EX-4.2



 Exhibit 4.2 
  

 
 REGISTRATION RIGHTS AGREEMENT 

Dated as of October 17, 2014 

among 
 HALYARD HEALTH, INC., 

as Issuer, 
 and 

MORGAN STANLEY & CO. LLC, 

as representative of the several Initial Purchasers 
  

 







 REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of October 17, 2014, among HALYARD
HEALTH, INC., a Delaware corporation (the “Company”), and MORGAN STANLEY & CO. LLC, as representative of the several initial purchasers set forth on Schedule I hereto (the “Initial Purchasers”). 

This Agreement is made pursuant to the Purchase Agreement, dated October 2, 2014, among the Company, the Initial Purchasers and the
Guarantors (as defined below) (the “Purchase Agreement”), which provides for the sale by the Company to the Initial Purchasers of an aggregate of $250,000,000 principal amount of the Company’s 6.250% Senior Notes due 2022
(the “Notes”). The Notes are being issued in connection with the spin-off (the “Spin-Off”) of the Company from Kimberly-Clark Corporation, a Delaware corporation (“Kimberly-Clark”), and the gross
proceeds of the Notes are being deposited in escrow pending the satisfaction of certain conditions in connection with the Spin-Off. Upon the release of the gross proceeds from escrow, (i) the Notes will be fully and unconditionally guaranteed
on a senior unsecured basis by the subsidiaries of the Company listed on Schedule II hereto (the “Guarantors”) and (ii) the Guarantors will execute a joinder to this Agreement (the “Registration Rights Joinder
Agreement”), the form of which is included as Annex A hereto, whereby the Guarantors will agree to be bound by the terms hereof and will agree to undertake and perform all of the obligations of a “Guarantor” set forth
herein. In order to induce the Initial Purchasers to enter into the Purchase Agreement, the Company and (upon execution of the Registration Rights Joinder Agreement) the Guarantors agree to provide to the Initial Purchasers and their direct and
indirect transferees the registration rights set forth in this Agreement. The execution of this Agreement is a condition to the closing under the Purchase Agreement. 

In consideration of the foregoing, the parties hereto agree as follows: 

1. Definitions. 

As used in this Agreement, the following capitalized defined terms shall have the following meanings: 

“1933 Act” shall mean the Securities Act of 1933, as amended from time to time. 

“1934 Act” shall mean the Securities Exchange Act of 1934, as amended from time to time. 

“Additional Interest” shall have the meaning set forth in Section 2(d) hereof. 

“Closing Date” shall mean the Closing Date as defined in the Purchase Agreement. 

“Company” shall have the meaning set forth in the preamble and shall also include the Company’s
successors. 







 “DTC” shall mean The Depository Trust Company, New York, New
York. 
 “Exchange Offer” shall mean an exchange offer by the Company and the Guarantors of Exchange
Securities for the Registrable Securities pursuant to Section 2(a) hereof. 
 “Exchange Offer
Registration” shall mean a registration under the 1933 Act effected pursuant to Section 2(a) hereof. 

“Exchange Offer Registration Statement” shall mean an exchange offer registration statement on Form S-4 (or,
if applicable, on another appropriate form) and all amendments and supplements to such registration statement, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated by reference therein. 

“Exchange Securities” shall mean a series of securities, issued by the Company and guaranteed by the
Guarantors under the Indenture containing terms identical to the Notes (except that (i) interest thereon shall accrue from the last date on which interest was paid on the Notes or, if no such interest has been paid, from the Closing Date,
(ii) the Exchange Securities will not contain restrictions on transfer and (iii) the Exchange Securities will not be entitled to Additional Interest) and to be offered to Holders of the Notes in exchange for the Notes pursuant to the
applicable Exchange Offer. 
 “Free Writing Prospectus” shall mean each free writing prospectus (as defined
in Rule 405 under the 1933 Act) prepared by or on behalf of the Company or used by the Company in connection with the Registrable Securities or the Exchange Securities. 

“Guarantors” shall have the meaning set forth in the preamble and shall also include any Guarantor’s
successor. 
 “Holder” shall mean, for the Registrable Securities, the Initial Purchasers, for so long as
they own any Registrable Securities, and each of their respective successors, assigns and direct and indirect transferees who become registered owners of the Registrable Securities under the Indenture; provided that for purposes of
Sections 4 and 5 hereof, the term “Holder” shall include Participating Broker-Dealers (as defined in Section 4(a) hereof). 

“Indenture” shall mean the indenture relating to the Notes dated as of October 17, 2014 between the
Company and Deutsche Bank Trust Company Americas, as trustee thereunder, and as the same may be amended or supplemented from time to time in accordance with the terms thereof. 

“Initial Purchasers” shall have the meaning set forth in the preamble. 

  
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 “Issuer Information” shall mean material information about the
Company, the Guarantors or any of their respective securities that has been provided by or on behalf of the Company and/or the Guarantors. 

“Kimberly-Clark” shall have the meaning set forth in the preamble. 

“Majority Holders” shall mean, for the Registrable Securities, the Holders of a majority of the aggregate
principal amount of outstanding Registrable Securities; provided that whenever the consent or approval of Holders of a specified percentage of Registrable Securities is required hereunder, Registrable Securities held by the Company or any of
its affiliates (as such term is defined in Rule 405 under the 1933 Act) (other than the Initial Purchasers or subsequent Holders of Registrable Securities if such subsequent holders are deemed to be such affiliates solely by reason of their holding
of such Registrable Securities) shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage or amount. 

“Notes” shall have the meaning set forth in the preamble. 

“Person” shall mean an individual, partnership, limited liability company, corporation, trust or
unincorporated organization, or a government or agency or political subdivision thereof. 
 “Prospectus”
shall mean the prospectus included in a Registration Statement, including any preliminary prospectus, and any such prospectus as amended or supplemented by any prospectus supplement, including a prospectus supplement with respect to the terms of the
offering of any portion of the Registrable Securities covered by a Shelf Registration Statement, and by all other amendments and supplements to such prospectus, and in each case including all material incorporated by reference therein. 

“Purchase Agreement” shall have the meaning set forth in the preamble. 

“Registrable Securities” shall mean the Notes and the guarantee thereof by the Guarantors; provided,
however, that the Notes and the guarantees thereof shall cease to be Registrable Securities (i) when a Registration Statement with respect to such Notes and the guarantees thereof shall have been declared effective under the 1933 Act and
such Notes and the guarantees thereof shall have been exchanged for Exchange Securities or disposed of pursuant to such Registration Statement, (ii) when such Notes and the guarantees thereof shall have otherwise ceased to be outstanding when
such Notes are exchanged for Exchange Securities, (ii) when such Notes are distributed to any Person pursuant to Rule 144 under the 1933 Act or (iv) on October 17, 2018, the date that is three (3) years from the Closing Date.

 “Registration Default” shall mean the occurrence of any of the following: (i) the Exchange Offer is
not consummated on or prior to the Target Registration Date or the Shelf Registration Statement, if required pursuant to Section 2(b)(i) or Section 2(b)(ii) hereof, has not become effective on or prior to the Target Registration Date,
(ii) if the 

  
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Company receives a Shelf Request pursuant to Section 2(b) hereof, the Shelf Registration Statement required to be filed thereby has not become effective on or prior to the later of
(A) the Target Registration Date or (B) ninety (90) days after delivery of such Shelf Request or (iii) the Shelf Registration Statement, if required by this Agreement, has become effective and thereafter ceases to be effective or
the Prospectus contained therein ceases to be usable for resales of Registrable Securities (A) on more than two occasions of at least thirty (30) consecutive days in any twelve-month period during the Shelf Effectiveness Period or
(B) at any time during the Shelf Effectiveness Period, and such failure to remain effective or usable for resales of Registrable Securities exists for more than ninety (90) days (whether or not consecutive) in any twelve-month period, in
each case whether or not permitted by this Agreement. 
 “Registration Expenses” shall mean any and all
expenses incident to performance of or compliance by the Company and the Guarantors with this Agreement, including, without limitation: (i) all SEC, stock exchange or Financial Industry Regulatory Authority, Inc. registration and filing fees,
(ii) all fees and expenses incurred in connection with compliance with state securities or blue sky laws (including reasonable and documented fees and disbursements of one counsel for any underwriters or Holders in connection with blue sky
qualification of any of the Exchange Securities or Registrable Securities), (iii) all expenses of any Persons in preparing or assisting in preparing, word processing, printing and distributing any Registration Statement, any Prospectus, any
amendments or supplements thereto, any underwriting agreements, securities sales agreements and other documents relating to the performance of and compliance with this Agreement, (iv) all rating agency fees, (v) all fees and disbursements
relating to the qualification of the Indenture under applicable securities laws, (vi) the reasonable and documented fees and disbursements of the Trustee and its counsel, (vii) the fees and disbursements of counsel for the Company and the
Guarantors and, in the case of a Shelf Registration Statement, the reasonable and documented fees and disbursements of one counsel for the Holders of the Notes (which counsel shall be selected by the Majority Holders of the Notes and which counsel
may also be counsel for the Initial Purchasers) and (viii) the fees and disbursements of the independent public accountants of the Company and the Guarantors, including the expenses of any special audits or “cold comfort” letters
required by or incident to such performance and compliance, but excluding fees and expenses of counsel to the underwriters (other than fees and expenses set forth in clause (ii) above) or the Holders and underwriting discounts and commissions
and transfer taxes, if any, relating to the sale or disposition of Registrable Securities by a Holder. 

“Registration Rights Joinder Agreement” shall have the meaning set forth in the preamble. 

“Registration Statement” shall mean any registration statement of the Company and the Guarantors that covers
any of the Exchange Securities or Registrable Securities pursuant to the provisions of this Agreement and all amendments and supplements to any such Registration Statement, including post-effective amendments, in each case including the Prospectus
contained therein, all exhibits thereto and all material incorporated or deemed by the securities laws to be incorporated by reference therein. 

  
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 “SEC” shall mean the Securities and Exchange Commission. 

“Shelf Effectiveness Period” shall have the meaning set forth in Section 2(b) hereof. 

“Shelf Registration” shall mean a registration effected pursuant to Section 2(b) hereof. 

“Shelf Registration Statement” shall mean a “shelf” registration statement of the Company and the
Guarantors pursuant to the provisions of Section 2(b) hereof which covers all of the Registrable Securities on an appropriate form under Rule 415 under the 1933 Act, or any similar rule that may be adopted by the SEC, and all amendments and
supplements to such registration statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated or deemed incorporated by the securities laws to be
incorporated by reference therein. 
 “Spin-Off” shall have the meaning set forth in the preamble. 

“Target Registration Date” shall mean October 17, 2015. 

“Trustee” shall mean the trustee with respect to the Notes under the Indenture. 

“Underwriter” shall have the meaning set forth in Section 3 hereof. 

“Underwritten Registration” or “Underwritten Offering” shall mean a registration in which
Registrable Securities are sold to an Underwriter for reoffering to the public. 
 2. Registration Under the 1933 Act. 

(a) To the extent not prohibited by any applicable law or applicable interpretations of the Staff of the SEC, the Company and the Guarantors
shall use their commercially reasonable efforts to file or cause to be filed an Exchange Offer Registration Statement covering an offer by the Company and the Guarantors to the Holders to exchange all of the Registrable Securities for Exchange
Securities and to cause such Registration Statement to be declared effective, and to remain effective until the closing of the Exchange Offer, under the 1933 Act. The Company and the Guarantors shall commence the Exchange Offer promptly after the
Exchange Offer Registration Statement has been declared effective by the SEC and use their commercially reasonable efforts to have the Exchange Offer consummated not later than sixty (60) days after such effective date. The Company and the
Guarantors shall commence the Exchange Offer by mailing the related exchange offer Prospectus and accompanying documents to each Holder, through DTC or otherwise, stating in such Prospectus or accompanying documents, in addition to such other
disclosures as are required by applicable law: 
 (i) that the Exchange Offer is being made pursuant to this Agreement and
that all Registrable Securities validly tendered and not withdrawn will be accepted for exchange; 

  
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 (ii) the dates of acceptance for exchange (which shall be a period of at least
twenty (20) business days from the date such notice is mailed) (the “Exchange Date”); 
 (iii) that any
Registrable Security not tendered will remain outstanding and continue to accrue interest and be subject to all the terms and conditions specified in the Indenture, including transfer restrictions, but will not retain any rights under this
Agreement; 
 (iv) that Holders electing to have a Registrable Security exchanged pursuant to the Exchange Offer will be
required to surrender such Registrable Security, together with the enclosed letter of transmittal, to the institution and at the address and in the manner specified in the notice prior to the close of business on the last Exchange Date; and 

(v) that Holders will be entitled to withdraw their election, not later than the close of business on the last Exchange Date,
by sending to the institution and at the address and in the manner specified in the notice a facsimile transmission or letter setting forth the name of such Holder, the principal amount of Registrable Securities delivered for exchange and a
statement that such Holder is withdrawing his, her or its election to have such Notes exchanged. 
 As soon as practicable after the last
Exchange Date, the Company shall: 
 (i) accept for exchange Registrable Securities or portions thereof validly tendered and
not properly withdrawn pursuant to the Exchange Offer; and 
 (ii) deliver, or cause to be delivered, to the Trustee for
cancellation all Registrable Securities or portions thereof so accepted for exchange by the Company and issue, and cause the Trustee to promptly authenticate and deliver to each Holder, an Exchange Security equal in principal amount to the principal
amount of the Registrable Securities surrendered by such Holder. 
 The Company and the Guarantors shall use their commercially reasonable
efforts to complete the Exchange Offer as provided above and shall comply with the applicable requirements of the 1933 Act, the 1934 Act and other applicable laws and regulations in connection with the Exchange Offer. The Exchange Offer shall not be
subject to any conditions, other than that the Exchange Offer does not violate any applicable law or applicable interpretations of the Staff of the SEC and that no action or proceeding has been instituted or threatened in any court or by or before
any governmental agent relating to the Exchange Offer which, in the Company’s judgment, could reasonably be expected to impair the Company’s ability to proceed with the Exchange Offer. The Company shall inform the Initial Purchasers of the
names and addresses of the Holders to whom the Exchange Offer is made, and the Initial Purchasers shall have the right, subject to applicable law, to contact such Holders and otherwise facilitate the tender of Registrable Securities in the Exchange
Offer. 

  
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 If the Company and the Guarantors effect the Exchange Offer, the Company and the Guarantors shall
be entitled to close the Exchange Offer twenty (20) business days after such commencement (provided that the Company and the Guarantors have accepted all the Notes theretofore validly tendered and not withdrawn in accordance with the terms of
the Exchange Offer). 
 Each Holder participating in the Exchange Offer shall be required to represent to the Company and the Guarantors in
writing that at the time of the consummation of the Exchange Offer (i) any Exchange Securities received by such Holder will be acquired in the ordinary course of business, (ii) such Holder will have no arrangements or understanding with
any Person to participate in the distribution (within the meaning of the 1933 Act) of the Exchange Securities, (iii) such Holder is not an affiliate of either the Company or any of the Guarantors within the meaning of Rule 405 under the 1933
Act, (iv) if such Holder is not a broker dealer, that it is not engaged in, and does not intend to engage in, the distribution of the Exchange Securities and (v) if such Holder is a broker dealer, that it will receive Exchange Securities
for its own account in exchange for Notes that were acquired as a result of market making activities or other trading activities and that it will be required to acknowledge that it will deliver a prospectus in connection with the resale of such
Exchange Securities. 
 (b) In the event that (i) the Company and the Guarantors determine that the Exchange Offer Registration
provided for in Section 2(a) above is not available or may not be consummated as soon as practicable after the last Exchange Date because it would violate applicable law or the applicable interpretations of the Staff of the SEC, (ii) the
Exchange Offer is not for any other reason consummated by the Target Registration Date or (iii) prior to the last Exchange Date with respect to such Exchange Offer, the Company receives a written request (a “Shelf Request”)
from any Initial Purchaser representing that it holds Registrable Securities that are or were ineligible to be exchanged in such Exchange Offer, the Company and the Guarantors shall use their commercially reasonable efforts to file or cause to be
filed as soon as practicable after such determination a Shelf Registration Statement providing for the sale by the Holders of all of the Registrable Securities and to have such Shelf Registration Statement become or be declared effective by the SEC.

 In the event the Company and the Guarantors are required to file a Shelf Registration Statement solely as a result of the matters
referred to in clause (iii) of the preceding sentence, the Company and the Guarantors shall use their commercially reasonable efforts to file and have become or be declared effective by the SEC both an Exchange Offer Registration Statement
pursuant to Section 2(a) hereof with respect to all Registrable Securities and a Shelf Registration Statement (which may be a combined Registration Statement with the Exchange Offer Registration Statement) with respect to offers and sales of
Registrable Securities held by the Initial Purchasers after completion of the Exchange Offer. 

  
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 The Company and the Guarantors agree to use their commercially reasonable efforts to keep the
Shelf Registration Statement continuously effective until the date on which the Notes covered thereby cease to be Registrable Securities (the “Shelf Effectiveness Period”). The Company and the Guarantors further agree to supplement
or amend the Shelf Registration Statement if required by the rules, regulations or instructions applicable to the registration form used by the Company and the Guarantors for such Shelf Registration Statement or by the 1933 Act or by any other rules
and regulations thereunder for shelf registration or if reasonably requested by a Holder with respect to information relating to such Holder, and to use their commercially reasonable efforts to cause any such amendment to become effective and such
Shelf Registration Statement to become usable as soon as thereafter practicable. The Company and the Guarantors agree to furnish to the Holders of Registrable Securities copies of any such supplement or amendment promptly after its being used or
filed with the SEC. To the extent that the Company and the Guarantors are required to include any Registrable Securities in a Shelf Registration Statement, the Company and the Guarantors may include such Registrable Securities on any other shelf
registration statement otherwise filed by the Company with respect to any of its other securities. 
 (c) The Company and the Guarantors
shall pay all Registration Expenses in connection with the registration pursuant to Section 2(a) or Section 2(b) hereof. Each Holder shall pay all underwriting discounts and commissions, brokerage commissions and transfer taxes, if any,
relating to the sale or disposition of such Holder’s Registrable Securities pursuant to the Shelf Registration Statement. 
 (d) An
Exchange Offer Registration Statement pursuant to Section 2(a) hereof or a Shelf Registration Statement pursuant to Section 2(b) hereof will not be deemed to have become effective unless it has been declared effective by the SEC or is
automatically effective upon filing with the SEC as provided in Rule 462 under the 1933 Act; provided, however, that, if, after it has been declared effective, the offering of Registrable Securities pursuant to a Shelf Registration
Statement is interfered with by any stop order, injunction or other order or requirement of the SEC or any other governmental agency or court, such Registration Statement with respect to the Registrable Securities will be deemed not to have become
effective during the period of such interference until the offering of Registrable Securities pursuant to such Registration Statement may legally resume. 

If a Registration Default occurs with respect to the Registrable Securities, the interest rate on the Registrable Securities will be increased
by (i) 0.25% per annum for the first 90-day period beginning on the day immediately following such Registration Default and (ii) an additional 0.25% per annum with respect to each subsequent 90-day period, in each case until and
including the date such Registration Default ends, up to a maximum increase of 1.00% per annum (“Additional Interest”). A Registration Default ends with respect to any Note when such Note ceases to be a Registrable Security or,
if earlier, (y) in the case of a Registration Default under clause (i) or (ii) of the definition thereof, when the Exchange Offer is completed or when the Shelf Registration Statement covering such Registrable Securities becomes
effective or (z) in the case of a Registration Default under clause (iii) of the definition thereof, when the Shelf Registration Statement again becomes effective or the Prospectus again becomes usable. If at any


  
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time more than one Registration Default has occurred and is continuing, then, until the next date that there is no Registration Default, the increase in interest rate provided for by this
paragraph shall apply as if there occurred a single Registration Default that begins on the date that the earliest such Registration Default occurred and ends on such next date that there is no Registration Default. 

Notwithstanding anything to the contrary in this Agreement, if the applicable Exchange Offer is consummated, any Holder who was, at the time
such Exchange Offer was pending and consummated, eligible to exchange, and did not validly tender, or withdrew, its Notes for Exchange Notes in such Exchange Offer will not be entitled to receive any additional interest pursuant to the preceding
paragraph, and such Notes will no longer constitute Registrable Securities hereunder. 
 (e) The Company shall be entitled to suspend its
obligation to file any amendment to a Shelf Registration Statement, furnish any supplement or amendment to a Prospectus included in a Shelf Registration Statement or any Free Writing Prospectus, make any other filing with the SEC that would be
incorporated by reference into a Shelf Registration Statement, cause a Shelf Registration Statement to remain effective or the Prospectus or any Free Writing Prospectus usable or take any similar action (collectively, “Suspension
Actions”) without paying Additional Interest, if there is a possible acquisition, disposition or business combination or other transaction, business development or event involving the Company or its subsidiaries that may require disclosure
in the Shelf Registration Statement or Prospectus and the Company determines that such disclosure is not in the best interest of the Company and its stockholders or obtaining any financial statements relating to any such acquisition or business
combination required to be included in the Shelf Registration Statement or Prospectus would be impracticable. Upon the occurrence of any of the conditions described in the foregoing sentence, the Company shall give prompt notice of the delay or
suspension (but not the basis thereof) to the Participating Holders. The Company may only provide the foregoing notice with respect to any Suspension Action or a notice pursuant to the third paragraph under Section 3 twice during any
twelve-month period and any such suspension may not exceed 30 consecutive calendar days or an aggregate of 60 calendar days in any twelve-month period, and there may not be more than two suspensions in any twelve-month period. Upon the termination
of such condition, the Company shall promptly proceed with all Suspension Actions that were delayed or suspended and, if required, shall give prompt notice to the Participating Holders of the cessation of the delay or suspension (but not the basis
thereof). 
 (f) Without limiting the remedies available to the Initial Purchasers and the Holders, the Company and the Guarantors
acknowledge that any failure by the Company or the Guarantors to comply with their obligations under Section 2(a) and Section 2(b) hereof may result in material irreparable injury to the Initial Purchasers or the Holders for which there is
no adequate remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in the event of any such failure, the Initial Purchasers or any Holder may obtain such relief as may be required to specifically enforce
the Company’s or the Guarantors’ obligations under Section 2(a) and Section 2(b) hereof. 

  
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 3. Registration Procedures. 

In connection with the obligations of the Company and the Guarantors with respect to the Registration Statements pursuant to Section 2(a)
and Section 2(b) hereof, the Company and the Guarantors shall: 
 (a) use their commercially reasonable efforts to
prepare and file with the SEC a Registration Statement on the appropriate form under the 1933 Act, which form (x) shall be selected by the Company and the Guarantors and (y) shall, in the case of a Shelf Registration, be available for the
sale of the Registrable Securities by the selling Holders thereof and (z) shall comply as to form in all material respects with the requirements of the applicable form and include or incorporate by reference all financial statements required by
the SEC to be filed therewith, and use their commercially reasonable efforts to cause such Registration Statement to become effective and remain effective in accordance with Section 2 hereof; 

(b) prepare and file with the SEC such amendments and post-effective amendments to each Registration Statement as may be
necessary to keep such Registration Statement effective for the applicable period and cause each Prospectus to be supplemented by any required prospectus supplement and, as so supplemented, to be filed pursuant to Rule 424 under the 1933 Act;
to keep each Prospectus current during the period described under Section 4(3) and Rule 174 under the 1933 Act that is applicable to transactions by brokers or dealers with respect to the Registrable Securities or Exchange Securities; 

(c) in the case of a Shelf Registration, furnish to each Holder of Registrable Securities, to counsel for the Initial
Purchasers, to counsel for the Holders and to each Underwriter of an Underwritten Offering of Registrable Securities, if any, without charge, as many copies of each Prospectus, including each preliminary Prospectus, and any amendment or supplement
thereto and such other documents as such Holder or Underwriter may reasonably request in writing, in order to facilitate the public sale or other disposition of the Registrable Securities; and the Company and the Guarantors consent, subject to the
obligations of the Holders in this Section 3 to suspend the use of such Prospectus or to discontinue disposition of Registrable Securities, to the use of such Prospectus and any amendment or supplement thereto in accordance with applicable law
by each of the selling Holders of Registrable Securities and any such Underwriters in connection with the offering and sale of the Registrable Securities covered by and in the manner described in such Prospectus or any amendment or supplement
thereto in accordance with applicable law; 
 (d) use their commercially reasonable efforts to register or qualify the
Registrable Securities under all applicable state securities or “blue sky” laws of such jurisdictions as any Holder of Registrable Securities covered by a Registration Statement shall reasonably request in writing by the time the
applicable Registration Statement is declared effective by the SEC, to cooperate with such Holders in connection with any 

  
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filings required to be made with the Financial Industry Regulatory Authority, Inc. and do any and all other acts and things which may be reasonably necessary or advisable to enable such Holder to
consummate the disposition in each such jurisdiction of such Registrable Securities owned by such Holder; provided, however, that neither the Company nor any Guarantor shall be required to (i) qualify as a foreign corporation or
as a dealer in securities in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(d), (ii) file any general consent to service of process or (iii) subject itself to taxation in any such
jurisdiction if it is not so subject; 
 (e) in the case of a Shelf Registration, notify each Holder of Registrable
Securities who has provided contact information to the Company, counsel for the Holders and counsel for the Initial Purchasers promptly and, if requested by any such Holder or counsel, confirm such advice in writing (i) when a Registration
Statement has become effective and when any post-effective amendment thereto has been filed and becomes effective, (ii) of any request by the SEC or any state securities authority for amendments and supplements to a Registration Statement and
Prospectus or for additional information after the Registration Statement has become effective, (iii) of the issuance by the SEC or any state securities authority of any stop order suspending the effectiveness of a Registration Statement or the
initiation of any proceedings for that purpose, (iv) if, between the effective date of a Registration Statement and the closing of any sale of Registrable Securities covered thereby, the representations and warranties of the Company or any
Guarantor contained in any underwriting agreement, securities sales agreement or other similar agreement, if any, relating to the offering cease to be true and correct in all material respects or if the Company or any Guarantor receives any
notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation of any proceeding for such purpose, (v) of the happening of any event during the period a Shelf
Registration Statement is effective which makes any statement made in such Registration Statement or the related Prospectus untrue in any material respect or which requires the making of any changes in such Registration Statement or Prospectus in
order to make the statements therein not misleading and (vi) of any determination by the Company or any Guarantor that a post-effective amendment to a Registration Statement would be appropriate; 

(f) make every reasonable effort to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement
at the earliest possible moment and provide prompt notice to each Holder of the withdrawal of any such order; 
 (g) in the
case of a Shelf Registration, furnish to each Holder of Registrable Securities, without charge, at least one conformed copy of each Registration Statement and any post-effective amendment thereto (without documents incorporated therein by reference
or exhibits thereto, unless requested); 
 (h) in the case of a Shelf Registration, cooperate with the selling Holders of
Registrable Securities to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends and 

  
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enable such Registrable Securities to be in such denominations (consistent with the provisions of the Indenture) and registered in such names as the selling Holders may reasonably request at
least one business day prior to the closing of any sale of Registrable Securities; 
 (i) in the case of a Shelf
Registration, upon the occurrence of any event contemplated by Section 3(e)(v) hereof, use their commercially reasonable efforts to prepare and file with the SEC a supplement or post-effective amendment to a Registration Statement or the
related Prospectus or any document incorporated therein by reference or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Securities, such Prospectus will not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. The Company and the Guarantors agree to notify the Holders to suspend use of the
Prospectus as promptly as practicable after the occurrence of such an event, and the Holders hereby agree to suspend use of the Prospectus until the Company and the Guarantors have amended or supplemented the Prospectus to correct such misstatement
or omission; 
 (j) a reasonable time prior to the filing of any Registration Statement, any Prospectus, any amendment to a
Registration Statement or amendment or supplement to a Prospectus or any document which is to be incorporated by reference into a Registration Statement or a Prospectus after initial filing of a Registration Statement, provide copies of such
document to the Initial Purchasers and their counsel (and, in the case of a Shelf Registration Statement, the Holders and their counsel) and make such of the representatives of the Company and the Guarantors as shall be reasonably requested by the
Initial Purchasers or their counsel (and, in the case of a Shelf Registration Statement, the Holders or their counsel) available for discussion of such document, and shall not at any time file or make any amendment to the Registration Statement, any
Prospectus or any amendment of or supplement to a Registration Statement or a Prospectus or any document which is to be incorporated by reference into a Registration Statement or a Prospectus, of which the Initial Purchasers and their counsel (and,
in the case of a Shelf Registration Statement, the Holders and their counsel) shall not have previously been advised and furnished a copy or to which the Initial Purchasers or their counsel (and, in the case of a Shelf Registration Statement, the
Holders or their counsel) shall reasonably object in writing within two (2) business days after receipt thereof; 
 (k)
obtain a CUSIP number for all Exchange Securities or Registrable Securities, as the case may be, not later than the effective date of a Registration Statement; 

(l) cause the Indenture to be qualified under the Trust Indenture Act of 1939, as amended (the “TIA”), in
connection with the registration of the Exchange Securities or Registrable Securities, as the case may be, cooperate with the Trustee and the Holders to effect such changes to the Indenture as may be required for such Indenture to be so


  
 12 








 
qualified in accordance with the terms of the TIA and execute, and use their commercially reasonable efforts to cause the applicable Trustee to execute, all documents as may be required to effect
such changes and all other forms and documents required to be filed with the SEC to enable the Indenture to be so qualified in a timely manner; 

(m) in the case of a Shelf Registration, make available for inspection by a representative of the Holders of the Registrable
Securities, any Underwriter participating in any disposition pursuant to such Shelf Registration Statement, and attorneys and accountants designated by the Holders, at reasonable times and in a reasonable manner, all financial and other records,
pertinent documents and properties of the Company and the Guarantors, and cause the respective officers, directors and employees of the Company and the Guarantors to supply all information reasonably requested by any such representative,
Underwriter, attorney or accountant in connection with a Shelf Registration Statement; 
 (n) in the case of a Shelf
Registration, use their commercially reasonable efforts to cause all Registrable Securities to be listed on any securities exchange or any automated quotation system on which similar securities issued by the Company or any Guarantor are then listed
if requested by the Majority Holders, to the extent such Registrable Securities satisfy applicable listing requirements; 

(o) use their commercially reasonable efforts to cause the Registrable Securities or the Exchange Securities, as the case may
be, to continue to be rated by two nationally recognized statistical rating organizations (as such term is defined in Section 3(a)(62) under the 1934 Act); 

(p) if reasonably requested by any Holder of Registrable Securities covered by a Registration Statement, (i) promptly
incorporate (by reference or otherwise) in a Prospectus supplement or post-effective amendment such information with respect to such Holder as such Holder reasonably requests to be included therein and (ii) make all required filings of such
Prospectus supplement or such post-effective amendment as soon as reasonably practicable after the Company has received notification of the matters to be incorporated in such filing; and 

(q) in the case of a Shelf Registration, enter into such customary agreements and take all such other actions in connection
therewith (including those requested by the Holders of a majority of the Registrable Securities being sold) in order to expedite or facilitate the disposition of such Registrable Securities including, but not limited to, an Underwritten Offering and
in such connection, (i) provided that the selling Holders’ representations and warranties are of the substance and scope as are customarily made by selling securityholders in underwritten offerings, to the extent possible, make such
representations and warranties to the selling Holders and any Underwriters of such Registrable Securities with respect to the business of the Company and its subsidiaries, the Registration Statement, Prospectus and documents incorporated by
reference or deemed incorporated by reference, if any, in each case, in form, substance and scope as 

  
 13 








 
are customarily made by issuers to underwriters in underwritten offerings and confirm the same if and when requested, (ii) obtain opinions of counsel to the Company and the Guarantors (which
counsel and opinions, in form, scope and substance, shall be reasonably satisfactory to such Holders and Underwriters and their respective counsel) addressed to each selling Holder and Underwriter of such Registrable Securities, covering the matters
customarily covered in opinions requested in connection with underwritten firm commitment offerings, (iii) obtain “cold comfort” letters from the independent certified public accountants of the Company and the Guarantors (and, if
necessary, any other certified public accountant of any subsidiary of the Company or any Guarantor, or of any business acquired by the Company or any Guarantor for which financial statements and financial data are or are required to be included in
the Registration Statement) addressed to each selling Holder and Underwriter of such Registrable Securities, such letters to be in customary form and covering matters of the type customarily covered in “cold comfort” letters in connection
with underwritten firm commitment offerings, and (iv) deliver such documents and certificates as may be reasonably requested by the Holders of a majority in principal amount of the Registrable Securities being sold or the Underwriters, and
which are customarily delivered in underwritten offerings, to evidence the continued validity of the representations and warranties of the Company and the Guarantors made pursuant to clause (i) above and to evidence compliance with any
customary conditions contained in an underwriting agreement. 
 In the case of a Shelf Registration Statement, the Company and the
Guarantors may require each Holder of Registrable Securities to furnish to the Company and the Guarantors such information regarding the Holder and the proposed distribution by such Holder of such Registrable Securities as the Company and the
Guarantors may from time to time reasonably request in writing and to agree to be bound by the indemnification and other obligations of a Holder in this Agreement. Each Holder of Registrable Securities as to which any Shelf Registration is being
effected agrees to furnish promptly to the Company all information required to be disclosed so that the information previously furnished to the Company by such Holder is not materially misleading and does not omit to state any material fact required
to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances under which they were made. 

In the case of a Shelf Registration Statement, each Holder agrees that, upon receipt of any notice from the Company and the Guarantors of the
happening of any event of the kind described in Section 3(e)(iii) or Section 3(e)(v) hereof, such Holder will forthwith discontinue disposition of Registrable Securities pursuant to a Registration Statement until such Holder’s receipt
of the copies of the supplemented or amended Prospectus contemplated by Section 3(i) hereof, and, if so directed by the Company and the Guarantors, such Holder will deliver to the Company and the Guarantors (at its expense) all copies in its
possession, other than permanent file copies then in such Holder’s possession, of the Prospectus covering such Registrable Securities current at the time of receipt of such notice. If the Company and the Guarantors shall give any such notice to
suspend the disposition of Registrable Securities pursuant to a Registration Statement, the Company and the Guarantors shall extend the period 

  
 14 








 
during which the Registration Statement shall be maintained effective pursuant to this Agreement by the number of days during the period from and including the date of the giving of such notice
to and including the date when the Holders shall have received copies of the supplemented or amended Prospectus necessary to resume such dispositions. 

The Holders of Registrable Securities covered by a Shelf Registration Statement who desire to do so may sell such Registrable Securities in an
Underwritten Offering. In any such Underwritten Offering, the investment banker or investment bankers and manager or managers (the “Underwriters”) that will administer the offering will be selected by the Majority Holders of the
Registrable Securities included in such offering. 
 4. Participation of Broker-Dealers in Exchange Offer. 

(a) The Staff of the SEC has taken the position that any broker-dealer that receives Exchange Securities for its own account in the Exchange
Offer in exchange for Notes that were acquired by such broker-dealer as a result of market-making or other trading activities (a “Participating Broker-Dealer”), may be deemed to be an “underwriter” within the meaning of
the 1933 Act and must deliver a prospectus meeting the requirements of the 1933 Act in connection with any resale of such Exchange Securities. 

The Company and the Guarantors understand that it is the Staff’s position that if the Prospectus contained in the Exchange Offer
Registration Statement includes a plan of distribution containing a statement to the above effect and the means by which Participating Broker-Dealers may resell the Exchange Securities, without naming the Participating Broker-Dealers or specifying
the amount of Exchange Securities owned by them, such Prospectus may be delivered by Participating Broker-Dealers to satisfy their prospectus delivery obligation under the 1933 Act in connection with resales of Exchange Securities for their own
accounts, so long as the Prospectus otherwise meets the requirements of the 1933 Act. 
 (b) In light of the above, notwithstanding the
other provisions of this Agreement, the Company and the Guarantors agree that the provisions of this Agreement as they relate to a Shelf Registration shall also apply to an Exchange Offer Registration to the extent, and with such reasonable
modifications thereto as may be, reasonably requested by the Initial Purchasers or by one or more Participating Broker-Dealers, in each case as provided in clause (ii) below, in order to expedite or facilitate the disposition of any Exchange
Securities by Participating Broker-Dealers consistent with the positions of the staff of the SEC recited in Section 4(a) above; provided that: 

(i) the Company and the Guarantors shall not be required to amend or supplement the Prospectus contained in the Exchange Offer
Registration Statement with respect to the Registrable Securities, as would otherwise be contemplated by Section 3(i) hereof, (A) after the Participating Broker-Dealers shall have disposed of the Registrable Securities or (B) for a
period exceeding 180 days after the last Exchange Date with respect to the Registrable Securities (as such period may be extended pursuant to the penultimate paragraph of Section 3 hereof) and Participating Broker-Dealers shall not be
authorized by the Company and the Guarantors to deliver and shall not deliver such Prospectus after such period in connection with the resales contemplated by this Section 4; and 

  
 15 








 (ii) the application of the Shelf Registration procedures set forth in
Section 3 hereof to an Exchange Offer Registration, to the extent not required by the positions of the Staff of the SEC or the 1933 Act and the rules and regulations thereunder, will be in conformity with the reasonable request to the Company
and the Guarantors by the Initial Purchasers or with the reasonable request in writing to the Company and the Guarantors by one or more broker-dealers who certify to the Initial Purchasers and the Company and the Guarantors in writing that they
anticipate that they will be Participating Broker-Dealers; and provided further that, in connection with such application of the Shelf Registration procedures set forth in Section 3 hereof to an Exchange Offer Registration, the
Company and the Guarantors shall be obligated (x) to deal only with one entity representing the Participating Broker-Dealers, which shall be Morgan Stanley & Co. LLC unless it elects not to act as such representative, (y) to pay
the fees and expenses of only one counsel representing the Participating Broker-Dealers, which shall be counsel to the Initial Purchasers unless such counsel elects not to so act and (z) to cause to be delivered only one, if any, “cold
comfort” letter with respect to the Prospectus in the form existing on the last Exchange Date and with respect to each subsequent amendment or supplement, if any, effected during the period specified in clause (i) above. 

(c) The Initial Purchasers shall have no liability to the Company, any Guarantor or any Holder with respect to any request that they may make
pursuant to Section 4(b) above. 
 5. Indemnification and Contribution. 

(a) Each of the Company and (upon execution of the Registration Rights Joinder Agreement) the Guarantors agrees, jointly and severally, to
indemnify and hold harmless the Initial Purchasers and each Holder, their respective affiliates, directors and officers and each Person, if any, who controls any Initial Purchasers or any Holder within the meaning of either Section 15 of the
1933 Act or Section 20 of the 1934 Act, or is under common control with, or is controlled by, any Initial Purchasers or any Holder, from and against all losses, claims, damages and liabilities (including, without limitation, any reasonable
legal or other expenses reasonably incurred by the Initial Purchaser, any Holder and their respective affiliates, directors and officers or any such controlling or affiliated Person in connection with defending or investigating any such action or
claim) caused by any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement (or any amendment thereto) pursuant to which Exchange Securities or Registrable Securities were registered under the 1933
Act, including all documents incorporated therein by reference, or caused by any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, or caused by any
untrue statement or alleged untrue statement of a material fact contained in any Prospectus (as amended or supplemented if the Company and the Guarantors shall have furnished any amendments or supplements thereto), any Free Writing Prospectus or any
Issuer Information filed or required to be filed pursuant to Rule 433(d) under 

  
 16 








 
the 1933 Act, or caused by any omission or alleged omission to state therein a material fact necessary to make the statements therein in the light of the circumstances under which they were made
not misleading, except insofar as such losses, claims, damages or liabilities are caused by any such untrue statement or omission or alleged untrue statement or omission based upon information relating to the Initial Purchasers or any Holder
furnished to the Company or the Guarantors in writing through Morgan Stanley & Co. LLC or any selling Holder expressly for use therein. In connection with any Underwritten Offering permitted by Section 3 hereof, the Company and each of
the Guarantors, jointly and severally, will also indemnify the Underwriters, if any, selling brokers, dealers and similar securities industry professionals participating in the distribution, their affiliates, officers and directors and each Person
who controls such Persons (within the meaning of the 1933 Act and the 1934 Act) to the same extent as provided above with respect to the indemnification of the Holders, if requested in connection with any Registration Statement, any Prospectus, any
Free Writing Prospectus or any Issuer Information. 
 (b) Each Holder agrees, severally and not jointly, to indemnify and hold harmless the
Company, the Guarantors, the Initial Purchasers and their affiliates and the other selling Holders, and each of their respective directors, officers who sign the Registration Statement and each Person, if any, who controls the Company, the
Guarantors, any Initial Purchaser and any other selling Holder within the meaning of either Section 15 of the 1933 Act or Section 20 of the 1934 Act to the same extent as the foregoing indemnity from the Company and the Guarantors to the
Initial Purchasers and the Holders, but only with reference to information relating to such Holder furnished to the Company and the Guarantors in writing by such Holder expressly for use in any Registration Statement (or any amendment thereto), any
Prospectus (or any amendment or supplement thereto) or any Free Writing Prospectus. 
 (c) In case any proceeding (including any
governmental investigation) shall be instituted involving any Person in respect of which indemnity may be sought pursuant to either paragraph (a) or paragraph (b) above, such Person (the “indemnified party”) shall promptly
notify the Person against whom such indemnity may be sought (the “indemnifying party”) in writing and the indemnifying party, upon request of the indemnified party, shall retain counsel reasonably satisfactory to the indemnified
party to represent the indemnified party and any others the indemnifying party may designate in such proceeding and shall pay the fees and disbursements of such counsel related to such proceeding. In any such proceeding, any indemnified party shall
have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying party and the indemnified party shall have mutually agreed to the retention of
such counsel, (ii) the named parties to any such proceeding (including any impleaded parties) include both the indemnifying party and the indemnified party and representation of both parties by the same counsel would be inappropriate due to
actual or potential differing interests between them or (iii) the indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of
commencement of the action. It is understood that the indemnifying party shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for (a) the fees and expenses of more than one separate firm (in
addition to any local counsel) for the Initial Purchasers and all 

  
 17 








 
Persons, if any, who control any Initial Purchaser within the meaning of either Section 15 of the 1933 Act or Section 20 of the 1934 Act, (b) the fees and expenses of more than one
separate firm (in addition to any local counsel) for the Company and the Guarantors, their directors, their officers who sign the Registration Statement and each Person, if any, who controls the Company or the Guarantors within the meaning of either
such Section and (c) the fees and expenses of more than one separate firm (in addition to any local counsel) for all Holders and all Persons, if any, who control any Holder within the meaning of either such Section, and that all such fees and
expenses shall be reimbursed as they are incurred. In such case involving the Initial Purchasers and Persons who control the Initial Purchasers, such firm shall be designated in writing by the Initial Purchasers. In such case involving the Holders
and such Persons who control Holders, such firm shall be designated in writing by the Majority Holders. In all other cases, such firm shall be designated by the Company. The indemnifying party shall not be liable for any settlement of any proceeding
effected without its written consent but, if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify, subject to and in accordance with this Section 5, the indemnified party from
and against any loss or liability by reason of such settlement or judgment. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened proceeding in respect of which
such indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement (i) includes an unconditional release of such indemnified party from all liability on claims
that are the subject matter of such proceeding and (ii) does not include any statements as to or any findings of fault, culpability or failure to act by or on behalf of any indemnified party. 

(d) If the indemnification provided for in paragraph (a) or paragraph (b) of this Section 5 is unavailable to an indemnified
party or insufficient in respect of any losses, claims, damages or liabilities, then each indemnifying party under such paragraph, in lieu of indemnifying such indemnified party thereunder, shall contribute to the amount paid or payable by such
indemnified party as a result of such losses, claims, damages or liabilities in such proportion as is appropriate to reflect the relative fault of the indemnifying party or parties on the one hand and of the indemnified party or parties on the other
hand in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative fault of the Company and the Guarantors, on the one hand, and the
Holders, on the other hand, shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by
the Company or the Guarantors, on the one hand, or by the Holders, on the other hand, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Holders’
respective obligations to contribute pursuant to this Section 5(d) are several in proportion to the respective principal amount of Registrable Securities of such Holder that were registered pursuant to a Registration Statement. 

(e) The Company, the Guarantors and each Holder agree that it would not be just or equitable if contribution pursuant to this Section 5
were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in paragraph (d) above. The amount paid or payable by an indemnified party as a


  
 18 








 
result of the losses, claims, damages and liabilities referred to in paragraph (d) above shall be deemed to include, subject to the limitations set forth above, any legal or other expenses
reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 5, no Holder shall be required to indemnify or contribute any amount in excess
of the amount by which the total price at which Registrable Securities were sold by such Holder exceeds the amount of any damages that such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or
alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The remedies
provided for in this Section 5 are not exclusive and shall not limit any rights or remedies that may otherwise be available to any indemnified party at law or in equity. 

The indemnity and contribution provisions contained in this Section 5 shall remain operative and in full force and effect regardless of
(i) any termination of this Agreement, (ii) any investigation made by or on behalf of the Initial Purchasers or any of their affiliates, any Holder or any Person controlling any Initial Purchaser or any Holder, or by or on behalf of
the Company, the Guarantors, their officers or directors or any Person controlling the Company or the Guarantors, (iii) acceptance of any of the Exchange Securities and (iv) any sale of Registrable Securities pursuant to a Shelf
Registration Statement. 
 6. Miscellaneous. 

(a) No Inconsistent Agreements. Neither the Company nor the Guarantors have entered into, and on or after the date of this Agreement
will not enter into, any agreement which is inconsistent with the rights granted to the Holders of Registrable Securities in this Agreement or otherwise conflicts with the provisions hereof. The rights granted to the Holders hereunder do not in any
way conflict with and are not inconsistent with the rights granted to the holders of the Company’s or the Guarantors’ other issued and outstanding securities under any such agreements. 

(b) Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified
or supplemented, and waivers or consents to departures from the provisions hereof may not be given unless the Company and the Guarantors have obtained the written consent of Holders of at least a majority in aggregate principal amount of the
outstanding Registrable Securities affected by such amendment, modification, supplement, waiver or consent; provided, however, that no amendment, modification, supplement, waiver or consent to any departure from the provisions of
Section 5 hereof shall be effective as against any Holder of Registrable Securities unless consented to in writing by such Holder. 

(c) Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery,
registered first-class mail, telecopier, or any courier guaranteeing overnight delivery (i) if to a Holder, at the most current address given by such Holder to the Company by means of a notice given in accordance with the provisions of


  
 19 








 
this Section 6(c), which address initially is, with respect to the Initial Purchasers, the address set forth in the Purchase Agreement; and (ii) if to the Company or the Guarantors,
initially at the Company’s address set forth in the Purchase Agreement and thereafter at such other address, notice of which is given in accordance with the provisions of this Section 6(c). 

All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five
business days after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged, if telecopied; and on the next business day if timely delivered to an air courier guaranteeing overnight delivery. 

Copies of all such notices, demands, or other communications shall be concurrently delivered by the Person giving the same to the Trustee, at
the address specified in the Indenture. 
 (d) Successors and Assigns. This Agreement shall inure to the benefit of and be binding
upon the successors, assigns and transferees of each of the parties, including, without limitation and without the need for an express assignment, subsequent Holders; provided that nothing herein shall be deemed to permit any assignment,
transfer or other disposition of Registrable Securities in violation of the terms of the Purchase Agreement. If any transferee of any Holder shall acquire Registrable Securities, in any manner, whether by operation of law or otherwise, such
Registrable Securities shall be held subject to all of the terms of this Agreement, and by taking and holding such Registrable Securities such Person shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and
provisions of this Agreement and such Person shall be entitled to receive the benefits hereof. The Initial Purchasers (in their capacity as Initial Purchasers) shall have no liability or obligation to the Company or the Guarantors with respect to
any failure by a Holder to comply with, or any breach by any Holder of, any of the obligations of such Holder under this Agreement. 
 (e)
Purchases and Sales of Notes. For so long as there are Registrable Securities outstanding, the Issuer (i) shall not resell any Securities that have been or will be acquired by it, and (ii) shall not permit any of its affiliates (as
defined in Rule 144 under the 1933 Act) to resell any of the Securities that have been or will be acquired by any of them other than (A) to the Issuer or (B) in compliance with the provisions of Rule 144 under the 1933 Act. 

(f) Third Party Beneficiary. The Holders shall be third party beneficiaries to the agreements made hereunder between the Company and
the Guarantors, on the one hand, and the Initial Purchasers, on the other hand, and shall have the right to enforce such agreements directly to the extent any such Holder deems such enforcement necessary or advisable to protect its rights or the
rights of any other Holders hereunder. 
 (g) Counterparts. This Agreement may be executed in any number of counterparts and by the
parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this
Agreement by facsimile or other electronic transmission (e.g., a “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart thereof. 

  
 20 








 (h) Headings. The headings in this Agreement are for convenience of reference only and
shall not limit or otherwise affect the meaning hereof. 
 (i) Governing Law. This Agreement shall be governed by the laws of the
State of New York. 
 (j) Entire Agreement; Severability. This Agreement contains the entire agreement between the parties relating
to the subject matter hereof and supersedes all oral statements and prior writings with respect thereto. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal
or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby. 

[Signature Pages Follow] 

  
 21 








 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

  

							
	 Very truly yours,

	
	HALYARD HEALTH, INC.
			
		 	By:	 	 /s/ John W. Wesley

		 		 	Name:	 	John W. Wesley
		 		 	Title:	 	Senior Vice President, General Counsel and Secretary


 [Signature Page to Registration Rights Agreement] 








					
	 Confirmed and accepted as of
the date first above written:

	
	MORGAN STANLEY & CO. LLC
	 Acting on behalf of itself and
as representative of the several Initial Purchasers

	
	MORGAN STANLEY & CO. LLC
		
	By:	 	 /s/ Pramod Raju

		 	Name:	 	Pramod Raju
		 	Title:	 	Authorized Signatory

 [Signature Page to Registration Rights Agreement] 







 SCHEDULE I 

Initial Purchasers 
 Morgan
Stanley & Co. LLC 
 Citigroup Global Markets Inc. 

Deutsche Bank Securities Inc. 
 RBC Capital Markets, LLC 

BBVA Securities Inc. 
 BMO Capital Markets Corp. 

Mitsubishi UFJ Securities (USA), Inc. 
 U.S. Bancorp Investments,
Inc. 

  
 Schedule I-1 








 SCHEDULE II 

Guarantors 
 Avent, Inc. 

Kimberly-Clark Health Care, Inc. 
 Halyard Sales, LLC 

Halyard North Carolina, Inc. 

  
 Schedule II-1 








 ANNEX A 

Form of Joinder Agreement 

HALYARD HEALTH, INC. 

$250,000,000 6.250% SENIOR NOTES DUE 2022 

JOINDER TO REGISTRATION RIGHTS AGREEMENT 

[—], 2014 

Morgan Stanley & Co. LLC 
 As
Representative of the Initial Purchasers listed on 
 Schedule I of the Registration Rights Agreement 

c/o Morgan Stanley & Co. LLC 

1585 Broadway 
 New York, New York
10036 
 Ladies and Gentlemen: 
 Reference is
made to the Registration Rights Agreement dated as of October 17, 2014 (the “Registration Rights Agreement”), between Halyard Health, Inc. (the “Issuer”) and Morgan Stanley & Co. LLC, as
the representative (the “Representative”) of the initial purchasers (the “Initial Purchasers”) listed on Schedule I to the Registration Rights Agreement. Capitalized terms used in this joinder to the Registration
Rights Agreement (this “Joinder Agreement”) without definition have the respective meanings given to them in the Registration Rights Agreement. 

1. Joinder. Each of the undersigned hereby agrees to accede to the terms of the Registration Rights Agreement and to undertake and
perform all of the obligations of a “Guarantor” set forth therein as though such undersigned had entered into the Registration Rights Agreement on the Closing Date and been named as a “Guarantor” therein. Each of the undersigned
agrees that such obligations include, without limitation, (a) all of the obligations of a Guarantor to perform and comply with all of the agreements thereof contained in the Registration Rights Agreement, including the obligation to pay any
Additional Interest, and (b) a Guarantor’s indemnification and other obligations contained in Section 5 of the Registration Rights Agreement. Each of the undersigned acknowledges and agrees that all references to
“Guarantors” in the Registration Rights Agreement shall include the undersigned and that the undersigned shall be bound by all provisions of the Registration Rights Agreement containing such references. 

2. Representations and Warranties and Agreements. Each of the undersigned hereby represents and warrants to, and agrees with, the
Initial Purchasers that it has all the requisite corporate power and authority to execute, deliver and perform its obligations under this Joinder Agreement and that the consummation of the transactions contemplated hereby has been


  
 Annex A-1 








 
duly and validly authorized and that when this Joinder Agreement is executed and delivered, it will constitute a valid and legally binding agreement enforceable against such undersigned in
accordance with its terms, except as the enforcement thereof may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other similar laws relating to or affecting the rights and remedies of creditors or by general
equitable principles (whether considered in a proceeding in equity or at law). 
 3. Successors and Assigns. This Joinder
Agreement shall inure to the benefit of and be binding upon the successors, assigns and transferees of each of the parties, including, without limitation and without the need for an express assignment, subsequent Holders. 

4. Third Party Beneficiary. The Holders shall be third party beneficiaries to the agreements made hereunder between the Issuer and the
Guarantors, on the one hand, and the Initial Purchasers, on the other hand, and shall have the right to enforce such agreements directly to the extent it deems such enforcement necessary or advisable to protect its rights or the rights of Holders
hereunder. 
 5. Counterparts. This Joinder Agreement may be executed in any number of counterparts and by the parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Joinder Agreement by
electronic transmission shall be effective as delivery of a manually executed counterpart thereof. 
 6. Headings. The headings in
this Joinder Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 
 7. Governing
Law. This Joinder Agreement shall be governed by the laws of the State of New York. 
 8. Severability. In the event that any one
or more of the provisions contained in this Joinder Agreement, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of
the remaining provisions contained herein shall not be affected or impaired thereby. 
 9. Amendments and Waivers. This Joinder
Agreement may not be amended or modified unless in writing by all of the parties hereto, and no condition herein (express or implied) may be waived unless waived in writing by each party whom the condition is meant to benefit. 

[Remainder of page intentionally left blank] 

IN WITNESS WHEREOF, the undersigned has executed this Joinder Agreement as of the date first written above. 

  
 Annex A-2 








 
			
	AVENT, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	KIMBERLY-CLARK HEALTH CARE INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	HALYARD SALES, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	HALYARD NORTH CAROLINA, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	



  
 Annex A-3 









			
	The foregoing Joinder Agreement is hereby confirmed and accepted by the Initial Purchasers as of the date first above written.
	
	MORGAN STANLEY & CO. LLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	For itself and the other Initial Purchasers named in Schedule I of the Registration Rights Agreement.


  
 Annex A-4