise of such Option if the Committee determines, consistent with any applicable Award Agreement, that such a registration
statement is necessary or appropriate; (C) neither the Committee nor the Company shall be required to provide any notice to a Permitted Transferee, whether or not such notice is or would otherwise have been required to be given to the
Participant under the Plan or otherwise; and (D) the consequences of a Participant’s Termination under the terms of the Plan and the applicable Award Agreement shall continue to be applied with respect to the Participant, including,
without limitation, that an Option shall be exercisable by the Permitted Transferee only to the extent, and for the periods, specified in the Plan and the applicable Award Agreement. 

(c) Dividends and Dividend Equivalents. 

(i) The Committee may, in its sole discretion, provide a Participant as part of an Award with dividends, dividend equivalents,
or similar payments in respect of Awards, payable in cash, shares of Common Stock, other securities, other Awards or other property, on a current or deferred basis, on such terms and conditions as may be determined by the Committee in its sole
discretion, including, without limitation, payment directly to the Participant, withholding of such amounts by the Company subject to vesting of the Award or reinvestment in additional shares of Common Stock. 

(ii) Without limiting the foregoing, unless otherwise provided in the Award Agreement, any dividend otherwise payable in
respect of any share of Restricted Stock that remains subject to vesting conditions at the time of payment of such dividend shall be retained by the Company and remain subject to the same vesting conditions as the share of Restricted Stock to which
the dividend relates. 

  
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 (iii) To the extent provided in an Award Agreement, the holder of outstanding
Restricted Stock Units shall be entitled to be credited with dividend equivalent payments (upon the payment by the Company of dividends on shares of Common Stock) either in cash or, in the sole discretion of the Committee, in shares of Common Stock
having a Fair Market Value equal to the amount of such dividends (and interest may, in the sole discretion of the Committee, be credited on the amount of cash dividend equivalents at a rate and subject to such terms as determined by the Committee),
which accumulated dividend equivalents (and interest thereon, if applicable) shall be payable at the same time as the underlying Restricted Stock Units are settled following the date on which the Restricted Period lapses with respect to such
Restricted Stock Units, and, if such Restricted Stock Units are forfeited, the Participant shall have no right to such dividend equivalent payments (or interest thereon, if applicable). 

(d) Tax Withholding. 

(i) A Participant shall be required to pay to the Company or one or more of its Subsidiaries, as applicable, an amount in cash
(by check or wire transfer) equal to the aggregate amount of any income, employment and/or other applicable taxes that are statutorily required to be withheld in respect of an Award. Alternatively, the Company or any of its Subsidiaries may elect,
in its sole discretion, to satisfy this requirement by withholding such amount from any cash compensation or other cash amounts owing to a Participant. 

(ii) Without limiting the foregoing, the Committee may (but is not obligated to), in its sole discretion, permit or require a
Participant to satisfy, all or any portion of the minimum income, employment and/or other applicable taxes that are statutorily required to be withheld with respect to an Award by: (A) the delivery of shares of Common Stock (which are not
subject to any pledge or other security interest) that have been both held by the Participant and vested for at least six (6) months (or such other period as established from time to time by the Committee in order to avoid adverse accounting
treatment under applicable accounting standards) having an aggregate Fair Market Value equal to such minimum statutorily required withholding liability (or portion thereof); or (B) having the Company withhold from the shares of Common Stock
otherwise issuable or deliverable to, or that would otherwise be retained by, the Participant upon the grant, exercise, vesting or settlement of the Award, as applicable, a number of shares of Common Stock with an aggregate Fair Market Value equal
to an amount, subject to clause (iii) below, not in excess of such minimum statutorily required withholding liability (or portion thereof). 

(iii) The Committee, subject to its having considered the applicable accounting impact of any such determination, has full
discretion to allow Participants to satisfy, in whole or in part, any additional income, employment and/or other applicable taxes payable by them with respect to an Award by electing to have the Company withhold from the shares of Common Stock
otherwise issuable or deliverable to, or that would otherwise be retained by, a Participant upon the grant, exercise, vesting or settlement of the Award, as applicable, shares of Common Stock having an aggregate Fair Market Value that is greater
than the applicable minimum required statutory withholding liability (but such withholding may in no event be in excess of the maximum statutory withholding amount(s) in a Participant’s relevant tax jurisdiction(s)). 

  
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 (e) Data Protection. By participating in the Plan or accepting any rights granted under
it, each Participant consents to the collection and processing of personal data relating to the Participant so that the Company and its Affiliates can fulfill their obligations and exercise their rights under the Plan and generally administer and
manage the Plan. This data will include, but may not be limited to, data about participation in the Plan and shares of Common Stock offered or received, purchased, or sold under the Plan from time to time and other appropriate financial and other
data (such as the date on which the Awards were granted) about the Participant and the Participant’s participation in the Plan. 
 (f)
No Claim to Awards; No Rights to Continued Employment; Waiver. No employee of any member of the Company Group, or other Person, shall have any claim or right to be granted an Award under the Plan or, having been selected for the grant of an
Award, to be selected for a grant of any other Award. There is no obligation for uniformity of treatment of Participants or holders or beneficiaries of Awards. The terms and conditions of Awards and the Committee’s determinations and
interpretations with respect thereto need not be the same with respect to each Participant and may be made selectively among Participants, whether or not such Participants are similarly situated. Neither the Plan nor any action taken hereunder shall
be construed as giving any Participant any right to be retained in the employ or service of the Service Recipient or any other member of the Company Group, nor shall it be construed as giving any Participant any rights to continued service on the
Board. The Service Recipient or any other member of the Company Group may at any time dismiss a Participant from employment or discontinue any consulting relationship, free from any liability or any claim under the Plan, unless otherwise expressly
provided in the Plan or any Award Agreement. By accepting an Award under the Plan, a Participant shall thereby be deemed to have waived any claim to continued exercise or vesting of an Award or to damages or severance entitlement related to non-continuation of the Award beyond the period provided under the Plan or any Award Agreement, except to the extent of any provision to the contrary in any written employment contract or other agreement between the
Service Recipient and/or any member of the Company Group and the Participant, whether any such agreement is executed before, on or after the Date of Grant. 

(g) International Participants. With respect to Participants who reside or work outside of the United States of America, the Committee
may, in its sole discretion, amend the terms of the Plan and create or amend Sub-Plans or amend outstanding Awards with respect to such Participants in order to conform such terms with the requirements of
local law or to obtain more favorable tax or other treatment for a Participant or any member of the Company Group. 
 (h) Designation and
Change of Beneficiary. Each Participant may file with the Committee a written designation of one or more Persons as the beneficiary(ies) who shall be entitled to receive the amounts payable with respect to an Award, if any, due under the Plan
upon the Participant’s death. A Participant may, from time to time, revoke or change the Participant’s beneficiary designation without the consent of any prior beneficiary by filing a new designation with the Committee. The last such
designation received by the Committee shall be controlling; provided, however, that no designation, or change or revocation thereof, shall be effective unless received by the Committee prior to the Participant’s death, and in no event
shall it be effective as of a date prior to such receipt. If no beneficiary designation is filed by a Participant, the beneficiary shall be deemed to be the Participant’s spouse or, if the Participant is unmarried at the time of death, the
Participant’s estate. 

  
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 (i) Termination. Except as otherwise provided in an Award Agreement, unless determined
otherwise by the Committee at any point following such event: (i) neither a temporary absence from employment or service due to illness, vacation or leave of absence (including, without limitation, a call to active duty for military service
through a Reserve or National Guard unit) nor a transfer from employment or service with one Service Recipient to employment or service with another Service Recipient (or vice-versa) shall be considered a Termination; and (ii) if a Participant
undergoes a Termination of employment, but such Participant continues to provide services to the Company Group in a non-employee capacity, such change in status shall not be considered a Termination for
purposes of the Plan. Further, unless otherwise determined by the Committee, in the event that any Service Recipient ceases to be a member of the Company Group (by reason of sale, divestiture, spin-off or
other similar transaction), unless a Participant’s employment or service is transferred to another entity that would constitute a Service Recipient immediately following such transaction, such Participant shall be deemed to have suffered a
Termination hereunder as of the date of the consummation of such transaction. 
 (j) No Rights as a Stockholder. Except as otherwise
specifically provided in the Plan or any Award Agreement, no Person shall be entitled to the privileges of ownership in respect of shares of Common Stock which are subject to Awards hereunder until such shares have been issued or delivered to such
Person. 
 (k) Government and Other Regulations. 

(i) The obligation of the Company to settle Awards in shares of Common Stock or other consideration shall be subject to all
applicable laws, rules, and regulations, and to such approvals by governmental agencies as may be required. Notwithstanding any terms or conditions of any Award to the contrary, the Company shall be under no obligation to offer to sell or to sell,
and shall be prohibited from offering to sell or selling, any shares of Common Stock pursuant to an Award unless such shares have been properly registered for sale pursuant to the Securities Act with the Securities and Exchange Commission or unless
the Company has received an opinion of counsel (if the Company has requested such an opinion), satisfactory to the Company, that such shares may be offered or sold without such registration pursuant to an available exemption therefrom and the terms
and conditions of such exemption have been fully complied with. The Company shall be under no obligation to register for sale under the Securities Act any of the shares of Common Stock to be offered or sold under the Plan. The Committee shall have
the authority to provide that all shares of Common Stock or other securities of any member of the Company Group issued under the Plan shall be subject to such stop-transfer orders and other restrictions as the Committee may deem advisable under the
Plan, the applicable Award Agreement, the Federal securities laws, or the rules, regulations and other requirements of the Securities and Exchange Commission, any securities exchange or inter-dealer quotation system on which the securities of the
Company are listed or quoted and any other applicable Federal, state, local or non-U.S. laws, rules, regulations and other requirements, and, without limiting the generality of

  
 22 

 
Section 8 of the Plan, the Committee may cause a legend or legends to be put on certificates representing shares of Common Stock or other securities of any member of the Company Group issued
under the Plan to make appropriate reference to such restrictions or may cause such Common Stock or other securities of any member of the Company Group issued under the Plan in book-entry form to be held subject to the Company’s instructions or
subject to appropriate stop-transfer orders. Notwithstanding any provision in the Plan to the contrary, the Committee reserves the right to add any additional terms or provisions to any Award granted under the Plan that the Committee, in its sole
discretion, deems necessary or advisable in order that such Award complies with the legal requirements of any governmental entity to whose jurisdiction the Award is subject. 

(ii) The Committee may cancel an Award or any portion thereof if it determines, in its sole discretion, that legal or
contractual restrictions and/or blockage and/or other market considerations would make the Company’s acquisition of shares of Common Stock from the public markets, the Company’s issuance of Common Stock to the Participant, the
Participant’s acquisition of Common Stock from the Company and/or the Participant’s sale of Common Stock to the public markets illegal, impracticable or inadvisable. If the Committee determines to cancel all or any portion of an Award in
accordance with the foregoing, the Company shall, subject to any limitations or reductions as may be necessary to comply with Section 409A of the Code, (A) pay to the Participant an amount equal to the excess of (I) the aggregate Fair
Market Value of the shares of Common Stock subject to such Award or portion thereof canceled (determined as of the applicable exercise date, or the date that the shares would have been vested or issued, as applicable); over (II) the aggregate
Exercise Price or SAR Base Price (in the case of an Option or SAR, respectively) or any amount payable as a condition of issuance of shares of Common Stock (in the case of any other Award), which such amount shall be delivered to the Participant as
soon as practicable following the cancellation of such Award or portion thereof, or (B) in the case of Restricted Stock, Restricted Stock Units or Other Equity-Based Awards, provide the Participant with a cash payment or equity subject to
deferred vesting and delivery consistent with the vesting restrictions applicable to such Restricted Stock, Restricted Stock Units or Other Equity-Based Awards, or the underlying shares in respect thereof. 

(l) No Section 83(b) Elections Without Consent of Company. Except with respect to OP Units, no election under
Section 83(b) of the Code or under a similar provision of law may be made unless expressly permitted by the terms of the applicable Award Agreement or by action of the Committee in writing prior to the making of such election. If a Participant,
in connection with the acquisition of shares of Common Stock or OP Units under the Plan or otherwise, is expressly permitted to make such election and the Participant makes the election, the Participant shall notify the Company of such election
within ten (10) days of filing notice of the election with the Internal Revenue Service or other governmental authority, in addition to any filing and notification required pursuant to Section 83(b) of the Code or other applicable
provision. 
  

  
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 (m) Payments to Persons Other Than Participants. If the Committee shall find that any
Person to whom any amount is payable under the Plan is unable to care for the Participant’s affairs because of illness or accident, or is a minor, or has died, then any payment due to such Person or the Participant’s estate (unless a prior
claim therefor has been made by a duly appointed legal representative) may, if the Committee so directs the Company, be paid to the Participant’s spouse, child, relative, an institution maintaining or having custody of such Person, or any other
Person deemed by the Committee to be a proper recipient on behalf of such Person otherwise entitled to payment. Any such payment shall be a complete discharge of the liability of the Committee and the Company therefor. 

(n) Nonexclusivity of the Plan. Neither the adoption of the Plan by the Board nor the submission of the Plan to the stockholders of the
Company for approval shall be construed as creating any limitations on the power of the Board to adopt such other incentive arrangements as it may deem desirable, including, without limitation, the granting of equity-based awards otherwise than
under the Plan, and such arrangements may be either applicable generally or only in specific cases. 
 (o) No Trust or Fund Created.
Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between any member of the Company Group, on the one hand, and a Participant or other Person, on the other hand. No
provision of the Plan or any Award shall require the Company, for the purpose of satisfying any obligations under the Plan, to purchase assets or place any assets in a trust or other entity to which contributions are made or otherwise to segregate
any assets, nor shall the Company be obligated to maintain separate bank accounts, books, records or other evidence of the existence of a segregated or separately maintained or administered fund for such purposes. Participants shall have no rights
under the Plan other than as unsecured general creditors of the Company, except that insofar as they may have become entitled to payment of additional compensation by performance of services, they shall have the same rights as other service
providers under general law. 
 (p) Reliance on Reports. Each member of the Committee and each member of the Board shall be fully
justified in acting or failing to act, as the case may be, and shall not be liable for having so acted or failed to act in good faith, in reliance upon any report made by the independent public accountant of any member of the Company Group and/or
any other information furnished in connection with the Plan by any agent of the Company or the Committee or the Board, other than himself or herself. 

(q) Relationship to Other Benefits. No payment under the Plan shall be taken into account in determining any benefits under any pension,
retirement, profit sharing, group insurance or other benefit plan of the Company except as otherwise specifically provided in such other plan or as required by applicable law. 

(r) Governing Law. The Plan shall be governed by and construed in accordance with the internal laws of the State of Maryland applicable
to contracts made and performed wholly within the State of Maryland, without giving effect to the conflict of laws provisions thereof. EACH PARTICIPANT WHO ACCEPTS AN AWARD IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY SUIT, ACTION, OR
OTHER PROCEEDING INSTITUTED BY OR AGAINST SUCH PARTICIPANT IN RESPECT OF THE PARTICIPANT’S RIGHTS OR OBLIGATIONS HEREUNDER. 

  
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 (s) Severability. If any provision of the Plan or any Award or Award Agreement is, becomes
or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any Person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended
to conform to the applicable laws, or if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be construed or deemed stricken as to
such jurisdiction, Person or Award and the remainder of the Plan and any such Award shall remain in full force and effect. 
 (t)
Obligations Binding on Successors. The obligations of the Company under the Plan shall be binding upon any successor corporation or organization resulting from the merger, consolidation or other reorganization of the Company, or upon any
successor corporation or organization succeeding to substantially all of the assets and business of the Company. 
 (u)
Section 409A of the Code. 
 (i) Notwithstanding any provision of the Plan to the contrary, it is
intended that the provisions of the Plan comply with Section 409A of the Code, and all provisions of the Plan shall be construed and interpreted in a manner consistent with the requirements for avoiding taxes or penalties under
Section 409A of the Code. Each Participant is solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on or in respect of such Participant in connection with the Plan (including any taxes and penalties
under Section 409A of the Code), and neither the Service Recipient nor any other member of the Company Group shall have any obligation to indemnify or otherwise hold such Participant (or any beneficiary) harmless from any or all of such taxes
or penalties. With respect to any Award that is considered “deferred compensation” subject to Section 409A of the Code, references in the Plan to “termination of employment” (and substantially similar phrases) shall mean
“separation from service” within the meaning of Section 409A of the Code. For purposes of Section 409A of the Code, each of the payments that may be made in respect of any Award granted under the Plan is designated as a separate
payment. 
 (ii) Notwithstanding anything in the Plan to the contrary, if a Participant is a “specified employee”
within the meaning of Section 409A(a)(2)(B)(i) of the Code, no payments in respect of any Awards that are “deferred compensation” subject to Section 409A of the Code and which would otherwise be payable upon the
Participant’s “separation from service” (as defined in Section 409A of the Code) shall be made to such Participant prior to the date that is six (6) months after the date of such Participant’s “separation from
service” or, if earlier, the date of the Participant’s death. Following any applicable six (6) month delay, all such delayed payments will be paid in a single lump sum on the earliest date permitted under Section 409A of the Code
that is also a business day. 
 (iii) Unless otherwise provided by the Committee in an Award Agreement or otherwise, in the
event that the timing of payments in respect of any Award (that would otherwise be considered “deferred compensation” subject to Section 409A of the Code) would be accelerated upon the occurrence of (A) a Change in Control, no
such 

  
 25 

 
acceleration shall be permitted unless the event giving rise to the Change in Control satisfies the definition of a change in the ownership or effective control of a corporation, or a change in
the ownership of a substantial portion of the assets of a corporation pursuant to Section 409A of the Code or (B) a Disability, no such acceleration shall be permitted unless the Disability also satisfies the definition of
“Disability” pursuant to Section 409A of the Code. 
 (v) Clawback/Repayment. All Awards shall be subject to reduction,
cancellation, forfeiture or recoupment to the extent necessary to comply with (i) any clawback, forfeiture or other similar policy adopted by the Board or the Committee and as in effect from time to time, and (ii) applicable law. Further,
to the extent that the Participant receives any amount in excess of the amount that the Participant should otherwise have received under the terms of the Award for any reason (including, without limitation, by reason of a financial restatement,
mistake in calculations or other administrative error), the Participant shall be required to repay any such excess amount to the Company. 

(w) Detrimental Activity. Notwithstanding anything to the contrary contained herein, if a Participant has engaged in any Detrimental
Activity, as determined by the Committee, the Committee may, in its sole discretion, provide for one or more of the following: 

(i) cancellation of any or all of such Participant’s outstanding Awards; or 

(ii) forfeiture and prompt repayment to the Company by the Participant of any gain realized on the vesting, exercise or
settlement of any Awards previously granted to such Participant. 
 (x) Right of Offset. The Company will have the right to offset
against its obligation to deliver shares of Common Stock (or other property or cash) under the Plan or any Award Agreement any outstanding amounts (including, without limitation, travel and entertainment or advance account balances, loans, repayment
obligations under any Awards, or amounts repayable to the Company pursuant to tax equalization, housing, automobile or other employee programs) that the Participant then owes to any member of the Company Group and any amounts the Committee otherwise
deems appropriate pursuant to any tax equalization policy or agreement. Notwithstanding the foregoing, if an Award is “deferred compensation” subject to Section 409A of the Code, the Committee will have no right to offset against its
obligation to deliver shares of Common Stock (or other property or cash) under the Plan or any Award Agreement if such offset could subject the Participant to the additional tax imposed under Section 409A of the Code in respect of an
outstanding Award. 
 (y) Expenses; Titles and Headings. The expenses of administering the Plan shall be borne by the Company Group.
The titles and headings of the sections in the Plan are for convenience of reference only, and in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control. 

  
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