Document:

STOCK PURCHASE AND SUBSCRIPTION AGREEMENT

 

by and among

 

Paldwick S.A.,

 

Martín Migoya,

 

Martín Gonzalo
Umaran,

 

Néstor Augusto
Nocetti,

 

Guibert Andrés
Englebienne,

 

Riverwood Capital LLC,

 

Riverwood Capital Partners
(Parallel-B) L.P.,

 

Riverwood Capital Partners
L.P.,

 

Riverwood Capital Partners
(Parallel-A) L.P.,

 

FTVentures III L.P.,

 

FTVentures IIIN L.P.,

 

and

 

Endeavor Global Inc.,

 

as “Sellers”,

 

Globant S.A.

 

and

 

WPP Luxembourg
Gamma Three S.à r.l.,

 

as “Buyer”

 

dated as of December 27, 2012

  

    	 

    	 

    

 

	section 1
	 
	SALE AND PURCHASE OF purchased SHARES
	 	 
	1.1. Sale of Purchased Shares.  	4
	1.2. Purchase Price of the Purchased Shares.  	4
	1.3. Purchase Closing.	4
	1.4. Purchase Closing Actions and Deliveries by the Parties.	4
	1.5. Sole Act.  	5
	1.6. Post Purchase Closing Covenants.  	6
	 	 
	section 2
	 
	Subscription FOR newly issued shares
	 	 
	2.1. Subscription for Newly Issued Shares.  	7
	2.2. Conditions Precedent to Subscription of Newly Issued Shares.  	7
	2.3. Subscription Closing.	8
	2.4. Subscription Closing Actions and Deliveries by the Parties.	9
	2.5. Sole Act.  	10
	 	 
	section 3 
	 
	REPRESENTATIONS AND WARRANTIES OF THE SELLERS
	 	 
	3.1. Organization, Standing and Power.	10
	3.2. Authority; No Conflict; Required Filings and Consents. 	10
	3.3. Litigation. 	11
	3.4. Ownership of Purchased Shares. 	11
	3.5. No Other Agreements to Sell the Purchased Shares.	11
	3.6. Shareholder Agreements.  	12
	3.7. Prior Legal Matters.  	12
	3.8. No Options.  	12
	3.9. Brokers.	12
	3.10. Tax residence.	13

 

    	 

    	 

    

 

	section 4
	 
	REPRESENTATIONS AND WARRANTIES OF THE COMPANY
	 	 
	4.1. Organization, Standing and Power.	13
	4.2. Authority; No Conflict; Required Filings and Consents. 	14
	4.3. Litigation. 	15
	4.4. No Other Agreements to Sell the Purchased Shares.	15
	4.5. Capitalization.	15
	4.6. Activity and Business of the Company.  	18
	4.7. Corporate Documents.	19
	4.8. Taxes.	19
	4.9. Activities and Businesses of the Globant Subsidiaries.  	21
	4.10. Employee Matters.	23
	4.11. Employee Benefit Matters. List of Plans.   	24
	4.12. Environmental Matters.  	24
	4.13. Data Privacy.	25
	4.14. Intellectual Properties.	25
	4.15. Related Party Contracts.	27
	4.16. Contracts.  	27
	4.17. Claims of the Sellers.  	28
	4.18. Properties; Title to Properties.  	28
	4.19. Rights of Registration and Voting Rights.	28
	4.20. Insurance.  	28
	4.21. Absence of Material Adverse Change.  	28
	4.22. Client Relations.  	30
	4.23. Corporate Controls.  	31
	4.24. Form F-1.  	31
	4.25. Copies of Documents.  	31
	 	 
	section 5
	 
	REPRESENTATIONS AND WARRANTIES OF THE BUYER
	 	 
	5.1. Organization, Standing and Power.	32
	5.2. Authority; No Conflict; Required Filings and Consents. 	32
	5.3. Litigation.	32
	5.4. Brokers. 	33
	5.5. Investment Intent.	33
	5.6. Acknowledgment and Representations by the Buyer.	33
	5.7. Sufficient Funds.	33
	 	 
	section 6
	 
	INDEMNIFICATION
	 	 
	6.1. Survival.  	34
	6.2. Indemnification by the Sellers and the Company.	34
	6.3. Termination of Indemnification Obligations.  	35
	6.4. Limitations on Indemnification.	36

 

    	 

    	 

    

 

	6.5. Notice of Claims; Settlements; Payments.	37
	6.6. Indemnification by the Buyer.	40
	6.7. Exclusive Remedies.  	41
	 	 
	section 7
	 
	FURTHER COVENANTS
	 	 
	7.1. Cooperation of the Sellers and the Company.  	42
	7.2. Cooperation of the Buyer.  	42
	 	 
	section 8
	 
	MISCELLANEOUS
	 	 
	8.1. Fees and Expenses.  	42
	8.2. Notices.  	42
	8.3. Construction.  	45
	8.4. Assignment; Binding Effect.  	45
	8.5. Amendment; Waiver.  	46
	8.6. Counterparts.  	46
	8.7. Severability.  	46
	8.8. Entire Agreement.  	46
	8.9. Governing Law.  	46
	8.10. Consent to Jurisdiction and Service.	46
	8.11. Publicity.  	47
	8.12. Confidentiality.  	48
	8.13. No Third Party Beneficiaries.  	49
	8.14. Several but not Joint Liability.  	49
	8.15. [Intentionally left blank.]	49
	8.16. Definitions.  	49
	8.17. Spousal Consent.	57

  

    	 

    	 

    

  

EXHIBITS

 

Exhibit A: Holdings of Globant Lux

 

Exhibit B: Purchased Shares

 

Exhibit C: Newly Issued Shares

 

Exhibit 1.2: Seller’s Accounts

 

Exhibit 1.4(a)(i): Purchase Price

 

Exhibit 1.4(b)(iv): Form of Indemnification
Agreement

  

SCHEDULES

  

Schedule 1.4(b)(v): Copy of IRS Recognition
Letter for Globant, LLC.

 

Schedule 3.5: No
Other Agreements to Sell the Purchased Shares.

 

Schedule 4.3: Litigation.

 

Schedule 4.4: No Other Agreements to Sell the Purchased Shares.

 

Schedule 4.5(a)(i): Capitalization. Issued Share Capital of
Globant Lux.

 

Schedule 4.5(a)(ii): Capitalization.Globant Lux Organizational
Documents.

 

Schedule 4.5(c): Capitalization. Capital Stock of the Globant
Subsidiaries.

 

Schedule 4.5(e): Capitalization.

 

Schedule 4.5(g): Stock Purchase and Option Agreements.

 

Schedule 4.5(i): Dividends; distributions.

 

Schedule 4.8: Taxes.

 

Schedule 4.9(b)(i): Activities and Businesses of the Globant
Subsidiaries. Financial Statements.

 

Schedule 4.9(b)(ii): Activities and Businesses of the Globant
Subsidiaries. Consolidated Reference Financial Statements.

 

Schedule 4.10(a): Employee Matters.

 

    	 

    	 

    

  

Schedule 4.11: Employee Benefit Plans.

 

Schedule 4.14: Intellectual Properties.

 

Schedule 4.15: Related Party Contracts.

 

Schedule 4.17: Claims of the Sellers.

 

Schedule 4.18: Properties; Title to Properties. 

 

Schedule 4.19: Rights of Registration and Voting Rights.

 

Schedule 4.21: Absence of Material Adverse Change.

 

Schedule 4.22: Client
Relations.

 

Schedule 8.16(a): Contribution
Agreement.

 

Schedule 8.16(b): Organizational
Chart.

  

    	 

    	 

    

 

STOCK PURCHASE AND SUBSCRIPTION AGREEMENT

 

THIS STOCK PURCHASE
AND SUBSCRIPTION AGREEMENT (including all Exhibits and Disclosure Schedules hereto, this “Agreement”), dated
as of December 27, 2012, by and among:

 

		(i)	Paldwick S.A., a corporation organized under the laws of the Oriental Republic of Uruguay (“Paldwick”),
domiciled at Avenida Luis Alberto de Herrera 1052, Montevideo, Uruguay;

 

		(ii)	Martín Migoya, Argentinean, Argentine I.D. (D.N.I.) No. 20,252,614, domiciled at Ingeniero
Butty 240, 9th floor, City of Buenos Aires, Argentina, represented in this act by the individual who signs at the end
of this instrument and acting in the capacity therein stated (hereinafter, "MM");

 

		(iii)	Martín Gonzalo Umaran, Argentinean, Argentine I.D. (D.N.I.) No. 20,233,654, domiciled at
Ingeniero Butty 240, 9th floor, City of Buenos Aires, Argentina, represented in this act by the individual who signs
at the end of this instrument and acting in the capacity therein stated (hereinafter, "MU");

 

		(iv)	Néstor Augusto Nocetti, Argentinean, Argentine I.D. (D.N.I.) No. 18,363,547, Ingeniero Butty
240, 9th floor, City of Buenos Aires, Argentina, represented in this act by the individual who signs at the end of this
instrument and acting in the capacity therein stated (hereinafter, "NN");

 

		(v)	Guibert Andrés Englebienne, Argentinean, Argentine I.D. (D.N.I.) No. 18,261,896, Ingeniero
Butty 240, 9th floor, City of Buenos Aires, Argentina, represented in this act by the individual who signs at the end
of this instrument and acting in the capacity therein stated (hereinafter, "GE");

 

		(vi)	Riverwood Capital LLC, a limited liability company, incorporated and
existing under the laws of the State of Delaware (“RW Capital”), having its
registered office at c/o Corporation Service Company, 2711 Centreville Road, Suite 400, in the City of Wilmington, County of New
Castle, Delaware 19808;

 

		(vii)	Riverwood Capital Partners (Parallel-B) L.P., a Cayman Islands exempted limited partnership (“RW
Parallel B”) with registered office at c/o Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman,
KY1-1104, Cayman Islands;

 

    	 

    	 

    

  

		(viii)	Riverwood Capital Partners L.P., a Cayman Islands exempted limited partnership (“RW CP”)with
registered office at c/o Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands;

 

		(ix)	Riverwood Capital Partners (Parallel-A) L.P., a Cayman Islands exempted limited partnership (“RW
Parallel A”)with registered office at c/o Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman,
KY1-1104, Cayman Islands (RW Parallel A, together with RW Capital, RW Parallel B and RW CP, the “Riverwood Entities”);

 

		(x)	FTVentures III L.P., a limited partnership, existing under the laws of Delaware (“FTV
III”), having its registered office at 555, California Street, Suite 2900, CA 94104 San Francisco, USA;

 

		(xi)	FTVentures IIIN L.P., a limited partnership, existing under the laws of Delaware (“FTV
IIIN”), having its registered office at 555, California Street, Suite 2900, CA 94104 San Francisco, USA;

 

		(xii)	Endeavor Global Inc., a corporation organized under the laws of the state of Delaware, United States
of America (“Endeavor”, and together with Paldwick, MM, MU, NN, GE, RW Capital, RW Parallel B, RW CP, RW Parallel
A, FTV III and FTV IIIN, the “Sellers”), domiciled at 900 Broadway, Suite 600, NY 10003, New York, USA;

 

		(xiii)	Globant S.A., a corporation (Société anonyme) organized under the laws of
the Grand Duchy of Luxembourg, having its registered office at 5, rue Guillaume Kroll, L-1882 Luxembourg, not yet registered with
the Trade and Companies Register of Luxembourg (indistinctly, “Globant Lux” or the “Company”)
and

 

		(xiv)	WPP Luxembourg Gamma Three S.à.r.l., a private limited liability
company (société responsabilité limitée) incorporated and existing under the laws of the Grand
Duchy of Luxembourg, having its registered office at 124 Boulevard de la Petrusse, Luxembourg, L-2330, and registered with the
Luxembourg Trade and Companies Register under registration number B 108.492 (the “Buyer” and together
with the Company and the Sellers, each a “Party” and, collectively, the “Parties”).

 

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RECITALS

 

WHEREAS, the Sellers
collectively own three hundred twenty-seven million four hundred eighty-eight thousand nine hundred seventy (327,488,970) shares
of the Company, having a nominal value of US$0.10 per share, representing 100% of the issued share capital and voting rights of
Globant Lux, in accordance with the holdings set forth in Exhibit A hereto (the “Globant Lux Shares”);

 

WHEREAS, Globant Lux
owns, directly or indirectly, 100% of the capital stock and voting rights of the following subsidiaries: Globant S.A., a corporation
(sociedad anónima) organized under the laws of the Kingdom of Spain (“ITO”); ITO Holdings S.à.r.l,
a limited liability company organized under the laws of the Grand Duchy of Luxembourg (“ITO Holdings”); RW Holdings
S.à.r.l, a limited liability company organized under the laws of the Grand Duchy of Luxembourg (“RW Holdings”);
Sistemas Globales S.A., a corporation organized under the laws of Argentina (“Sistemas Globales”); Sistemas
Globales Buenos Aires S.R.L., a limited liability company organized under the laws of Argentina (“Sistemas Globales Buenos
Aires”); 4.0 S.R.L., a limited liability company organized under the laws of Argentina (“4.0”); IAFH
Global S.A., a corporation organized under the laws of Argentina (“IAFH”); Globant LLC, a limited liability
company organized under the laws of the State of Delaware, United States of America (“Globant LLC”); Sistemas
UK Limited, a limited liability company organized under the laws of the United Kingdom (“Sistemas UK”); Sistemas
Globales Chile Asesorías Limitada, a limited liability company organized under the laws of the Republic of Chile (“SG
Chile”); Sistemas Globales Uruguay S.A., a corporation organized under the laws of the Oriental Republic of Uruguay (“SG
Uruguay”); Global Systems Outsourcing S.R.L. De C.V., a limited liability company organized under the laws of the United
Mexican States (“GS Mexico”); Software Product Creation S.L., a limited liability company organized under the
laws of the Kingdom of Spain (“SP Creation”); Sistemas Colombia S.A.S., a corporation organized under the laws
of the Republic of Colombia (“Sistemas Colombia”); Globant Brasil Participações Ltda., a limited
liability company organized under the laws of Brazil (“Globant Brazil”); and TerraForum Consultoria Ltda., a
limited liability company organized under the laws of Brazil (“Terraforum”, and together with ITO, ITO Holdings,
RW Holdings, Sistemas Globales, Sistemas Globales Buenos Aires, 4.0, IAFH, Globant LLC, Sistemas UK, SG Chile, SG Uruguay, GS Mexico,
SP Creation, Sistemas Colombia and Globant Brazil, the “Globant Subsidiaries”);

 

WHEREAS, upon the terms
and subject to the conditions set forth herein, the Sellers desire to sell to the Buyer, and the Buyer desires to acquire from
the Sellers, 20% of each of the Seller’s outstanding shares in Globant Lux, on a pro rata basis, which collectively will
imply a transfer from the Sellers to the Buyer of 65,497,793 shares of Globant Lux, as specified in Exhibit B hereto (the
“Purchased Shares”), so that following such acquisition, the Buyer will own 20% of each class of Globant Lux
Shares, constituting 20% of the issued share capital of Globant Lux; and

 

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WHEREAS, as part of
the transaction, the Buyer also desires, upon the terms and subject to the conditions set forth herein, to invest in the Company
by making a capital contribution in the form of a share capital increase of Globant Lux in an amount of six million four hundred
and forty-eight thousand two hundred and ninety-seven Dollars (US$6,448,297) to such purpose in exchange for 6,331,665 additional
common shares with no economic or voting preferences of Globant Lux, as specified in Exhibit C hereto (the “Newly
Issued Shares”).

 

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

  

SECTION
1

SALE AND PURCHASE OF purchased SHARES

 

1.1          Sale
of Purchased Shares.

 

Upon the terms and
subject to the conditions set forth herein, each of the Sellers hereby severally (but not jointly) agrees to, on the Purchase Closing
Date, sell to the Buyer (and the Buyer hereby agrees to purchase from the Sellers) all of the right, title and interest of the
Sellers in and to the Purchased Shares, free and clear of all Liens (the “Purchase Transaction”).

 

1.2          Purchase
Price of the Purchased Shares.

 

As full consideration
for the sale by the Sellers to the Buyer of the Purchased Shares, in accordance with the terms and conditions of this Agreement,
the Buyer shall pay to the Sellers on the Purchase Closing Date an aggregate purchase price of sixty-six million seven hundred
four thousand two hundred ninety-one Dollars (US$66,704,291) (the “Purchase Price”), by wire transfer of immediately
available funds to the Sellers’ Accounts, as set forth in Exhibit 1.2 hereto.

 

1.3          Purchase
Closing.

 

The closing (the “Purchase
Closing”) of the Purchase Transaction shall take place on the date hereof (the “Purchase Closing Date”)
at the offices of Davis & Gilbert LLP, 1740 Broadway, New York, New York.

 

1.4          Purchase
Closing Actions and Deliveries by the Parties.

 

		a)	At the Purchase Closing, the Buyer shall:

 

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		(i)	Make payment of the Purchase Price in immediately available funds into the Sellers’ Accounts,
as detailed in Exhibit 1.4(a)(i).

 

		(ii)	Execute and deliver the Joinder Agreement.

 

		(iii)	Deliver to the Sellers a certificate duly signed by an officer of the Buyer with sufficient powers
confirming the authority of the Buyer’s signatories to this Agreement to sign this Agreement on behalf of the Buyer.

 

		b)	At the Purchase Closing, the Sellers shall:

 

		(i)	Deliver to the Buyer a copy of the shares register of Globant Lux reflecting the ownership by the
Buyer of 20% of each class of Globant Lux Shares and revised ownership of all Sellers, as outlined in Exhibit B.

 

		(ii)	Execute and deliver the Joinder Agreement.

 

		(iii)	Deliver to the Buyer a certificate signed by the Secretary of the Company or any two directors
of the Company signing jointly certifying (i) the resolutions of the Board of Directors of the Company (a) approving the Transaction
Agreements and the transactions contemplated under the Transaction Agreements and (b) approving the execution of the Indemnification
Agreement by the Company; and (ii) the resolutions of the Company’s shareholders approving the Transaction Agreements.

 

		(iv)	Upon confirmation that the Purchase Price has been received, deliver to the Buyer one or more stock
certificates representing the Purchased Shares, and, to the extent required under Applicable Law, deliver to the Company all stock
certificates representing shares of the Company held by each Seller immediately prior to the Purchase Closing Date for cancellation.

 

		(v)	Deliver to the Buyer a copy of the U.S. Internal Revenue Services (“IRS”) recognition
letter delivered with respect to Globant, LLC, evidencing that the IRS has accepted Globant, LLC’s election to be taxed as
a corporation for U.S. tax purposes (which is attached as Schedule 1.4(b)(v)).

  

1.5          Sole
Act.

 

All acts contemplated
under this Agreement to be carried out at the Purchase Closing shall be deemed to take place simultaneously.

 

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1.6          Post
Purchase Closing Covenants.

 

(a) After the consummation
of the Purchase Closing, the Sellers shall:

  

		(i)	As promptly as possible from receipt of a written notice from the Buyer stating its intention to
nominate a director to serve as a member of the Board of Directors of the Company (the “New Shareholder Director”),
who shall not be a resident of the United States of America unless otherwise agreed by the Sellers, cause to take and take all
necessary corporate action to appoint such New Shareholder Director to the Board as provided in Exhibit D to the Joinder Agreement.

 

		(ii)	Upon appointment of the New Shareholder Director, cause the Company to execute and deliver, as
promptly as possible, an indemnification agreement (the “Indemnification Agreement”) to the New Shareholder
Director (of similar tenor to the ones entered into with the other Directors of the Company), in the form attached hereto as Exhibit
1.6(ii),

 

		(iii)	Make commercially reasonable efforts to complete the registration of the Company with the Trade
and Companies Register of Luxembourg as promptly as possible.

 

		(iv)	Make commercially reasonable efforts to cause the Company to, and the Company hereby undertakes
to use commercially reasonable efforts to, purchase twenty per cent (20 %) of the outstanding and vested share options of the Company
at an implied price equal to the Purchase Price per share, i.e., US$1.01842.

 

(b) The Company and the Buyer shall use
good faith efforts to enter into an agreement providing for mutually beneficial business collaboration between the Company and
the Buyer and/or any of their respective Affiliates.

 

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SECTION
2

 

Subscription
FOR newly issued shares

 

2.1          Subscription
for Newly Issued Shares.

  

(a)          Upon
the terms and subject to the conditions set forth herein, prior to or on the Subscription Closing Date (i) each of the Sellers
shall, to the fullest extent permitted by Applicable Law, waive any preemptive rights that may correspond to them, and together
with the Buyer shall, to the extent required under Applicable Laws, unanimously vote and approve, and take all Necessary Action
to approve, a capital increase in the Company in the amount of six million four hundred forty-eight thousand two hundred ninety-seven
Dollars (US$6,448,297) and increase the authorized number of common shares of the Company in order to issue and sell the Newly
Issued Shares (the “Capital Increase”), which shall be allocated to share capital and share premium to the extent
applicable, and, if required, shall cause the members of the Board appointed by each of them to take any relevant corporate action
for such purpose, and (ii) the Buyer shall subscribe and simultaneously pay the Capital Increase through a capital contribution
in the same amount (the “Subscription Price”), for which the Company shall issue in favor of the Buyer the Newly
Issued Shares (free and clear of any Liens), which shall be authorized and issued in accordance with the terms specified in the
Articles of Association, and with all the economic and other rights pertaining to common shares of the Company (the “Subscription
Transaction”).

 

(b)          In
the event that prior to the Subscription Closing, there has been an adjustment to the Purchase Price (as such term is defined and
used in Exhibit D to the Joinder Agreement) under Section 3.1 of Exhibit D to Joinder Agreement and/or the Buyer has been issued
additional shares of the Company pursuant thereto, then the number of the Newly Issued Shares (and the corresponding per share
price of each Newly Issued Share) in the Subscription Transaction shall be adjusted such that the Subscription Price would purchase
the number of Newly Issued Shares as would have been adjusted in the same manner under Section 3.1 of Exhibit D to Joinder Agreement.

 

2.2          Conditions
Precedent to Subscription for Newly Issued Shares.

 

2.2.1.      Conditions
Precedent of the Buyer.

 

The obligation of the Buyer to consummate
the subscription and payment for the Newly Issued Shares is subject, at the option of the Buyer, to the fulfillment on or prior
to the Subscription Closing Date of the following conditions:

 

(a)          The
Purchase Closing has occurred.

 

(b)          The
Company be in good standing in the Grand Duchy of Luxembourg on the Subscription Closing Date and there shall be no grounds to
reasonably believe that the Company shall not remain in good standing in the Grand Duchy of Luxembourg after the Subscription Closing
Date.

 

(c)          The
Company shall have opened a bank account in the Grand Duchy of Luxembourg in order to implement the Capital Increase in accordance
with Applicable Laws.

 

(d)          All
corporate action required by Applicable Law for the issuance of the Newly Issued Shares (other than the shareholders’ meeting
of the Company referred to in Section 2.4(b)) has been completed to the Buyer’s satisfaction in its reasonable discretion.

 

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(e)          The
Company shall have convened the shareholders’ meeting of the Company referred to in Section 2.4.b).

 

(f)           There
shall be no legal, administrative, arbitral or other proceeding pending before any Governmental or Regulatory Authority, or any
temporary restraining order or permanent injunction or other order issued by any Governmental or Regulatory Authority shall be
in effect, prohibiting consummation of the transactions contemplated under this Agreement or making the consummation of the transactions
contemplated under this Agreement illegal or that requires such transactions to be rescinded.

 

(g)          The
representations and warranties of Sellers and the Company contained in this Agreement shall be true and correct as of the Subscription
Closing Date (except to the extent such representations and warranties relate to an earlier date, in which case as of such earlier
date, but not including the Purchase Closing Date).

 

(h)          The Company and the Sellers shall have
performed in all material respects all obligations required to be performed by them under this Agreement or any other Transaction
Agreement on or prior to the Subscription Closing Date.

 

(i)           There shall not have been any event
or occurrence that would constitute a Material Adverse Effect.

 

(j)           The
Company and the Sellers, as applicable, shall have sent a written notice to the Buyer stating that the conditions set forth in
(a) to (i) above have been fulfilled (the “Subscription Notice”), provided that it shall be understood that
the Company shall make commercially reasonable efforts to open the bank account referred to in paragraph (c) above before January
31, 2013, to take all the corporate actions indicated in paragraph (d) above, and to send the notice contemplated in this paragraph
(e) as promply as practicable after having completed the condition set forth in (c) above.

 

(k)          The
Buyer shall have received an officer’s or directors’ certificate of the Company certifying as to the matters set forth
in paragraphs (b), (c), (d), (e), (f), (g), (h) and (i).

 

2.2.2.      Conditions
Precedent of each of the Sellers and the Company.

 

The obligation of the
Sellers to cause the Company to consummate the Capital Increase, to waive their preemptive rights to allow the subscription of
the Newly Issued Shares by the Buyer and to consummate the sale of the Newly Issued Shares is subject, at the option of the Sellers,
to the occurrence of the Purchase Closing.

 

2.3          Subscription
Closing.

 

(a)          The
closing of the Subscription Transaction (the “Subscription Closing”) shall occur at the offices of Davis
& Gilbert LLP, 1740 Broadway, New York, New York, or at other place as the Parties may agree, on
or before the fifth Business Day following the date on which the Company has sent to the Buyer the Subscription Notice, or at such
other time as the Parties may agree in writing (the “Subscription Closing Date”), which Subscription Closing
shall occur no later than January 31, 2013.

 

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(b)          In
the event that all of the conditions set forth in Section 2.2.1 have been satisfied on or before the Subscription Closing Date
and the Company has provided to Buyer the wire instructions required under Section 2.4(a), if within thirty (30) days following
the Subscription Closing Date the Buyer has failed to take the actions and make the deliveries required to be taken or made by
it under Section 2.4, then the Company may terminate any and all obligations under this Section 2 by giving written notice of such
termination to the Buyer. If the obligations set forth in this Section 2 are terminated pursuant to the preceding sentence, no
Party, nor any of its Affiliates, and none of their respective officers, directors, agents or Representatives shall thereafter
have any Liability hereunder, except that such termination shall not relieve any Party from Liability for intentional breach or
Fraud, prior to such termination, of any representation or warranty, covenant or agreement contained herein.

 

2.4          Subscription
Closing Actions and Deliveries by the Parties.

 

		a)	At the Subscription Closing, the Buyer shall make payment of the Subscription Price by wire transfer
in immediately available funds into the Company’s bank account, At least two (2) Business Days before the day proposed for
the Subscription Closing the Company shall provide to the Buyer the relevant information of the Company’s bank account to
pay the Subscription Price on the Subscription Closing Date.

 

		b)	At the Subscription Closing, the Sellers and the Buyer shall, to the extent required under Applicable
Law, attend or participate at a shareholders’ meeting of the Company in which each of the Sellers and the Buyer shall vote
and approve the Capital Increase and the issuance of the Newly Issued Shares, and if addition, if required, shall cause the members
of the Board appointed by each of them to take any relevant corporate action for such purpose, which will be subscribed in its
entirety by the Buyer and delivered to the Buyer free and clear from any Liens, in accordance with Section 2.1.

 

		c)	At the Subscription Closing, the Company shall:

 

		(i)	Deliver copies of the shares register reflecting the ownership by the Buyer of the Newly Issued
Shares and the related notarial deed.

 

		(ii)	Deliver a certificate signed by a duly authorized representative of the Company certifying the
resolutions of the Company’s Board and the Company’s shareholders, to the extent required under Applicable Law, approving
the Capital Increase and subscription of the Newly Issued Shares by the Buyer.

 

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		d)	Within a reasonable period of time following the Subscription Closing, the Company shall deliver
to the Buyer a stock certificate representing the Newly Issued Shares.

 

2.5          Sole
Act.

 

All acts contemplated
under this Agreement to be carried out at the Subscription Closing shall be deemed to take place simultaneously.

 

SECTION
3

REPRESENTATIONS AND WARRANTIES OF THE SELLERS

 

Each Seller severally
(but not jointly) represents and warrants to the Buyer that the following representations are true and complete as of the date
hereof with respect to each such Seller and not with respect to any other Seller.

 

3.1          Organization,
Standing and Power.

 

Such
Seller, if not a natural person, is duly organized, validly existing and in good standing under the
Applicable Laws of its jurisdiction of incorporation, and has all requisite corporate power and authority to carry on its
business as presently conducted.  It is duly qualified to transact business and is in good standing
in each jurisdiction where any failure to be so qualified or in good standing would reasonably be expected
to have a Seller Material Adverse Effect.

 

3.2          Authority;
No Conflict; Required Filings and Consents.

 

(a)          Such
Seller has the full legal right and capacity, and all requisite power and authority, to enter into this Agreement and the Transaction
Agreements and to consummate the transactions contemplated by this Agreement and the Transaction Agreements (collectively, the
“Transactions”). The execution and delivery of this Agreement and the Transaction Agreements and the consummation
of the Transactions by such Seller have been duly authorized by all necessary action on its part. This Agreement and the
Transaction Agreements have been duly executed and delivered by such Seller and constitute its valid and binding obligation, enforceable
against it in accordance with their terms, subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium
and similar Applicable Laws of general applicability relating to or affecting creditors’ rights and to general equity principles
(regardless of whether enforcement is sought in a proceeding at law or in equity) (the “Bankruptcy and Equity Exception”).
There is no vote or consent of any partner, general or limited, or any other equity holder of such Seller, required in connection
with its entry into this Agreement or any other Transaction Agreement to which it is a party, or with the consummation of the Transactions.

 

    	10

    	 

    

 

(b)          The
execution and delivery of this Agreement and the Transaction Agreements by such Seller does not, and the consummation by it of
the Transactions shall not, (i) conflict with, or result in any violation or breach of, or default under, any provision of its
organizational documents, (ii) conflict with, or result in any violation or breach of, or constitute (with or without notice or
lapse of time, or both) a default (or give rise to a right of termination, cancellation, amendment or acceleration of any obligation
or loss of any benefit) under, require a consent or waiver under, require the payment of a penalty under or result in the imposition
of any Lien on its assets under, any of the terms, conditions or provisions of any agreement or contract to which it is a party
or by which its properties or assets may be bound, or conflict with or violate any Applicable Law applicable to it or any of its
properties or assets, except for any such conflicts, violations, breaches, defaults, terminations, cancellations, accelerations,
losses, penalties or Liens, and for any consents or waivers not obtained, that, individually or in the aggregate, would not reasonably
be expected to have a Seller Material Adverse Effect.

 

(c)          No
consent, approval, license, permit, order or authorization of, or registration, declaration, notice or filing with, any Governmental
or Regulatory Authority is required by or with respect to such Seller in connection with the execution and delivery of this Agreement
by it or the consummation by it of the Transactions, except for such other consents, approvals, Permits, orders, authorizations,
registrations, declarations, notices and filings which, if not obtained or made, would not reasonably be expected to result in
a Seller Material Adverse Effect.

 

3.3          Litigation.

 

There
is no legal, administrative, arbitral, governmental or other proceeding pending against it, or
to such Seller’s Knowledge, investigation or allegation, whether at law or at equity, before or by any court or Governmental
or Regulatory Authority, any arbitrator or other tribunal, which individually or in the aggregate, could reasonably be expected
to have a Seller Material Adverse Effect. 

 

3.4
        Ownership of Purchased Shares. 

 

Such
Seller is the holder of record and beneficial owner of the Purchased Shares set forth across from its name in Exhibit B
hereto, and has good and valid title to such Purchased Shares, and such Purchased Shares are free and clear of all Liens (other
than transfer restrictions under Applicable Law and the articles of association or other organizational documents of the
Company and the Existing Shareholders’ Agreement (as defined in the Joinder Agreement), as amended).

 

3.5
        No Other Agreements to Sell the Purchased Shares.

 

Except
as set forth on Schedule 3.5, such Seller does not have any agreement with any other Person to sell any of the capital
stock of the Company or any of the Globant Subsidiaries, or all or substantially all of the assets of the Company or any of the
Globant Subsidiaries, or to effect any merger, consolidation or other reorganization of the Company or any of the Globant Subsidiaries.

 

    	11

    	 

    

  

3.6         Shareholder
Agreements.

 

Except as set
forth on Schedule 3.6 and as contemplated by or disclosed in the Transaction Agreements, such Seller is not
a party to and has no Knowledge of any agreements, written or oral, relating to (i) the acquisition, disposition or registration
under the U.S. Securities Act of 1933 (as amended, the “Securities Act”) of the securities of the Company or
any Globant Subsidiary, or (ii) voting of the securities of the Company or any Globant Subsidiary.

 

3.7         Prior
Legal Matters.

 

Such Seller has not
been, during the last three (3) years, (a) subject to voluntary or involuntary petition under applicable bankruptcy or insolvency
laws or the appointment of a receiver, fiscal agent or similar officer by a court for its business or property; (b) convicted in
a criminal proceeding or named as a subject of a pending criminal proceeding (excluding traffic violations and other minor offenses);
(c) subject to any order, judgment, or decree (not subsequently reversed, suspended, or vacated) of any court of competent jurisdiction
permanently or temporarily enjoining it from engaging, or otherwise imposing limits or conditions on its engagement in any securities,
investment advisory, banking, insurance, or other type of business or acting as an officer or director of a public company; or
(d) found by a court of competent jurisdiction in a civil action or by a Governmental or Regulatory Authority to have violated
any applicable securities, commodities or unfair trade practices law or other similar foreign laws, which such judgment or finding
has not been subsequently reversed, suspended, or vacated.

 

3.8         No
Options.

 

Except for the Endeavor
Option, there are no options of any kind to acquire any shares of capital stock of the Company, or other similar rights, owned
by such Seller and there are no agreements or understandings with respect to the sale or transfer of such shares of capital stock
owned by such Seller or other similar rights of the Company owned by such Seller.

 

3.9         Brokers.

 

No
agent, broker, investment banker, financial advisor or other firm or Person is or shall be entitled, as a result of any action,
agreement or commitment of such Seller, to any broker’s, finder’s, financial advisor’s or other similar fee or
commission in connection with the Transactions.

 

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3.10       Tax
residence.

  

Such
Sellers’ jurisdiction of organization (in the case of an entity) or residence (in the case of an individual) set forth in
the preamble of this Agreement is true and correct. Such Seller does not have a permanent (and, as of the Purchase Closing Date,
any) tax presence in any jurisdiction other than, in the case of an entity, its jurisdiction of organization, or, in the case of
an individual, his residence, in each case, as set forth in the preamble of this Agreement, provided that RW Parallel B, RW CP
and RW Parallel A file U.S. Tax returns.

 

SECTION
4

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

The Company represents
and warrants to the Buyer that the following representations are true and complete as of the date hereof and as of the Subscription
Closing Date (except to the extent such representations and warranties speak as of an earlier date, in which case they are true
and correct as of such earlier date).

 

4.1         Organization,
Standing and Power.

 

(a)          Except
as indicated in paragraph (b) below, each of the Company and the Globant Subsidiaries is a legal entity duly organized, validly
existing and in good standing under the Applicable Laws of its respective jurisdiction of incorporation or formation, and has all
requisite corporate or other organizational power and authority to own, lease and operate its properties and assets and to carry
on its business as now being conducted and is duly qualified to do business and is in good standing as a corporation or other legal
entity in each jurisdiction in which the character of the properties it owns, operates or leases or the nature of its activities
makes such qualification necessary, except for such failures that could not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect.

 

(b)          The
Company is validly incorporated and existing since December 10, 2012. Upon registration of the Company with the Trade and Companies
Register of Luxembourg and its publication in Memorial C, the Luxembourg official gazette for companies, the Lux Reorganization
shall have been completed in compliance with Applicable Laws in all material respects. The Company, ITO and their shareholders
(as the case may be), had all corporate authorities, requisite power and authority to enter into the Lux Reorganization. The consummation
of the Lux Reorganization by the Company and ITO was duly authorized by all necessary action on their part and all applicable board,
shareholder and member consents were duly obtained. The Lux Reorganization did not conflict with, or result in any violation or
breach of, or constitute a default under, require a consent or waiver under, require the payment of a penalty under or result in
the creation or imposition of any Lien on, any of the Company’s material assets under any agreement or contract to which
it is a party, or by which its material properties or assets may be bound, or conflict with or violate any material Applicable
Law.

 

    	13

    	 

    

 

4.2         Authority;
No Conflict; Required Filings and Consents. 

 

(a)          The
Company has all requisite power and authority to enter into this Agreement and the Transaction Agreements and to consummate the
Transactions. The execution and delivery of this Agreement and the Transaction Agreements and the consummation of the Transactions
by it has been duly authorized by all necessary action on its part. This Agreement and the Transaction
Agreements have been duly executed and delivered by it and constitute the valid and binding obligation of it, enforceable against
it in accordance with their terms, subject to the Bankruptcy and Equity Exception. There is no vote or consent of any partner,
general or limited, or any other equity holder of it, required in connection with its entry into this Agreement or any other Transaction
Agreement to which it is a party, or with the consummation of the Transactions. 

 

(b)          The
execution and delivery of this Agreement and the Transaction Agreements by the Company does not, and the consummation by it of
the Transactions shall not, (i) conflict with, or result in any violation or breach of, or default under, any provision of its
organizational documents, (ii) conflict with, or result in any violation or breach of, or constitute (with or without notice or
lapse of time, or both) a default (or give rise to a right of termination, cancellation, amendment or acceleration of any obligation
or loss of any benefit) under, require a consent or waiver under, require the payment of a penalty under or result in the imposition
of any Lien on any of its assets under any of the terms, conditions or provisions of any agreement or contract to which it is a
party, or by which its properties or assets may be bound, or conflict with or violate any Applicable Law applicable to it or any
of its properties or assets, except for any such conflicts, violations, breaches, defaults, terminations, cancellations, accelerations,
losses, penalties or Liens, and for any consents or waivers not obtained, that, individually or in the aggregate, could not have
a Material Adverse Effect.

 

(c)          No
consent, approval, license, permit, order or authorization of, or registration, declaration, notice or filing with, any Governmental
or Regulatory Authority is required to be obtained or made by the Company or any of the Globant Subsidiaries or with respect to
any of them in connection with the execution and delivery of this Agreement by the Company or the consummation by it of the Transactions,
except for such other consents, approvals, Permits, orders, authorizations, registrations, declarations, notices and filings which,
if not obtained or made, could not reasonably be expected to result in a Material Adverse Effect.

 

    	14

    	 

    

  

4.3         Litigation.

 

Except
as set forth on Schedule 4.3, there is no material claim, action, suit, proceeding, arbitration, complaint,
charge or investigation pending, or to the Knowledge of the Company, threatened (i) against the
Company or any of the Globant Subsidiaries or any of the Founders; (ii) that questions the validity of the Transaction Agreements
or the right of the Company and/or the Sellers to enter into them, or to consummate the Transactions contemplated by the Transaction
Agreements; or (iii) that would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect.
Neither the Company nor any of the Globant Subsidiaries, to Knowledge of the Company, is a party or is named as subject to the
provisions of any order, writ, injunction, judgment or decree of any Governmental or Regulatory Authority (in the case of the Founders,
directors or employees, such as would affect the Company) that would reasonably be expected to adversely affect the material assets
or business of the Company and the Globant Subsidiaries, on a consolidated basis. There is no action, suit, proceeding or investigation
by the Company or any of the Globant Subsidiaries pending or that the Company or any of the Globant Subsidiaries intends to initiate
that would individually or in the aggregate reasonably be expected to materially adversely affect the assets or business of the
Company and the Globant Subsidiaries, on a consolidated basis.

 

4.4         No
Other Agreements to Sell the Purchased Shares.

 

Except
as set forth on Schedule 4.4, neither the Company nor any of the Globant Subsidiaries has any agreement with any
other Person to sell any of the capital stock of the Company or any of the Globant Subsidiaries, or all or substantially all of
the assets of the Company or any of the Globant Subsidiaries, or to effect any merger, consolidation or other reorganization of
the Company or any of the Globant Subsidiaries.

 

4.5         Capitalization.

 

		a)	Issued Share Capital of Globant Lux. The issued share capital of Globant Lux consists of
327,488,970 Globant Lux Shares, par value ten cents of Dollars (US$ 0.10)
divided into (i) 24,227,220 Class A Shares, (ii) 94,196,507 Class B Share, (iii) 86,301,627 Class C Shares, (iv) 193,520 Class
D Shares, (v) 40,929,714 Class E Shares, (vi) 20,464,856 Class F Shares, (vii) 16,910,468 Class G Shares, (viii) 40,803,741 Class
H Shares, and (ix) 3,411,337 Class I Shares. Schedule 4.5(a)(i) sets forth the capitalization of Globant Lux (on
a fully diluted basis, including all share capital issuable upon exercise or conversion of any outstanding options, warrants or
other derivative securities (“Options”), as of December 31, 2012) immediately before the Purchase Transaction,
immediately after the Purchase Closing Date and immediately after the Subscription Closing Date (assuming that no Option holders
have exercised any Options before those dates). The rights and privileges of the Globant Lux Shares are as set forth in the organizational
documents of Globant Lux attached hereto as Schedule 4.5(a)(ii). All the Globant Lux Shares are duly authorized,
validly issued, fully paid and non-assessable and have been issued in compliance with Applicable Laws and the articles of association
or other organizational or governing documents of the Company.

 

		b)	Authorized Share Capital of Globant Lux. The authorized capital of Globant Lux, excluding
the issued share capital, consists of 44,657,587 shares, par value ten U.S. cents (US$ 0.10).

 

    	15

    	 

    

 

		c)	Capital Stock of the Globant Subsidiaries. The authorized capital stock of each of the Globant
Subsidiaries, and any capital contributions therein not represented by shares, are described on Schedule 4.5(c).
All the capital stock of each of the Globant Subsidiaries is duly authorized, validly issued, fully paid (except as disclosed on
Schedule 4.5(c)) and non-assessable and has been issued in compliance with Applicable Laws and the by-laws or other
organizational or governing documents of the relevant Globant Subsidiary.

 

		d)	Transfer of the Purchased Shares and the Newly Issued Shares to the Buyer. Upon the consummation
of the Purchase Transaction, the Buyer shall receive good and marketable title to, and sole legal and beneficial ownership of,
the Purchased Shares free and clear of any Lien (other than transfer restrictions under Applicable Law
and the articles of association or other organizational documents of the Company and the Existing Shareholder’s Agreement
(as defined in the Joinder Agreement), as amended). Upon the consummation of the Subscription Transaction, the Buyer shall receive
good and marketable title to, and sole legal and beneficial ownership of, the Newly Issued Shares free and clear of any Lien (other
than transfer restrictions under Applicable Law and the articles of association or other organizational documents of the
Company and the Existing Shareholders’ Agreement (as defined in the Joinder Agreement), as amended) and all such Newly Issued
Shares shall be duly authorized, validly issued, fully paid and non-assessable and will have been issued in compliance with Applicable
Laws and the articles of association or other organizational or governing documents of the Company. Shares of the Company issued
to the Buyer pursuant to the Joinder Agreement and the Reset Agreement shall be duly authorized, validly issued, fully paid and
non-assessable and will have been issued in compliance with Applicable Laws and the articles of association or other organizational
or governing documents of the Company.

 

    	16

    	 

    

 

		e)	Except as set forth in Schedule 4.5(e) and the transactions
contemplated in this Agreement, (A) there are no equity securities of any class of the Company or any Globant Subsidiary, or any
security exchangeable into, convertible into or exercisable for any such equity securities, issued, reserved for issuance or outstanding,
(B) there are no existing or authorized subscriptions, options, warrants, equity securities,
calls or commitments, preemptive rights, rights of exchange, rights of first offer, rights of first refusal or similar rights or
other agreements or contracts of any character to which the Company or any Globant Subsidiary is a party or by which the Company
or any Globant Subsidiary is bound obligating the Company or any Globant Subsidiary to issue, exchange, transfer, deliver or sell,
or cause to be issued, exchanged, transferred, delivered or sold, additional shares of capital stock or other equity interests
of the Company or any Globant Subsidiary or any security or rights convertible into or exchangeable into or exercisable for any
such shares or other equity interests, or obligating the Company or any Globant Subsidiary to grant, extend, otherwise modify or
amend or enter into any such option, warrant, equity security, call, right or agreement issued or outstanding, (C) there are no
outstanding or authorized stock appreciation, phantom stock, profit participation or similar rights with respect to the capital
stock of, or other equity or voting interests in, the Company or any of the Globant Subsidiaries, (D) there is no authorized or
outstanding Indebtedness of the Company or any Globant Subsidiary having a right to vote (or convertible into or exchangeable or
exercisable for, or evidencing the right to subscribe for or acquire securities having the right to vote) on any matter on which
holders of capital stock may vote, and (E) there are no obligations, contingent or otherwise, of the Company or of any Globant
Subsidiary to repurchase, redeem or otherwise acquire any shares of the capital stock of the Company.

 

		f)	The Company has not given
the notice set forth in Section 3 of the Stock Option Agreement dated December 10, 2012, entered into by and between Endeavor
Catalyst, Inc. and the Company, and thus, as of the date hereof, the condition triggering Endeavor Catalyst, Inc.’s right
to purchase equity securities of the Company pursuant to that Option Agreement is has not yet been fulfilled.

 

		g)	Except as set forth in Schedule 4.5(g), none of
the Company’s stock purchase agreements or stock option documents contains a provision for acceleration of vesting (or lapse
of a repurchase right) or other changes in the vesting provisions or other terms of such agreement or document upon the occurrence
of any event or combination of events, including without limitation in the case where the Company’s stock option plan is
not assumed in an acquisition. The Company has no obligation (contingent or otherwise) to purchase or redeem any of its capital
stock.

 

		h)	The Company has obtained valid waivers of any rights by any of the Sellers or any other parties
to purchase any of the Shares covered by this Agreement.

 

		i)	Except as set forth in Schedule
4.5(i), (i) the Company has not declared or paid any dividends or authorized or made any distribution upon or with
respect to any equity securities of the Company, and (ii) no Globant Subsidiary has declared or paid any dividends or authorized
or made any distribution upon or with respect to any equity securities of such Globant Subsidiary, in each case, in the three
(3) calendar years prior to the date hereof.

 

    	17

    	 

    

  

4.6         Activity
and Business of the Company.

 

		a)	Business. The Company is a holding company and its business has been and is limited to holding
shares of the Globant Subsidiaries. Schedule 4.6(a) sets forth each direct and indirect
subsidiary of the Company and its jurisdiction of formation. The Company is not a participant in any joint venture, partnership
or similar arrangement. All issued and outstanding shares of capital stock or equity interests (as applicable)
of each of the Globant Subsidiaries are owned directly or indirectly by the Company free and clear of all Liens (other than transfer
restrictions under Applicable Laws). Except for its ownership interests in the Globant Subsidiaries, the Company does not
own, of record or beneficially, directly or indirectly, any shares of outstanding capital stock or securities convertible into
or exchangeable or exercisable for capital stock of, or any other equity interest in, any other Person. The Company was incorporated
on December 10th, 2012 and since then there has been no Material Adverse Change with respect to the Company.

 

		b)	Permits; Compliance with Applicable Law. (i) The Company and the Globant Subsidiaries hold
all material Permits; (ii) such Permits are in full force and effect and the Company and the Globant Subsidiaries are presently
in material compliance in all respects with their terms; (iii) the Company and the Globant Subsidiaries are presently in material
compliance with all Applicable Laws including, as applicable to the Argentine Globant Subsidiaries, with Argentine foreign exchange
control regulations, as promulgated by the Argentine Central Bank (communiques A 5264 and 5330, etc.); (iv) no event has occurred
or exists that (with or without notice or lapse of time) is reasonably likely to constitute a violation of a material Permit or
Applicable Law; (v) neither the Company nor any of the Globant Subsidiaries has received written or oral notice regarding a potential
violation of a material Permit or Applicable Law; and (vi) all material applications required to be filed to renew any material
Permits have been filed within the relevant periods prescribed for the filing of any such application.

 

		c)	Compliance with Other Instruments. None of
the Company and the Globant Subsidiaries is in violation or default (i) of any provisions of its respective organizational documents,
(ii) of any instrument, judgment, order, writ or decree, (iii) under any note, indenture or mortgage, or (iv) under any lease,
agreement, contract or purchase order to which it is a party or by which it is bound or of any provision of any relevant
statute, rule or regulation promulgated by a Governmental or Regulatory Authority, the violation of which could reasonably be expected
to have a Material Adverse Effect. The execution, delivery and performance of the Transaction Agreements and the consummation of
the Transactions will not result in any such violation or be in conflict with or constitute, with or without the passage of time
and giving of notice, either (i) a default under any such material provision, instrument, judgment, order, writ, decree, contract
or agreement or (ii) an event that results in the creation of any Lien, charge or encumbrance upon any material assets of the Company
or any Globant Subsidiary or the suspension, revocation, forfeiture, or nonrenewal of any material permit or license applicable
to the Company or any Globant Subsidiary.

 

    	18

    	 

    

  

4.7         Corporate
Documents.

 

The Articles of Association
of the Company are in the form provided to the Buyer. The copies of the minute books of the Globant Subsidiaries provided to the
Buyer contain minutes of all meetings of directors and shareholders thereof and all actions by written consent without a meeting
by the directors and shareholders thereof since the date of incorporation of the relevant Globant Subsidiary and accurately reflect
in all material respects all actions by the directors (and any committee of directors) and shareholders thereof with respect to
all transactions referred to in such minutes.

 

4.8         Taxes.

 

The Company and each
of the Globant Subsidiaries has timely filed, or caused to be filed (taking into account any valid extensions of due dates), completely
and accurately in all material respects, all national, state, local, city, or other Tax or information Returns required under the
statutes, rules or regulations of any jurisdiction(s) to be filed by the Company or any of the Globant Subsidiaries with respect
to any Tax, and in such cases in which the Company or any of the Globant Subsidiaries has failed to do so, it filed or has caused
to be filed all additional or supplementary Returns and has paid any and all applicable interest amounts and/or fines purported
to cure the relevant failure or delay, as required under Applicable Laws. All Taxes shown on said Returns to be due and all other
Taxes due and owing (whether or not shown on any Return) have been paid in full and all additional assessments received prior to
the Relevant Closing Date have been paid in full or are being contested in good faith or an appropriate accrual has been set up
for payment of such Taxes and the Company or the relevant Globant Subsidiary has entered into a payment plan, if applicable, for
the payment of such Taxes and is in full compliance with such plan as required under Applicable Laws, provided that the amount
of Taxes included in such payment plan do not exceed for the Company or each of the Globant Subsidiaries five percent (5%) of the
total Taxes paid or payable by the Company or such Globant Subsidiary for the fiscal year ended as of December 31, 2012. The amounts
set up as accruals for Taxes on the balance sheets contained in the Consolidated Reference Financial Statements and the Financial
Statements are, to the Knowledge of the Company and the Globant Subsidiaries, sufficient in the aggregate (considering therefore
underestimated and overestimated accruals) with respect to the Company and the Globant Subsidiaries, on a consolidated basis, for
the payment of all unpaid Taxes of the Company or any Globant Subsidiary, as the case may be, whether or not disputed, for all
periods ended on and prior to the date thereof. Since the Relevant Fiscal Year End, neither the Company nor any of the Globant
Subsidiaries has incurred any Liabilities for Taxes other than in the ordinary course of business. The Company and each Globant
Subsidiary has collected all sales, use, goods and services or other commodity Taxes required to be
collected and remitted or will remit the same to the appropriate taxing authority within the prescribed time periods. The
Company and each Globant Subsidiary has withheld all amounts required to be withheld on account of Taxes from amounts paid to employees,
former employees, directors, officers, service providers, members, residents and non-residents (other than Taxes that are being
contested by the appropriate proceeding) and remitted or will remit the same to the appropriate taxing authorities within the prescribed
time periods. Except as set forth on Schedule 4.8, none of the Tax Returns of the Company or any Globant Subsidiary
has ever been audited by any Governmental or Regulatory Authority. No examination of any Return of the Company or any Globant Subsidiary
is currently in progress, and none of the Company nor any Globant Subsidiary has received notice of any proposed audit or examination.
The Company and the Globant Subsidiaries have not waived any statute of limitations in respect of Taxes or agreed to any extension
of time with respect to a Tax assessment or deficiency. No material deficiency in the payment of Taxes by the Company or any Globant
Subsidiary for any period has been asserted in writing by any taxing authority and remains unsettled as of the date of this Agreement.
To the Knowledge of the Company and each Globant Subsidiary, no taxing authority has any reasonable basis to assess any additional
Taxes against the Company or any Globant Subsidiary.

 

    	19

    	 

    

  

None of the Company
and the Globant Subsidiaries has made any election that could result in the treatment of any of Globant or any Globant Subsidiary
as if had made a deemed or actual sale of its assets subject to Tax in any jurisdiction. None of the Company or any Globant Subsidiary
has entered into any agreement, waiver or other arrangement providing for any extension of time with respect to the assessment
or collection of any Taxes. None of the Company and the Globant Subsidiaries has been a member of any combined Tax filing group,
either voluntarily or involuntarily. None of the Company and the Globant Subsidiaries is a party to any Tax allocation or tax sharing
agreement. None of the Company and the Globant Subsidiaries will be required as a result of a change in Tax accounting method for
any period ending on or before the Relevant Closing Date or as a result of the Transactions contemplated herein to include any
adjustment under any Tax law in income for any period ending after the Relevant Closing Date. None of the Company and the Globant
Subsidiaries has made an election, and none have elected, or are required to elect, to treat any asset owned for non-Tax purposes
by any of them as owned by another Person for any Tax purpose. None of the Company and the Globant Subsidiaries has participated
in a transaction that under the Tax laws of the relevant jurisdiction must be reported to any Governmental or Regulatory Authority
in order to reduce or avoid penalties or other legal sanction. The Company and each of the Globant Subsidiaries, as applicable,
has made any and all disclosures to Governmental Authorities necessary and/or helpful in reducing potential penalties under relevant
Tax laws. None of the Company or the Globant Subsidiaries is obligated to make any payments or is a party to any Contract that
under certain circumstances could obligate the Company or the Globant Subsidiary, as the case may be, to make any payments to or
for the direct or indirect benefit of any service provider to any thereof that will not be deductible under any income Tax law
due to its connection with a change in control. None of the Company and the Globant Subsidiaries will be required to include any
item of income in, or exclude any item of deduction from, Taxable income for any Taxable period (or portion thereof) ending after
the Relevant Closing Date as a result of any: (a) closing agreement with any Tax authority; (b) installment sale or open transaction
disposition made on or prior to the Relevant Closing Date; or (c) prepaid amount received on or prior to the Relevant Closing Date.
None of the Company and the Globant Subsidiaries is required to pay any Taxes due or payable by it with respect to any of the Pre-Closing
Periods or to any acts or events occurring prior to the Purchase Closing Date, except for such Taxes with respect to which the
Company or any Globant Subsidiary, as applicable, has entered into a payment plan for the payment of such Taxes and is in full
compliance with such plan as required under Applicable Laws; provided that the amount of Taxes included in such payment plan do
not exceed for the Company or each of the Globant Subsidiaries five percent (5%) of the total Taxes paid or payable by the Company
or such Globant Subsidiary for the fiscal year ended as of December 31, 2012.

 

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No action has been
taken to have Globant, LLC, ITO or the Company treated as other than a corporation for U.S. Tax purposes.

 

4.9         Activities
and Businesses of the Globant Subsidiaries.

 

		a)	Business. Since the Relevant Fiscal Year End, there has been no Material Adverse Change
with respect to any Globant Subsidiary.

 

		b)	Financial Statements.

 

		(i)	(a) The audited financial statements of each Globant
Subsidiary as of the Relevant Fiscal Year End and the unaudited financial statements (including the balance sheet (the “Balance
Sheet”), income statement and statement of cash flows) for the most recent completed fiscal quarter of each Globant
Subsidiary (other than Globant Brazil and GS Mexico) are attached hereto as Schedule 4.9(b)(i) (collectively, the
“Financial Statements”). The Financial Statements have been prepared in accordance with Relevant GAAP applied
consistently throughout the periods involved, except that the unaudited Financial Statements may not contain all footnotes required
by Relevant GAAP. The Financial Statements present fairly the financial condition of the Globant Subsidiaries in all material
respects as at such dates and the results of their operations, changes in shareholder equity and cash flows for the periods then
ended, subject in the case of the unaudited Financial Statement to normal year-end audit adjustments. Except as set forth in the
Financial Statements, the Globant Subsidiaries have no Liabilities or obligations, contingent or otherwise, other than (i) Liabilities
incurred in the ordinary course of business subsequent to the end of their respective most recent fiscal quarters, (ii) obligations
under contracts and commitments incurred in the ordinary course of business and (iii) Liabilities and obligations of a type or
nature not required under Relevant GAAP to be reflected in financial statements, which, in all such cases, individually and in
the aggregate could not have a Material Adverse Effect. The Globant Subsidiaries maintain a standard system of accounting established
and administered in accordance with Relevant GAAP.

 

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		(ii)	(a) The audited consolidated financial statements of
ITO for the year ended as of December 31, 2011, which include all the Globant Subsidiaries except for ITO Holdings, RW Holdings,
Globant Brazil and Terraforum, and (b) the unaudited consolidated financial statements of ITO for the 6-month period ended June
30, 2012, which are attached hereto as Schedule 4.9(b)(ii) (collectively, the “Consolidated Reference Financial
Statements”), have been prepared in accordance with Relevant GAAP applied consistently throughout the period involved,
except that the unaudited Consolidated Reference Financial Statements may not contain all footnotes required by Relevant GAAP.
The Consolidated Reference Financial Statements present fairly the financial condition of ITO in all material respects as at such
date and the results of its operations for the period then ended, subject in the case of the unaudited Consolidated Reference
Financial Statements to normal year-end audit adjustments. Except as set forth in the Consolidated Reference Financial Statements,
ITO has no Liabilities or obligations, contingent or otherwise, other than (i) Liabilities incurred in the ordinary course
of business subsequent to the end of its most recent fiscal quarter, (ii) obligations under contracts and commitments incurred
in the ordinary course of business and (iii) Liabilities and obligations of a type or nature not required under Relevant GAAP
to be reflected in financial statements, which, in all such cases, individually and in the aggregate could not have a Material
Adverse Effect. ITO maintains a standard system of accounting established and administered in accordance with Relevant GAAP.

 

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4.10       Employee Matters.

  

		a)	Except as disclosed in Schedule 4.10(a), (i) neither the Company nor any of the Globant
Subsidiaries has engaged in any unfair labor practice; (ii) no unfair labor practice complaint against the Company or any of the
Globant Subsidiaries is pending before any Governmental or Regulatory Authority; (iii) there is no organized labor strike, dispute,
slowdown or stoppage actually pending or, to the Knowledge of the Company and the Sellers, threatened against or involving the
Company or any of the Globant Subsidiaries; (iv) there are no labor unions representing or, to the Knowledge of the Company and
the Sellers, attempting to represent the employees of the Company or any of the Globant Subsidiaries; (v) no claim or grievance
nor any arbitration proceeding arising out of or under any collective bargaining agreement is pending against the Company or any
of the Globant Subsidiaries and, to the Knowledge of the Company and the Sellers, no such claim or grievance has been threatened;
(vi) no collective bargaining agreement is currently being negotiated by the Company or any of the Globant Subsidiaries; and (vii)
neither the Company nor any of the Globant Subsidiaries has experienced any work stoppage or similar organized labor dispute during
the last three (3) years. Except as set forth in Schedule 4.10(a), there is no legal action, suit, proceeding or
claim pending or, to the Knowledge of the Company, threatened between the Company or any of the Globant Subsidiaries and any of
their respective employees, former employees, agents, former agents, job applicants or any association or group of employees that
would reasonably be expected to adversely affect the material assets or business of the Company and the Globant Subsidiaries, on
a consolidated basis.

 

		b)	To the Knowledge of the Company, neither the execution or delivery of the Transaction Agreements,
nor the carrying on of the business of the Globant Subsidiaries by their employees, nor the conduct of the business of the Globant
Subsidiaries as now conducted and presently proposed to be conducted will, to the Knowledge of the Company, conflict with or result
in a breach of the terms, conditions, or provisions of, or constitute a default under, any contract, covenant or instrument under
which any such employee or prospective employee is now obligated.

 

		c)	None of the Globant Subsidiaries is delinquent in payments to any of its employees, consultants
or independent contractors for any wages, salaries, commissions, bonuses, or other direct compensation for any service performed
for it to the date hereof or amounts required to be reimbursed to such employees, consultants or independent contractors that,
individually or in aggregate, could reasonably be expected to have a Material Adverse Effect. Each Globant Subsidiary has complied
in all material respects with all applicable laws related to employment, including those related to wages, hours, worker classification,
and collective bargaining. Each Globant Subsidiary has withheld and paid to the appropriate Governmental or Regulatory Authorities,
or is holding for payment not yet due to such Governmental or Regulatory Authorities, all amounts required to be withheld from
employees of such Globant Subsidiary and is not liable for any arrears of wages, taxes, penalties, or other sums for failure to
comply with any of the foregoing, except for such withholdings or payments that, individually or in aggregate, could reasonably
be expected to have a Material Adverse Effect. To the Knowledge of the Company and the Sellers, no key employee intends to terminate
employment with any Globant Subsidiary or is otherwise likely to become unavailable to continue as a key employee, nor does any
Globant Subsidiary have a present intention to terminate the employment of any of the foregoing.

 

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4.11       Employee
Benefit Matters; List of Plans. Schedule 4.11 lists all employee benefit plans sponsored by the Company or any
Globant Subsidiary for the benefit of any employee (each item listed on Schedule 4.11 being referred to herein individually,
as an “Employee Benefit Plan” and collectively, as “Employee Benefit Plans”). Each Employee
Benefit Plan (and each related trust, contract or fund) has been substantially maintained, funded and administered in accordance
with its terms and complies in form and in operation in all material respects with the requirements of all Applicable Laws.  No
Employee Benefit Plan provides severance, other termination-related benefits, or an acceleration of rights contingent upon the
consummation of the Transactions contemplated under this Agreement or the Lux Reorganization and none of the Company and the Globant
Subsidiaries has maintained or contributed to any Employee Benefit Plan that is a “defined benefit plan” or that provides
retiree or self-funded welfare benefits.  All material contributions, premiums or other payments (including all employer contributions,
and if applicable, all employee salary reduction contributions) that are due have been made on behalf of each Employee Benefit
Plan and each trust that is intended to meet the requirements of all relevant Applicable Laws meets such requirements.  No
event has occurred and no condition exists, with respect to any Employee Benefit Plan, that has subjected or could subject the
Company, any Globant Subsidiary, any Seller or the Buyer (by virtue of the consummation of the Transactions contemplated under
this Agreement), to any Tax, fine, penalty or other liability.  Each Employee Benefit Plan that is a “nonqualified deferred
compensation plan” has been operated in good faith compliance with all Applicable Laws.

 

4.12      Environmental
Matters.

 

(a) The Company
and the Globant Subsidiaries are in compliance with all Environmental Laws; (b) there has been no release or threatened release
of any pollutant, contaminant or toxic or hazardous material, substance or waste, or petroleum or any fraction thereof, (each a
“Hazardous Substance”) on, upon, into or from any site currently or heretofore owned, leased or otherwise used
by the Company or any Globant Subsidiary; (c) there are no pending legal, administrative proceedings (including any regulatory
audit), arbitral or other proceeding or governmental investigations concerning Environmental Matters or, to the Knowledge of the
Company and the Sellers, threatened legal, arbitral or other proceedings or governmental investigations concerning Environmental
Matters, against the Company or any of the Globant Subsidiaries or to which any of the Globant Subsidiaries is a party which, in
the case of each of the foregoing clauses (a) through (c), individually or in aggregate, could reasonably be expected to have a
Material Adverse Effect.

 

For purposes of this Section 4.12,
“Environmental Laws” means any law, regulation, or other applicable requirement relating to (a) releases or
threatened release of Hazardous Substances; (b) pollution or protection of employee health or safety, public health or the environment;
or (c) the manufacture, handling, transport, use, treatment, storage, or disposal of Hazardous Substances.

 

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4.13       Data
Privacy.

 

In connection with
its collection, storage, transfer (including without limitation, any transfer across national borders) and/or use of any personally
identifiable information from any individuals, including, without limitation, any customers, prospective customers, employees and/or
other third parties (collectively, “Personal Information”), each Globant Subsidiary is and has been in compliance
with all applicable laws in all relevant jurisdictions, the privacy policies of such Globant Subsidiary, and the requirements of
any contract or codes of conduct to which such Globant Subsidiary is a party, except when the failure to so comply, individually
or in aggregate, could not reasonably be expected to have a Material Adverse Effect. Each Globant Subsidiary has commercially reasonable
physical, technical, organizational and administrative security measures and policies in place to protect all Personal Information
collected by it or on its behalf from and against unauthorized access, use and/or disclosure. Each Globant Subsidiary is and has
been in compliance in all material respects with all laws relating to data loss, theft and breach of security notification obligations,
except when the failure to so comply, individually or in aggregate, could not reasonably be expected to have a Material Adverse
Effect.

 

4.14       Intellectual
Properties.

 

4.14.1 Definitions.
For purposes of this Agreement, the following terms have the following definitions:

 

(a)  “Company
Owned IP” shall mean Registered IP and Unregistered IP.

 

(b)  “Intellectual
Property of the Company” shall mean Company Owned IP and Licensed IP.

 

(c)  “Licensed IP” shall mean any Intellectual Property that is necessary to or used in the operation of the business
of any of the Globant Subsidiaries, including the design, manufacture and use of the products and services of any Globant Subsidiary
as it currently is operated or is reasonably anticipated to be operated in the future, but shall specifically not include Company
Owned IP or any rights in or to materials created for clients as “work-made-for-hire.”

 

(d)  “Registered IP” shall mean any Intellectual Property that: (i) is owned by, or exclusively licensed to, any
of the Globant Subsidiaries, and (ii) has been registered with any Governmental or Regulatory Authority or comparable entity in
any jurisdiction throughout the world.

 

(e)  “Unregistered IP” shall mean any Intellectual Property that: (i) is owned by, or exclusively licensed to, any
of the Globant Subsidiaries, and (ii) has not been registered with any Governmental or Regulatory Authority or comparable entity
in any jurisdiction throughout the world.

 

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4.14.2    Intellectual
Properties. 

 

(a) Schedule
4.14 sets forth an accurate and complete list of all: (a) Registered IP and (b) Unregistered IP and Licensed IP that is
material to the business of the Company or any of the Globant Subsidiaries. The registrations of the Registered IP listed on Schedule
4.14 are valid and subsisting, all necessary registration and renewal fees in connection with such registrations have been
made and all necessary documents and certificates in connection with such registrations have been filed with the relevant Intellectual
Property authorities, and except as set forth on Schedule 4.14, no actions (including filing of documents or payments
of fees) are due within one hundred twenty (120) days after the Purchase Closing. Except as set forth on Schedule 4.14,
no Person has any rights to use any of the Company Owned IP and neither the Company nor any of the Globant Subsidiaries has
granted to any Person, or authorized any Person to retain, any rights in the Company Owned IP. The Company or the applicable Globant
Subsidiary owns and has good and exclusive title to each item of Company Owned IP, free and clear of any Lien, except for Liens
set forth on Schedule 4.18; and the Company or the applicable Globant Subsidiary has the right, pursuant to a valid
Contract, to use or operate under all Licensed IP which requires a valid license to use. The Company and the Globant Subsidiaries
are not in material violation of any material Contract to use Licensed IP. There are no Contracts between the Company or any of
the Globant Subsidiaries and any other Person with respect to the Intellectual Property of the Company or any of the Globant Subsidiaries
in respect of which there is any dispute known to the Company or any of the Globant Subsidiaries regarding the scope of such agreement,
or performance under such Contract, including with respect to any payments to be made or received by the Company or any of the
Globant Subsidiaries. To the Knowledge of the Company and the Sellers, no Person is infringing or misappropriating any of the Company
Owned IP. The Company and the Globant Subsidiaries are not infringing or misappropriating any Intellectual Property owned by a
third party. Except as otherwise set forth on Schedule 4.14, all Company Owned IP was either developed (x) by employees
of the Company or any of the Globant Subsidiaries within the scope of such employee’s employment duties; (y) by independent
contractors pursuant to a written agreement by third parties who have assigned all of their rights therein to the Company or any
of the Globant Subsidiaries; or (z) by third parties who have assigned all of their rights therein to the Company or any of the
Globant Subsidiaries pursuant to a written agreement. Except as set forth on Schedule 4.14, no former or present
employees, officers or directors of the Company or any Globant Subsidiary retain any rights of ownership in or use of any Company
Owned IP, and no employees or third parties who have developed or participated in the development of Company Owned IP have any
claims to any rights therein. In addition, except as set forth on Schedule 4.14, no former or present employees,
officers, directors or independent contractors of any Globant Subsidiary retain any rights of ownership in or use of any Intellectual
Property created by any Globant Subsidiary for clients as “work-made-for-hire” or that are subject to an exclusive
assignment or license in favor of clients of any Globant Subsidiary, and no employees or third parties who have developed or participated
in the development of such Intellectual Property for clients have any claims to any rights therein. No source code for any computer
software of any Globant Subsidiary has been delivered or licensed by it to any escrow agent or other Person who is or was not an
employee or contractor of such Globant Subsidiary. None of the Globant Subsidiaries is under an obligation to deliver or license
the source code for any of such Globant Subsidiary’s computer software to any escrow agent or other Person who is not an
employee or contractor of such Globant Subsidiary.

 

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(b)          
Except as set forth on Schedule 4.14, (a) none of the Globant Subsidiaries has received any written claim from any
third party alleging that its use of the Intellectual Property in its business as conducted prior to the date hereof infringes
such third party’s rights, except for any claims which have been previously resolved and are no longer outstanding, and (b)
to the Knowledge of the Company, the use of the relevant Intellectual Property by such Globant Subsidiary is not in violation of
the Intellectual Property’s rights held by any third party in connection with such Intellectual Property.

 

4.15       Related
Party Contracts.

 

Except as set forth
on Schedule 4.15, there are no Related Party Contracts in force and all such Related Party Contracts that were terminated
after the Relevant Fiscal Year End were so terminated without any indemnity or other amount being payable by any Globant Subsidiary
to the other contracting party in connection with such termination. None of the Company and the Globant Subsidiaries is indebted,
directly or indirectly, to any Related Party, other than in connection with expenses or advances of expenses incurred in the ordinary
course of business or employee relocation expenses and for other customary employee benefits made generally available to all employees.
None of the Related Parties of the Company or any Globant Subsidiary are, directly or indirectly, indebted to the Company. None
of the Founders or any of their respective Related Parties have any (i) material commercial, industrial, banking, consulting, legal,
accounting, charitable or familial relationship with any of the customers, suppliers, service providers, joint venture partners,
licensees and competitors of any Globant Subsidiary, (ii) direct or indirect ownership interest in any firm or corporation with
which the Company or any Globant Subsidiary is affiliated or with which any Globant Subsidiary has a business relationship, or
any firm or corporation that competes with any Globant Subsidiary except that each of the Founders may own stock in (but not exceeding
two percent (2%) of the outstanding capital stock of) publicly traded companies that may compete with a Globant Subsidiary or (iii)
financial interest in any contract with a Globant Subsidiary.

 

4.16       Contracts.

 

Each Contract to which
the Company or any of the Globant Subsidiaries, as applicable, is a party and that is material to the conduct of the business of
any of the Globant Subsidiaries as presently conducted or proposed to be conducted is in full force and effect, and there exists
no default or event of default by the Company or, to the Knowledge of the Company, by any other Person, or occurrence, condition,
or act (including the purchase of the Shares hereunder) that, with the giving of notice, the lapse of time or the happening of
any other event or condition, would become a default or event of default thereunder by the Company, and there are no outstanding
claims of breach or indemnification or notice of default or termination of any such Contract.

 

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4.17       Claims
of the Sellers.

 

Except as set forth
on Schedule 4.17, as of the Relevant Closing Date, none of the Sellers nor any of the Related Parties holds any credits
and/or claims against the Company or any Globant Subsidiary for any cause, contractual or otherwise.

 

4.18       Properties;
Title to Properties.

 

Each Globant Subsidiary
has good and marketable title to, or a valid leasehold interest in, all the property and assets (personal, tangible and intangible)
used by such Globant Subsidiary to conduct its business, free and clear of all Liens, except for Liens set forth on Schedule
4.18. The property and equipment of the Globant Subsidiaries, whether owned or otherwise contracted for, is in a state
of good maintenance and repair and is adequate and suitable in all material respects for the purposes for which it is presently
being used.

 

4.19       Rights
of Registration and Voting Rights.

 

Except as set forth
on Schedule 4.19, the Company is not under any obligation to register under the Securities Act or any similar law
any of its currently outstanding securities or any securities issuable upon exercise or conversion of its currently outstanding
securities. Except as set forth on Schedule 4.19, no shareholder of the Company or any Globant Subsidiary has entered
into any agreements with respect to the voting of capital shares of the Company or any Globant Subsidiary.

 

4.20       Insurance.

 

Each Globant Subsidiary
maintains in effect as of the Relevant Closing Date (i) insurance on all of its real and personal properties (including leased
or owned property) that insures against loss or damage by fire or other casualty (including extended coverage) and (ii) insurance
against Liabilities, claims and risks, with first class and solvent insurers in such jurisdictions in which such Globant Subsidiary
is organized or maintains operations, in at least such amounts and against at least such risks and with no greater risk retention
as is customarily maintained, insured against or retained, as the case may be, by similarly situated companies engaged in the same
or similar business in the relevant jurisdiction.

 

4.21       Absence
of Material Adverse Change.

 

Except for the transactions set forth on
Schedule 4.21:

 

		(i)	Since the Relevant Fiscal Year End, none of the Globant Subsidiaries has conducted any activities
other than in the ordinary course of business, consistent with past practice, and none of the Globant Subsidiaries has:

 

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		i.	materially changed its business policies or practices, including, without limitation, policies
and practices with respect to advertising, marketing, pricing, purchasing and sales;

 

		ii.	changed an annual accounting period or adopted or changed any accounting method;

 

		iii.	sold, transferred, leased to others, or otherwise disposed of any asset that is material to its
operation or the operation of another Globant Subsidiary (or committed to do any of the foregoing);

 

		iv.	permitted any of its material assets to be subjected to any Lien;

 

		v.	canceled, waived, released or otherwise compromised any debt or claim, or any right of significant
value, except in the ordinary course of its business, consistent with prior practice;

 

		vi.	made any bonus or profit sharing distribution;

 

		vii.	increased or prepaid its indebtedness for borrowed money, or made any loan to any Person;

 

		viii.	written down the value of any work in process, or written off as uncollectible any accounts receivable,
which, individually or in the aggregate, is material to the Globant Subsidiaries as a whole;

 

		ix.	otherwise conducted its business or entered into any transaction, except in the usual and ordinary
manner and in the ordinary course of its business;

 

		x.	amended or terminated any contract that is material to its business;

 

		xi.	renewed, extended or modified any lease of real property, or, except in the ordinary course of
business, any lease of personal property;

  

		xii.	adopted, amended or terminated any Plan;

 

		xiii.	suffered any damage, destruction or loss (whether or not covered by insurance) which, individually
or in the aggregate with all other such damages, destructions or losses suffered since the Relevant Fiscal Year End, constituted
a Material Adverse Effect;

 

    	29

    	 

    

  

		xiv.	incurred any debt for borrowed money or other liability, except in the ordinary course of its business,
consistent with prior practice; or

 

		xv.	agreed, whether or not in writing, to do any of the foregoing (except for transactions contemplated
by this Agreement).

 

		(ii)	Since the Relevant Fiscal Year End, each Globant Subsidiary has conducted its business in the ordinary
course, consistent with past practice, and it has not increased the compensation of any of its managers, officers, employees or
agents, directly or indirectly, including by means of any pension plan, profit sharing, deferred compensation, savings, insurance,
retirement, severance or termination agreement or plan, except in the ordinary course of business consistent with its prior practices.

 

		(iii)	Other than the reimbursement of share premiums as disclosed in Schedule 4.5.(i),
since the Relevant Fiscal Year End, none of the Globant Subsidiaries has changed its capitalization, declared any dividends for
distribution or made any distribution to its respective shareholders or redeemed, purchased or otherwise acquired any of its equity
interests or any option to acquire equity interests, or other right to purchase or acquire any of its equity interests.

 

4.22       Client
Relations.

 

Schedule 4.22
sets forth for the Globant Subsidiaries taken as a whole: (a) the twenty (20) largest clients (measured by fees generated) as at
December 31, 2011 and the fees from each such client and from all clients (in the aggregate) for the calendar year ended December
31, 2011; and (b) the clients currently under contract projected to be the twenty (20) largest clients (measured by fees generated)
based on the current profit plans of the Globant Subsidiaries for the calendar year ending December 31, 2012, together with the
estimated fees for each client and all clients (in the aggregate) for such calendar year. The Company does not warrant that the
estimated projected fees set forth on Schedule 4.22 will prove to be accurate; provided, however, the Company does
represent that they were made in good faith and upon a reasonable basis. No client identified pursuant to clauses (a) or (b) above
has advised the Company or a Globant Subsidiary in writing that it is terminating or considering terminating the handling of its
business by a Globant Subsidiary, as a whole or in respect of any particular project or service; or (y) is planning to reduce its
future spending with such Globant Subsidiary in any material manner, and to the Knowledge of the Company (without making any inquiry
of any clients), no such client has orally advised the Company, a Globant Subsidiary or a Seller of any of the foregoing events.

 

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4.23       Corporate
Controls.

 

Neither the Company
nor any of its Subsidiaries, or, to the Knowledge of the Company, any officer, authorized agent, employee, consultant or any other
Person, while acting on behalf of the Company or any of its Subsidiaries, has, directly or indirectly: used any Company or Subsidiary
funds for unlawful contribution, gift or other expense relating to political activity; made any unlawful payment to foreign or
domestic government officials or employees or to foreign or domestic political parties or campaigns from corporate funds; willfully
established or maintained any unlawful or unrecorded fund or corporate monies or other assets; or willfully made any false or fictitious
entry on its books or records; made any bribe, rebate, payoff, influence payment, kickback, or other unlawful payment to any Person,
private or public, regardless of form, whether in money, property, or services, to obtain favorable treatment in securing business
or to obtain special concessions, or to pay for favorable treatment for business secured or for special concessions already obtained.
Neither the Company nor any of the Globant Subsidiaries has participated in any illegal boycott or other similar illegal practices
affecting any of its actual or potential customers.

 

4.24       Form
F-1.

 

The information included
in the Form F-1 of Globant S.A., as confidentially submitted to the Securities and Exchange Commission on September 10, 2012, is
accurate in all material respects.

 

4.25       Copies
of Documents.

 

The
Company and the Sellers have caused to be made available for inspection and copying by the Buyer and its advisers, true, complete
and correct copies of all documents referred to in this Section 4 or in any Schedule to this Agreement. 

 

SECTION
5

REPRESENTATIONS AND WARRANTIES OF THE BUYER

 

Buyer represents and
warrants to each Seller that the following representations are true and complete as of the date hereof.

 

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5.1         Organization,
Standing and Power.

 

It
is a legal entity duly organized, validly existing and in good standing in the jurisdiction of its incorporation or formation,
except for such failures to be so organized or in good standing that could not reasonably be expected to have a Material Adverse
Effect.

 

5.2         Authority;
No Conflict; Required Filings and Consents. 

 

(a)          It
has all requisite corporate power and authority to enter into this Agreement and to consummate the Transactions. The execution
and delivery of this Agreement and the Transaction Agreements and the consummation of the Transactions by the Buyer have been duly
authorized by all necessary corporate action on the part of the Buyer. This Agreement has been duly executed and delivered by the
Buyer and constitutes the valid and binding obligation of the Buyer, enforceable against it in accordance with its terms, subject
to the Bankruptcy and Equity Exception.

 

(b)          The
execution and delivery of this Agreement and the Transaction Agreements by the Buyer does not, and the consummation by the Buyer
of the Transactions will not, (i) conflict with, or result in any violation or breach of, any provision of the organizational documents
of the Buyer, (ii) conflict with, or result in any violation or breach of, or constitute (with or without notice or lapse of time,
or both) a default (or give rise to a right of termination, cancellation, material amendment or acceleration of any obligation
or loss of any material benefit) under, require a consent or waiver under, require the payment of a penalty under or result in
the imposition of any Lien on the Buyer’s assets under, any of the terms, conditions or provisions of any material agreement
to which the Buyer is a party or by which the Buyer’s properties or assets may be bound, or (iii) conflict with or violate
any Applicable Law applicable to the Buyer or any of its properties or assets, except for any such conflicts, violations, breaches,
defaults, terminations, cancellations, accelerations, losses, penalties or Liens, and for any consents or waivers not obtained,
that, individually or in the aggregate, could not reasonably be expected to have a Buyer Material Adverse Effect.

 

(c)          No
consent, approval, license, permit, order or authorization of, or registration, declaration, notice or filing with, any Governmental
or Regulatory Authority is required by or with respect to the Buyer in connection with the execution and delivery of this Agreement
by the Buyer or the consummation by the Buyer of the Transactions, except for such other consents, approvals, Permits, orders,
authorizations, registrations, declarations, notices and filings which, if not obtained or made, could not reasonably be expected
to result in a Material Adverse Effect.

 

5.3         Litigation.

 

There
is no legal, administrative, arbitral or other proceedings or governmental investigations pending
against it, or to the Buyer’s Knowledge, investigation or allegation, whether at law or at equity, before or by any court
or Governmental or Regulatory Authority, any arbitrator or other tribunal, which individually or in the aggregate, could reasonably
be expected to have a Buyer Material Adverse Effect.

 

    	32

    	 

    

 

5.4         Brokers.

 

No
agent, broker, investment banker, financial advisor or other firm or Person is or shall be entitled, as a result of any action,
agreement or commitment of the Buyer or any of its Affiliates, to any broker’s, finder’s, financial advisor’s
or other similar fee or commission in connection with the Transactions.

 

5.5         Investment
Intent.

 

The
Buyer acknowledges that is acquiring the Purchased Shares and the Newly Issued Shares under this Agreement for its account
for investment only and not with a view to their distribution or resale within the meaning of Section 2(a)(11) of the Securities
Act. The Buyer acknowledges that neither the offer nor the sale of the Purchased Shares and/or the Newly
Issued Shares has been registered under the Securities Act or under any state or foreign securities laws.

 

5.6         Acknowledgment
and Representations by the Buyer.

 

The Buyer is an informed
and sophisticated participant in the Transactions contemplated hereby and has conducted its own independent investigation, review
and analysis of the business, operations, assets, Liabilities, prospects, results of operations and financial condition of the
Company and the Globant Subsidiaries. In entering into this Agreement, the Buyer acknowledges that it has not relied upon any factual
representations or opinions of the Company or the Sellers or their Representatives other than the representations and warranties
of the Sellers expressly set forth in this Agreement, and the Buyer acknowledges that none of the Sellers, the Company or the Globant
Subsidiaries, nor any of their respective directors, officers, shareholders, employees, controlling Persons or Representatives
makes or has made any oral or written representation or warranty, either express or implied, as to the accuracy or completeness
of any of the information provided or made available to the Buyer or its directors, officers, employees, controlling Persons or
Representatives, in each case other than the representations and warranties of the Sellers expressly set forth in this Agreement.

 

5.7         Sufficient
Funds.

 

The Buyer has or has
access to sufficient funds to pay the Purchase Price and the Subscription Price and fulfill all its obligations contemplated hereunder
and such funds have resulted from legal activities carried out by the Buyer which comply with Applicable Laws on anti-money laundering
in all material respects.

 

    	33

    	 

    

 

SECTION
6

INDEMNIFICATION

 

6.1         Survival.
All Representations and Warranties shall survive until thirty months after (a) the Purchase Closing Date with respect to the Purchased
Shares and the Purchase Transaction, and (b) the Subscription Closing Date with respect to the Newly Issued Shares and the Subscription
Transaction, except for (i) the Fundamental Representations and Warranties, (ii) Representations and Warranties of the Sellers
contained in Sections 3.1, 3.2, 3.4, 3.5, 3.7, 3.8 and 3.9, and (iii) Representations
and Warranties of the Buyer contained in Section 5 each of which shall survive until the expiration of the relevant statute
of limitations.

 

6.2         Indemnification
by the Sellers and the Company.

 

		a)	Subject to Sections 6.1, 6.2(b), 6.2(c), 6.3, and 6.4 hereof, (1) each Seller
severally, but not jointly, shall indemnify Buyer, its shareholders, directors and Representatives (each of them an “Indemnified
Party”) and hold harmless all Indemnified Parties from and against any and all Losses incurred by the Indemnified Parties
and arising out of or resulting from, or in connection with (A)(i) any breach of any of the Representations and Warranties contained
in Section 3 made by such Seller, (ii) on a proportionate basis according to its applicable Pro Rata Participation, any
breach of the Fundamental Representations and Warranties, and of the Representation and Warranty contained in Section 4.9.(b),
and (B) any breach by such Seller of any covenants or other agreements of such Seller contained in this Agreement, and (2) the
Company (together with each of the Sellers, individually, an “Indemnifying Party”, as may be applicable in each
case in accordance with the indemnification rules set forth herein), shall indemnify the Indemnified Parties and hold harmless
all Indemnified Parties from and against any and all Losses incurred by the Indemnified Parties and arising out of or resulting
from, or in connection with (A) any breach of any of the Representations and Warranties contained in Section 4, and (B)
any breach by the Company of any covenants or other agreements of the Company contained in this Agreement; provided that,
for purposes of this Section 6.2(a), all such Losses shall be computed net of (x) any amounts recovered by the Indemnified
Party from third parties within a period of thirty (30) months after the occurrence of the relevant Loss as direct compensation,
whether in whole or in part, for the relevant Loss less any costs of recovery, and (y) of insurance proceeds actually received
by the Indemnified Party in respect of the relevant Loss (net of any increases in the cost to such Indemnified Party for such insurance
as a result of the recovery of such insurance proceeds, including retrospective premium adjustments) (any such Losses as computed
on a net basis, a “Recoverable Amount”). Notwithstanding the foregoing sentence, (i) nothing contained in this
Section 6 shall be construed to require any Indemnified Party to maintain any insurance coverage, and (ii) in no event shall
any indemnification payment be delayed in anticipation of the receipt of any insurance proceeds. It is expressly agreed that each
of the Sellers shall have no indemnification obligation under this Section 6 with respect to (i) any breach of covenant
or breach of a Representation and Warranty by any other Seller, or (ii) any breach of covenant or breach of a Representation and
Warranty by the Company (other than with respect to the Fundamental Representations and Warranties, and the Representation and
Warranty set forth in Section 4.9.(b)).

 

    	34

    	 

    

  

		b)	Any of the Indemnifying Parties shall have no liability under Section 6.2(a) unless and
until the aggregate amount on a cumulative basis of all Recoverable Amounts exceeds US$1,000,000 (one million Dollars) (the “Aggregate
Threshold”). If the aggregate amount on a cumulative basis of all Recoverable Amounts exceeds the Aggregate Threshold,
then the Indemnified Party shall be entitled to indemnification hereunder to the full extent of such Recoverable Amounts, including
the Losses taken into account for the purpose of computing whether the Aggregate Threshold has been reached.

 

		c)	The Aggregate Threshold shall not apply to Losses arising out of or resulting from, or in connection
with (i) Fraud; (ii) any breach of any of the Fundamental Representations and Warranties; or (iii) any breach of any of the Representations
and Warranties contained in Sections 3.1, 3.2, 3.4, 3.5, 3.7, 3.8 and 3.9.

 

6.3        Termination of Indemnification
Obligations. The indemnity obligations of the Indemnifying Parties under Section 6.2 and of the Buyer under Section
6.6 shall terminate after thirty months as from the Purchase Closing Date except (a) as to matters as to which the applicable
party entitled to indemnification (an “Indemnitee”) has made a claim for indemnification on or prior to such
date specifically addressing an actual claim or demand, (b) as to matters as to which the applicable Indemnitee has suffered Losses
arising out of the Indemnifying Party’s Fraud, and (c) in the case of the indemnity obligations of the Indemnifying Parties,
as applicable with respect to any claim pertaining to a misrepresentation, inaccuracy or breach of warranty under any of the (i)
Fundamental Representations and Warranties or (ii) Representations and Warranties contained in Sections 3.1, 3.2,
3.4, 3.5, 3.7, 3.8 and 3.9 or (iii) Representations and Warranties of the Buyer contained in
Section 5. The obligations referred to in:

 

(i)          the
preceding clause (a) shall survive the expiration of such period until such claims are finally resolved and any obligations with
respect thereto are fully satisfied; and

 

    	35

    	 

    

 

(ii)         the
preceding clauses (b) and (c) shall terminate upon the expiration of the relevant federal, state, local or foreign statute of limitations,
except as to matters as to which any Indemnified Party has made a claim for indemnification on or prior to such date, in which
case the right to indemnification with respect thereto shall survive the expiration of any such period until such claim is finally
resolved and any obligations with respect thereto are fully satisfied.

 

6.4         Limitations
on Indemnification.

 

		a)	In respect of all Losses for which Indemnifying Parties are liable hereunder arising out of or
resulting from any breach of any of the Fundamental Representations and Warranties, the Indemnifying Parties’ liability shall
not exceed in the aggregate an amount equal to US$30,000,000 (thirty million Dollars).

 

		b)	In respect of all Losses resulting from Unknown Contingent Liabilities, the Indemnifying Parties’
liability shall not exceed in the aggregate US$15,000,000 (fifteen million Dollars).

 

		c)	Except for Losses resulting from the Indemnifying Parties’ breach of any Representation or
Warranty referenced in Sections 6.4(a) and (b) hereof, the Indemnifying Parties’ liability to the Indemnified
Parties for any Losses resulting from any breach of any Representation or Warranty contained in Section 4 of this Agreement
shall in no event exceed US$20,000,000 (twenty million Dollars) in the aggregate.

 

		d)	Each of the limitations set forth above in paragraphs (a), (b) and (c) of this Section 6.4
shall in no event apply to Losses for which Indemnifying Parties are liable hereunder arising out of or resulting from (i) any
breach of any Representation or Warranty set forth in Sections 3.1, 3.2, 3.4, 3.5, 3.7, 3.8
and 3.9; or (ii) Fraud.

 

		e)	Notwithstanding anything to the contrary contained in this Agreement, except in the case of Fraud,
no Seller’s liability with respect to any indemnification obligation set forth herein shall exceed an amount equal to the
gross portion of the Purchase Price actually received by or on behalf of such Seller for the Purchased Shares, which limitation
shall not be construed to increase any of the limitations set forth in paragraphs (a), (b) and (c) above (it being acknowledged
and agreed, for the avoidance of doubt, that the “gross portion of the Purchase Price actually received by or on behalf of”
FTV III and FTV IIIN shall be US$15,923,831 upon receipt of the same by such Sellers).

 

    	36

    	 

    

 

6.5         Notice
of Claims; Settlements; Payments.

 

		a)	If an Indemnified Party believes that it is entitled to indemnification from the Indemnifying Parties
in respect of a Loss that is not a Third Party Claim, the Indemnified Party shall promptly give written notice to the Indemnifying
Parties setting forth in detail the facts concerning the nature of such Loss, referring to the provisions of this Agreement in
respect of which such claim for indemnification is being made, and including, to the extent known, a good faith estimate of the
dollar amount of the Recoverable Amount in respect of such Loss (“Recoverable Claim Notice”). The failure or
delay by the Buyer to provide the Recoverable Claim Notice pursuant to the immediately preceding sentence shall not impair its
rights hereunder, but the amount of indemnification to which the Indemnified Party is entitled shall be reduced by the amount,
if any, by which the Indemnified Party’s claim for indemnification would have been less had the Recoverable Claim Notice
been timely delivered. If Indemnifying Parties notify the Indemnified Party in writing that they do not dispute that the Recoverable
Amount claimed in the Recoverable Claim Notice is a Recoverable Amount under Section 6.2(a), or fail to notify the Indemnified
Party in writing within twenty (20) Business Days following receipt of the Recoverable Claim Notice that they dispute that the
Recoverable Amount claimed in the Recoverable Claim Notice is a Recoverable Amount under Section 6.2(a), then the notifying Indemnifying
Parties shall be deemed liable under Section 6.2(a) for the Recoverable Amount claimed in such Recoverable Claim Notice.
If the Indemnifying Parties notify the Indemnified Party in writing within twenty (20) Business Days following receipt of the Recoverable
Claim Notice that they dispute that all or part of the Recoverable Amount claimed in the Recoverable Claim Notice is a Recoverable
Amount for which Indemnifying Parties are liable under Section 6.2(a), setting forth a reasonable basis for such dispute,
then the applicable Parties shall attempt to resolve the dispute during a period of sixty (60) Business Days after the date on
which Indemnifying Parties delivered such notification to the Indemnified Party.

 

		b)	If any suit, action, proceeding, investigation, claim or demand shall be brought or asserted by
any third party (a “Third Party Claim”) against an Indemnified Party, the Company or any Globant Subsidiary
in respect of which an Indemnified Party may seek indemnification from the Indemnifying Parties pursuant to Section 6.2(a),
the following procedure shall apply:

 

		(i)	The Indemnified Party shall promptly, but in any event
no later than thirty (30) Business Days of becoming aware of such Third Party Claim, or (to the extent reasonably possible) earlier
as may be necessary for Indemnifying Parties to protect their rights appropriately, deliver to the Indemnifying Parties written
notice of such third party claim (“Third Party Claim Notice”), which notice should set forth in detail the
facts concerning the nature of such Third Party Claim and referring to the provisions of this Agreement in respect of which such
claim is being made. Delay or failure by the Indemnified Party to deliver any notices as set forth in the preceding sentences
of this paragraph shall not impair its rights hereunder, but the amount of indemnification to which the Indemnified Party is entitled
shall be reduced by the amount, if any, by which the Indemnified Party’s claim for indemnification would have been less
had the Third Party Claim Notice been timely delivered or to the extent that the Indemnifying Party is materially prejudicial
by such delay.

 

    	37

    	 

    

 

		(ii)	If any of the Indemnifying Parties do not notify the
Indemnified Party in writing promptly, but in any event no later than ten (10) Business Days after receipt of the Third Party
Claim Notice or (to the extent reasonably possible) earlier as may be necessary for the Indemnified Party to protect its rights
appropriately, that they do not dispute that the Third Party Claim described in the Third Party Claim Notice is a Loss for which
indemnification may be sought under Section 6.2(a), then such applicable Indemnifying Parties shall be deemed liable under
Section 6.2(a) for such Third Party Claim. If any of the Indemnifying Parties timely notify the Indemnified Party that
they dispute that the Third Party Claim described in the Third Party Notice is a Loss for which indemnification may be sought
under Section 6.2 (a), setting forth a reasonable basis for such dispute, then the applicable Parties shall attempt to
resolve the dispute during a period of sixty (60) Business Days after the date on which the applicable Indemnifying Parties make
such notification.

 

		(iii)	Unless Indemnifying Parties dispute that the Third Party
Claim is a Loss for which indemnification may be sought under Section 6.2(a), the applicable Indemnifying Parties shall
have the right, upon written notice to the Indemnified Party (the “Defense Notice”) within fifteen (15) Business
Days after receipt from the Indemnified Party of the Third Party Claim Notice, to assume the defense of any Third Party Claim.
For such purpose the applicable Indemnifying Parties shall retain legal counsel (the “Defense Counsel”) to
defend such Third Party Claim, and the Indemnifying Parties shall pay the fees and disbursements of the Defense Counsel; provided,
however, that the Indemnified Party shall have the right to approve the Defense Counsel, which approval shall not be unreasonably
withheld or delayed, and in the event the Indemnifying Parties and the Indemnified Party cannot agree upon such counsel within
ten (10) Business Days after the Defense Notice is provided, then the Indemnifying Parties shall propose an alternate Defense
Counsel, which shall be subject again to the Indemnified Party’s approval, which approval shall not be unreasonably withheld
or delayed. If the parties still fail to agree on the Defense Counsel, then, at such time, they shall mutually agree in good faith
on a procedure to determine the Defense Counsel. In the event that the Indemnifying Parties, within fifteen (15) Business Days
after receiving the Third Party Claim Notice, fail to appoint counsel to defend against such Third Party Claim, they shall be
deemed to have elected not to conduct the defense of the subject claim, and the Indemnified Party shall have the right (upon notice
to the Indemnifying Parties but without the consent of the Indemnifying Parties) to conduct the defense of such claim on behalf
of and without the intervention of the Indemnifying Parties and for the account of the Indemnifying Parties. The Indemnifying
Parties will be liable for all reasonable costs, fees, expenses and settlement amounts incurred in connection therewith.

 

    	38

    	 

    

  

		(iv)	In the event that the Indemnifying Parties do deliver
a Defense Notice and thereby elect to conduct the defense of the subject claim, the Indemnifying Parties shall be entitled to
have the exclusive control over the defense and settlement of the subject claim and the Indemnified Party will cooperate with
and make available to the Indemnifying Parties such assistance and materials as they may reasonably request, all at the expense
of the Indemnifying Parties; the Indemnified Party shall have the right at its expense to participate in the defense assisted
by counsel of its own choosing at its expense. In such an event, the Indemnifying Parties will not settle the subject claim without
the prior written consent of the Indemnified Party, which consent will not be unreasonably withheld or delayed.

 

		(v)	Without the prior written consent of the Indemnified
Party, the Indemnifying Parties will not enter into any settlement of any Third Party Claim or cease to defend against such claim,
if pursuant to or as a result of such settlement or cessation, (i) injunctive relief or specific performance would be imposed
against the Indemnified Party, or (ii) such settlement or cessation would lead to liability or create any financial or other obligation
on the part of the Indemnified Party for which the Indemnified Party is not entitled to indemnification hereunder.

 

		(vi)	If an Indemnified Party refuses to consent to a bona
fide offer of settlement that provides for a full release of the Indemnified Party and its affiliates and solely for a monetary
payment that the Indemnifying Parties wish to accept, the Indemnified Party may continue to pursue such matter, free of any participation
by the Indemnifying Parties, at the sole expense of the Indemnified Party. In such event, the obligation of the Indemnifying Parties
shall be limited to the amount of the offer of settlement that the Indemnified Party refused to accept plus the costs and expenses
of the Indemnified Party incurred prior to the date the Indemnifying Parties notified the Indemnified Party of the offer of settlement.

 

    	39

    	 

    

  

		(vii)	Notwithstanding clause (iv) above, the Indemnifying Parties
shall not be entitled to control, but may participate in, and the Indemnified Party shall be entitled at its expense to have sole
control over, the defense or settlement of any claim (i) that seeks a temporary restraining order, a preliminary or permanent
injunction or specific performance against the Indemnified Party, (ii) to the extent such claim involves criminal allegations
against the Indemnified Party, (iii) that if unsuccessful, would set a precedent that would have a material adverse effect on
the business or financial condition of the Indemnified Party, or (iv) if such claim would impose material liability on the part
of the Indemnified Party for which the Indemnified Party is not entitled to indemnification hereunder. In such an event, the Indemnifying
Parties will still have all of its obligations hereunder, provided that the Indemnified Party will not settle the subject
claim without the prior written consent of the Indemnifying Parties, which consent will not be unreasonably withheld or delayed.

 

		c)	In the event a Recoverable Amount shall have been finally determined, the amount of the related
Loss shall be paid to the Indemnified Party, in immediately available funds, in Dollars.

 

6.6         Indemnification
by the Buyer.

 

		a)	The Buyer shall indemnify each of the Sellers, its shareholders, directors and Representatives
(each of them herein a “Seller Indemnified Party”) and hold harmless all Seller Indemnified Parties from and
against any and all Losses incurred by the Seller Indemnified Parties and arising out of or resulting from, or in connection with
(i) any breach of any of the Representations and Warranties made by the Buyer in Section 5, and (ii) any breach by the Buyer
of any covenants or other agreements contained in this Agreement; provided that, for purposes of this Section
6.6(a), all such Losses shall be computed net of (x) any amounts recovered by the Indemnified Party from third parties within
a period of thirty (30) months after the occurrence of the relevant Loss as direct compensation, whether in whole or in part, for
the relevant Loss (less any costs of recovery), and (y) insurance proceeds actually received by the Seller Indemnified Party in
respect of the relevant Loss (net of any increases in the cost to such Seller Indemnified Party for such insurance as a result
of the recovery of such insurance proceeds, including retrospective premium adjustments and experience-based premium adjustments)
(any such Losses as computed on a net basis, a “Seller Recoverable Amount”).

 

    	40

    	 

    

  

		b)	Notwithstanding anything herein to the contrary, the Buyer shall have no liability under Section
6.6(a) (except in respect of its obligation, if any, to pay the Purchase Price and the Subscription Price) unless and until
the aggregate amount on a cumulative basis of all Seller Recoverable Amounts exceeds US$1,000,000 (one million Dollars) (the “Indemnification
Threshold”). If the aggregate amount on a cumulative basis of all Seller Recoverable Amounts exceeds the Indemnification
Threshold, then the Seller Indemnified Party shall be entitled to indemnification hereunder to the full extent of such Seller Recoverable
Amounts, including the Losses taken into account for the purpose of computing whether the Indemnification Threshold has been reached.

 

		c)	In respect of all Losses for which the Buyer is liable hereunder arising out of or resulting from
(i) any breach of any of the Representations and Warranties made by the Buyer, and (ii) any breach by the Buyer of any covenants
or other agreements contained in this Agreement, the Buyer’s liability shall not exceed in the aggregate an amount equal
to US$30,000,000 (thirty million Dollars).

 

Each of the limitations
set forth above in this Section 6.6 shall in no event apply to Losses for which Buyer is liable hereunder arising out of
or resulting from (i) any breach of any Representation or Warranty set forth in Sections 5.1, 5.2 and 5.5;
or (ii) Fraud.

 

6.7         Exclusive
Remedies.

 

The Parties acknowledge
and agree that (i) the provisions of this Section 6 shall be the sole and exclusive remedies of the Buyer and the Sellers for any
breach by the Company, the Sellers or the Buyer, as the case may be, of the Representations and Warranties in this Agreement; and
(ii) notwithstanding anything to the contrary in this Agreement, the Indemnifying Parties shall have no liability under any provision
of this Agreement (including, for the avoidance of doubt, Section 6 hereof) for any punitive, consequential or indirect
damages suffered by an Indemnified Party; provided that nothing in this Section 6.7 shall limit, to the extent
available, a Party’s right to seek specific performance or any other equitable remedies available under Applicable Law in
connection with any covenant or agreement contained in this Agreement.

 

    	41

    	 

    

 

SECTION
7

FURTHER COVENANTS

 

7.1         Cooperation
of the Sellers and the Company.

  

At any time and from
time to time after the Purchase Closing Date and the Subscription Closing Date, the Sellers and the Company shall execute and deliver
to the Buyer such other documents and instruments as Buyer may reasonably request to implement the provisions hereof, to the fullest
extent permitted by Applicable Law, and otherwise to cause Sellers and the Company to fulfill their respective obligations under
this Agreement.

 

7.2         Cooperation
of the Buyer.

 

At any time and from
time to time after the Purchase Closing Date and the Subscription Closing Date, the Buyer shall execute and deliver to the Sellers
or the Company, as applicable, such other documents and instruments as Sellers or the Company may reasonably request to implement
the provisions hereof, to the fullest extent permitted by Applicable Law, and otherwise to cause Buyer to fulfill their respective
obligations under this Agreement.

 

SECTION
8

MISCELLANEOUS.

 

8.1         Fees
and Expenses.

 

		a)	Except as otherwise expressly provided in this Agreement, each of the Parties shall bear its own
expenses in connection with the negotiation and preparation of, and the consummation of the Transactions contemplated by, this
Agreement.

 

		b)	Each of the Parties will be exclusively responsible for the legal fees of their respective legal
counsel. Sellers represent and warrant to the Buyer that neither they nor their counsels will claim from the Buyer any legal fees
in connection with the Transactions contemplated hereby, and the Buyer represents and warrants to the Sellers that neither it nor
its counsel will claim from the Sellers any legal fees in connection with the Transactions contemplated hereby.

 

8.2         Notices.

 

All notices, approvals,
consents, waivers and other communications given or made pursuant to or in connection with this Agreement shall be in writing,
and shall be deemed to have been received (i) if hand delivered, upon receipt with a written acknowledgment thereof, or (ii) if
sent by facsimile (which must be followed by delivery of an original copy thereof on the same date by overnight courier or comparable
delivery service), upon the Business Day immediately following receipt of the facsimile with a record thereof, to the Parties at
the following addresses (or at such other addresses as shall be specified by the Parties by like notice) or (iii) the date two
(2) Business Days after posting if transmitted by overnight courier or comparable delivery service, provided that if a copy
of such notice is required to be delivered to any other Party hereunder, it must be delivered to such Party on the same date and
in the same manner as the original notice:

 

    	42

    	 

    

  

If to Paldwick S.A., to:

 

Av.
Luis Alberto Herrera 1052 

Escritorio
1402,

Montevideo

República
Oriental del Uruguay

Fax No.:
+598 2662-9942

 

With a
copy (which shall not constitute notice) to:

 

Candioti
Gatto Bicain & Ocantos

Cerrito
348, 5to B

C1010AAH
Buenos Aires

Argentina

Attn.:
Alejandro Candioti

Fax
No.: +54 11-5256-6223

 

If to Martín
Migoya, Martín Gonzalo Umaran, Néstor Augusto Nocetti or Guibert Andrés Englebienne, to:

  

Ing. Butty 240, Piso 6,

Ciudad de Buenos Aires,

Argentina

Fax: +54-11-4109-1700

Attn: Martín Migoya/Martín
Umaran/Néstor Nocetti/Guibert Englebienne

 

With a
copy (which shall not constitute notice) to:

 

Candioti
Gatto Bicain & Ocantos

Cerrito
348, 5to B

C1010AAH
Buenos Aires

Argentina

Attn.:
Alejandro Candioti

Fax No.:
+54 11-5256-6223

 

    	43

    	 

    

  

If to Riverwood
Capital LLC, Riverwood Capital Partners (Parallel-B) L.P., Riverwood Capital Partners L.P. or Riverwood Capital Partners (Parallel-A),
to:

 

California
Office:

Riverwood
Capital, LLC

70 Willow
Road, Suite 100

Menlo
Park, CA 94025

Fax:
+1-650-618-7300

Attn.:
Francisco Alvarez Demalde

 

With a
copy (which shall not constitute notice) to:

 

Marval, O’Farrell
& Mairal,

Av. Leandro N. Alem
928

Buenos Aires

Argentina

Attention: Hernán
Slemenson/Pablo Rojo

Fax No.: +54-11-4310-0200

 

If to FTVentures III
L.P. or FTVentures IIIN L.P., to:

 

FTVentures
III, L.P.

Attn.:
Brad Bernstein

Cc: David
Haynes

555 California
Street, 29th Floor

San Francisco,
CA 94104

Tel.: +1
(415) 229-3000

Fax: +1
(415) 229-3005

 

With a
copy (which shall not constitute notice) to:

 

Kirkland & Ellis
LLP

Attn.: David Breach

555 California Street,
27th Floor

San Francisco, CA
94104

Tel.: +1 (415) 439-1400

Fax: +1 (415) 439-1500

 

If to Endeavor Global
Inc., to:

 

Endeavor Global

900 Broadway, Suite
600

New York, NY 10003
USA

Fax No.:
+1 212-352-3200

Attn: Linda Rottenberg

 

    	44

    	 

    

  

With a
copy (which shall not constitute notice) to:

 

K&L Gates LLP

599 Lexington Avenue

New York, NY 10022-6030
USA

Fax No.:
+1 212-536-3901

Attn: Alejandro
Fiuza

 

If to the Buyer, to:

 

WPP Group
USA, Inc.

100 Park
Avenue, 4th Floor

New York,
New York 10017

Attention:
Chief Financial Officer

Fax: +1 212-
632-2222

 

With a
copy (which shall not constitute notice) to:

 

Davis &
Gilbert LLP

1740 Broadway

New York,
New York 10019

Attention:
Curt C. Myers, Esq.

Fax: +1-212-468-4888

 

8.3         Construction.

 

		a)	The headings contained in this Agreement are for reference purposes only and shall not affect the
meaning or interpretation of this Agreement.

 

		b)	As used herein, the neutral gender shall be deemed to denote both the masculine and feminine genders,
and the singular includes the plural and the plural includes the singular. Unless otherwise resulting from the context, words such
as “herein” and “hereof” shall be deemed to refer to this Agreement as a whole and not to any particular
provision of this Agreement.

 

		c)	All references herein to Sections shall be deemed to refer to Sections of this Agreement; all references
herein to Exhibits shall be deemed to refer to Exhibits hereto, unless specified to the contrary.

 

		d)	As used herein, the terms “include”, “includes”, “included”
and “including” mean “including but not limited to”.

 

8.4          Assignment;
Binding Effect.

 

This Agreement may
not be assigned by any Party without the prior written consent of the other Parties and any assignment in violation thereof shall
be null and void. This Agreement shall be binding upon, and shall inure to the benefit of, the Parties hereto and their respective
heirs, executors, administrators, successors and permitted assigns.

 

    	45

    	 

    

  

8.5          Amendment;
Waiver.

 

This Agreement may
be amended only by a written instrument signed by the Buyer, the Company and the Sellers. No provisions of this Agreement shall
be deemed waived except by an instrument in writing signed by the Party sought to be bound. No failure or delay by any Party in
exercising any right or remedy hereunder shall operate as a waiver thereof, and a waiver of a particular right or remedy on one
occasion shall not be deemed a waiver of any other right or remedy or a waiver on any subsequent occasion.

 

8.6          Counterparts.

 

This Agreement may
be executed in any number of counterparts, each of which shall be deemed to be an original and all of which together shall be deemed
to be one and the same instrument.

 

8.7          Severability.

 

If any term or provision
of this Agreement, or the application thereof to any Person or circumstance, shall, to any extent, be invalid or unenforceable,
the remainder of this Agreement or its application to other Persons and circumstances shall not be affected thereby, and each term
and provision hereof shall be enforced to the fullest extent permitted by law.

 

8.8          Entire
Agreement.

 

This Agreement sets
forth the entire understanding between the Parties relating to the subject matter hereof, and any and all prior correspondence,
conversations, memoranda and agreements or other prior writings are hereby superseded.

 

8.9          Governing
Law.

 

This Agreement is
governed by and shall be construed and enforced in accordance with the internal laws of the State of New York without giving effect
to any rules of conflicts of laws thereof.

 

8.10       Consent
to Jurisdiction and Service.

 

		a)	All disputes arising out of or in connection with this Agreement (individually, a “Legal
Dispute”), shall be referred to and finally settled under the then current Rules of the American Arbitration Association
(the “Arbitration Rules”), by three arbitrators (the “Arbitrators”) appointed in accordance
with the Arbitration Rules.

 

		b)	The Parties consent to exclusive jurisdiction in the City of New York, New York, United States
of America and the arbitration proceeding shall be held in the City of New York, New York, United States of America and shall be
conducted in English.

 

    	46

    	 

    

 

		c)	The Arbitrators shall render their determination according to law and not ex aequo et bono.
The Arbitrators’ award may be enforced in any court having jurisdiction thereon.

 

		d)	Each Party shall bear its own costs and attorney’s fees, and shall share equally in the fees
and expenses of the Arbitrators. No punitive damages shall be awarded in any such arbitration.

 

		e)	Notwithstanding the foregoing, any Party to the Legal Dispute may require enforcement of the Arbitrators’
award before any competent court if the other Party does not comply with the award.

 

		f)	Each Party agrees that the notification in any action,
proceeding or trial referred to in this Section 8.10 shall be considered effectively made if remitted to the addresses
specified in Section 8.2 hereof.

 

		g)	To the extent, if any, to which any of the Sellers or Buyer or any of their respective properties
may be deemed to have or hereafter to acquire immunity on the ground of sovereignty or otherwise, from any arbitral or judicial
process or proceeding to enforce this Agreement or to collect amounts due hereunder (including, attachment proceedings prior to
judgment or in aid thereof) in any jurisdiction (whether arbitral or judicial), each of the Sellers and the Buyer hereby waives
such immunity and agrees not to claim the same.

 

		h)	The Parties consent that any state or federal court located in the Borough of Manhattan, the City
of New York, shall have non-exclusive jurisdiction with respect to the enforcement of the arbitration provisions of this Agreement
and with respect to the enforcement of any award rendered in any arbitration conducted thereunder.

 

		i)	EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES
ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY.

 

		j)	Each Party waives any right or claim to post bond for
costs (excepción de arraigo) in connection with the enforcement of an arbitration award.

 

8.11        Publicity.

 

Except by prior mutual
consent, neither Sellers nor Buyer shall issue any press releases or make any other public announcement or statement concerning
this Agreement and the Transactions contemplated hereby. Nothing in this Section 8.11 shall prevent any Party from making
any announcement required by Applicable Law, provided that the Party subject to such requirement shall make a good
faith effort to obtain the consent of the other Party to the text of the relevant announcement, and such other Party shall not
withhold its consent unreasonably.

 

    	47

    	 

    

  

8.12       Confidentiality.

 

		a)	Each Party to this Agreement will hold, and will use all reasonable efforts to cause its Affiliates
and Representatives to hold in strict confidence from any other Person (other than any such Affiliates or Representatives or in
the case of any Party that is a fund, to any investor thereof), unless (i) compelled by judicial or administrative process
(including, without limitation, in connection with obtaining any necessary approval of Governmental Authorities of this Agreement
and the Transactions contemplated hereby) or by other requirements of Applicable Law; or (ii) disclosed in an action, suit
or proceeding brought by or against a Party to this Agreement in pursuit of its rights or in the exercise of its remedies under
this Agreement, all documents and information (“Confidential Information”) concerning the other Party or any
of its Affiliates furnished to it by the other Party or on behalf of such other Party in connection with this Agreement or with
the Transactions contemplated hereby, except to the extent that such documents or information were (x) previously known by the
Party receiving such documents or information, (y) in the public domain (either prior to or after the furnishing of such documents
or information hereunder) through no fault of such receiving Party or (z) later acquired by the receiving Party from another source
if the receiving Party is not aware that such source is under an obligation to another Party hereto to keep such documents and
information confidential.

 

		b)	In the event that any Party to this Agreement or any of their respective Affiliates or Representatives
(the “Disclosing Party”) is required by Applicable Law to disclose any Confidential Information, such Disclosing
Party will promptly notify the other Party in writing so that such other Party may seek a protective ruling and/or other motion
filed to prevent the production or disclosure of the Confidential Information. If such motion is not timely brought or, if so brought,
is denied, then such Disclosing Party may disclose only such portion of the Confidential Information which (i) is required by Applicable
Law to be disclosed, provided that, the Disclosing Party will use all reasonable efforts to preserve the confidentiality
of the remainder of the Confidential Information; or (ii) the other Party consents, in writing, to being disclosed. The Disclosing
Party will continue to be bound by its obligations pursuant to this Section 8.12 (b) for any Confidential Information that
is not required to be disclosed pursuant to subparagraph (i) above, or that has been afforded protective treatment pursuant to
a motion brought pursuant to this Section 8.12(b).

 

    	48

    	 

    

  

8.13       No
Third Party Beneficiaries.

 

Nothing in this Agreement,
express or implied, is intended to confer on any Person other than the Parties hereto and their respective successors, any rights,
remedies, obligations or Liabilities under or by reason of this Agreement.

 

8.14       Several
but not Joint Liability.

 

Where any obligation,
representation, warranty or undertaking in this Agreement is expressed to be made, undertaken or given by the Sellers, they shall
be severally and not jointly responsible in respect of it.

 

8.15       [Intentionally
left blank.]

 

8.16       Definitions.

 

Capitalized terms used
in this Agreement, unless otherwise defined herein, shall have the meanings given to such terms below:

 

“Affiliate”
means, as to any Person, any other Person, which, directly or indirectly, controls, is controlled by, or is under common control
with, such Person. For the purposes of this definition, “control” means the possession, directly or indirectly, of
the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting
securities, by contract or otherwise.

 

“4.0”
shall have the meaning specified in the Recitals.

 

“Agreement”
shall have the meaning specified in the Preamble.

 

“Aggregate
Threshold” shall have the meaning specified in Section 6.2(b).

 

“Applicable
Law” means, with respect to any Person, any and every federal, state, provincial, local or similar statute, law, ordinance,
regulation, rule, code, order, judgment, decision, requirement or rule of law of any Governmental or Regulatory Authority to which
such Person or any of its activities or any of its assets or properties is subject.

 

“Arbitration Rules” shall
have the meaning specified in Section 8.10(a).

 

“Arbitrators” shall have
the meaning specified in Section 8.10(a).

 

“Argentina”
means the Republic of Argentina.

 

“Bankruptcy
and Equity Exception” shall have the meaning specified in Section 3.2(a).

 

“breach”
means, with respect to any Representation and Warranty, any inaccuracy thereof.

 

    	49

    	 

    

 

“Business
Day” means any day on which financial institutions in New York City (or, with respect to any payment obligations of the
Parties hereunder, in the relevant jurisdiction in which such payment is to be made) are open for the transaction of business.

 

“Buyer”
shall have the meaning specified in the Preamble.

 

“Buyer Material
Adverse Effect” means any change, event, circumstance or development that individually, or in the aggregate with all
other changes, events, circumstances or developments has or would reasonably be expected to have a material adverse effect on the
ability of the Buyer to consummate the Transactions in accordance with the terms of this Agreement.

 

“Capital Increase”
shall have the meaning specified in Section 2.1.

 

“Claim Notice”
means either a Recoverable Claim Notice or a Third Party Claim Notice.

 

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

 

“Company”
shall have the meaning specified in the Recitals.

 

“Confidential
Information” shall have the meaning specified in Section 8.12(a).

 

“Consolidated
Reference Financial Statements” shall have the meaning specified in Section 4.9(b).

 

“Contingent
Liabilities” means those Liabilities that are not absolute but, in accordance with Relevant GAAP, must be recorded or
disclosed (either by a provision, an accrual or a note) in the financial statements.

 

“Contract”
shall mean any written or oral contract, agreement, note, bond, mortgage, security agreement, indenture, license, franchise, permit,
concession, lease or other instrument, commitment or obligation of any kind.

 

“Disclosing
Party” shall have the meaning specified in Section 8.12(b).

 

“Disclosure
Schedules” means the Schedules to this Agreement, including any modifications or amendments thereto as agreed to by the
Parties.

 

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

 

“Employee
Benefit Plan” means each U.S. and foreign plan, program, policy, payroll practice, contract, agreement or other arrangement
providing for retirement, health, disability, severance, termination pay, compensation, performance-based awards, cash awards,
stock or equity based awards, fringe benefits or other employee benefits of any kind, whether qualified or nonqualified, formal
or informal, funded or unfunded, written or oral.

 

    	50

    	 

    

  

“Endeavor”
shall have the meaning specified in the Preamble.

 

“Endeavor
Option” means the stock option granted to Endeavor Catalyst Inc. pursuant to that certain Stock Option Agreement dated
December 10, 2012, by and between the Company and Endeavor Catalyst Inc.

 

“Environmental
Laws” means any and all Applicable Laws of the jurisdictions where the Globant Subsidiaries operate related to Environmental
Matters.

 

“Environmental
Matters” means any matter arising out of, relating to or resulting from pollution, protection of the environment and
human health or safety, health or safety of the public or employees, sanitation, and any matters relating to emissions, discharges,
Releases or threatened Releases of Environmentally Relevant Materials or otherwise arising out of, resulting from or relating to
the presence, manufacture, packaging, labeling, processing, distribution, use, generation, treatment, storage, disposal, transport
or handling or exposure to Environmentally Relevant Materials or arising out of, resulting from, or relating to compliance with
Environmental Laws.

 

“Environmentally
Relevant Materials” means any pollutants, contaminants, or hazardous or toxic substances, materials, wastes, residual
materials, constituents or chemicals that are regulated by, or form the basis for liability under any Environmental Laws, including
but not limited to petroleum products, asbestos and radioactive materials.

 

“Founders”
shall mean, collectively, MM, MU, NN and GE.

 

“Fraud”
means actual fraudulent acts or omissions of any Seller or the Company or the Buyer.

 

“FTV III”
shall have the meaning specified in the Preamble.

 

“FTV IIIN”
shall have the meaning specified in the Preamble.

 

“Financial
Statements” shall have the meaning specified in Section 4.9(b).

 

“Fundamental
Representations and Warranties” means the Representations and Warranties described in Sections 4.1, 4.2,
4.4 and 4.5.

 

“Governmental
or Regulatory Authority” means any government or any provincial, municipal or other political subdivision thereof, or
any governmental body, agency, authority or instrumentality (including any court or tribunal).

 

“Globant Brazil”
shall have the meaning specified in the Recitals.

 

    	51

    	 

    

  

“Globant LLC”
shall have the meaning specified in the Recitals.

 

“Globant Lux”
shall have the meaning specified in the Recitals.

 

“Globant Lux
Shares” shall have the meaning specified in the Recitals.

 

“Globant Subsidiaries”
shall have the meaning specified in the Recitals.

 

“GS Mexico”
shall have the meaning specified in the Recitals.

 

“IAFH”
shall have the meaning specified in the Recitals.

 

“Indebtedness”
of any Person means all obligations of such Person for or in respect of money borrowed or any other transaction that in substance
is in the nature of a borrowing, including any sale and leaseback transaction.

 

“Indemnification
Agreement” shall mean the indemnification agreement executed by the Company and the New Shareholder Director, pursuant
to which the Company indemnifies the New Shareholder Director on the same terms as provided for the other Directors of the Company,
in the form attached hereto as Exhibit 1.4(b)(iv).

 

“Indemnified
Party” shall have the meaning specified in Section 6.2(a).

 

“Intellectual
Property” means all intellectual property and intellectual property rights and rights in confidential
information of every kind and description throughout the world, including (i) all patents, designs and industrial models;
(ii) all trademarks, service marks, slogans and logos; (iii) all copyrights and software; (iv) all trade names and unregistered
marks; (v) all technology, know-how, trade secrets, improvements, processes, product formulae and discoveries; (vi) all trademark
licenses, service mark licenses, software or copyright licenses, royalty agreements, patent licenses, assignments, grants and contracts
with employees or others relating in whole or in part to the registration of trademarks, service marks and copyrights, disclosure,
assignment, or patenting of any inventions, discoveries, improvements, processes, formulae, trade secrets, or other know-how; (vii)
rights of publicity, privacy, and rights to personal information, and (viii) all rights in the foregoing and in other similar intangible
assets.

 

“ITO”
shall have the meaning specified in the Recitals.

 

“ITO Holdings”
shall have the meaning specified in the Recitals.

 

“Joinder Agreement”
means the Joinder Agreement by and among the Sellers, the Company and the Buyer, dated as of the date hereof.

 

    	52

    	 

    

 

“Knowledge”
means, with respect to any Person, (a) the actual knowledge of such Person (including the actual knowledge of the officers and
directors of such Person if an entity); and (b) the knowledge that reasonably would have been acquired by such Person after making
due inquiry and exercising such due diligence as a prudent businessperson would have made or exercised in the management of his
or her business affairs, including such inquiry of those key employees and consultants of such Person who could be reasonably be
expected to have actual knowledge of the matters in question.

 

“Liabilities”
means any and all debts, liabilities and obligations, whether accrued or fixed, absolute or contingent, matured or unmatured.

 

“Liens”
means, without limitation, pledges, liens, charges, mortgages, fiduciary rights, court or administrative attachment orders, encumbrances,
easements, usufructs, contractual rights of third parties, occupation by third parties by right or de facto, trusts, options and
restrictions of any kind, provided that, with respect to Globant Lux Shares, or Globant Subsidiaries transfer
restrictions under Applicable Law and the articles of association or other organizational documents of the Company, the
Globant Subsidiaries and the Existing Shareholder’s Agreement (as defined in the Joinder Agreement), as amended, shall not
be considered Liens.

 

“Loss”
means any and all actual damages, fines, fees, penalties, interest, Liabilities, obligations, amounts paid in settlement, losses,
reductions of net worth or value, and other expenses (including, without limitation, costs of investigation, attorneys’ fees
and other court costs).

 

“Lux Reorganization”
means the corporate organization by virtue of which (A) ITO was converted from a sociedad limitada under Spanish law into
a sociedad anónima under Spanish law, (B) the Sellers incorporated the Company as a corporation under the laws of
the Grand Duchy of Luxembourg, (C) contributed their respective shareholdings in ITO into the Company (except for RW Parallel B,
RW CP, RW Parallel A., FTV III. and FTV IIIN, which contributed into the Company their respective participations in ITO Holdings
and RW Holdings themselves shareholders of ITO), implemented through a Contribution Agreement dated December 5, 2012, a copy of
which is attached hereto as Schedule 8.16.(a), and as a result of which the Company owns, directly or indirectly,
100% of the capital stock and voting rights of the Globant Subsidiaries, as shown in the organizational chart attached hereto as
Schedule 8.16.(b), and (D) the Company assumed obligations and liabilities of ITO.

 

“Material
Adverse Change” means one or more events, circumstances, conditions or changes which individually or in the aggregate
has, or could reasonably be expected to have, a Material Adverse Effect.

 

“Material
Adverse Effect” means any effect that individually or in the aggregate is, or could reasonably be expected to be, materially
adverse to the business activities, operations, results of operations or financial condition of the Company or any Globant Subsidiary;
provided that any events, circumstances, conditions, changes or effects resulting from (a) changes in Argentine or
worldwide economic conditions generally, or (b) the announcement or performance of this Agreement or the transactions contemplated
hereby, shall not be taken into account in determining the existence of a Material Adverse Effect.

 

    	53

    	 

    

  

“Necessary
Action” means, with respect to a result required to be caused, all actions (to the extent such actions are permitted
by Applicable Law) reasonably necessary to cause such result, which actions may include: (a) voting or providing a written consent
or proxy with respect to the Shares of the Company; (b) causing the adoption of Shareholders’ resolutions and amendments
to the Organizational Documents of the Company or any of the Globant Subsidiaries; (c) removing any members of the Board of the
Company or a Globant Subsidiary (to the extent such members were nominated or designated by the Person obligated to undertake the
Necessary Action) in the event they do not in such capacity take actions consistent with the Necessary Action; (d) executing agreements
and instruments; and (e) making, or causing to be made, with Governmental or Regulatory Authorities or other Persons, all filings,
approvals, registrations or similar actions that are required to achieve such result.

 

“Newly Issued
Shares” shall have the meaning specified in the Recitals.

 

“Non-Competition
Agreements” means the Non-Competition Agreements entered into between the Company and each of the Founders on the date
hereof.

 

“Paldwick”
shall have the meaning specified in the Preamble.

 

“Party”
and “Parties” shall have the meaning specified in the Preamble.

 

“Permits”
means, with respect to any Person, all permits, concessions, approvals, identification numbers, licenses, registrations, notices,
authorizations, certificates and consents, from any Governmental Authorities necessary to conduct the business of a Person as presently
conducted and to own and operate its assets and properties and own shares or quotas under Argentine law.

 

“Person”
means a corporation, association, limited liability company, joint venture, partnership, trust, business, individual, government
or political subdivision thereof, or Governmental or Regulatory Authority.

 

“Pre-Closing
Periods” means all Tax periods ending on or before the Purchase Closing Date and, with respect to any Tax period that
includes but does not end on the Purchase Closing Date, the portion of such period that ends on and includes the Purchase Closing
Date.

 

“Pro Rata
Participation” means, with respect to a Seller, the quotient obtained by dividing (i) the aggregate number of shares
transferred by such Seller as of the Purchase Closing Date by (ii) the aggregate number of shares held by all Sellers as of the
Closing Date. For the avoidance of doubt, the relevant Pro Rata Participation of each Seller is specified in Exhibit B hereto.

 

    	54

    	 

    

  

“Purchase
Closing” shall have the meaning specified in Section 1.3.

 

“Purchase
Closing Date” shall have the meaning specified in Section 1.3.

 

“Purchase
Transaction” shall have the meaning specified in Section 1.1.

 

“Purchase
Price” shall have the meaning specified in Section 1.2.

 

“Purchased
Shares” shall have the meaning specified in the Recitals.

 

“Recoverable
Amount” shall have the meaning specified in Section 6.2(a).

 

“Recoverable
Claim Notice” shall have the meaning specified in Section 6.5(a).

 

“Related Party”
means a Relative, a Director, a consultant or an employee of the Company or of any Globant Subsidiary, a Relative of such Director,
consultant or employee or an Affiliate of any of the above with the exception of the Company and the Globant Subsidiaries.

 

“Related Party
Contract” means a contract, agreement, understanding or proposed transaction between the Company or a Globant Subsidiary
and one or more Related Parties.

 

“Relative”
means any Person who is within the fourth degree of kindred by blood or affinity with any Director of the Company or of any Globant
Subsidiary.

 

“Release”
means any spilling, leaking, pumping, pouring, emitting, emptying, injecting, discharging, escaping, leaching, dumping or disposing
(or threat of the same occurring) into the environment.

 

“Relevant
Closing Date” means the Purchase Closing Date, in the case of the Purchase Transaction, and the Subscription Closing
Date, in the case of the Subscription Transaction.

 

“Relevant
Fiscal Year End” means the date of closing of the last audited financial statements of the Company and, if applicable,
of any Globant Subsidiary.

 

“Relevant
GAAP” means generally accepted accounting principles, as in effect from time to time in the jurisdiction where the relevant
company is organized.

 

“Representations
and Warranties” means the representations and warranties contained in this Agreement.

 

“Representatives”
means, with respect to any Person, that Person’s officers, directors, trustees, employees, agents, counsel, accountants,
financial advisors, consultants and other agents and representatives.

 

    	55

    	 

    

  

“Reset Agreement”
means the Price Reset Agreement by and among the Sellers and the Buyer, dated as of the date hereof.

 

“Returns”
means all returns, declarations, reports, estimates, information returns, refund claims, and statements of any nature regarding
Taxes, including amendments thereto.

 

“RW Capital”
shall have the meaning specified in the Preamble.

 

“RW CP”
shall have the meaning specified in the Preamble.

 

“RW Parallel
A” shall have the meaning specified in the Preamble.

 

“RW Parallel
B” shall have the meaning specified in the Preamble.

 

“RW Holdings”
shall have the meaning specified in the Recitals.

 

“SEC”
means the U.S. Securities Exchange Commission.

 

“Securities
Act” shall have the meaning specified in Section 3.7.

 

“Sellers”
shall have the meaning specified in the Preamble.

 

“Sellers’
Account” means the accounts of each of the Sellers specified in Exhibit 1.2.

 

“Seller Material
Adverse Effect” means any change, event, circumstance or development that individually, or in the aggregate with all
other changes, events, circumstances or developments, has or would reasonably be expected to have a material adverse effect on
the ability of the relevant Seller to consummate the Transactions in accordance with the terms of this Agreement.

 

“SG Chile”
shall have the meaning specified in the Recitals.

 

“SG Uruguay”
shall have the meaning specified in the Recitals.

 

“Sistemas
Colombia” shall have the meaning specified in the Recitals.

 

“Sistemas
Globales” shall have the meaning specified in the Recitals.

 

“Sistemas
Globales Buenos Aires” shall have the meaning specified in the Recitals.

 

“Sistemas
UK” shall have the meaning specified in the Recitals.

 

“SP Creation”
shall have the meaning specified in the Recitals.

 

“Subscription
Closing” shall have the meaning specified in Section 2.3.

 

    	56

    	 

    

 

“Subscription
Closing Date” shall have the meaning specified in Section 2.3.

 

“Subscription
Price” shall have the meaning specified in Section 2.2.

 

“Subscription
Transaction” shall have the meaning specified in Section 2.1.

 

“Tax Matters”,
“Tax” or “Taxes” means any taxes including income (net or gross), gross receipts, profits,
alternative or add-on minimum, assets, turnover, franchise, license, capital, capital stock, intangible, services, premium, transfer,
sales, use, ad-valorem, value-added, payroll, wage, severance, employment, social security, retirement, occupation, property
(real or personal), windfall profits, import, excise, custom, stamp, withholding, or estimated taxes), fees, duties, assessments,
withholdings or governmental charges of a tax nature including any and all such taxes which should have been collected and paid
to any governmental body on behalf of third parties, including with respect to each item any interest, adjustments, penalties,
or additions.

 

“Terraforum”
shall have the meaning specified in the Recitals.

 

“Transaction
Agreements” means this Agreement, the Joinder Agreement, the Reset Agreement, the Indemnification Agreement and the Non-Competition
Agreements, together with the exhibits and schedules hereto and thereto.

 

“Transactions”
shall have the meaning specified in Section 3.2(a).

 

“Third Party
Claim” shall have the meaning specified in Section 6.5(b).

 

“Third Party
Claim Notice” shall have the meaning specified in Section 6.5(b).

 

“Unknown Contingent
Liabilities” means all Contingent Liabilities of each of the Company and the Globant Subsidiaries, which (i) are not
included in the Disclosure Schedules, and (ii) to the Sellers’ Knowledge, on the Relevant Closing Date, did not exist on
the Relevant Closing Date, it being understood that all Liabilities resulting from breaches of the Representations and Warranties
described in Sections 3.1, 3.2, 3.4, 3.5, 3.7, 3.8 and 3.9 shall not be considered
Unknown Contingent Liabilities, whether known or unknown to the Sellers. For purposes of this definition, Sellers’ Knowledge
shall mean the actual knowledge of a Seller (including the actual knowledge of the officers and directors of such Seller if an
entity).

 

7.17       Spousal
Consent.

  

Mrs. Carolina Pinciroli, Martín
Migoya’s spouse, Mrs. María Victoria Albornoz, Martín Gonzalo Umaran’s spouse, Mrs. Silvana Laura Gaggiotti,
Néstor Augusto Nocetti’s spouse and Mrs. María Alejandra Fasce, Guibert Andrés Englebienne’s spouse,
execute this Agreement to express their consent with the transactions contemplated hereunder in accordance with section 1,277 of
the Argentine Civil Code.

 

    	57

    	 

    

  

[Signature pages
follow]

 

    	58

    	 

    

 

IN WITNESS WHEREOF,
each of the Parties hereto has executed, or caused this Agreement to be executed by its duly authorized officer, as the case may
be, as of the date first above written.

 

	Globant S.A.	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 	 
	 	 
	Riverwood Capital LLC.	 
	By:	 	 
	Title:	 	 
	 	 	 
	 	 
	Paldwick S.A.	 
	By:	 	 
	Title:	 	 
	 	 	 
	 	 
	Martin Migoya	 
	 	 	 
	 	 
	Martin Gonzalo Umaran	 
	 	 	 
	 	 
	Néstor Augusto Nocetti	 
	 	 	 
	 	 
	Guibert Andrés Englebienne	 

 

    	 

    	 

    

 

	RIVERWOOD CAPITAL PARTNERS L.P.
	 	 
	By:	RIVERWOOD CAPITAL L.P., its general partner
	 	 
	By:	Riverwood Capital GP Ltd., its general partner
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	RIVERWOOD CAPITAL PARTNERS (PARALLEL – A) L.P.
	 	 
	By:	RIVERWOOD CAPITAL L.P., its general partner
	 	 
	By:	Riverwood Capital GP Ltd., its general partner
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	RIVERWOOD CAPITAL PARTNERS (PARALLEL – B) L.P.
	 	 	 
	By:	RIVERWOOD CAPITAL L.P., its general partner
	 	 
	By:	Riverwood Capital GP Ltd., its general Partner
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 
	FTVentures III L.P.	 
	By:	 	 
	Title:	 	 

 

    	 

    	 

    

 

	 	 
	FTVentures IIIN L.P.	 
	By:	 	 
	Title:	 	 
	 	 	 
	By:	WPP Luxembourg Gamma Three S.à r.l.
	 	 	 
	 	 
	By:	 	 
	Title:	 	 
	 	 	 
	 	 
	By:	 	 
	Title:Exhibit 4.1

 

BROOKFIELD DTLA FUND OFFICE TRUST INVESTOR
INC.

 

ARTICLES SUPPLEMENTARY

 

10,000,000 SHARES OF

7.625% SERIES A CUMULATIVE REDEEMABLE
PREFERRED STOCK

 

Brookfield DTLA Fund
Office Trust Investor Inc., a Maryland corporation (the “Corporation”), hereby certifies to the State Department
of Assessments and Taxation of the State of Maryland (the “Department”) that:

 

FIRST:
Pursuant to the authority expressly vested in the board of directors of the Corporation (the “Board
of Directors”) by Article V of the charter of the Corporation, filed with the Department on April 19, 2013,
and Section 2-105 of the Maryland General Corporation Law (the “MGCL”), the Board of Directors, by
resolutions duly adopted on August 23, 2013, has (i) authorized the classification and designation of 10,000,000 shares of
the authorized but unissued preferred stock of the Corporation, par value $0.01 per share (“Preferred
Stock”), as a separate class of Preferred Stock, (ii) authorized filing of these Articles Supplementary with the
Department in order to set forth the preferences, conversion and other rights, voting powers, restrictions, limitations as to
dividends and other distributions, transfers, qualifications, terms and conditions of redemption and other terms and
conditions of such class of Preferred Stock, and (iii) authorized the issuance of a maximum of 10,000,000 shares of such
class of Preferred Stock to the former holders of the 7.625% Series A Cumulative Redeemable Preferred Stock issued by MPG
Office Trust, Inc., a Maryland corporation (“MPG”), in exchange for shares of such preferred stock of MPG
pursuant to the merger (the “Merger”) of MPG with and into the Surviving REIT (as defined below)
contemplated by the Agreement and Plan of Merger, dated as of April 24, 2013 (as amended by that Waiver and First Amendment
to the Agreement and Plan of Merger, dated as of May 19, 2013, that Second Amendment to the Agreement and Plan of Merger,
dated as of July 10, 2013, and that Third Amendment to the Agreement and Plan of Merger, dated as of August 14, 2013, and as
it may be further amended from time to time, the “Merger Agreement”), by and among Brookfield DTLA
Holdings LLC, a Delaware limited liability company (converted from a limited partnership on May 10, 2013), the Corporation,
Brookfield DTLA Fund Office Trust Inc., a Maryland corporation (the “Surviving REIT”), Brookfield DTLA
Fund Properties LLC, a Maryland limited liability company, MPG and MPG Office, L.P., a Maryland limited partnership.

 

SECOND: The
Board of Directors has unanimously adopted the resolutions classifying and designating the Preferred Stock as a separate class
of Preferred Stock to be known as the “7.625% Series A Cumulative Redeemable Preferred Stock” and setting the preferences,
conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications,
terms and conditions of redemption and other terms and conditions of such 7.625% Series A Cumulative Redeemable Preferred Stock
and authorizing the issuance of up to 10,000,000 shares of 7.625% Series A Cumulative Redeemable Preferred Stock.

 

    	 

    	 

    

 

THIRD: The designation, number of shares, preferences, rights, voting powers, restrictions, limitations
as to dividends and other distributions, qualifications, terms and conditions of redemption and other terms and conditions of the
separate class of Preferred Stock of the Corporation designated as 7.625% Series A Cumulative Redeemable Preferred Stock are as
follows (the “Series A Terms”), which upon any restatement of the charter shall be made a part of or incorporated
by reference into the charter with any necessary or appropriate changes to the enumeration or lettering of sections or subsections
thereof:

 

Section 1. Designation
and Number. A series of Preferred Stock, designated the “7.625% Series A Cumulative Redeemable Preferred Stock”
(the “Series A Preferred Stock”) is hereby established, which shall (i) be treated as a continuation of the
authorized preferred stock issued by MPG (the “MPG Preferred Stock”) in accordance with that certain board resolution
adopted on January 9, 2004 by the board of directors of MPG, and that certain Articles Supplementary of MPG, dated as of January
15, 2004 and filed with SDAT on January 16, 2004 (the “MPG Preferred Articles”), such MPG Preferred Stock to
be cancelled and exchanged for Series A Preferred Stock in accordance with the Merger Agreement and (ii) subject to certain waivers
of the Ownership Limits set forth in Section 7, have the terms and conditions as the Series A Terms (as defined in the MPG Preferred
Articles) without material change. The number of shares of Series A Preferred Stock shall be 10,000,000.

 

Section 2.  Rank.   The Series A Preferred
Stock will, with respect to dividend rights and rights upon voluntary or involuntary liquidation, dissolution or winding-up of
the Corporation, rank: (i) senior to all classes or series of the Corporation’s common stock, par value $0.01 per share (the
“Common Stock”), the 15% Series B Cumulative Nonvoting Preferred Stock of the Corporation, par value $0.01 per
share (the “Series B Preferred Stock”), and all classes or series of capital stock of the Corporation now or
hereafter authorized, issued or outstanding expressly designated as ranking junior to the Series A Preferred Stock as to dividend
rights and rights upon voluntary or involuntary liquidation, dissolution or winding-up of the Corporation; (ii) on parity with
any class or series of capital stock of the Corporation expressly designated as ranking on parity with the Series A Preferred Stock
as to dividend rights and rights upon voluntary or involuntary liquidation, dissolution or winding-up of the Corporation; and (iii)
junior to any class or series of capital stock of the Corporation expressly designated as ranking senior to the Series A Preferred
Stock as to dividend rights and rights upon voluntary or involuntary liquidation, dissolution or winding-up of the Corporation.
The term “capital stock” does not include debt securities, which will rank senior to the Preferred Stock (including
Series A Preferred Stock and the Series B Preferred Stock) prior to conversion.

 

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Section 3. Dividends.

 

(a)          Subject
to the preferential rights of the holders of any class or series of capital stock of the Corporation ranking senior to the Series
A Preferred Stock as to dividends, the holders of shares of the Series A Preferred Stock shall be entitled to receive, when, as
and if authorized by the Board of Directors and declared by the Corporation, out of funds legally available for the payment of
dividends, cumulative cash dividends at the rate of 7.625% per annum of the $25.00 liquidation preference per share of the Series
A Preferred Stock (equivalent to the fixed annual amount of $1.90625 per share of the Series A Preferred Stock). Such dividends
shall accrue and be cumulative from and including the first date on which any shares of Series A Preferred Stock are issued (as
applicable, the “Original Issue Date”) and shall be payable quarterly in arrears on each Dividend Payment Date,
commencing October 31, 2013; provided, however, that if any Dividend Payment Date is not a Business Day, then the dividend which
would otherwise have been payable on such Dividend Payment Date may be paid on the next succeeding Business Day, except that, if
such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day,
in each case with the same force and effect as if paid on such Dividend Payment Date, and no interest or additional dividends or
other sums shall accrue on the amount so payable from such Dividend Payment Date to such next succeeding Business Day. The Corporation
agrees that any and all accrued but unpaid dividends (whether or not declared) on each share of MPG Preferred Stock in exchange
for which a share of Series A Preferred Stock is issued pursuant to the Merger, shall be treated for purposes of these Articles
Supplementary as if accrued by the Corporation with respect to such share of the Series A Preferred Stock and shall continue to
be deemed accrued thereon as if accrued on the Series A Preferred Stock prior to the Original Issue Date and otherwise in accordance
with this Section 3(a) (such amount with respect to each share of Series A Preferred Stock, the “MPG Preferred Accrual”).
The amount of any dividend payable on the Series A Preferred Stock for any partial Dividend Period shall be prorated and computed
on the basis of a 360-day year consisting of twelve 30-day months, Dividends will be payable to holders of record as they appear
in the stockholder records of the Corporation at the close of business on the applicable Dividend Record Date. Notwithstanding
any provision to the contrary contained herein, each outstanding share of Series A Preferred Stock shall be entitled to receive
a dividend with respect to any Dividend Record Date equal to the dividend paid with respect to each other share of Series A Preferred
Stock that is outstanding on such date. “Dividend Record Date” shall mean the date designated by the Board of
Directors for the payment of dividends that is not more than 35 or less than 10 days prior to the applicable Dividend Payment Date.
“Dividend Payment Date” shall mean the last calendar day of each January, April, July and October, commencing
on October 31, 2013. “Dividend Period” shall mean the respective periods commencing on and including the first
day of February, May, August and November of each year and ending on and including the day preceding the first day of the next
succeeding Dividend Period (other than the initial Dividend Period, which shall commence on the Original Issue Date and end on
and include October 31, 2013, and other than the Dividend Period during which any shares of Series A Preferred Stock shall be redeemed
pursuant to Section 5, which shall end on and include the call date with respect to the shares of Preferred Stock being redeemed).
For the avoidance of doubt, the MPG Preferred Accrual with respect to each share of MPG Preferred Stock as of the date such MPG
Preferred Stock is exchanged for Series A Preferred Stock shall be a payment obligation of the Corporation and treated as if constituting
dividends accrued and unpaid on such Series A Preferred Stock in accordance with this Section 3(a).

 

The term “Business Day”
shall mean each day, other than a Saturday or a Sunday, which is not a day on which banking institutions in New York, New York
are authorized or required by law, regulation or executive order to close.

 

(b)          Notwithstanding
anything contained herein to the contrary, dividends on the Series A Preferred Stock shall accrue whether or not the Corporation
has earnings, whether or not there are funds legally available for the payment of such dividends, and whether or not such dividends
are authorized or declared.

 

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(c)          Except
as provided in Section 3(d) below, no dividends shall be declared or paid or set apart for payment and no other distribution of
cash or other property may be declared or made, directly or indirectly, on or with respect to any shares of Common Stock or shares
of any other class or series of capital stock of the Corporation ranking, as to dividends, on parity with or junior to the Series
A Preferred Stock (other than a dividend paid in shares of Common Stock or in shares of any other class or series of capital stock
ranking junior to the Series A Preferred Stock as to dividends and upon liquidation) for any period, nor shall any shares of Common
Stock or any other shares of any other class or series of capital stock of the Corporation ranking, as to dividends or upon liquidation,
on parity with or junior to the Series A Preferred Stock be redeemed, purchased or otherwise acquired for any consideration and
no other distribution of cash or other property may be made, directly or indirectly, on or with respect thereto by the Corporation
(except by conversion into or exchange for other shares of any class or series of capital stock of the Corporation ranking junior
to the Series A Preferred Stock as to dividends and upon liquidation and except for the acquisition of shares made pursuant to
the provisions of Article VI of the charter or Section 7 hereof), unless full cumulative dividends on the Series A Preferred Stock
for all past dividend periods (including the MPG Preferred Accrual) and the then current dividend period shall have been or contemporaneously
are (i) declared and paid in cash or (ii) declared and a sum sufficient for the payment thereof in cash is set apart for such payment.

 

(d)          When
dividends are not paid in full (or a sum sufficient for such full payment is not so set apart) upon the Series A Preferred Stock
(including the MPG Preferred Accrual) and the shares of any other class or series of capital stock ranking, as to dividends, on
parity with the Series A Preferred Stock, all dividends declared upon the Series A Preferred Stock (including the MPG Preferred
Accrual) and each such other class or series of capital stock ranking, as to dividends, on parity with the Series A Preferred Stock
shall be declared pro rata so that the amount of dividends declared per share of Series A Preferred Stock and such other class
or series of capital stock shall in all cases bear to each other the same ratio that accrued dividends per share on the Series
A Preferred Stock (including the MPG Preferred Accrual) and such other class or series of capital stock (which shall not include
any accrual in respect of unpaid dividends on such other class or series of capital stock for prior dividend periods if such other
class or series of capital stock does not have a cumulative dividend) bear to each other. No interest, or sum of money in lieu
of interest, shall be payable in respect of any dividend payment or payments on the Series A Preferred Stock which may be in arrears
(including the MPG Preferred Accrual).

 

(e)          Holders
of shares of Series A Preferred Stock shall not be entitled to any dividend, whether payable in cash, property or shares of stock,
in excess of full cumulative dividends on the Series A Preferred Stock as provided herein. Any dividend payment made on the Series
A Preferred Stock shall first be credited against the MPG Preferred Accrual and then against the earliest accrued but unpaid dividends
due with respect to such shares which remains payable. Accrued but unpaid distributions on the Series A Preferred Stock will accumulate
as of the Dividend Payment Date on which they first become payable.

 

(f)          Except
as prohibited by the charter or Maryland law, in the event that the Surviving REIT declares and pays a dividend to the Corporation
on the 7.625% Series A Cumulative Redeemable Preferred Stock of the Surviving REIT (the “Surviving REIT Series A Preferred
Stock”), the Board of Directors shall authorize, and the Corporation shall declare and pay, a like dividend out of funds
legally available for the payment of dividends on the Series A Preferred Stock.

 

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Section 4. Liquidation Preference.

 

(a)          Upon
any voluntary or involuntary liquidation, dissolution or winding-up of the affairs of the Corporation, before any distribution
or payment shall be made to holders of shares of Common Stock or any other class or series of capital stock of the Corporation
ranking, as to rights upon any voluntary or involuntary liquidation, dissolution or winding-up of the affairs of the Corporation,
junior to the Series A Preferred Stock, the holders of shares of Series A Preferred Stock shall be entitled to be paid out of the
assets of the Corporation legally available for distribution to its stockholders, after payment or provision of the debts and other
liabilities of the Corporation, a liquidation preference of $25.00 per share, plus an amount equal to any accrued and unpaid dividends
(whether or not declared) to the date of payment (including the MPG Preferred Accrual). In the event that, upon such voluntary
or involuntary liquidation, dissolution or winding-up, the available assets of the Corporation are insufficient to pay the amount
of the liquidating distributions on all outstanding shares of Series A Preferred Stock and the corresponding amounts payable on
all shares of other classes or series of capital stock of the Corporation ranking, as to liquidation rights, on parity with the
Series A Preferred Stock in the distribution of assets, then the holders of the Series A Preferred Stock and each such other class
or series of shares of capital stock ranking, as to voluntary or involuntary liquidation rights, on parity with the Series A Preferred
Stock shall share ratably in any such distribution of assets in proportion to the full liquidating distributions to which they
would otherwise be respectively entitled. Written notice of any such voluntary or involuntary liquidation, dissolution or winding-up
of the Corporation, stating the payment date or dates when, and the place or places where, the amounts distributable in such circumstances
shall be payable, shall be given by first class mail, postage pre-paid, not less than 30 days nor more than 60 days prior to the
payment date stated therein, to each record holder of shares of Series A Preferred Stock at the respective addresses of such holders
as the same shall appear on the stock transfer records of the Corporation. After payment of the full amount of the liquidating
distributions to which they are entitled, the holders of Series A Preferred Stock will have no right or claim to any of the
remaining assets of the Corporation. The consolidation or merger of the Corporation with or into any other corporation, trust or
entity, or the voluntary sale, lease, transfer or conveyance of all or substantially all of the property or business of the Corporation,
shall not be deemed to constitute a liquidation, dissolution or winding-up of the affairs of the Corporation.

 

(b)          In
determining whether a distribution (other than upon voluntary or involuntary liquidation), by dividend, redemption or other acquisition
of shares of stock of the Corporation or otherwise, is permitted under the MGCL, amounts that would be needed, if the Corporation
were to be dissolved at the time of the distribution, to satisfy the preferential rights upon dissolution of holders of shares
of Series A Preferred Stock shall not be added to the Corporation’s total liabilities.

 

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Section 5. Redemption.

 

(a)          The
Series A Preferred Stock shall be subject to the provisions of Section 7 pursuant to which the Series A Preferred Stock owned
by a stockholder in excess of the Ownership Limit shall automatically be transferred to a Trust with the exclusive benefit of a
Charitable Beneficiary (as defined in Section 7).

 

(b)          From
and after the date hereof, the Corporation, at its option upon not less than 30 days nor more than 60 days’ written notice,
may redeem the Series A Preferred Stock, in whole or in part, at any time or from time to time, for cash at a redemption price
of $25.00 per share, plus all accrued and unpaid dividends (whether or not declared) thereon up to and including the date fixed
for redemption (including the MPG Preferred Accrual), without interest, to the extent the Corporation has funds legally available
therefor. If fewer than all of the outstanding shares of Series A Preferred Stock are to be redeemed, the shares of Series A Preferred
Stock to be redeemed shall be redeemed pro rata (as nearly as may be practicable without creating fractional shares) by lot or
by any other equitable method determined by the Corporation that will not result in a violation of the Ownership Limit. If redemption
is to be by lot and, as a result, any holder of shares of Series A Preferred Stock would have actual ownership or Constructive
Ownership (as defined in Section 7(a)) in excess of the Ownership Limit (as defined in Section 7(a)), or such other limit
as permitted by the Board of Directors or the Committee pursuant to Section 7(i), because such holder’s shares of Series
A Preferred Stock were not redeemed, or were only redeemed in part, then, except as otherwise provided in the charter, the Corporation
shall redeem the requisite number of shares of Series A Preferred Stock of such holder such that no holder will hold an amount
of Series A Preferred Stock in excess of the Ownership Limit or such other limit, as applicable, subsequent to such redemption.
Holders of Series A Preferred Stock to be redeemed shall surrender such Series A Preferred Stock at the place designated in such
notice and shall be entitled to the redemption price of $25.00 per share and any accrued and unpaid dividends payable upon such
redemption (including the MPG Preferred Accrual) following such surrender. If (i) notice of redemption of any shares of Series
A Preferred Stock has been given, (ii) the funds necessary for such redemption have been set aside by the Corporation in trust
for the benefit of the holders of any shares of Series A Preferred Stock so called for redemption and (iii) irrevocable instructions
have been given to pay the redemption price and all accrued and unpaid dividends (including the MPG Preferred Accrual), then from
and after the redemption date, dividends shall cease to accrue on such shares of Series A Preferred Stock, such shares of Series
A Preferred Stock shall no longer be deemed outstanding and all rights of the holders of such shares will terminate, except the
right to receive the redemption price plus any accrued and unpaid dividends (including the MPG Preferred Accrual) payable upon
such redemption, without interest. So long as no dividends are in arrears, nothing herein shall prevent or restrict the Corporation’s
right or ability to purchase, from time to time either at a public or a private sale, all or any part of the Series A Preferred
Stock at such price or prices as the Corporation may determine, subject to the provisions of applicable law, including the repurchase
of shares of Series A Preferred Stock in open-market transactions duly authorized by the Board of Directors.

 

(c)          In
the event of any redemption of the Series A Preferred Stock in order to preserve the status of the Corporation as a REIT for United
States federal income tax purposes, such redemption shall be made in accordance with the terms and conditions set forth in this
Section 5(c). If the Corporation calls for redemption any shares of Series A Preferred Stock pursuant to and in accordance with
this Section 5(c), then the redemption price for such shares will be an amount in cash equal to $25.00 per share together with
all accrued and unpaid dividends to and including the date fixed for redemption (including the MPG Preferred Accrual).

 

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(d)          Unless
full cumulative dividends (including the MPG Preferred Accrual) on all Series A Preferred Stock shall have been or contemporaneously
are authorized, declared and paid in cash or declared and a sum sufficient for the payment thereof in cash set apart for payment
for all past dividend periods and the then current dividend period, no shares of Series A Preferred Stock shall be redeemed unless
all outstanding shares of Series A Preferred Stock are simultaneously redeemed and the Corporation shall not purchase or otherwise
acquire directly or indirectly any shares of Series A Preferred Stock or any class or series of capital stock of the Corporation
ranking, as to dividends or upon liquidation, on parity with or junior to the Series A Preferred Stock (except by exchange for
shares of capital stock of the Corporation ranking, as to dividends and upon liquidation, junior to the Series A Preferred Stock);
provided, however, that the foregoing shall not prevent the purchase of Series A Preferred Stock by the Corporation in accordance
with the terms of Section 5(c) and Section 7 or otherwise in order to ensure that the Corporation remains qualified as a REIT
for United States federal income tax purposes or the purchase or acquisition of Series A Preferred Stock pursuant to a purchase
or exchange offer made on the same terms to holders of all outstanding shares of Series A Preferred Stock.

 

(e)          Notice
of redemption will be given by publication in a newspaper of general circulation in the City of New York, such publication to be
made once a week for two successive weeks commencing not less than 30 days nor more than 60 days prior to the redemption date.
A similar notice will be mailed by the Corporation, postage prepaid, not less than 30 days nor more than 60 days prior to the redemption
date, addressed to the respective holders of record of the Series A Preferred Stock to be redeemed at their respective addresses
as they appear on the transfer records of the Corporation. No failure to give or defect in such notice shall affect the validity
of the proceedings for the redemption of any Series A Preferred Stock except as to the holder to whom such notice was defective
or not given. In addition to any information required by law or by the applicable rules of any exchange upon which the Series A
Preferred Stock may be listed or admitted to trading, each such notice shall state: (i) the redemption date, (ii) the redemption
price, (iii) the number of shares of Series A Preferred Stock to be redeemed, (iv) the place or places where the certificates representing
shares of Series A Preferred Stock are to be surrendered for payment of the redemption price, (v) that dividends on the shares
of Series A Preferred Stock to be redeemed will cease to accumulate on such redemption date and (vi) that payment of the redemption
price and any accumulated and unpaid dividends (including the MPG Preferred Accrual) will be made upon presentation and surrender
of such Series A Preferred Stock. If fewer than all of the shares of Series A Preferred Stock held by any holder are to be redeemed,
the notice mailed to such holder shall also specify the number of shares of Series A Preferred Stock held by such holder to be
redeemed.

 

(f)          If
a redemption date falls after a Dividend Record Date and on or prior to the corresponding Dividend Payment Date, each holder of
Series A Preferred Stock at the close of business of such Dividend Record Date shall be entitled to the dividend payable on such
shares on the corresponding Dividend Payment Date notwithstanding the redemption of such shares on or prior to such Dividend Payment
Date, and each holder of Series A Preferred Stock that surrenders its shares on such redemption date will be entitled to the dividends
accruing after the end of the Dividend Period to which such Dividend Payment Date relates up to and including the redemption date.
Except as provided herein, the Corporation shall make no payment or allowance for unpaid dividends, whether or not in arrears,
on Series A Preferred Stock for which a notice of redemption has been given.

 

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(g)          All
shares of the Series A Preferred Stock redeemed or repurchased pursuant to this Section 5(g) shall be retired and shall be restored
to the status of authorized but unissued shares of Preferred Stock, without designation as to series or class.

 

(h)          The
Series A Preferred Stock shall have no stated maturity and shall not be subject to any sinking fund or mandatory redemption; provided,
however, that the Series A Preferred Stock owned by a stockholder in excess of the Ownership Limit shall be subject to the provisions
of Section 5(h) and Section 7.

 

Section 6. Voting Rights.

 

(a)          Holders
of the Series A Preferred Stock shall not have any voting rights, except as set forth in this Section 6.

 

(b)          Whenever
(i) dividends on any share of Series A Preferred Stock shall be in arrears for six or more consecutive or non-consecutive quarterly
periods (a “Preferred Dividend Default”), or (ii) any of the MPG Preferred Accrual remains unpaid with respect
to any shares of the Series A Preferred Stock, the holders of such Series A Preferred Stock (voting as a single class with all
other classes or series of parity preferred stock of the Corporation upon which like voting rights have been conferred and are
exercisable (“Parity Preferred”)) shall be entitled to vote for the election of a total of two additional directors
of the Corporation (the “Preferred Directors”) at the next annual or special meeting of stockholders and at
each subsequent meeting until all dividends accumulated on such Series A Preferred Stock (including the MPG Preferred Accrual)
and Parity Preferred for the past dividend periods and the then current dividend period shall have been fully paid or declared
and a sum sufficient for the payment thereof set aside for payment. In such case, the entire Board of Directors will be increased
by two directors. For the avoidance of doubt, if on the Original Issue Date any portion of the MPG Preferred Accrual remains unpaid
with respect to any share of the Series A Preferred Stock, the two directors of MPG who were elected by the holders of the MPG
Preferred Stock shall be the two initial Preferred Directors on the Original Issue Date, at which time the entire Board of Directors
will be increased by two directors, and shall serve until the next annual or special meeting of stockholders and until their successors
are elected and qualified as described in the foregoing sentence.

 

(c)          For
so long as the holders of Series A Preferred Stock shall be entitled to elect Preferred Directors as provided by Section 6(b),
and Preferred Directors are duly elected and qualified, the Corporation, in its capacity as the holder of the Surviving REIT Series
A Preferred Stock, shall cause the Preferred Directors elected by the holders of the Series A Preferred Stock to also be elected
as the “Preferred Directors” (as defined in the charter of the Surviving REIT) of the Surviving REIT; provided, however,
that in the event of the resignation or removal of a Preferred Director, the Corporation, in its capacity as the holder of the
Surviving REIT Series A Preferred Stock, shall remove such Preferred Director (as defined in the charter of the Surviving REIT)
as a director of the Surviving REIT.

 

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(d)          The
Preferred Directors will be elected by a plurality of the votes cast in the election for a one-year term and each Preferred Director
will serve until his or her successor is duly elected and qualified or until such Preferred Director’s right to hold the
office terminates, whichever occurs earlier, subject to such Preferred Director’s earlier death, disqualification, resignation
or removal. For so long as a Preferred Dividend Default shall continue or the MPG Preferred Accrual shall remain unpaid, the election
will take place at (i) either (A) a special meeting called in accordance with Section 6(e) below if the request is received more
than 90 days before the date fixed for the Corporation’s next annual or special meeting of stockholders or (B) the next
annual or special meeting of stockholders if the request is received within 90 days of the date fixed for the Corporation’s
next annual or special meeting of stockholders and (ii) at each subsequent annual meeting of stockholders or special meeting held
in place thereof, until all such dividends in arrears and dividends for the current quarterly period on the Series A Preferred
Stock, including the MPG Preferred Accrual, and on each such class or series of outstanding Parity Preferred have been paid in
full. A dividend in respect of Series A Preferred Stock shall be considered timely made if made within two Business Days after
the applicable Dividend Payment Date if at the time of such late payment date there shall not be any prior quarterly dividend periods
in respect of which full dividends were not timely made at the applicable Dividend Payment Date.

 

(e)          At
any time when such voting rights shall have vested, a proper officer of the Corporation shall call or cause to be called, upon
written request of holders of record of at least 10% of the outstanding shares of Series A Preferred Stock, a special meeting of
the holders of Series A Preferred Stock and each class or series of other Parity Preferred by mailing or causing to be mailed to
such holders a notice of such special meeting to be held not less than ten and not more than 45 days after the date such notice
is given. The record date for determining holders of the Parity Preferred entitled to notice of and to vote at such special meeting
will be the close of business on the third Business Day preceding the day on which such notice is mailed. At any such annual or
special meeting, all of the holders of the Series A Preferred Stock and other Parity Preferred, by plurality vote, voting together
as a single class without regard to class or series will be entitled to elect two directors on the basis of one vote per $25.00
of liquidation preference to which such Parity Preferred are entitled by their terms (excluding amounts in respect of accumulated
and unpaid dividends) and not cumulatively. The holder or holders of one-third of the Parity Preferred then outstanding, present
in person or by proxy, will constitute a quorum for the election of the Preferred Directors except as otherwise provided by law.
Notice of all meetings at which holders of the Series A Preferred Stock shall be entitled to vote will be given to such holders
at their addresses as they appear in the transfer records. At any such meeting or adjournment thereof in the absence of a quorum,
subject to the provisions of any applicable law, a majority of the holders of the Parity Preferred present in person or by proxy
shall have the power to adjourn the meeting for the election of the Preferred Directors, without notice other than an announcement
at the meeting, until a quorum is present. If a Preferred Dividend Default shall terminate and the MPG Preferred Accrual shall
have been paid after the notice of a special meeting has been given but before such special meeting has been held, the Corporation
shall, as soon as practicable after such termination, mail or cause to be mailed notice of such termination to holders of the Preferred
Stock that would have been entitled to vote at such special meeting.

 

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(f)          If
and when all accumulated dividends and the MPG Preferred Accrual shall have been paid on the Series A Preferred Stock and
all accumulated dividends shall have been paid on all classes or series of Parity Preferred, the right of the holders of Series
A Preferred Stock and the Parity Preferred to elect such Preferred Directors shall immediately cease (subject to revesting in the
event of each and every Preferred Dividend Default), and the term of office of each Preferred Director so elected shall terminate
and the entire Board of Directors shall be reduced accordingly. Any Preferred Director may be removed at any time with or without
cause by the vote of, and shall not be removed otherwise than by the vote of, the holders of record of a majority of the outstanding
Series A Preferred Stock and other Parity Preferred entitled to vote thereon when they have the voting rights set forth in Section
6(e) (voting separately as a single class with all other classes or series of Parity Preferred). So long as a Preferred Dividend
Default shall continue or the MPG Preferred Accrual shall remain unpaid, any vacancy in the office of a Preferred Director may
be filled by written consent of the Preferred Director remaining in office, or if none remains in office, by a vote of the holders
of record of a majority of the outstanding Series A Preferred Stock when they have the voting rights described above (voting as
a single class with all other classes or series of Parity Preferred). Each of the Preferred Directors shall be entitled to one
vote on any matter.

 

(g)        So
long as any share of Series A Preferred Stock remain outstanding, the affirmative vote or consent of the holders of two-thirds
of the shares of Series A Preferred Stock and each other class or series of Parity Preferred outstanding at the time, given in
person or by proxy, either in writing or at a meeting (voting as a single class) will be required to: (i) authorize, create, issue
or increase (or cause or permit to be authorized, created, issued or increased) the authorized or issued amount of, any class or
series of capital stock ranking senior to the Series A Preferred Stock with respect to payment of dividends or the distribution
of assets upon liquidation, dissolution or winding-up of the affairs of the Corporation or reclassify any authorized shares of
capital stock of the Corporation into such capital stock, or create, authorize or issue any obligation or security convertible
into or evidencing the right to purchase any such capital stock; or (ii) amend, alter or repeal (or cause to be amended, altered
or repealed) the provisions of the charter or the terms of the Series A Preferred Stock, whether by merger, consolidation, transfer
or conveyance of all or substantially all of its assets or otherwise (an “Event”), so as to materially and adversely
affect any right, preference, privilege or voting power of the Series A Preferred Stock; provided however, with respect to the
occurrence of any of the Events set forth in (ii) above, so long as the Series A Preferred Stock remains outstanding with the terms
thereof materially unchanged, taking into account that, upon the occurrence of an Event, the Corporation may not be the surviving
entity, the occurrence of such Event shall not be deemed to materially and adversely affect such rights, preferences, privileges
or voting power of holders of Series A Preferred Stock, and in such case such holders shall not have any voting rights with respect
to the occurrence of any of the Events set forth in (ii) above. In addition, if the holders of the Series A Preferred Stock receive
the greater of the full trading price of the Series A Preferred Stock on the date of an Event set forth in (ii) above or the $25.00
liquidation preference per share of the Series A Preferred Stock pursuant to the occurrence of any of the Events set forth in (ii)
above, then such holders shall not have any voting rights with respect to the Events set forth in (ii) above. Holders of shares
of Series A Preferred Stock shall not be entitled to vote with respect to (A) any increase in the total number of authorized shares
of Common Stock or Preferred Stock of the Corporation, or (B) any increase in the amount of the authorized Preferred Stock or the
creation or issuance of any other class or series of capital stock, or (C) any increase in the number of authorized shares of any
other class or series of capital stock, in each case referred to in clause (A), (B) or (C) above ranking on parity with or junior
to the Series A Preferred Stock with respect to the payment of dividends and the distribution of assets upon liquidation, dissolution
or winding-up of the Corporation. Except as set forth herein, holders of the Series A Preferred Stock shall not have any voting
rights with respect to, and the consent of the holders of the Series A Preferred Stock shall not be required for, the taking of
any corporate action, including an Event, regardless of the effect that such corporate action or Event may have upon the powers,
preferences, voting power or other rights or privileges of the Series A Preferred Stock.

 

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(h)       So
long as any shares of Series A Preferred Stock remain outstanding, the affirmative vote or consent of the holders of two-thirds
of the shares of Series A Preferred Stock given in person or by proxy, either in writing or at a meeting (voting as a single class)
will be required for the Corporation to take any action as a stockholder of the Surviving REIT to cause or permit the Surviving
REIT to: (i) authorize, create, issue or increase (or caused to be authorized, created, issued or increased) the authorized or
issued amount of, any class or series of capital stock ranking senior to the Surviving REIT Series A Preferred Stock with respect
to payment of dividends or the distribution of assets upon liquidation, dissolution or winding-up of the affairs of the Surviving
REIT or reclassify any authorized shares of capital stock of the Surviving REIT into such capital stock, or create, authorize or
issue any obligation or security convertible into or evidencing the right to purchase any such capital stock or (ii) amend, alter
or repeal (or cause to be amended, altered or repealed) the provisions of the charter of the Surviving REIT or the terms of the
Surviving REIT Series A Preferred Stock, whether by merger, consolidation, transfer or conveyance of all or substantially all of
its assets or otherwise (a “Surviving REIT Event”), so as to materially and adversely affect any right, preference,
privilege or voting power of the Surviving REIT Series A Preferred Stock; provided however, with respect to the occurrence of any
of the Surviving REIT Events set forth in (ii) above, so long as the Surviving REIT Series A Preferred Stock remains outstanding
with the terms thereof materially unchanged, taking into account that, upon the occurrence of a Surviving REIT Event, the Surviving
REIT may not be the surviving entity, the occurrence of such Surviving REIT Event shall not be deemed to materially and adversely
affect such rights, preferences, privileges or voting power of holders of the Surviving REIT Series A Preferred Stock, and in such
case such holders shall not have any voting rights with respect to such action by the Corporation with respect to any of the Surviving
REIT Events set forth in (ii) above. In addition, if the holders of the Series A Preferred Stock receive the greater of the full
trading price of the Series A Preferred Stock on the date of a Surviving REIT Event set forth in (ii) above or the $25.00 liquidation
preference per share of the Series A Preferred Stock pursuant to the occurrence of any of the Surviving REIT Events set forth in
(ii) above, then such holders shall not have any voting rights with respect to Corporation’s actions to cause or permit the
Surviving REIT Events set forth in (ii) above. Holders of shares of Series A Preferred Stock shall not be entitled to vote with
respect any action by the Corporation, in its capacity as a stockholder of the Surviving REIT, to cause or permit (A) any increase
in the total number of authorized shares of common stock or preferred stock of the Surviving REIT, or (B) any increase in the amount
of the authorized preferred stock or the creation or issuance of any other class or series of capital stock of the Surviving REIT,
or (C) any increase in the number of authorized shares of any other class or series of capital stock of the Surviving REIT, in
each case referred to in clause (A), (B) or (C) above ranking on parity with or junior to the Surviving REIT Series A Preferred
Stock with respect to the payment of dividends and the distribution of assets upon liquidation, dissolution or winding-up of the
Surviving REIT. Except as set forth herein, holders of the Series A Preferred Stock shall not have any voting rights with respect
to, and the consent of the holders of the Series A Preferred Stock shall not be required for, the taking of any corporate action
as a stockholder of the Surviving REIT, including a Surviving REIT Event, regardless of the effect that such corporate action or
Surviving REIT Event may have upon the powers, preferences, voting power or other rights or privileges of the Surviving REIT Series
A Preferred Stock.

 

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(i)          The
foregoing voting provisions of this Section 6 shall not apply if, at or prior to the time when the act with respect to which such
vote would otherwise be required shall be effected, all outstanding shares of Series A Preferred Stock shall have been redeemed
or called for redemption upon proper notice and sufficient funds, in cash, shall have been deposited in trust to effect such redemption.

 

(j)          In
any matter in which the Series A Preferred Stock may vote (as expressly provided herein), each share of Series A Preferred Stock
shall be entitled to one vote per $25.00 of liquidation preference.

 

Section 7. Restrictions on Ownership
and Transfer to Preserve Tax Benefit.

 

(a)          Definitions.
For the purposes of Section 5 and this Section 7, the following terms shall have the following meanings:

 

“Beneficial Ownership”
shall mean ownership of Series A Preferred Stock by a Person who is or would be treated as an owner of such Series A Preferred
Stock either actually or constructively through the application of Section 544 of the Code, as modified by Sections 856(h)(1)(B)
and 856(h)(3) of the Code. The terms “Beneficial Owner,” “Beneficially Own,” “Beneficially
Owns” and “Beneficially Owned” shall have the correlative meanings.

 

“Charitable Beneficiary”
shall mean one or more beneficiaries of a Trust, as determined pursuant to Section 7(c)(6).

 

“Code” shall mean the Internal
Revenue Code of 1986, as amended. All section references to the Code shall include any successor provisions thereof as may be adopted
from time to time.

 

“Constructive Ownership”
shall mean ownership of Series A Preferred Stock by a Person who is or would be treated as an owner of such Series A Preferred
Stock either actually or constructively through the application of Section 318 of the Code, as modified by Section 856(d)(5) of
the Code. The terms “Constructive Owner,” “Constructively Own,” “Constructively
Owns” and “Constructively Owned” shall have the correlative meanings.

 

“Individual” means an individual,
a trust qualified under Section 401(a) or 501(c)(17) of the Code, a portion of a trust permanently set aside for or to be used
exclusively for the purposes described in Section 642(c) of the Code, or a private foundation within the meaning of Section 509(a)
of the Code, provided that a trust described in Section 401(a) of the Code and exempt from tax under Section 501(a) of the Code
shall be excluded from this definition.

 

“IRS” means the United
States Internal Revenue Service.

 

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“Market Price” means the
last reported sales price reported on the New York Stock Exchange of the Series A Preferred Stock on the trading day immediately
preceding the relevant date, or if the Series A Preferred Stock is not then traded on the New York Stock Exchange, the last reported
sales price of the Series A Preferred Stock on the trading day immediately preceding the relevant date as reported on any exchange
or quotation system over which the Series A Preferred Stock may be traded, or if the Series A Preferred Stock is not then traded
over any exchange or quotation system, then the market price of the Series A Preferred Stock on the relevant date as determined
in good faith by the Board of Directors of the Corporation.

 

“Ownership Limit” shall
mean 9.8% (by value or by number of shares, whichever is more restrictive) of the outstanding Series A Preferred Stock of the Corporation,
excluding any such outstanding Series A Preferred Stock which is not treated as outstanding for federal income tax purposes. The
number and value of shares of outstanding Series A Preferred Stock of the Corporation shall be determined by the Board of Directors
in good faith, which determination shall be conclusive for all purposes hereof.

 

“Parent” shall mean Brookfield
DTLA Holdings LLC, a Delaware limited liability company.

 

“Person” shall mean an
individual, corporation, partnership, limited liability company, estate, trust (including a trust qualified under Section 401(a)
or 501(c)(17) of the Code), a portion of a trust permanently set aside for or to be used exclusively for the purposes described
in Section 642(c) of the Code, association, private foundation within the meaning of Section 509(a) of the Code, joint stock
company or other entity; but does not include an underwriter acting in a capacity as such in a public offering of shares of Series
A Preferred Stock provided that the ownership of such shares of Series A Preferred Stock by such underwriter would not result in
the Corporation being “closely held” within the meaning of Section 856(h) of the Code, or otherwise result in the Corporation
failing to qualify as a REIT.

 

“Purported Beneficial Transferee”
shall mean, with respect to any purported Transfer (or other event) which results in a transfer to a Trust, as provided in Section
7(b)(2), the Purported Record Transferee, unless the Purported Record Transferee would have acquired or owned shares of Series
A Preferred Stock for another Person who is the beneficial transferee or owner of such shares, in which case the Purported Beneficial
Transferee shall be such Person.

 

“Purported Record Transferee”
shall mean, with respect to any purported Transfer (or other event) which results in a transfer to a Trust, as provided in Section
7(b)(2), the record holder of the shares of Series A Preferred Stock if such Transfer had been valid under Section 7(b)(1).

 

“REIT” shall mean a real
estate investment trust under Sections 856 through 860 of the Code.

 

“Restriction
Termination Date” shall mean the first day on which the Board of Directors of the Corporation determines that it is no
longer in the best interests of the Corporation to attempt to, or continue to, qualify as a REIT.

 

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“Transfer” shall mean any
issuance, sale, transfer, gift, assignment, devise, other disposition of Series A Preferred Stock as well as any other event that
causes any Person to Beneficially Own or Constructively Own Series A Preferred Stock, including (i) the granting of any option
or entering into any agreement for the sale, transfer or other disposition of Series A Preferred Stock or (ii) the sale, transfer,
assignment or other disposition of any securities (or rights convertible into or exchangeable for Series A Preferred Stock), whether
voluntary or involuntary, whether such transfer has occurred of record or beneficially or Beneficially or Constructively (including
but not limited to transfers of interests in other entities which result in changes in Beneficial or Constructive Ownership of
Series A Preferred Stock), and whether such transfer has occurred by operation of law or otherwise.

 

“Trust” shall mean each
of the trusts provided for in Section 7(c).

 

“Trustee” shall mean any
Person unaffiliated with the Corporation, or a Purported Beneficial Transferee, or a Purported Record Transferee, that is appointed
by the Corporation to serve as trustee of a Trust.

 

(b)          Restriction
on Ownership and Transfers.

 

1.          Prior
to the Restriction Termination Date:

 

i.            except
as provided in Section 7(i), no Person, other than Parent, another subsidiary of Parent or any Person who owns a direct or indirect
interest in Parent, shall Beneficially Own Series A Preferred Stock in excess of the Ownership Limit;

 

ii.         except
as provided in Section 7(i), no Person, other than Parent, another subsidiary of Parent or any Person who owns a direct or indirect
interest in Parent, shall Constructively Own Series A Preferred Stock in excess of the Ownership Limit; and

 

iii.         no
Person shall Beneficially or Constructively Own Series A Preferred Stock to the extent that such Beneficial or Constructive Ownership
would result in the Corporation being “closely held” within the meaning of Section 856(h) of the Code, or otherwise
failing to qualify as a REIT (including but not limited to ownership that would result in the Corporation owning (actually or Constructively)
an interest in a tenant that is described in Section 856(d)(2)(B) of the Code if the income derived by the Corporation (either
directly or indirectly through one or more partnerships or limited liability companies) from such tenant would cause the Corporation
to fail to satisfy any of the gross income requirements of Section 856(c) of the Code).

 

2.          If,
prior to the Restriction Termination Date, any Transfer occurs that, if effective, would result in any Person Beneficially or Constructively
Owning Series A Preferred Stock in violation of Section 7(b)(1), (i) then that number of shares of Series A Preferred Stock that
otherwise would cause such Person to violate Section 7(b)(1) (rounded up to the nearest whole share) shall be automatically transferred
to a Trust for the benefit of a Charitable Beneficiary, as described in Section 7(c), effective as of the close of business on
the business day prior to the date of such Transfer or other event, and such Purported Beneficial Transferee shall thereafter have
no rights in such shares or (ii) if, for any reason, the transfer to the Trust described in clause (i) of this sentence is not
automatically effective as provided therein to prevent any Person from Beneficially or Constructively Owning Series A Preferred
Stock in violation of Section 7(b)(1), then the Transfer of that number of shares of Series A Preferred Stock that otherwise would
cause any Person to violate Section 7(b)(1) shall be void ab initio, and the Purported Beneficial Transferee shall have no
rights in such shares.

 

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3.          notwithstanding
any other provisions contained herein, prior to the Restriction Termination Date, any Transfer of Series A Preferred Stock that,
if effective, would result in the capital stock of the Corporation being beneficially owned by less than 100 Persons (determined
without reference to any rules of attribution) shall be void ab initio, and the intended transferee shall acquire no rights in
such Series A Preferred Stock.

 

4.          It
is expressly intended that the restrictions on ownership and Transfer described in this Section 7(b)(2) shall apply to restrict
the rights of any members or partners in limited liability companies or partnerships to exchange their interest in such entities
for Series A Preferred Stock of the Corporation.

 

(c)          Transfers
of Series A Preferred Stock in Trust.

 

1.          Upon
any purported Transfer or other event described in Section 7(b)(2), such Series A Preferred Stock shall be deemed to have been
transferred to the Trustee in his capacity as trustee of a Trust for the exclusive benefit of one or more Charitable Beneficiaries.
Such transfer to the Trustee shall be deemed to be effective as of the close of business on the business day prior to the purported
Transfer or other event that results in a transfer to the Trust pursuant to Section 7(b)(2). The Trustee shall be appointed by
the Corporation and shall be a Person unaffiliated with the Corporation, any Purported Beneficial Transferee, and any Purported
Record Transferee. Each Charitable Beneficiary shall be designated by the Corporation as provided in Section 7(c)(6).

 

2.          Series
A Preferred Stock held by the Trustee shall be issued and outstanding Series A Preferred Stock of the Corporation. The Purported
Beneficial Transferee or Purported Record Transferee shall have no rights in the shares of Series A Preferred Stock held by the
Trustee. The Purported Beneficial Transferee or Purported Record Transferee shall not benefit economically from ownership of any
shares held in trust by the Trustee, shall have no rights to dividends and shall not possess any rights to vote or other rights
attributable to the shares of Series A Preferred Stock held in the Trust.

 

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3.          The
Trustee shall have all voting rights and rights to dividends with respect to Series A Preferred Stock held in the Trust, which
rights shall be exercised for the exclusive benefit of the Charitable Beneficiary. Any dividend or distribution paid prior to the
discovery by the Corporation that shares of Series A Preferred Stock have been transferred to the Trustee shall be paid to the
Trustee upon demand, and any dividend or distribution declared but unpaid shall be paid when due to the Trustee with respect to
such Series A Preferred Stock. Any dividends or distributions so paid over to the Trustee shall be held in trust for the Charitable
Beneficiary. The Purported Record Transferee and Purported Beneficial Transferee shall have no voting rights with respect to the
Series A Preferred Stock held in the Trust and, subject to Maryland law, effective as of the date the Series A Preferred Stock
has been transferred to the Trustee, the Trustee shall have the authority (at the Trustee’s sole discretion) (i) to rescind
as void any vote cast by a Purported Record Transferee with respect to such Series A Preferred Stock prior to the discovery by
the Corporation that the Series A Preferred Stock has been transferred to the Trustee and (ii) to recast such vote in accordance
with the desires of the Trustee acting for the benefit of the Charitable Beneficiary; provided, however, that if the Corporation
has already taken irreversible corporate action, then the Trustee shall not have the authority to rescind and recast such vote.
Notwithstanding the provisions of this Section 7, until the Corporation has received notification that the Series A Preferred Stock
has been transferred into a Trust, the Corporation shall be entitled to rely on its share transfer and other stockholder records
for purposes of preparing lists of stockholders entitled to vote at meetings, determining the validity and authority of proxies
and otherwise conducting votes of stockholders.

 

4.          Within
20 days of receiving notice from the Corporation that shares of Series A Preferred Stock have been transferred to the Trust, the
Trustee of the Trust shall sell the shares of Series A Preferred Stock held in the Trust to a person, designated by the Trustee,
whose ownership of the shares of Series A Preferred Stock will not violate the ownership limitations set forth in Section 7(b)(1).
Upon such sale, the interest of the Charitable Beneficiary in the shares of Series A Preferred Stock sold shall terminate and the
Trustee shall distribute the net proceeds of the sale to the Purported Record Transferee and to the Charitable Beneficiary as provided
in this Section 7(c)(4). The Purported Record Transferee shall receive the lesser of (i) the price paid by the Purported Record
Transferee for the shares of Series A Preferred Stock in the transaction that resulted in such transfer to the Trust (or, if the
event which resulted in the transfer to the Trust did not involve a purchase of such shares of Series A Preferred Stock at Market
Price, the Market Price of such shares of Series A Preferred Stock on the day of the event which resulted in the transfer of such
shares of Series A Preferred Stock to the Trust )and (ii) the price per share received by the Trustee (net of any commissions and
other expenses of sale) from the sale or other disposition of the shares of Series A Preferred Stock held in the Trust. Any net
sales proceeds in excess of the amount payable to the Purported Record Transferee shall be immediately paid to the Charitable Beneficiary
together with any dividends or other distributions thereon. If, prior to the discovery by the Corporation that shares of such Series
A Preferred Stock have been transferred to the Trustee, such shares of Series A Preferred Stock are sold by a Purported Record
Transferee then (x) such shares of Series A Preferred Stock shall be deemed to have been sold on behalf of the Trust and (y) to
the extent that the Purported Record Transferee received an amount for such shares of Series A Preferred Stock that exceeds the
amount that such Purported Record Transferee was entitled to receive pursuant to this Section 7(c)(4), such excess shall be paid
to the Trustee upon demand.

 

5.          Series
A Preferred Stock transferred to the Trustee shall be deemed to have been offered for sale to the Corporation, or its designee,
at a price per share equal to the lesser of (i) the price paid by the Purported Record Transferee for the shares of Series A Preferred
Stock in the transaction that resulted in such transfer to the Trust (or, if the event which resulted in the transfer to the Trust
did not involve a purchase of such shares of Series A Preferred Stock at Market Price, the Market Price of such shares of Series
A Preferred Stock on the day of the event which resulted in the transfer of such shares of Series A Preferred Stock to the Trust)
and (ii) the Market Price on the date the Corporation, or its designee, accepts such offer. The Corporation shall have the right
to accept such offer until the Trustee has sold the shares of Series A Preferred Stock held in the Trust pursuant to Section 7(c)(4).
Upon such a sale to the Corporation, the interest of the Charitable Beneficiary in the shares of Series A Preferred Stock sold
shall terminate and the Trustee shall distribute the net proceeds of the sale to the Purported Record Transferee and any dividends
or other distributions held by the Trustee with respect to such Series A Preferred Stock shall thereupon be paid to the Charitable
Beneficiary.

 

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6.          By
written notice to the Trustee, the Corporation shall designate one or more nonprofit organizations to be the Charitable Beneficiary
of the interest in the Trust such that (i) the shares of Series A Preferred Stock held in the Trust would not violate the restrictions
set forth in Section 7(b)(1) in the hands of such Charitable Beneficiary and (ii) each Charitable Beneficiary is an organization
described in Sections 170(b)(1)(A), 170(c)(2) and 501(c)(3) of the Code.

 

(d)          Remedies
For Breach. If the Board of Directors or a committee thereof or other designees if permitted by the MGCL shall at any time
determine in good faith that a Transfer or other event has taken place in violation of Section 7(b) or that a Person intends to
acquire, has attempted to acquire or may acquire beneficial ownership (determined without reference to any rules of attribution),
Beneficial Ownership or Constructive Ownership of any shares of the Corporation in violation of Section 7(b), the Board of Directors
or a committee thereof or other designees if permitted by the MGCL shall take such action as it deems or they deem advisable to
refuse to give effect or to prevent such Transfer, including, but not limited to, causing the Corporation to redeem shares of Series
A Preferred Stock, refusing to give effect to such Transfer on the books of the Corporation or instituting proceedings to enjoin
such Transfer; provided, however, that any Transfers (or, in the case of events other than a Transfer, ownership or Constructive
Ownership or Beneficial Ownership) in violation of Section 7(b)(1), shall automatically result in the transfer to a Trust as described
in Section 7(b)(2) and any Transfer in violation of Section 7(b)(3) shall automatically be void ab initio irrespective of any action
(or non-action) by the Board of Directors.

 

(e)          Notice
of Restricted Transfer. Any Person who acquires or attempts to acquire shares in violation of Section 7(b)(1), or any Person
who is a Purported Beneficial Transferee such that an automatic transfer to a Trust results under Section 7(b)(2), shall immediately
give written notice to the Corporation of such event and shall provide to the Corporation such other information as the Corporation
may request in order to determine the effect, if any, of such Transfer or attempted Transfer on the Corporation’s status
as a REIT.

 

(f)          Owners
Required to Provide Information. Prior to the Restriction Termination Date, each Person who is a beneficial owner or Beneficial
Owner or Constructive Owner of shares of Series A Preferred Stock and each Person (including the stockholder of record) who is
holding shares of Series A Preferred Stock for a beneficial owner or Beneficial Owner or Constructive Owner shall, on demand, provide
to the Corporation a completed questionnaire containing the information regarding their ownership of such shares, as set forth
in the regulations (as in effect from time to time) of the U.S. Department of Treasury under the Code. In addition, each Person
who is a beneficial owner or Beneficial Owner or Constructive Owner of shares of Series A Preferred Stock and each Person (including
the stockholder of record) who is holding shares of Series A Preferred Stock for a beneficial owner or Beneficial Owner or Constructive
Owner shall, on demand, be required to disclose to the Corporation in writing such information as the Corporation may request in
order to determine the effect, if any, of such stockholder’s actual and constructive ownership of shares of Series A Preferred
Stock on the Corporation’s status as a REIT and to ensure compliance with the Ownership Limit, or as otherwise permitted
by the Board of Directors.

 

    	17

    	 

    

 

(g)          Remedies
Not Limited. Nothing contained in this Section 7 shall limit the authority of the Board of Directors to take such other action
as it deems necessary or advisable to protect the Corporation and the interests of its stockholders by preservation of the Corporation’s
status as a REIT.

 

(h)          Ambiguity.
In the case of an ambiguity in the application of any of the provisions of this Section 7, including any definition contained in
Section 7(a), the Board of Directors shall have the power to determine the application of the provisions of this Section 7 with
respect to any situation based on the facts known to it. In the event this Section 7 requires an action by the Board of Directors
and the charter fails to provide specific guidance with respect to such action, the Board of Directors shall have the power to
determine the action to be taken so long as such action is not contrary to the provisions of this Section 7. Absent a decision
to the contrary by the Board of Directors (which the Board may make in its sole and absolute discretion), if a Person would have
(but for the remedies set forth in Section 7(b)(2)) acquired Beneficial or Constructive Ownership of Series A Preferred Stock in
violation of Section 7(b)(1), such remedies (as applicable) shall apply first to the shares of Series A Preferred Stock which,
but for such remedies, would have been actually owned by such Person, and second to shares of Series A Preferred Stock which, but
for such remedies, would have been Beneficially Owned or Constructively Owned (but not actually owned) by such Person, pro rata
among the Persons who actually own such shares of Series A Preferred Stock based upon the relative number of the shares of Series
A Preferred Stock held by each such Person.

 

(i)          Exceptions.

 

1.          Subject
to Section 7(b)(1)(iii), the Board of Directors, in its sole discretion, may exempt (prospectively or retroactively) a Person from
the limitation, set forth in Section 7(b)(1)(i), on a Person Beneficially Owning shares of Series A Preferred Stock in excess of
the Ownership Limit, if the Board of Directors determines that such exemption will not cause any Individual’s Beneficial
Ownership of shares of Series A Preferred Stock to violate the Ownership Limit and that any such exemption will not cause the Corporation
to fail to qualify as a REIT under the Code.

 

2.          Subject
to Section 7(b)(1)(iii), the Board of Directors, in its sole discretion, may exempt (prospectively or retroactively) a Person from
the limitation, set forth in Section 7(b)(1)(ii), on a Person Constructively Owning Series A Preferred Stock in excess of the Ownership
Limit, if the Board of Directors determines that such Person does not and will not own, actually or Constructively, an interest
in a tenant of the Corporation (or a tenant of any entity owned in whole or in part by the Corporation) that would cause the Corporation
to own, actually or Constructively, more than a 9.8% interest (as set forth in Section 856(d)(2)(B) of the Code) in such tenant
or that any such ownership would not cause the Corporation to fail to qualify as a REIT under the Code.

 

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3.          Subject
to Section 7(b)(1)(iii) and the remainder of this Section 7(i)(3), the Board of Directors may from time to time increase the Ownership
Limit for one or more Persons and decrease the Ownership Limit for all other Persons; provided, however, that the decreased Ownership
Limit will not be effective for any Person whose percentage ownership in Series A Preferred Stock is in excess of such decreased
Ownership Limit until such time as such Person’s percentage of Series A Preferred Stock equals or falls below the decreased
Ownership Limit, but any further acquisition of Series A Preferred Stock in excess of such percentage ownership of Series A Preferred
Stock will be in violation of the Ownership Limit, and, provided further, that the new Ownership Limit would not allow five or
fewer Persons to Beneficially Own more than 49% in value of the outstanding Series A Preferred Stock.

 

4.          In
granting a person an exemption under Section 7(i)(1) or 7(i)(2) above, the Board of Directors may require such Person to make certain
representations or undertakings or to agree that any violation or attempted violation of such representations or undertakings (or
other action which is contrary to the restrictions contained in Section 7(b)) will result in such Series A Preferred Stock being
transferred to a Trust in accordance with Section 7(b)(2). Prior to granting any exception pursuant to Section 7(i)(1) or 7(i)(2),
the Board of Directors may require a ruling from the IRS, or an opinion of counsel, in either case in form and substance satisfactory
to the Board of Directors in its sole discretion, as it may deem necessary or advisable in order to determine or ensure the Corporation’s
status as a REIT.

 

(j)          Legend.

 

1.          Each
certificate for Series A Preferred Stock shall bear substantially the following legends in addition to any legends required to
comply with federal and state securities law:

 

Classes of Stock

 

THE CORPORATION
IS AUTHORIZED TO ISSUE CAPITAL STOCK OF MORE THAN ONE CLASS, CONSISTING OF COMMON STOCK AND ONE OR MORE CLASSES OF PREFERRED STOCK.
THE BOARD OF DIRECTORS IS AUTHORIZED TO DETERMINE THE PREFERENCES, LIMITATIONS AND RELATIVE RIGHTS OF ANY CLASS OF THE PREFERRED
STOCK BEFORE THE ISSUANCE OF SHARES OF SUCH CLASS OF PREFERRED STOCK. THE CORPORATION WILL FURNISH, WITHOUT CHARGE, TO ANY STOCKHOLDER
MAKING A WRITTEN REQUEST THEREFOR, A COPY OF THE CORPORATION'S CHARTER AND A WRITTEN STATEMENT OF THE DESIGNATIONS, RELATIVE RIGHTS,
PREFERENCES, CONVERSION OR OTHER RIGHTS, VOTING POWERS, RESTRICTIONS, LIMITATIONS AS TO DIVIDENDS AND OTHER DISTRIBUTIONS, QUALIFICATIONS
AND TERMS AND CONDITIONS OF REDEMPTION OF THE STOCK OF EACH CLASS WHICH THE CORPORATION HAS THE AUTHORITY TO ISSUE AND, IF THE
CORPORATION IS AUTHORIZED TO ISSUE ANY PREFERRED OR SPECIAL CLASS AND SERIES, (i) THE DIFFERENCES IN THE RELATIVE RIGHTS AND PREFERENCES
BETWEEN THE SHARES OF EACH SERIES TO THE EXTENT SET, AND (ii) THE AUTHORITY OF THE BOARD OF DIRECTORS TO SET SUCH RIGHTS AND PREFERENCES
OF SUBSEQUENT SERIES. REQUESTS FOR SUCH WRITTEN STATEMENT MAY BE DIRECTED TO THE SECRETARY OF THE CORPORATION AT ITS PRINCIPAL
OFFICE.

 

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Restriction on Ownership and Transfer

 

THE SHARES OF SERIES
A PREFERRED STOCK REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON BENEFICIAL AND CONSTRUCTIVE OWNERSHIP AND TRANSFER
FOR THE PURPOSE OF THE CORPORATION'S MAINTENANCE OF ITS STATUS AS A REAL ESTATE INVESTMENT TRUST UNDER THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED (THE "CODE"). SUBJECT TO CERTAIN FURTHER RESTRICTIONS AND EXCEPT AS EXPRESSLY PROVIDED IN THIS ARTICLES
SUPPLEMENTARY FOR THE SERIES A PREFERRED STOCK, (i) NO PERSON MAY BENEFICIALLY OR CONSTRUCTIVELY OWN SHARES OF THE CORPORATION'S
SERIES A PREFERRED STOCK IN EXCESS OF 9.8% (BY VALUE OR BY NUMBER OF SHARES, WHICHEVER IS MORE RESTRICTIVE) OF THE OUTSTANDING
SERIES A PREFERRED STOCK OF THE CORPORATION; (ii) NO PERSON MAY BENEFICIALLY OR CONSTRUCTIVELY OWN SERIES A PREFERRED STOCK THAT
WOULD RESULT IN THE CORPORATION BEING "CLOSELY HELD" UNDER SECTION 856(h) OF THE CODE OR OTHERWISE CAUSE THE CORPORATION
TO FAIL TO QUALIFY AS A REIT; AND (iii) NO PERSON MAY TRANSFER SERIES A PREFERRED STOCK IF SUCH TRANSFER WOULD RESULT IN THE CAPITAL
STOCK OF THE CORPORATION BEING OWNED BY FEWER THAN 100 PERSONS. ANY PERSON WHO BENEFICIALLY OR CONSTRUCTIVELY OWNS OR ATTEMPTS
TO BENEFICIALLY OR CONSTRUCTIVELY OWN SERIES A PREFERRED STOCK IN VIOLATION OF THE ABOVE LIMITATIONS MUST IMMEDIATELY NOTIFY THE
CORPORATION. IF ANY OF THE RESTRICTIONS ON TRANSFER OR OWNERSHIP ARE VIOLATED, THE SERIES A PREFERRED STOCK REPRESENTED HEREBY
IN VIOLATION OF SUCH RESTRICTIONS WILL BE AUTOMATICALLY TRANSFERRED TO THE TRUSTEE OF A TRUST FOR THE BENEFIT OF ONE OR MORE CHARITABLE
BENEFICIARIES. IN ADDITION, THE CORPORATION MAY REDEEM SHARES UPON THE TERMS AND CONDITIONS SPECIFIED BY THE BOARD OF DIRECTORS
IN ITS SOLE DISCRETION IF THE BOARD OF DIRECTORS DETERMINES THAT OWNERSHIP OR A TRANSFER OR OTHER EVENT MAY VIOLATE THE RESTRICTIONS
DESCRIBED ABOVE. FURTHERMORE, UPON THE OCCURRENCE OF CERTAIN EVENTS, ATTEMPTED TRANSFERS TN VIOLATION OF THE RESTRICTIONS DESCRIBED
ABOVE MAY BE VOID AB INITIO. ALL TERMS IN THIS LEGEND WHICH ARE DEFINED IN THE CORPORATION’S ARTICLES SUPPLEMENTARY SHALL
HAVE THE MEANINGS ASCRIBED TO THEM IN THE ARTICLES SUPPLEMENTARY, AS THE SAME MAY BE AMENDED FROM TIME TO TIME, A COPY OF WHICH,
INCLUDING THE RESTRICTIONS ON TRANSFER AND OWNERSHIP, WILL BE FURNISHED TO EACH HOLDER OF SERIES A PREFERRED STOCK ON REQUEST AND
WITHOUT CHARGE. REQUESTS FOR SUCH A COPY MAY BE DIRECTED TO THE SECRETARY OF THE CORPORATION AT ITS PRINCIPAL OFFICE.

 

    	20

    	 

    

 

(k)          Severability.
If any provision of this Section 7 or any application of any such provision is determined to be invalid by any federal or state
court having jurisdiction over the issues, the validity of the remaining provision shall not be affected and other applications
of such provisions shall be affected only to the extent necessary to comply with the determination of such court.

 

(l)          Enforcement.
The Corporation is authorized specifically to seek equitable relief, including injunctive relief, to enforce the provisions of
this Section 7.

 

(m)        Non-Waiver.
No delay or failure on the part of the Corporation or the Board of Directors in exercising any right hereunder shall operate as
a waiver of any right of the Corporation or the Board of Directors, as the case may be, except to the extent specifically waived
in writing.

 

Section 8. No Conversion Rights.
The shares of Series A Preferred Stock shall not be convertible into or exchangeable for any other property or securities of the
Corporation or any other entity.

 

Section 9. Record
Holders. The Corporation and the Transfer Agent may deem and treat the record holder of any Series A Preferred Stock as the
true and lawful owner thereof for all purposes, and neither the Corporation nor the Transfer Agent shall be affected by any notice
to the contrary.

 

Section 10. No Maturity
or Sinking Fund. The Series A Preferred Stock has no maturity date, and no sinking fund has been established for the retirement
or redemption of Series A Preferred Stock.

 

Section 11. Exclusion of Other Rights.
The Series A Preferred Stock shall not have any preferences or other rights, voting powers, restrictions, limitations as to dividends
or other distributions, qualifications or terms or conditions of redemption other than expressly set forth in the charter.

 

Section 12. Headings of Subdivisions.
The headings of the various subdivisions hereof are for convenience of reference only and shall not affect the interpretation of
any of the provisions hereof.

 

Section 13. Severability of Provisions.
If any preferences or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications
or terms or conditions of redemption of the Series A Preferred Stock set forth in the charter and these Articles Supplementary
are invalid, unlawful or incapable of being enforced by reason of any rule of law or public policy, all other preferences or other
rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications or terms or conditions
of redemption of Series A Preferred Stock set forth in the charter which can be given effect without the invalid, unlawful or unenforceable
provision thereof shall, nevertheless, remain in full force and the effect and no preferences or other rights, voting powers, restrictions,
limitations as to dividends or other distributions, qualifications or terms or conditions of redemption of the Series A Preferred
Stock herein set forth shall be deemed dependent upon any other provision thereof unless so expressed therein.

 

    	21

    	 

    

 

Section 14. No Preemptive Rights.
No holder of Series A Preferred Stock shall be entitled to any preemptive rights to subscribe for or acquire any unissued shares
of capital stock of the Corporation (whether now or hereafter authorized) or securities of the Corporation convertible into or
carrying a right to subscribe to or acquire shares of capital stock of the Corporation.

 

FOURTH: The Series A Preferred Stock
have been classified and designated by the Board of Directors under the authority contained in the charter.

 

FIFTH: These Articles Supplementary
have been approved by the Board in the manner and by the vote required by law.

 

SIXTH: These Articles Supplementary
shall be effective at the time the Department accepts these Articles Supplementary for record.

 

SEVENTH: The undersigned Senior Vice
President of the Corporation acknowledges these Articles Supplementary to be the corporate act of the Corporation and, as to all
matters or facts required to be verified under oath, the undersigned Senior Vice President acknowledges that to the best of his
knowledge, information and belief, these matters and facts are true in all material respects and that this statement is made under
the penalties for perjury.

 

    	22

    	 

    

 

IN WITNESS WHEREOF, the Corporation has
caused these Articles Supplementary to be executed under seal in its name and on its behalf by the undersigned and attested to
by the undersigned on this 23rd day of August, 2013.

 

	ATTEST:	 	BROOKFIELD DTLA FUND OFFICE TRUST
	 	 	INVESTOR INC.
	 	 	 
	By:	/s/ Edward F. Beisner		By:	/s/ Michael McNamara
	 	Name: 	Edward F. Beisner	 		Name:	Michael McNamara
	 	Title:	Senior Vice President	 		Title:	Senior Vice President
	 	 	Controller and Treasurer	 	 		Head of U.S. Acquisitions and Dispositions

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